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This paper examines the implications of central bank independence for equilibrium macroeconomic performance. The focus is on institutional arrangements governing financial relationships between central banks and ministries of finance, in the presence of competing objectives and constraints across institutions. Abstracting from long-run considerations, higher central bank independence increases fiscal discipline and results in lower inflation and growth, generating a short-run institutional Phillips curve. In the presence of sufficiently strong negative long-run externalities of inflation onto growth, higher CBI also increases fiscal discipline and generates lower inflation, however, it also yields higher growth and generates an inverted institutional Phillips curve. Strikingly, higher central bank independence is found to be frequently sub-optimal for a wide set of stylized economies. Whether these economies are empirically relevant is an open question.

Banks and Banking --- Inflation --- Public Finance --- Macroeconomics and Monetary Economics: General --- Central Banks and Their Policies --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Comparative or Joint Analysis of Fiscal and Monetary Policy --- Stabilization --- Treasury Policy --- Price Level --- Deflation --- Debt --- Debt Management --- Sovereign Debt --- Taxation, Subsidies, and Revenue: General --- Macroeconomics --- Public finance & taxation --- Banking --- Government debt management --- Central bank autonomy --- Government debt planning --- Institutional arrangements for revenue administration --- Prices --- Debts, Public --- Revenue

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This technical note presents a toolkit for implementing a revenue authority. This toolkit is a guide with a series of operational modules designed to assist countries when they implement a “revenue authority” to administer their tax and customs operations. It provides a definition of Revenue Authority (RA), a brief history of the concept, terminology, identification of key research documents, and a discussion on increasing autonomy in public institutions. It also presents a review of why countries choose the RA model for their revenue administration.

Labor --- Public Finance --- Taxation --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Trade Policy --- International Trade Organizations --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Public finance & taxation --- Sales tax, tariffs & customs duties --- Labour --- income economics --- Semi-autonomous revenue bodies --- Revenue administration --- Tax administration core functions --- Customs administration core functions --- Public employment --- Institutional arrangements for revenue administration --- Revenue --- Tax administration and procedure --- Customs administration --- Economic theory --- Canada --- Income economics

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Several administrations have adopted electronic fiscal devices (EFDs) in their quest to combat noncompliance, particularly as regards sales and the value-added tax (VAT) payable on sales. The introduction of EFDs typically requires considerable effort and has costs both for the administration and for the taxpayers that are affected by the requirements of the new rules. Despite their widespread use, and their considerable cost, EFDs can only be effective if they are a part of a comprehensive compliance improvement strategy that clearly identifies risks for the different segments of taxpayers and envisages measures to mitigate these risks. EFDs should not be construed as the “silver bullet” for improving tax compliance: as with any other technological improvement the deployment of fiscal devices alone cannot achieve meaningful results, whether in terms of revenue gains or permanent compliance improvements.

Corporate Finance --- Public Finance --- Taxation --- Taxation, Subsidies, and Revenue: General --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Business Taxes and Subsidies --- Corporate Finance and Governance: General --- Public finance & taxation --- Ownership & organization of enterprises --- Tax administration core functions --- Administration in revenue administration --- Revenue administration --- Value-added tax --- Small and medium enterprises --- Taxes --- Institutional arrangements for revenue administration --- Revenue --- Tax administration and procedure --- Spendings tax --- Small business --- Kenya

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This paper proposes the adoption of a framework that would supplement the 1997 Fund’s Guidance Note on the Role of the Fund in Governance Issues, adopted by the Executive Board (the “1997 Governance Policy”). While the 1997 Governance Policy remains an appropriate basis for the Fund’s work in this area, further guidance from the Executive Board is needed to ensure that the objectives of that policy are achieved. Experience over the past 20 years has underscored the critical impact that governance issues can have on the Fund’s work. In particular, there is evidence that corruption can have a pernicious effect on a country’s ability to achieve sustainable, inclusive economic growth. As requested by the Executive Board, the proposed Framework for Enhanced Engagement by the Fund (“Framework for Enhanced Fund Engagement”) is designed to promote more systematic, effective, and candid engagement with member countries regarding those governance vulnerabilities, including corruption, that are judged to be macroeconomically critical. Perhaps most importantly, the application of the Framework for Enhanced Fund Engagement to all members on a systematic basis will enhance evenhandedness. Finally, the Framework is designed to strengthen the global fight against corruption by promoting governmental measures that prevent private actors from offering bribes or providing services that enable the proceeds of corrupt acts to be concealed, particularly in the transnational context.

Corporate governance. --- Monetary policy. --- Money laundering --- Prevention. --- Administrative Processes in Public Organizations --- Anti-money laundering and combating the financing of terrorism (AML/CFT) --- Bureaucracy --- Corporate crime --- Corruption --- Crime & criminology --- Crime --- Crime--Economic aspects --- Criminology --- Fiscal governance --- Fiscal Policy --- Fiscal policy --- Illegal Behavior and the Enforcement of Law --- Institutional arrangements for revenue administration --- Macroeconomics --- Public finance & taxation --- Public Finance --- Revenue administration --- Revenue --- Taxation, Subsidies, and Revenue: General --- White-collar crime --- Mexico

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Empirical studies of the impact of geography and institutions on growth and development at the international level have become common place, but the high degree of abstraction at that level has led to calls for subnational studies. This paper examines these issues for a region of the United States, Appalachia, where the specific factors at play are identified and measured thus obviating the need for instrumental variable techniques. The evidence suggests that initial conditions, including both geography and institutions, are very important for economic development, having significant effects lasting hundreds of years.

Economic development. --- Economic geography. --- Electronic books. -- local. --- Commerce --- Business & Economics --- Commerce - General --- Geography, Economic --- World economics --- Development, Economic --- Economic growth --- Growth, Economic --- Geography --- Commercial geography --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Econometrics --- Macroeconomics --- Public Finance --- Poverty and Homelessness --- Welfare, Well-Being, and Poverty: General --- Personal Income, Wealth, and Their Distributions --- Estimation --- Taxation, Subsidies, and Revenue: General --- Econometric Modeling: General --- Poverty & precarity --- Econometrics & economic statistics --- Public finance & taxation --- Poverty --- Personal income --- Estimation techniques --- Institutional arrangements for revenue administration --- Spatial models --- Econometric models --- Income --- Revenue --- United States