Download The Macroeconomy of Central America by Erik Offerdal, Robert Rennhack, R. Rennhack, E. Offerdal PDF

By Erik Offerdal, Robert Rennhack, R. Rennhack, E. Offerdal

Possibilities for progress and funding in relevant the USA may possibly good enhance within the coming years, because the region’s ties with the realm economic climate develop nearer. This integration, notwithstanding, additionally provides vital demanding situations for monetary coverage to make sure that progress could be sustained and will profit the negative. This ebook stresses the significance of holding economic coverage on a sustainable direction; strengthening public funding in easy infrastructure, fundamental health and wellbeing care, and first and secondary schooling; and handling the dangers linked to partial dollarization.

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Extra info for The Macroeconomy of Central America

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In addition, it is widely acknowledged that official statistics in Nicaragua underestimate GDP by a significant margin; forthcoming revisions to GDP data can be expected to bring the ratio of NPV of debt to GDP below 100 per cent. 9. The concept of ‘interest service’ used here is the sum of the last two terms on the left-hand side of (2): the ratio of domestic debt to GDP multiplied by the difference between the real domestic interest rate and the GDP growth rate plus the ratio of external debt to GDP multiplied by the difference between the external real interest rate, the GDP growth rate, and the rate of real appreciation/depreciation.

008 Sources: National authorities; and Fund staff estimates. 2 0 –2 –3 –5 3 Guatemala 2 1 –2 –3 –4 10 Nicaragua 5 0 –20 –25 Source: Fund staff estimates. 1 Central America: fiscal impulse and capacity utilization, 1986–2001 26 Erik Offerdal for this procyclicality are not always clear, the implication is relatively straightforward: by effectively disabling the automatic stabilizers, it tends to amplify the impact of any of the above shocks to the economy. 6 percentage points of GDP over this period, with particularly strong deterioration in El Salvador, Guatemala, Honduras, Nicaragua, and Panamá.

The tax system should be stable, often with phasing in of significant changes, to ensure that taxpayers can make rational economic decisions. It should also match tax instruments to tax objectives. The tax system should be transparent and rules-driven, with scope for discretion on the part of administrators minimized, to reduce uncertainty and the incentive for corruption. The legal framework should be clear and applied in a uniform manner. Efficiency considerations suggest that, for a given revenue requirement, the degree to which economic decisions are altered by taxes Tax Reform: Trends and Possibilities 43 should be minimized, unless the purpose is to address externalities (distortions not taken into account by the market) and other market imperfections.

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