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International VAT Harmonization: Macroeconomic Effects

Author

Listed:
  • Jacob A. Frenkel

    (International Monetary Fund)

  • Assaf Razin

    (International Monetary Fund)

  • Steven Symansky

    (International Monetary Fund)

Abstract

Macroeconomic issues pertinent to the international and domestic effects of international VAT harmonization are highlighted, and VAT harmonization policies envisaged for Europe in 1992 are outlined. An intertemporal model is developed to analyze the incentive effects of various tax policies and their welfare implications. Dynamic simulations reveal that the macroeconomic and welfare implications of VAT harmonization depend critically on the tax system and the degree of substitution governing temporal and intertemporal allocations of savings, investment, and labor. The simulations also reveal a potential for significant conflicts of interest within each country and between countries.

Suggested Citation

  • Jacob A. Frenkel & Assaf Razin & Steven Symansky, 1991. "International VAT Harmonization: Macroeconomic Effects," IMF Staff Papers, Palgrave Macmillan, vol. 38(4), pages 789-827, December.
    • Handle: RePEc:pal:imfstp:v:38:y:1991:i:4:p:789-827
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    Cited by:

    1. Julio Roberto Piza Rodríguez, 2015. "Análisis del hecho generador del IVA en el ordenamiento jurídico colombiano," Books, Universidad Externado de Colombia, Facultad de Derecho, number 762, October.

    More about this item

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance

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