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The paper analyzes the decline of tax revenue/GDP ratios in transition economies of central and eastern Europe. The paper separates the effect on revenues of discretionary policy actions and finds that endogenous factors, notably the collapse of underlying profits and declining effective tax rates, were the main source of falling tax revenue/GDP ratios. Underlying factors are analyzed to provide a basis to discuss the outlook for tax revenues in coming years.

Business Taxes and Subsidies --- Consumption taxes --- Deflation --- Effective tax rate --- Inflation --- Macroeconomics --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Price Level --- Prices --- Public finance & taxation --- Public Finance --- Revenue administration --- Revenue --- Social security contributions --- Social security --- Spendings tax --- Tax administration and procedure --- Tax policy --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxes --- Welfare & benefit systems --- Bulgaria

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This paper describes economic developments in France during the 1990s. The recovery of activity that took hold in the second half of 1993 slackened markedly in early 1995. The slowdown was initially evident in domestic demand, particularly private consumption. This was followed by a weakening in exports, private nonresidential investment, and stock building, which became more pronounced toward the end of the year. The strikes of December 1995 had a further—albeit temporary—negative effect on output in the fourth quarter. Overall, real GDP grew by only 2.2 percent in 1995.

Macroeconomics --- Public Finance --- Taxation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- National Government Expenditures and Related Policies: General --- Labor Economics: General --- Aggregate Factor Income Distribution --- Public finance & taxation --- Welfare & benefit systems --- Labour --- income economics --- Social security contributions --- Expenditure --- Labor --- Income and capital gains taxes --- Income --- Taxes --- National accounts --- Social security --- Expenditures, Public --- Labor economics --- Income tax --- France --- Income economics

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This Selected Issues paper on Hungary presents an empirical analysis of the leading indicators for inflation and models the determinants of inflation. It summarizes current knowledge about the behavior of inflation and thus underpins the subsequent discussion of possible changes to the current nominal anchor framework. The paper analyzes the growth potential and fiscal issues affecting that potential, and the external constraint. The paper suggests that some relatively stable econometric relationships can be found, despite the considerable structural and policy changes that occurred during the 1990s.

Exports and Imports --- Foreign Exchange --- Inflation --- Macroeconomics --- Taxation --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Price Level --- Deflation --- International Lending and Debt Problems --- Macroeconomics: Production --- International economics --- Welfare & benefit systems --- Currency --- Foreign exchange --- Public finance & taxation --- External debt --- Social security contributions --- Labor taxes --- Personal income tax --- Prices --- Taxes --- Income tax --- Debts, External --- Social security --- Hungary

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Efficiency, equity (fairness), and simplicity are three key words in characterizing the principles of proposed tax reforms in many countries. The internationalization of the financial market through capital mobility among the industrial countries is a recent phenomenon and it is possible that the effect of domestic tax reform is dictated by international capital flows. The purpose of this paper is to examine whether the tax reform proposed recently in Japan satisfies the above principles, in particular, efficiency and equity, and to investigate the effects not only on the real economy in Japan, but also on capital outflows from Japan to abroad. Also, the aging problem is examined briefly.

Business Taxes and Subsidies --- Consumption taxes --- Income and capital gains taxes --- Income tax --- Income --- Macroeconomics --- National accounts --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Personal income --- Personal Income, Wealth, and Their Distributions --- Public finance & taxation --- Public Finance --- Revenue administration --- Revenue --- Social security contributions --- Social security --- Spendings tax --- Taxation --- Taxation, Subsidies, and Revenue: General --- Taxes --- Welfare & benefit systems --- Japan

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This Selected Issues paper reviews Belgium’s experience with fiscal adjustment and the long-term outlook for the public finances. The paper discusses the composition and scale of the fiscal adjustment, and the extent to which it has exerted a durable impact on the public finances. It offers a quantitative analysis of the interaction between fiscal policy and developments in saving and investment, with a view to contributing to reflection on desirable policy priorities in the future.

Labor --- Macroeconomics --- Public Finance --- Taxation --- National Government Expenditures and Related Policies: General --- Nonwage Labor Costs and Benefits --- Private Pensions --- Fiscal Policy --- Social Security and Public Pensions --- Personal Income and Other Nonbusiness Taxes and Subsidies --- Pensions --- Public finance & taxation --- Welfare & benefit systems --- Expenditure --- Fiscal consolidation --- Pension spending --- Social security contributions --- Expenditures, Public --- Fiscal policy --- Social security --- Belgium