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A Partial Race to the Bottom
This paper assembles a new dataset on corporate income tax regimes in 50 emerging and developing economies over 1996-2007 and analyzes their impact on corporate tax revenues and domestic and foreign investment. It computes effective tax rates to take account of complicated special regimes, such as partial tax holidays, temporarily reduced rates and increased investment allowances. There is evidence of a partial race to the bottom: countries have been under pressure to lower tax rates in order to lure and boost investment. In the case of standard tax systems (i.e. tax rules applying under normal circumstances), the effective tax rate reductions have not been larger than those witnessed in advanced economies, and revenues have held up well over the sample period. However, a race to the bottom is evident among special regimes, most notably in the case of Africa, creating effectively a parallel tax system where rates have fallen to almost zero. Regression analysis reveals higher tax rates adversely affect domestic investment and FDI, but do raise revenues in the short-run.
Is it (Still) Mostly Fiscal? Determinants of Sovereign Spreads in Emerging Markets
Using a panel of 30 emerging market economies from 1997 to 2007, this paper investigates the determinants of country risk premiums as measured by sovereign bond spreads. Unlike previous studies, the results indicate that both fiscal and political factors matter for credit risk in emerging markets. Lower levels of political risk are associated with tighter spreads, while efforts at fiscal consolidation narrow credit spreads, especially in countries that experienced prior defaults. The composition of fiscal policy matters: spending on public investment contributes to lower spreads as long as the fiscal position remains sustainable and the fiscal deficit does not worsen.
Pārāśarapraśna
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Bani Of Bhagats
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Fiscal policy and the current account
This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector auto-regressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the fiscal balance by 1 percentage point of GDP is associated with a current account improvement of 0.2-0.3 percentage point of GDP. This association is as strong in emerging and low-income countries as it is in advanced economies; and significantly higher when output is above potential.
Many Lives, Many Masters
THE CLASSIC BESTSELLER ON A TRUE CASE OF PAST-LIFE TRAUMA AND PAST-LIFE THERAPY FROM AUTHOR AND PSYCHOTHERAPIST DR BRIAN WEISS Psychiatrist Dr Brian Weiss had been working with Catherine, a young patient, for eighteen months. Catherine was suffering from recurring nightmares and chronic anxiety attacks. When his traditional methods of therapy failed, Dr Weiss turned to hypnosis and was astonished and sceptical when Catherine began recalling past-life traumas which seemed to hold the key to her problems. Dr Weiss's scepticism was eroded when Catherine began to channel messages from 'the space between lives', which contained remarkable revelations about his own life. Acting as a channel for information from highly evolved spirit entities called the Masters, Catherine revealed many secrets of life and death. This fascinating case dramatically altered the lives of Catherine and Dr Weiss, and provides important information on the mysteries of the mind, the continuation of life after death and the influence of our past-life experiences on our present behaviour.
The Sikhs in History
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