Fiscal politics in the euro area by Luc Eyraud, Vitor Gaspar and Tigran Poghosyan published by IMF (01/2017). “This paper provides evidence of fiscal procyclicality, excessive deficits, distorted budget composition and poor compliance with fiscal rules in the euro…
Political institutions, state building, and tax capacity: crossing the tipping point by Vitor Gaspar, Laura Jaramillo and Mr. Philippe Wingender published by IMF (12/2016). “…We discuss the political conditions that supported tax capacity building, highlighting three important political ingredients:…
Tax capacity and growth: Is there a tipping point? by Vitor Gaspar, Laura Jaramillo and Mr. Philippe Wingender published by IMF (12/2016). “Is there a minimum tax to GDP ratio associated with a significant acceleration in the process of growth…
Macroeconomic management when policy space is constrained: a comprehensive, consistent and coordinated approach to economic policy by Vitor Gaspar, Maurice Obstfeld, Ratna Sahay and Douglas Laxton published by IMF (9/2016). “…The finding of this paper indicate that policy coordination…
Cutting through the maze: A simple expenditure rule, remarks by Vitor Gaspar at the European Political Strategy Centre – published by IMF (6/2015). “The global financial crisis revealed many gaps in fiscal frameworks in Europe, and today’s panel will…
Optimal debt policy under asymmetric risck by Julio Escolano and Vitor Gaspar published by IMF (8/2016). “In the paper we show that, most of the time, smooth reduction in the debt ratio is optimal for tax-smoothing purposes when fiscal…