Tying Governments' Hands in Commodity Taxation
In the 1970s, taxation of 'windfall' profits from primary products and intervention in trade and production tempted governments into expansionary fiscal policies, whilst stifling the private sector and depressing growth. However, the experience of the mid-1990s coffee boom has so far been more favourable: those African countries which liberalised and left a large share of the 'windfall' with the private sector, and which committed themselves to fiscal austerity via adjustment programmes, have shown better results in terms of fiscal stability, private sector responses and economic growth than countries which did not reform. These findings suggest that constraints on discretionary government policies are desirable, and that domestic institutions and international commitments could serve this purpose. Copyright 1999 by Oxford University Press.
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Volume (Year): 8 (1999)
Issue (Month): 2 (July)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tanzi, Vito, 1986. "Fiscal Policy Responses to Exogenous Shocks in Developing Countries," American Economic Review, American Economic Association, vol. 76(2), pages 88-91, May.
- Psacharopoulos, George, 1994.
"Returns to investment in education: A global update,"
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- Psacharopoulos, George, 1993. "Returns to investment in education : a global update," Policy Research Working Paper Series 1067, The World Bank.
- Lane, Philip R & Tornell, Aaron, 1996. "Power, Growth, and the Voracity Effect," Journal of Economic Growth, Springer, vol. 1(2), pages 213-241, June.
- Schuknecht, Ludger, 1996. "Political Business Cycles and Fiscal Policies in Developing Countries," Kyklos, Wiley Blackwell, vol. 49(2), pages 155-170.
- Sanjeev Gupta & Kenneth M. Miranda, 1991. "Commodity Booms and Government Expenditure Responses," IMF Working Papers 91/44, International Monetary Fund.
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