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Oliveira-Tanzi Effect
The Tanzi effect is an economic situation involving a period of high inflation in a country which results in a decline in the volume of tax collection and a deterioration of real tax proceeds being collected by the government of that country. This is due to the time elapsed between the moment the taxable event occurs and the collection of the tax becomes effective. The effect was noticed by economists since the 1920s but it was Italian economist Vito Tanzi that explained the actual causes in a 1977 paper.Tanzi, Vito, "Inflation, Lags in Collection, and the Real Value of Tax Revenue", Staff Papers, vol. 24, march 1977, IMF, 1977, pp. 154-167. Previous hypothesis The effect has been known since the ending period after World War I. Italian economist Costantino Bresciani Turroni described a similar phenomenon for the German hyperinflation. Previous to the Tanzi paper, a common hypothesis was that the tax administration had somehow become less efficient than before the previous of hig ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Professor Vito Tanzi 2019
Professor (commonly abbreviated as Prof.) is an academic rank at universities and other post-secondary education and research institutions in most countries. Literally, ''professor'' derives from Latin as a "person who professes". Professors are usually experts in their field and teachers of the highest rank. In most systems of academic ranks, "professor" as an unqualified title refers only to the most senior academic position, sometimes informally known as "full professor". In some countries and institutions, the word "professor" is also used in titles of lower ranks such as associate professor and assistant professor; this is particularly the case in the United States, where the unqualified word is also used colloquially to refer to associate and assistant professors as well. This usage would be considered incorrect among other academic communities. However, the otherwise unqualified title "Professor" designated with a capital letter nearly always refers to a full professo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chile
Chile, officially the Republic of Chile, is a country in the western part of South America. It is the southernmost country in the world, and the closest to Antarctica, occupying a long and narrow strip of land between the Andes to the east and the Pacific Ocean to the west. Chile covers an area of , with a population of 17.5 million as of 2017. It shares land borders with Peru to the north, Bolivia to the north-east, Argentina to the east, and the Drake Passage in the far south. Chile also controls the Pacific islands of Juan Fernández, Isla Salas y Gómez, Desventuradas, and Easter Island in Oceania. It also claims about of Antarctica under the Chilean Antarctic Territory. The country's capital and largest city is Santiago, and its national language is Spanish. Spain conquered and colonized the region in the mid-16th century, replacing Inca rule, but failing to conquer the independent Mapuche who inhabited what is now south-central Chile. In 1818, after declaring ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Group Of Thirty
The Group of Thirty, often abbreviated to G30, is an international body of financiers and academics which aims to deepen understanding of economic and financial issues and to examine consequences of decisions made in the public and private sectors. Areas within the interest of the group include: the foreign exchange market, international capital markets, international financial institutions, central banks and their supervision of financial services and markets, and macroeconomic issues such as product and labor markets. The group is noted for its advocacy of changes in global clearing and settlement. History The Group of Thirty was founded in 1978 by Geoffrey Bell at the initiative of the Rockefeller Foundation, which also provided initial funding for the body. Its first chairman was Johannes Witteveen, the former managing director of the International Monetary Fund. The G30's current Chairman is Tharman Shanmugaratnam. Its current Chairman of the Board of Trustees is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rudi Dornbusch
Rüdiger Dornbusch (June 8, 1942 – July 25, 2002) was a German economist who worked in the United States for most of his career. Early life and education Dornbusch was born in Krefeld in present-day North Rhine-Westphalia. After completing his secondary education at the Gymnasium am Moltkeplatz in Krefeld, he went to study abroad. He received his ''Licence en Sciences Politiques'' from the University of Geneva's Graduate Institute of International Studies in 1966, where he also stayed on for a year as an assistant in economics. He subsequently moved to the United States, where he obtained his Ph.D. in economics from the University of Chicago. Career He briefly worked as a lecturer in the Graduate School of Business at the University of Chicago. For two years he stayed at the University of Rochester as an assistant professor in the Department of Economics, followed by a year as associate professor of International Economics, again in the Graduate School of Business of the Unive ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Revenue
Tax revenue is the income that is collected by governments through taxation. Taxation is the primary source of government revenue. Revenue may be extracted from sources such as individuals, public enterprises, trade, royalties on natural resources and/or foreign aid. An inefficient collection of taxes is greater in countries characterized by poverty, a large agricultural sector and large amounts of foreign aid. Just as there are different types of tax, the form in which tax revenue is collected also differs; furthermore, the agency that collects the tax may not be part of central government, but may be a third party licensed to collect tax which they themselves will use. For example, in the UK, the Driver and Vehicle Licensing Agency (DVLA) collects vehicle excise duty, which is then passed onto HM Treasury. Tax revenues on purchases come in two forms: "tax" itself is a percentage of the price added to the purchase (such as sales tax in U.S. states, or VAT in the UK), whil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyperinflation
In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable. Unlike low inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, and in the supply of currency. Typically, however, the general price level rises even more rapidly than the money supply as people try ridding themselves of the devaluing currency as quickly as possible. As this happens, the real stock of money (i.e., the amount of circulating money divided by the price level) decreases considerably.Bernholz, Peter 2003, chapter 5.3 Almost all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brazil
Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At and with over 217 million people, Brazil is the world's fifth-largest country by area and the List of countries and dependencies by population, seventh most populous. Its capital is Brasília, and List of cities in Brazil by population, its most populous city is São Paulo. The federation is composed of the union of the 26 States of Brazil, states and the Federal District (Brazil), Federal District. It is the largest country to have Portuguese language, Portuguese as an List of territorial entities where Portuguese is an official language, official language and the only one in the Americas; one of the most Multiculturalism, multicultural and ethnically diverse nations, due to over a century of mass Immigration to Brazil, immigration from around the world; and the most populous Catholic Church by country, Roman Catholic-major ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Convertibility Plan
The Convertibility plan was a plan by the Argentine Currency Board that pegged the Argentine peso to the U.S. dollar between 1991 and 2002 in an attempt to eliminate hyperinflation and stimulate economic growth. While it initially met with considerable success, the board's actions ultimately failed. In contrast to what most people think, this peg actually did not exist, except only in the first years of the plan. From then on, the government never needed to use the foreign exchange reserves of the country in the maintenance of the peg, except when the recession and the massive bank withdrawals started in 2000. Background For most of the period between 1975 and 1990, Argentina experienced hyperinflation (averaging 325% a year), poor or negative GDP growth, a severe lack of confidence in the national government and the Central Bank, and low levels of capital investment. After eight currency crises since the early 1970s, inflation peaked in 1989, reaching 5,000% that year. GDP ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Argentina
Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the second-largest country in South America after Brazil, the fourth-largest country in the Americas, and the eighth-largest country in the world. It shares the bulk of the Southern Cone with Chile to the west, and is also bordered by Bolivia and Paraguay to the north, Brazil to the northeast, Uruguay and the South Atlantic Ocean to the east, and the Drake Passage to the south. Argentina is a federal state subdivided into twenty-three provinces, and one autonomous city, which is the federal capital and largest city of the nation, Buenos Aires. The provinces and the capital have their own constitutions, but exist under a federal system. Argentina claims sovereignty over the Falkland Islands, South Georgia and the South Sandwich Islands, and a part of Antarctica. The earliest recorded human presen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Salvador Allende
Salvador Guillermo Allende Gossens (, , ; 26 June 1908 – 11 September 1973) was a Chilean physician and socialist politician who served as the 28th president of Chile from 3 November 1970 until his death on 11 September 1973. He was the first Marxist to be elected president in a liberal democracy in Latin America.Don MabryAllende's Rise and Fall''. Allende's involvement in Chilean politics spanned a period of nearly forty years, having covered the posts of senator, deputy and cabinet minister. As a life-long committed member of the Socialist Party of Chile, whose foundation he had actively contributed to, he unsuccessfully ran for the national presidency in the 1952, 1958, and 1964 elections. In 1970, he won the presidency as the candidate of the Popular Unity coalition, in a close three-way race. He was elected in a run-off by Congress, as no candidate had gained a majority. As president, Allende sought to nationalize major industries, expand education and improve the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hyperinflation
In economics, hyperinflation is a very high and typically accelerating inflation. It quickly erodes the real value of the local currency, as the prices of all goods increase. This causes people to minimize their holdings in that currency as they usually switch to more stable foreign currencies. When measured in stable foreign currencies, prices typically remain stable. Unlike low inflation, where the process of rising prices is protracted and not generally noticeable except by studying past market prices, hyperinflation sees a rapid and continuing increase in nominal prices, the nominal cost of goods, and in the supply of currency. Typically, however, the general price level rises even more rapidly than the money supply as people try ridding themselves of the devaluing currency as quickly as possible. As this happens, the real stock of money (i.e., the amount of circulating money divided by the price level) decreases considerably.Bernholz, Peter 2003, chapter 5.3 Almost all ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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