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Structural transformation has resulted in an increasing share of services in aggregate value-added in advanced and developing countries across the world. We analyze the impact of this shift into services on countries’ efficiency in collecting the value-added tax (VAT). The analysis is based on two alternative measures of VAT efficiency: (1) the VAT C-efficiency, using a broad panel of 134 countries over the period 1970-2014; and (2) the VAT gap using a more granular, proprietary dataset that draws on the results of IMF’s Revenue Administraion-Gap Analysis Program covering 24 countries over the period 2004-2016. We find that a higher share of services in aggregate value-added reduces the VAT efficiency, and that this adverse effect is mainly a result of a rise of non-tradable services, which in turn contributes to a narrowing of the VAT base.

Macroeconomics --- Public Finance --- Taxation --- Business Fluctuations --- Cycles --- Efficiency --- Optimal Taxation --- Business Taxes and Subsidies --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- Taxation, Subsidies, and Revenue: General --- Public finance & taxation --- Economic growth --- Value-added tax --- Structural transformation --- Tax efficiency --- Tax gap --- Revenue administration --- Spendings tax --- Tax administration and procedure --- Economic development --- Revenue

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This paper examines the common perception that internet adoption accelerated globally during the COVID-19 pandemic. The data show little evidence of a faster expansion of access to internet (extensive margin) across all country income groups but strong evidence of acceleration in the improvement in the quality of connectivity (intensive margin). The data also support that, despite a decline in internet prices over the past decade, affordability of digital services remains a concern for low-income developing countries.

Internet --- History. --- Computer applications in industry & technology --- Computer Software --- Economic sectors --- Economics: General --- General works --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- Information and Internet Services --- Information technology --- Macroeconomics --- Security measures --- Technology --- Web services --- Wireless Internet

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The paper shows that commercial banks’ ability to lower deposit interest rates (market power) can increase deposit mobilization. Interest expenses saved can subsidize and lower fees on checking and branching services and thus help attract deposits. United States data illustrates the financial deepening effect of this market power. Commercial banks’ ability to lower deposit interest rates diminishes when their deposits become closer substitutes to nonbank liabilities requiring greater interest rate competition. Lack of bank deposit market power, including through capital account mobility, may lessen financial deepening.

Banks and Banking --- Exports and Imports --- Industries: Financial Services --- Interest Rates: Determination, Term Structure, and Effects --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- International Lending and Debt Problems --- Finance --- Banking --- International economics --- Deposit rates --- Commercial banks --- Interest payments --- Bank deposits --- Financial services --- Financial institutions --- External debt --- Interest rate ceilings --- Loans --- Interest rates --- Banks and banking --- Debt service --- United States

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Some see India’s corporate sector as the fundamental driver of recent and future prosperity. Others see it as a source of excessive market power, personal enrichment, and influence over the State, with an ultimately distorting influence. To inform this debate, this paper analyses the correlates of profitability of firms listed on the Bombay Stock Exchange, covering a dynamic period-in terms of firm entry and growth-from the early 1990s to the late 2000s. Overall, the results do not provide support for the systematic exercise of market power via the product market. At least for this period, the story is more consistent with a competitive and dynamic business sector, despite the continued dominance of business houses and public sector firms in terms of sales and assets. Those with opposing views can, with justification, argue that our analysis does not cover influences, such as corporate governance and state-corporate relations, which may paint a less flattering picture of the corporate sector’s role. Those broader themes deserve further attention.

India --- Economic conditions. --- Economic policy. --- Corporate Finance --- Econometrics --- Finance: General --- Infrastructure --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Corporate Finance and Governance: General --- Econometric and Statistical Methods: General --- Financial Institutions and Services: General --- General Financial Markets: General (includes Measurement and Data) --- Ownership & organization of enterprises --- Macroeconomics --- Econometrics & economic statistics --- Finance --- Corporate sector --- Econometric analysis --- Business enterprises --- Competition --- National accounts --- Economic sectors --- Financial markets --- Saving and investment

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This Selected Issues paper discusses the assessment of economic activity in Togo in absence of quarterly GDP series. Togo collects about 40 macroeconomic indicators monthly that span a wide range of sectors of the economy. The selection of the variables for the economic activity index is conducted by finding the combination of variables. The indicators are aggregated into an index using a methodology used by the Conference Board. Then an economic activity index is constructed that effectively replicates the historical growth rates of real GDP in Togo. The selected index minimizes the deviations between the growth rates of the indicator and actual real GDP growth over 2002–13.

Corporate Finance --- Inflation --- Macroeconomics --- Public Finance --- Production and Operations Management --- National Government Expenditures and Related Policies: Infrastructures --- Other Public Investment and Capital Stock --- Price Level --- Deflation --- Industrial Organization and Macroeconomics: Industrial Structure and Structural Change --- Industrial Price Indices --- Agriculture: Aggregate Supply and Demand Analysis --- Prices --- Macroeconomics: Production --- Public finance & taxation --- Economic growth --- Investment & securities --- Public investment spending --- Public investment and public-private partnerships (PPP) --- Structural transformation --- Food prices --- Expenditure --- Public investments --- Public-private sector cooperation --- Economic development --- Togo