Aqib Aslam - Academia.edu (original) (raw)

Papers by Aqib Aslam

Social Science Research Network, 2021

This paper examines the role of minimum taxes and attempts to quantify their impact on economic a... more This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.

The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock marke... more The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock markets and policymakers alike. While the means for transacting might be different to existing firm structures-with the emergence of digital platforms that connect individual buyers and sellers directly-the tax behavior of individuals operating in this new economy are very familiar. What is clear is that while the P2P economy has potentially exacerbated existing policy, administrative, and revenue-mobilization challenges associated with small business taxation-such as the choice of the tax base and how to set tax thresholds-, the technology behind P2P platforms presents a valuable opportunity to eventually solve them.

IMF Working Papers, May 29, 2020

The ever-increasing digitalization of businesses has accelerated the need to address the many sho... more The ever-increasing digitalization of businesses has accelerated the need to address the many shortcomings and unresolved issues within the international corporate income tax system. In particular, the customer or "user"-through their online activities-is now considered by many as being a critical driving force behind the value of digital services. Furthermore, the rapid growth of digital service providers over the last decade has made them an increasingly popular target for special taxes-similar to wealth and solidarity taxes-which can also help mobilize much-needed revenues in the wake of a crisis. This paper argues that a plausible conceptual case can be made to tax the value generated by users under the corporate income tax. However, a number of issues need to be tackled for user-based tax measures to become a reality, which include agreement among countries on whether user value justifies a reallocation of taxing rights, establishing the legal right to tax income derived from user value, as well as an appropriate metric for valuing user-generated data if it is ever to be used as a tax base. Furthermore, attempting to tax only certain types of business is ill-advised, especially as user data is now being exploited widely enough for it to be recognized as an input for almost all businesses. Several options present themselves for consideration-from a modified permanent establishment definition combined with taxation by formulary apportionment, to userbased royalty-type taxes-each with their own merits and misdemeanors.

International Monetary Fund eBooks, Apr 1, 2024

Global trade growth has slowed since 2012 relative both to its strong historical performance and ... more Global trade growth has slowed since 2012 relative both to its strong historical performance and to overall economic growth. This paper aims to quantify the role of weak economic growth and changes in its decomposition in accounting for the slowdown in trade using a reduced form and a structural approach. Both analytical investigations suggest that the overall weakness in economic activity, particularly investment, has been the primary restraint on trade growth, accounting for about 80% of the decline in the growth of the volume of goods trade between 2012-2016 and 2003-2007. However, other factors are also weighing on trade in recent years, especially in emerging market and developing economies, as evidenced by the non-negligible role attributed to trade costs by the structural approach.

Social Science Research Network, 2017

This paper sets out the key concepts necessary to calculate trade in value added using input-outp... more This paper sets out the key concepts necessary to calculate trade in value added using input-output tables. We explain the basic structure of an input-output table and the matrix algebra behind the computation of trade in value added statistics. Specifically, we compute measures of domestic value-added, foreign value added, and forward and backward linkages, as well as measures of both a country’s participation and position in global value chains. We work in detail with an example of a global input-output table for 3 countries each with 4 sectors, provided by the Eora Multi-Region Input-Output (MRIO) database. The aim is to provide an introduction to the analysis of global value chains for use in policy work. An accompanying suite of Matlab codes are provided that can be used with the full set of Eora MRIO tables.

Social Science Research Network, 2008

Social Science Research Network, 2020

The ever-increasing digitalization of businesses has accelerated the need to address the many sho... more The ever-increasing digitalization of businesses has accelerated the need to address the many shortcomings and unresolved issues within the international corporate income tax system. In particular, the customer or "user"-through their online activities-is now considered by many as being a critical driving force behind the value of digital services. This paper argues that a plausible conceptual case can be made to tax the value generated by users under the corporate income tax. However, a number of issues need to be tackled for user-based tax measures to become a reality, which include agreement among countries on whether user value justifies a reallocation of taxing rights, establishing the legal right to tax income derived from user value, as well as an appropriate metric for valuing user-generated data if it is ever to be used as a tax base. Furthermore, attempting to tax only certain types of business is ill-advised, especially as user data is now being exploited widely enough for it to be recognized as an input for almost all businesses. Several options present themselves for consideration-from a modified permanent establishment definition combined with taxation by formulary apportionment, to user-based royalty-type taxes-each with their own merits and misdemeanors. Whatever the outcome, it is clear that changes to the international tax system have the potential to be tec(h)tonic.

IMF working paper, 2016

Commodity prices have declined sharply over the past three years, and output growth has slowed co... more Commodity prices have declined sharply over the past three years, and output growth has slowed considerably among countries that are net exporters of commodities. A critical question for policy makers in these economies is whether commodity windfalls influence potential output. Our analysis suggests that both actual and potential output move together with commodity terms of trade, but that actual output comoves twice as strongly as potential output. The weak commodity price outlook is estimated to subtract 1 to 2¼ percentage points from actual output growth annually on average during 2015-17. The forecast drag on potential output is about one-third of that for actual output.

Commodity prices have declined sharply over the past three years, and output growth has slowed co... more Commodity prices have declined sharply over the past three years, and output growth has slowed considerably among countries that are net exporters of commodities. A critical question for policy makers in these economies is whether commodity windfalls influence potential output. Our analysis suggests that both actual and potential output move together with commodity terms of trade, but that actual output comoves twice as strongly as potential output. The weak commodity price outlook is estimated to subtract 1 to 21/4 percentage points from actual output growth annually on average during 2015-17. The forecast drag on potential output is about one-third of that for actual output.

In the face of repeated waves of the COVID-19 pandemic and multiple lockdowns, governments in sub... more In the face of repeated waves of the COVID-19 pandemic and multiple lockdowns, governments in sub-Saharan Africa were cut off from much-needed sources of revenue—due to both the freeze in economic activity as well as tax forbearance measures implemented to help businesses survive. High frequency data available up until December 2020 reveals how the pandemic caused a median 15 percent drop in monthly tax revenues in mid-2020 relative to the year before. This note explores the extent of the decline across different revenue categories, some of the drivers behind this drop, and whether revenue potential has been more permanently damaged. It also documents the types of relief measures implemented across the region. Many of the revenue mobilization challenges facing countries before the pandemic remain unresolved and, if anything, have only been exacerbated by lockdowns and the stop-start aftermath. Going forward, as the pandemic comes under control, governments face an even more urgent n...

This Working Paper should not be reported as representing the views of the IMF. The views express... more This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper introduces a methodology for assessing external balance in countries with large stocks of non-renewable resources based on oil stock data, and applies it to selected oil producing countries. The methodology uses a stock approach (instead of the more traditional flow approach) to estimate the equilibrium non-oil current account consistent with optimal consumption smoothing. One of the benefits of the stock approach is that geological data for oil reserves can be used to estimate oil wealth; however, the methodology makes the estimated non-oil current account norm very sensitive to oil price projections. Based on an oil price about US$70 per barrel prevailing in the summer of 2007, the baseline estimates indicate that the non-oil current accounts for most of the countries in the sample are broadly in equilibrium. By the same token, using oil price projections as of the summer of 2008 implies large disparities between the equilibrium non-oil current account position and the medium term forecast for all countries in the sample except for Malaysia.

IMF Working Papers, 2021

This paper examines the role of minimum taxes and attempts to quantify their impact on economic a... more This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.

IMF Working Papers, 2020

The ever-increasing digitalization of businesses has accelerated the need to address the many sho... more The ever-increasing digitalization of businesses has accelerated the need to address the many shortcomings and unresolved issues within the international corporate income tax system. In particular, the customer or “user”—through their online activities—is now considered by many as being a critical driving force behind the value of digital services. Furthermore, the rapid growth of digital service providers over the last decade has made them an increasingly popular target for special taxes—similar to wealth and solidarity taxes—which can also help mobilize much-needed revenues in the wake of a crisis. This paper argues that a plausible conceptual case can be made to tax the value generated by users under the corporate income tax. However, a number of issues need to be tackled for user-based tax measures to become a reality, which include agreement among countries on whether user value justifies a reallocation of taxing rights, establishing the legal right to tax income derived from u...

IMF Working Papers, 2017

This paper sets out the key concepts necessary to calculate trade in value added using input-outp... more This paper sets out the key concepts necessary to calculate trade in value added using input-output tables. We explain the basic structure of an input-output table and the matrix algebra behind the computation of trade in value added statistics. Specifically, we compute measures of domestic value-added, foreign value added, and forward and backward linkages, as well as measures of both a country’s participation and position in global value chains. We work in detail with an example of a global input-output table for 3 countries each with 4 sectors, provided by the Eora Multi-Region Input-Output (MRIO) database. The aim is to provide an introduction to the analysis of global value chains for use in policy work. An accompanying suite of Matlab codes are provided that can be used with the full set of Eora MRIO tables.

IMF Working Papers, 2017

Global trade growth has slowed since 2012 relative both to its strong historical performance and ... more Global trade growth has slowed since 2012 relative both to its strong historical performance and to overall economic growth. This paper aims to quantify the role of weak economic growth and changes in its decomposition in accounting for the slowdown in trade using a reduced form and a structural approach. Both analytical investigations suggest that the overall weakness in economic activity, particularly investment, has been the primary restraint on trade growth, accounting for over 80 percent of the decline in the growth of the volume of goods trade between 2012-16 and 2003-07. However, other factors are also weighing on trade in recent years, especially in emerging market and developing economies, as evidenced by the non-negligible role attributed to trade costs by the structural approach.

Journal of Policy Modeling, 2015

This paper finds that external economic conditions have significant effects on emerging market (E... more This paper finds that external economic conditions have significant effects on emerging market (EM) economies, accounting for up to half of the variance in their growth rates. Stronger growth in advanced economies generates stronger EM growth, more so for those EMs with stronger trade ties with advanced economies and less so for those that are financially more open. Adverse external borrowing shocks hurt EM growth, more so for those with greater financial openness or those with limited policy space. China itself has become an important external driver of growth in other EMs. However, internal factors also matter in determining EM growth, and in the period since the global financial crisis these factors have been hampering growth for some EMs. The persistent dampening effect from internal factors in recent years suggests that trend growth could be affected as well. In sum, EMs may be entering a more challenging period of slower growth in the period ahead, reflecting both external and internal conditions.

Journal of Economic Geography, 2011

We consider the economic and non-economic determinants of well-being across Europe and ask what l... more We consider the economic and non-economic determinants of well-being across Europe and ask what level of geographical aggregation (for example, individual, regional or national) matters for individual well-being and whether the drivers of well-being differ within and between these different levels. Our results show a more heterogenous set of drivers for individual well-being across regions in Europe than previously described. Not only are individual-level effects significant, but so too are regional factors. In particular, absolute regional factors dominate the effect of an individual's position relative to their region for certain non-economic variables. The significance of these non-economic factors changes depending on the sample of countries considered, but in each case the regional effects dominate for those variables that are significant. Language: en

IMF Working Papers, 2017

The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock marke... more The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock markets and policymakers alike. While the means for transacting might be different to existing firm structures—with the emergence of digital platforms that connect individual buyers and sellers directly—the tax behavior of individuals operating in this new economy are very familiar. What is clear is that while the P2P economy has potentially exacerbated existing policy, administrative, and revenue-mobilization challenges associated with small business taxation—such as the choice of the tax base and how to set tax thresholds—, the technology behind P2P platforms presents a valuable opportunity to eventually solve them.

Social Science Research Network, 2021

This paper examines the role of minimum taxes and attempts to quantify their impact on economic a... more This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.

The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock marke... more The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock markets and policymakers alike. While the means for transacting might be different to existing firm structures-with the emergence of digital platforms that connect individual buyers and sellers directly-the tax behavior of individuals operating in this new economy are very familiar. What is clear is that while the P2P economy has potentially exacerbated existing policy, administrative, and revenue-mobilization challenges associated with small business taxation-such as the choice of the tax base and how to set tax thresholds-, the technology behind P2P platforms presents a valuable opportunity to eventually solve them.

IMF Working Papers, May 29, 2020

The ever-increasing digitalization of businesses has accelerated the need to address the many sho... more The ever-increasing digitalization of businesses has accelerated the need to address the many shortcomings and unresolved issues within the international corporate income tax system. In particular, the customer or "user"-through their online activities-is now considered by many as being a critical driving force behind the value of digital services. Furthermore, the rapid growth of digital service providers over the last decade has made them an increasingly popular target for special taxes-similar to wealth and solidarity taxes-which can also help mobilize much-needed revenues in the wake of a crisis. This paper argues that a plausible conceptual case can be made to tax the value generated by users under the corporate income tax. However, a number of issues need to be tackled for user-based tax measures to become a reality, which include agreement among countries on whether user value justifies a reallocation of taxing rights, establishing the legal right to tax income derived from user value, as well as an appropriate metric for valuing user-generated data if it is ever to be used as a tax base. Furthermore, attempting to tax only certain types of business is ill-advised, especially as user data is now being exploited widely enough for it to be recognized as an input for almost all businesses. Several options present themselves for consideration-from a modified permanent establishment definition combined with taxation by formulary apportionment, to userbased royalty-type taxes-each with their own merits and misdemeanors.

International Monetary Fund eBooks, Apr 1, 2024

Global trade growth has slowed since 2012 relative both to its strong historical performance and ... more Global trade growth has slowed since 2012 relative both to its strong historical performance and to overall economic growth. This paper aims to quantify the role of weak economic growth and changes in its decomposition in accounting for the slowdown in trade using a reduced form and a structural approach. Both analytical investigations suggest that the overall weakness in economic activity, particularly investment, has been the primary restraint on trade growth, accounting for about 80% of the decline in the growth of the volume of goods trade between 2012-2016 and 2003-2007. However, other factors are also weighing on trade in recent years, especially in emerging market and developing economies, as evidenced by the non-negligible role attributed to trade costs by the structural approach.

Social Science Research Network, 2017

This paper sets out the key concepts necessary to calculate trade in value added using input-outp... more This paper sets out the key concepts necessary to calculate trade in value added using input-output tables. We explain the basic structure of an input-output table and the matrix algebra behind the computation of trade in value added statistics. Specifically, we compute measures of domestic value-added, foreign value added, and forward and backward linkages, as well as measures of both a country’s participation and position in global value chains. We work in detail with an example of a global input-output table for 3 countries each with 4 sectors, provided by the Eora Multi-Region Input-Output (MRIO) database. The aim is to provide an introduction to the analysis of global value chains for use in policy work. An accompanying suite of Matlab codes are provided that can be used with the full set of Eora MRIO tables.

Social Science Research Network, 2008

Social Science Research Network, 2020

The ever-increasing digitalization of businesses has accelerated the need to address the many sho... more The ever-increasing digitalization of businesses has accelerated the need to address the many shortcomings and unresolved issues within the international corporate income tax system. In particular, the customer or "user"-through their online activities-is now considered by many as being a critical driving force behind the value of digital services. This paper argues that a plausible conceptual case can be made to tax the value generated by users under the corporate income tax. However, a number of issues need to be tackled for user-based tax measures to become a reality, which include agreement among countries on whether user value justifies a reallocation of taxing rights, establishing the legal right to tax income derived from user value, as well as an appropriate metric for valuing user-generated data if it is ever to be used as a tax base. Furthermore, attempting to tax only certain types of business is ill-advised, especially as user data is now being exploited widely enough for it to be recognized as an input for almost all businesses. Several options present themselves for consideration-from a modified permanent establishment definition combined with taxation by formulary apportionment, to user-based royalty-type taxes-each with their own merits and misdemeanors. Whatever the outcome, it is clear that changes to the international tax system have the potential to be tec(h)tonic.

IMF working paper, 2016

Commodity prices have declined sharply over the past three years, and output growth has slowed co... more Commodity prices have declined sharply over the past three years, and output growth has slowed considerably among countries that are net exporters of commodities. A critical question for policy makers in these economies is whether commodity windfalls influence potential output. Our analysis suggests that both actual and potential output move together with commodity terms of trade, but that actual output comoves twice as strongly as potential output. The weak commodity price outlook is estimated to subtract 1 to 2¼ percentage points from actual output growth annually on average during 2015-17. The forecast drag on potential output is about one-third of that for actual output.

Commodity prices have declined sharply over the past three years, and output growth has slowed co... more Commodity prices have declined sharply over the past three years, and output growth has slowed considerably among countries that are net exporters of commodities. A critical question for policy makers in these economies is whether commodity windfalls influence potential output. Our analysis suggests that both actual and potential output move together with commodity terms of trade, but that actual output comoves twice as strongly as potential output. The weak commodity price outlook is estimated to subtract 1 to 21/4 percentage points from actual output growth annually on average during 2015-17. The forecast drag on potential output is about one-third of that for actual output.

In the face of repeated waves of the COVID-19 pandemic and multiple lockdowns, governments in sub... more In the face of repeated waves of the COVID-19 pandemic and multiple lockdowns, governments in sub-Saharan Africa were cut off from much-needed sources of revenue—due to both the freeze in economic activity as well as tax forbearance measures implemented to help businesses survive. High frequency data available up until December 2020 reveals how the pandemic caused a median 15 percent drop in monthly tax revenues in mid-2020 relative to the year before. This note explores the extent of the decline across different revenue categories, some of the drivers behind this drop, and whether revenue potential has been more permanently damaged. It also documents the types of relief measures implemented across the region. Many of the revenue mobilization challenges facing countries before the pandemic remain unresolved and, if anything, have only been exacerbated by lockdowns and the stop-start aftermath. Going forward, as the pandemic comes under control, governments face an even more urgent n...

This Working Paper should not be reported as representing the views of the IMF. The views express... more This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate. This paper introduces a methodology for assessing external balance in countries with large stocks of non-renewable resources based on oil stock data, and applies it to selected oil producing countries. The methodology uses a stock approach (instead of the more traditional flow approach) to estimate the equilibrium non-oil current account consistent with optimal consumption smoothing. One of the benefits of the stock approach is that geological data for oil reserves can be used to estimate oil wealth; however, the methodology makes the estimated non-oil current account norm very sensitive to oil price projections. Based on an oil price about US$70 per barrel prevailing in the summer of 2007, the baseline estimates indicate that the non-oil current accounts for most of the countries in the sample are broadly in equilibrium. By the same token, using oil price projections as of the summer of 2008 implies large disparities between the equilibrium non-oil current account position and the medium term forecast for all countries in the sample except for Malaysia.

IMF Working Papers, 2021

This paper examines the role of minimum taxes and attempts to quantify their impact on economic a... more This paper examines the role of minimum taxes and attempts to quantify their impact on economic activity. Minimum taxes can be effective at shoring up the corporate tax base and enhancing the perceived equity of the tax system, potentially motivating broader taxpayer compliance. Where political and administrative constraints prevent reforms to the standard corporate income tax, a minimum tax can help mitigate base erosion from excessive tax incentives and avoidance. Using a new panel dataset that catalogues changes in minimum tax regimes over time around the world, firm-level analysis suggests that the introduction or reform of a minimum tax is associated with an increase in the average effective tax rate of just over 1.5 percentage points with respect to turnover and of around 10 percent with respect to operating income. Minimum taxes based on modified corporate income lead to the largest increases in effective tax rates, followed by those based on assets and turnover.

IMF Working Papers, 2020

The ever-increasing digitalization of businesses has accelerated the need to address the many sho... more The ever-increasing digitalization of businesses has accelerated the need to address the many shortcomings and unresolved issues within the international corporate income tax system. In particular, the customer or “user”—through their online activities—is now considered by many as being a critical driving force behind the value of digital services. Furthermore, the rapid growth of digital service providers over the last decade has made them an increasingly popular target for special taxes—similar to wealth and solidarity taxes—which can also help mobilize much-needed revenues in the wake of a crisis. This paper argues that a plausible conceptual case can be made to tax the value generated by users under the corporate income tax. However, a number of issues need to be tackled for user-based tax measures to become a reality, which include agreement among countries on whether user value justifies a reallocation of taxing rights, establishing the legal right to tax income derived from u...

IMF Working Papers, 2017

This paper sets out the key concepts necessary to calculate trade in value added using input-outp... more This paper sets out the key concepts necessary to calculate trade in value added using input-output tables. We explain the basic structure of an input-output table and the matrix algebra behind the computation of trade in value added statistics. Specifically, we compute measures of domestic value-added, foreign value added, and forward and backward linkages, as well as measures of both a country’s participation and position in global value chains. We work in detail with an example of a global input-output table for 3 countries each with 4 sectors, provided by the Eora Multi-Region Input-Output (MRIO) database. The aim is to provide an introduction to the analysis of global value chains for use in policy work. An accompanying suite of Matlab codes are provided that can be used with the full set of Eora MRIO tables.

IMF Working Papers, 2017

Global trade growth has slowed since 2012 relative both to its strong historical performance and ... more Global trade growth has slowed since 2012 relative both to its strong historical performance and to overall economic growth. This paper aims to quantify the role of weak economic growth and changes in its decomposition in accounting for the slowdown in trade using a reduced form and a structural approach. Both analytical investigations suggest that the overall weakness in economic activity, particularly investment, has been the primary restraint on trade growth, accounting for over 80 percent of the decline in the growth of the volume of goods trade between 2012-16 and 2003-07. However, other factors are also weighing on trade in recent years, especially in emerging market and developing economies, as evidenced by the non-negligible role attributed to trade costs by the structural approach.

Journal of Policy Modeling, 2015

This paper finds that external economic conditions have significant effects on emerging market (E... more This paper finds that external economic conditions have significant effects on emerging market (EM) economies, accounting for up to half of the variance in their growth rates. Stronger growth in advanced economies generates stronger EM growth, more so for those EMs with stronger trade ties with advanced economies and less so for those that are financially more open. Adverse external borrowing shocks hurt EM growth, more so for those with greater financial openness or those with limited policy space. China itself has become an important external driver of growth in other EMs. However, internal factors also matter in determining EM growth, and in the period since the global financial crisis these factors have been hampering growth for some EMs. The persistent dampening effect from internal factors in recent years suggests that trend growth could be affected as well. In sum, EMs may be entering a more challenging period of slower growth in the period ahead, reflecting both external and internal conditions.

Journal of Economic Geography, 2011

We consider the economic and non-economic determinants of well-being across Europe and ask what l... more We consider the economic and non-economic determinants of well-being across Europe and ask what level of geographical aggregation (for example, individual, regional or national) matters for individual well-being and whether the drivers of well-being differ within and between these different levels. Our results show a more heterogenous set of drivers for individual well-being across regions in Europe than previously described. Not only are individual-level effects significant, but so too are regional factors. In particular, absolute regional factors dominate the effect of an individual's position relative to their region for certain non-economic variables. The significance of these non-economic factors changes depending on the sample of countries considered, but in each case the regional effects dominate for those variables that are significant. Language: en

IMF Working Papers, 2017

The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock marke... more The growth of the peer-to-peer (P2P) economy over the last decade has captivated both stock markets and policymakers alike. While the means for transacting might be different to existing firm structures—with the emergence of digital platforms that connect individual buyers and sellers directly—the tax behavior of individuals operating in this new economy are very familiar. What is clear is that while the P2P economy has potentially exacerbated existing policy, administrative, and revenue-mobilization challenges associated with small business taxation—such as the choice of the tax base and how to set tax thresholds—, the technology behind P2P platforms presents a valuable opportunity to eventually solve them.