WorldCat Identities

Klemm, Alexander

Overview
Works: 85 works in 217 publications in 1 language and 4,433 library holdings
Roles: Author, Editor, Other, Illustrator
Classifications: HG3881.5.I58, 343.47052
Publication Timeline
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Most widely held works by Alexander Klemm
Financial Deepening in Mexico by Alexander Herman( )

3 editions published in 2017 in English and Undetermined and held by 693 WorldCat member libraries worldwide

International comparisons reveal that-even controlling for a host of explanatory factors-credit depth is exceptionally low in Mexico. Using panel data methods linking credit growth and fundamentals, this paper estimates a long-term gap between actual and expected credit of about 40 percent of GDP. Possible explanations include the history of banking crises, the large informal sector and an inefficient legal system. Using a disequilibrium regression approach, this paper also finds that supply factors are particularly important as determinants of credit in Mexico. Recent financial reforms address many of the supply constraints, but their success will depend on implementation. The main challenge going forward will be to support financial deepening, while limiting risks to financial stability
Investment incentives and effective tax rates in the Philippines : a comparison with neighboring countries by Alexander Klemm( )

14 editions published in 2008 in English and held by 587 WorldCat member libraries worldwide

We compare the general tax provisions and investment incentives in the Philippines to six other east-Asian economies--Malaysia, Indonesia, Lao, Vietnam, Cambodia, and Thailand. We calculate effective tax rates and find that general effective tax rates are relatively high in the Philippines, while investment incentives are comparable to those in neighboring countries. Tax holidays are most attractive for very profitable firms, creating redundancy, and for investment in short-lived assets. We also consider recently-proposed tax reforms that would replace tax holidays by a reduced corporate income tax rate or a low tax on gross receipts. The results suggest that this would result in stronger incentives to invest, while government revenue increases. Alternatively, replacing holidays with a general reduction in the corporate tax rate and offering accelerated depreciation will either not provide the same incentives or be very costly
Empirical evidence on the effects of tax incentives by Alexander Klemm( )

14 editions published in 2009 in English and held by 560 WorldCat member libraries worldwide

This paper considers two empirical questions about tax incentives: 1) are incentives used as tools of tax competition and 2) how effective are incentives in attracting investment? For this paper the authors prepared a new dataset of tax incentives in over 40 Latin America, Caribbean and African countries for the period 1985-2004. Using spatial econometrics techniques for panel data to answer the first question, they found evidence for strategic interaction in tax holidays, in addition to the well-known competition over the corporate income tax rate. They found no evidence, for competition over investment allowances and tax credits. Using dynamic panel data econometrics to answer question 2, they found evidence that lower corporate income tax rates and longer tax holidays are effective in attracting foreign direct investment, but not in boosting gross private fixed capital formation or growth
Allowances for corporate equity in practice by Alexander Klemm( )

13 editions published in 2006 in English and held by 552 WorldCat member libraries worldwide

This paper provides an overview of full and partial allowance for corporate equity (ACE) tax systems in practice. In the recent past, ACE systems have been used in Austria, Croatia, and Italy. Brazil still applies a variant of such a system and Belgium introduced one this year. This paper summarizes the empirical literature on past ACE systems, and provides a theoretical and empirical assessment of the Brazilian ACE variant. The main finding is that the Brazilian reform introduced an ACE system for a minority of firms only, with the majority instead having a system of dividend deductibility. Despite the reduction in the tax preference for debt finance, capital structures have not changed much, but dividends have increased. Investment appears to have benefited from the reform, although the extent to which this was due to the new structure rather than the tax cut is unclear
Causes, benefits, and risks of business tax incentives by Alexander Klemm( )

9 editions published in 2009 in English and held by 549 WorldCat member libraries worldwide

This paper provides an updated overview of tax incentives for business investment. It begins by noting that tax competition is likely to be a major force driving countries' tax reforms, and discusses tax incentives as a possible response to this. This is complemented by other arguments for and against tax incentives, and by an illustrative analysis of different incentives using effective tax rates. Findings from the empirical literature on tax incentives are also presented. Based on the overview of theoretical and empirical findings, the paper then suggests a matrix of criteria to determine the usefulness of different tax incentives depending on a country's circumstances
Mexico, selected issues by Alexander Klemm( )

2 editions published between 2015 and 2016 in English and held by 145 WorldCat member libraries worldwide

Welfare gains from hedging oil-price risk: Since at least 2001, Mexico’s federal government has hedged the near-term fiscal impact of declines in oil prices through put options. Using a structural model calibrated to the Mexican economy, we quantify the overall benefits of this long-standing policy. Compared to a selfinsurance alternative, we find welfare gains from hedging through put options equivalent to a permanent increase in consumption of 0.4 percent. These gains arise mostly from a reduction in sovereign spreads and to a lesser extent from smoothing income volatility. In terms of design, expanding the program to cover domestic fuel sales could yield further gains once gasoline and diesel markets are liberalized. Relying more on liquid instruments--such as options on the Brent--is an avenue worth exploring to ensure the program remains cost effective
Governments' payment discipline : the macroeconomic impact of public payment delays and arrears by Cristina Checherita-Westphal( )

7 editions published in 2015 in English and held by 124 WorldCat member libraries worldwide

This paper considers the impact of changes in the payment discipline of governments on the private sector. We argue that increased delays in public payments can affect private sector liquidity and profits and hence ultimately economic growth. We test this prediction empirically for European Union countries using two complementary approaches. First, we use annual panel data, including a newly constructed proxy for government arrears. We find that payment delays and to some extent estimated arrears lead to a higher likelihood of bankruptcy, lower profits, and lower economic growth. However, while this approach allows a broad set of variables to be included, it restricts the number of time periods. We therefore complement it with a Bayesian VAR approach on quarterly data for selected countries faced with significant payment delays. We again find that the likelihood of bankruptcies rises when governments increase the average payment period
Fiscal policy in Latin America over the cycle by Alexander Klemm( )

2 editions published in 2014 in English and held by 118 WorldCat member libraries worldwide

This paper provides an analysis of the cyclical stance of fiscal policy in Latin America. Its contributions include developing a new measure of the cyclicality of fiscal policy, careful analysis of the statistical significance of results, and accounting for the effect of commodity prices on fiscal balances. The new cyclicality measure takes into account both discretionary policy action and automatic stabilizers, but excludes additional revenues that are due to applying an unchanged average tax rate to nominal GDP in excess of potential. The paper finds that fiscal policy has been procyclical on average in Latin America, but counter or acyclical in advanced economies. Country-specific results are mostly insignificant, except in a few cases where policy is clearly procyclical. For some countries (Brazil, Chile, Colombia, El Salvador, and Mexico), there is evidence of a recent move toward more countercyclical policies
A partial race to the bottom : corporate tax developments in emerging and developing economies by S. M. Ali Abbas( )

4 editions published in 2012 in English and held by 101 WorldCat member libraries worldwide

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
Growth following investment and consumption-driven current account crises by Alexander Klemm( )

4 editions published in 2013 in English and held by 96 WorldCat member libraries worldwide

Cover; Abstract; Contents; I. Introduction; Tables; 1: Euro area countries' pre-crisis balances (2007, % of GDP); II. Descriptive analysis; A. Data; B. Methodology and findings; 2: Descriptive Statistics; 3: Increases of consumption and investment shares in current account deficit peaks (% of GDP); Figures; 1: Current account developments in selected large economies; 2: Current account developments in euro area crisis and vulnerable countries; 3: The composition of additional investment in Spain; 4: Current account developments in selected previous crisis countries; III. Econometric analysis
Mexico : review under the flexible credit line arrangement: press release: and staff report by International Monetary Fund( )

1 edition published in 2015 in English and held by 91 WorldCat member libraries worldwide

Context: Mexico has navigated successfully a complex external environment, characterized by falling commodity prices, a sharp appreciation of the U.S. dollar, and heightened volatility in international financial markets. The economy continues to grow at a moderate rate and inflation is close to the target. Looking ahead, activity should be supported by strengthening external demand and by the implementation of the structural reforms. The main external risks are negative surprises to U.S. growth, or a renewed surge in capital flow volatility caused by uncertainty related to the path of U.S. monetary policy or by adverse developments in key emerging market economies. Policies: Macroeconomic policies are focused on maintaining strong fundamentals and safeguarding financial stability. The authorities remain committed to a gradual reduction of the fiscal deficit over 2015-18, which would set the ratio of public debt to GDP on a downward path. The accommodative stance of monetary policy has helped support growth, while inflation is low and stable. Continued steady implementation of the structural reforms would boost potential growth in the medium term. FCL: The fifth arrangement with Mexico under the FCL in the amount of SDR 47.292 billion (1,304 percent of quota) was approved on November 26, 2014. Qualification: In staff's view, Mexico continues to meet the qualification criteria for access to FCL resources specified under the corresponding Executive Board decision. Staff recommends that the Board completes the review under the FCL arrangement, which would allow Mexico to make purchases before the expiration of the arrangement on November 25, 2016. The authorities intend to continue treating the arrangement as precautionary
Mexico : arrangement under the flexible credit line and cancellation of current arrangement ; press release and staff report( )

1 edition published in 2016 in English and held by 86 WorldCat member libraries worldwide

Context: Mexico has navigated successfully a complex external environment, characterized by falling commodity prices, a sharp appreciation of the U.S. dollar, and heightened volatility in international financial markets. The economy continues to grow at a moderate rate and inflation is close to the target. Looking ahead, activity should be supported by strengthening external demand and by the implementation of the structural reforms. The main external risks are negative surprises to U.S. growth, or a renewed surge in capital flow volatility caused by uncertainty related to the path of U.S. monetary policy or by adverse developments in key emerging market economies. Policies: Macroeconomic policies are focused on maintaining strong fundamentals and safeguarding financial stability. The authorities remain committed to a gradual reduction of the fiscal deficit over 2015-18, which would set the ratio of public debt to GDP on a downward path. The accommodative stance of monetary policy has helped support growth, while inflation is low and stable. Continued steady implementation of the structural reforms would boost potential growth in the medium term. FCL: The fifth arrangement with Mexico under the FCL in the amount of SDR 47.292 billion (1,304 percent of quota) was approved on November 26, 2014.Qualification: In staff's view, Mexico continues to meet the qualification criteria for access to FCL resources specified under the corresponding Executive Board decision. Staff recommends that the Board completes the review under the FCL arrangement, which would allow Mexico to make purchases before the expiration of the arrangement on November 25, 2016. The authorities intend to continue treating the arrangement as precautionary
Effective average tax rates for permanent investment by Alexander Klemm( )

9 editions published in 2008 in English and held by 86 WorldCat member libraries worldwide

This paper extends the effective average tax rate (EATR) developed in Devereux and Griffith (2003) by relaxing the assumption of a one-period perturbation in the capital stock. Instead it allows a permanent investment. While this may appear a small change, it has important implications. First, it allows the EATR to be calculated in the presence of tax holidays, which are an important part of tax systems, especially in developing countries. Second, it reveals an interesting feature of the original EATR: despite the assumption of a one-period investment, the original measure is informative about long-term investments, thanks to the assumption of pooled depreciation. Without this assumption-which is justifiable in a few countries only- the EATR based on one-period perturbation in the capital stock would be less useful for analyzing medium and long-term investments
Revenue Implications of Destination-Based Cash-Flow Taxation by Shafik Hebous( )

2 editions published in 2019 in English and held by 85 WorldCat member libraries worldwide

We estimate the revenue implications of a Destination Based Cash Flow Tax (DBCFT) for 80 countries. On a global average, DBCFT revenues under unchanged tax rates would remain similar to the existing corporate income tax (CIT) revenue, but with sizable redistribution of revenue across countries. Countries are more likely to gain revenue if they have trade deficits, are not reliant on the resource sector, and/or-perhaps surprisingly-are developing economies. DBCFT revenues tend to be more volatile than CIT revenues. Moreover, we consider the revenue losses resulting from spillovers in case of unilateral implementation of a DBCFT. Results suggest that these spillover effects are sizeable if the adopting country is large and globally integrated. These spillovers generate strong revenue-based incentives for many-but not all-other countries to follow the DBCFT adoption
Tax Incentives in Cambodia by Manuk Ghazanchyan( )

1 edition published in 2018 in English and held by 78 WorldCat member libraries worldwide

Cambodia, like its regional peers, offers a number of tax incentives to investors. This paper reviews these incentives to assess their costs and benefits, including their likely effectiveness in attracting capital and in supporting the diversification strategy. It finds that an important incentive, the tax holiday, differs materially from practice elsewhere in offering a deferral rather than exempting from tax and may not be very effective. Moreover, other features of the tax system, such as the high withholding rate on dividends, imply relatively high effective tax rates for foreign investors. The paper discusses potential reforms that weigh revenue and other costs of tax incentives against the need for a competitive tax system, including a shift from tax holidays toward investment allowances
Are Elasticities of Taxable Income Rising? by Alexander Klemm( )

1 edition published in 2018 in English and held by 77 WorldCat member libraries worldwide

This paper assesses a possible explanation for the global downward trend in top personal income tax rates over the last decades: globalization and the related tax evasion and avoidance opportunities could have raised elasticities of taxable income, which would imply lower optimal tax rates. The paper estimates elasticities of taxable income for top income earners using a large sample of economies and years with a common method, allowing an analysis of trends in such elasticities. The paper finds that elasticities do not appear to exhibit any clear pattern over the years. The downward trend in tax rates must have other possible explanations, which are briefly discussed
The Russian flat tax reform by Anna Ivanova( )

8 editions published in 2005 in English and held by 64 WorldCat member libraries worldwide

Annotation
The effects of dividend taxes on equity prices : a re-examination of the 1997 U.K. tax reform by Stephen Bond( )

8 editions published in 2007 in English and held by 46 WorldCat member libraries worldwide

We re-examine the extent to which personal taxes on dividends are capitalized into the equity prices of domestic firms, using data from around the time of the 1997 U.K. dividend tax reform, which removed a significant tax credit for an important group of investors: U.K. pension funds. The tax-adjusted CAPM suggests that the impact should depend on an average of dividend tax rates across all investors, and that U.K. pension funds should reduce their holdings of the previously tax-favored asset: U.K. equities. Given that U.K. pension funds are small relative to the total size of the world capita
Corporate income taxes under pressure : why reform is needed and how it could be designed by Victoria Perry( )

2 editions published in 2021 in Undetermined and English and held by 42 WorldCat member libraries worldwide

The book describes the difficulties of the current international corporate income tax system. It starts by describing its origins and how changes, such as the development of multinational enterprises and digitalization have created fundamental problems, not foreseen at its inception. These include tax competition-as governments try to attract tax bases through low tax rates or incentives, and profit shifting, as companies avoid tax by reporting profits in jurisdictions with lower tax rates. The book then discusses solutions, including both evolutionary changes to the current system and fundamental reform options. It covers both reform efforts already under way, for example under the Inclusive Framework at the OECD, and potential radical reform ideas developed by academics
A destination-based allowance for corporate equity by Shafik Hebous( )

3 editions published between 2018 and 2019 in English and held by 36 WorldCat member libraries worldwide

Following renewed academic and policy interest in the destination-based principle for taxing profits - particularly through a destination-based cash flow tax (DBCFT) - this paper studies other forms of efficient destination-based taxes. Specifically, it analyzes the Destination-Based Allowance for Corporate Equity (DBACE) and Allowance for Corporate Capital (DBACC). It describes adjustments that are required to turn an origin into a destination-based versions of these taxes. These include adjustments to capital and equity, which are additional to the border adjustments needed under a DBCFT. The paper finds that the DBACC and DBACE reduce profit shifting and tax competition, but cannot fully eliminate them, with the DBACE more sensitive than the DBACC. Overall, given the potential major political cost of switching from an origin to a destination-based tax system, we conclude that advantages of the DBCFT are likely to outweigh the transitional advantages of the DBACE/DBACC
 
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Alternative Names
Klemm, Alexander D.

Languages
English (106)