Ｐ．Ａ．Ｓａｍｕｅｌｓｏｎ於１９５４年發表了‘Ｔｈｅ　Ｐｕ－ｒｅ Ｔｈｅｏｒｙ ｏｆ Ｐｕｂｌｉｃ Ｅｘｐｅｎｄｉｔｕｒｅ’一文 ，為純公共財之最適提供條件．ＳＩＧＭＡ．ＭＲＳ＝ＭＲＴ作了一個最 佳的闡述，也為之後的公共支出理論奠定了良好的根基。然而美中不足者 ，收支為一體的兩面，考慮支出面的問題，自然應當將籌措財源的方式一 併納入討論。Ａ．Ｃ．Ｐｉｇｏｕ於１９４７年曾經提出，租稅融通方式 的不同，將影響到公共財支出的成本。亦即當我們利用扭曲性租稅來融通 公共支出時，租稅的課徵有可能產生效率上的間接損害，因而增加了公共 財的邊際成本。鑒於此，就有許多學者開始對扭曲性租稅融通下的公共財 最適提供，作各種角度的探討。本篇論文的目的，即是探討在考量效率面 、分配面的情況下，扭曲性租稅融通對公共財最適提供條件的修正，及比 較不同財源籌措方式下，公共財最適提供數量的差異。最後，嘗試得出影 響財源籌措和最適公共支出間的關係，以期能作為公共決策時的重要考量 。

There is a vast literature on the distortionary effects of the tax-royalty system, while the effects of Production Sharing Contract (PSC) is largely understudied. Moreover, economic studies typically oversimplify the physics of the field and consequently end up with models which do not necessarily fully reflect the reality. In this study, we build a dynamic optimisation model which nests the physics of the reservoir and investigates the distortionary effects of a PSC.

This thesis tackles three different issues of relevance for economic policy, with an explicit reference to the Euro area. Does the inclusion of monetary targeting in a monetary policy strategy improve macroeconomic stability? Which role does the banking sector play in the impulse and transmission of shocks? Which fiscal tools have the greatest and the most persistent impact on the real economy, helping effective stabilization policy design? Answers to each question, derived from data-matching dynamic general equilibrium models, imply noteworthy indications for policy-makers. / Esta tesis afronta tres temas de relevancia en lo que se refiere a la política económica en la zona euro. ¿Establecer un objetivo monetario en la conducción de la política monetaria contribuye a alcanzar una estabilidad macroeconómica? ¿Qué papel desempeña el sector banquero en el impulso y en la transmisión de choques macroeconómicos? ¿Cuales son los instrumentos de política fiscal con el mayor y más persistente impacto sobre la economía real, capaces de ayudar en el diseño de políticas de estabilización eficaces? Las respuestas a cada pregunta, derivadas desde modelos de equilibrio económico general dinámicos ajustados a los datos, permiten extraer indicaciones útiles para las autoridades responsables de las políticas económicas.

Submitted by Felipe Mosca (felipemosca@gmail.com) on 2017-09-21T03:28:51Z No. of bitstreams: 1 FelipeMoscaDissertacao.pdf: 1453772 bytes, checksum: df20ad2af6a37ee6726172ffffb00165 (MD5) / Approved for entry into archive by Thais Oliveira (thais.oliveira@fgv.br) on 2017-09-21T18:06:47Z (GMT) No. of bitstreams: 1 FelipeMoscaDissertacao.pdf: 1453772 bytes, checksum: df20ad2af6a37ee6726172ffffb00165 (MD5) / Made available in DSpace on 2017-09-22T13:02:19Z (GMT). No. of bitstreams: 1 FelipeMoscaDissertacao.pdf: 1453772 bytes, checksum: df20ad2af6a37ee6726172ffffb00165 (MD5) Previous issue date: 2017-08-29 / The housing and credit sector in Brazil distinguishes from advanced economies in many ways. A specific one is the social transfer created by the government to offer housing subsidies to lower income families. However, the current general equilibrium stochastic models created for the local economy still have to advance in order to evaluate what impacts this kind of policies can cause in a financial friction environment with different fiscal rules. We propose and estimate a model for Brazil, based on Gerali et al. (2010), with a subsidized housing sector that receives resources from two fiscal policy rules: distortionary taxation (over consumption, labor and capital income) and lump-sum taxation . The results shows that: (i) over distortionary rules, a positive policy rate shock produces a lower government budget and affects negatively restricted families’ housing demand, decreasing collateral value. (ii) a positive technology shock increases patient families’ housing demand. Over distortionary taxation, the increase of consumption and income tax smooth this effect. (iii) a nonanticipated subsidy shock produces less welfare for the families and increases inflation, output and consumption. However, the high policy and bank rates produces a recession cycle and reduces the housing demand. / O setor de habitação e crédito no Brasil se distingue dos países desenvolvidos em diversos aspectos. Um deles é a existência de transferências sociais criadas pelo governo para oferecer subsídios no setor de habitação às classes mais baixas. No entanto, os modelos estocásticos de equilíbrio geral (DSGE) existentes na economia local precisam avançar na avaliação do impacto que essas políticas podem causar em um ambiente de fricção financeira com diferentes formas de tributação. Nós propomos e estimamos um modelo baseado em Gerali et al. (2010) para o Brasil com transferências para habitação subsidiada que são financiadas por duas regras fiscais distintas: tributo distorcivo (consumo, renda do trabalho e capital) e tributo lump-sum. Os resultados apontam que: (i) no modelo distorcivo, a combinação de aumento das taxas de juros e de empréstimos e a diminuição na receita do governo faz com que as famílias restritas demandem menos housing, depreciando o colateral. (ii) a aceleração da economia causada por um aumento de produtividade eleva a demanda por housing das famílias pacientes. Esse efeito é suavizado no modelo com tributação distorciva devido ao aumento da receita tributária que financia as famílias restritas. (iii) um aumento não antecipado de transferência para subsidio habitacional gera perda de bem-estar das famílias, inflação e aumento do produto e consumo. No entanto, o aumento das taxas de juros e bancárias produz um ciclo recessivo e reduz a demanda por housing.

<p>This thesis consists of a summary and four papers. The first two papers address political economy and indus-trial organization aspects of agricultural policy, and the last two international aspects of environmental policy.</p><p>Paper [I] explains Common Agricultural Policy (CAP) subsidies to farmers by the influence of farmer interest-groups with an EU-wide membership. The analysis is based on panel-data for fifteen commodities over the period 1986-2003. Because the CAP is set as an overall EU policy, effective lobbying presents a collective ac-tion problem to the farmers in the EU as a whole. Indicators of lobbying, which are based on this perception, are found to explain part of the variation in agricultural support.</p><p>In Paper [II], the Bresnahan-Lau framework is used to analyze whether policy reforms, i.e. the two-price sys-tem (an input quota, 1986-1991) and a general deregulation of dairy policy (1991-1994) had any market power effects on the Swedish butter market. The results show that the null hypothesis of no market power cannot be rejected, for any of the specific policy reforms, at any reasonable significance level.</p><p>Paper [III] concerns the welfare consequences of environmental policy cooperation. It is assumed that coun-tries finance their public expenditures by using distortionary taxes, and that they differ with respect to compe-tition in the labor market. It is shown how the welfare effect of an increase in the expenditures on abatement depends on changes in the environmental damage, employment and work hours. The welfare effect is also related to the strategic interaction among the countries in the prereform equilibrium.</p><p>In Paper [IV] environmental policy in an economic federation, where each national government faces a mixed tax problem, is addressed. It is assumed that the federal government sets emission targets, which are imple-mented at the national level. It is also assumed that the economic federation is decentralized. The results high-light a strategic role of income and commodity taxation, i.e. each country uses its policy instruments, at least in part, to influence the emission target.</p>

This thesis consists of a summary and four papers. The first two papers address political economy and indus-trial organization aspects of agricultural policy, and the last two international aspects of environmental policy. Paper [I] explains Common Agricultural Policy (CAP) subsidies to farmers by the influence of farmer interest-groups with an EU-wide membership. The analysis is based on panel-data for fifteen commodities over the period 1986-2003. Because the CAP is set as an overall EU policy, effective lobbying presents a collective ac-tion problem to the farmers in the EU as a whole. Indicators of lobbying, which are based on this perception, are found to explain part of the variation in agricultural support. In Paper [II], the Bresnahan-Lau framework is used to analyze whether policy reforms, i.e. the two-price sys-tem (an input quota, 1986-1991) and a general deregulation of dairy policy (1991-1994) had any market power effects on the Swedish butter market. The results show that the null hypothesis of no market power cannot be rejected, for any of the specific policy reforms, at any reasonable significance level. Paper [III] concerns the welfare consequences of environmental policy cooperation. It is assumed that coun-tries finance their public expenditures by using distortionary taxes, and that they differ with respect to compe-tition in the labor market. It is shown how the welfare effect of an increase in the expenditures on abatement depends on changes in the environmental damage, employment and work hours. The welfare effect is also related to the strategic interaction among the countries in the prereform equilibrium. In Paper [IV] environmental policy in an economic federation, where each national government faces a mixed tax problem, is addressed. It is assumed that the federal government sets emission targets, which are imple-mented at the national level. It is also assumed that the economic federation is decentralized. The results high-light a strategic role of income and commodity taxation, i.e. each country uses its policy instruments, at least in part, to influence the emission target.

The theme of this dissertation is Ricardian equivalence, and its objective is to examine the effects of government debt on private consumption expenditures (Essay One), on interest rates (Essay Two), on the current account balance (Essay Three), and on individual intertemporal decision-making (Essay Four). The effects of government debt are important if debt is neutral (e.g., if “Ricardian equivalence” holds), then a stabilization program that is based on demand management policy to curtail fiscal deficits will not be operative. On the other hand, if debt is not neutral (or if Ricardian equivalence does not hold), then deficit finance may induce private consumption, boost interest rates, crowd out investment, and retard economic growth. Essay One contributes to the existing literature by taking into account the nature of liquidity constraints in a developing economy in an aggregate consumption function. Previous empirical tests on Ricardian equivalence have not considered the role of a dominant resource aspect of a country. Essay Two and Essay Three incorporate a dominant resource aspect in Indonesia by estimating the oil-macroeconomic relationship. Furthermore, Essay Three takes into account the role of capital inflows by including debt securities. Essay Four uses experimental economics methods to examine the role of distortionary taxes on Ricardian equivalence. There have been only a few studies that use an experimental approach to examine the effect of deficit spending on consumption expenditures, but these existing experimental studies ignore the role of distortionary taxes in affecting subjects’ consumption-saving decisions and focus on the presence of liquidity constraints, myopia, and uncertainty on future income. Essay Four contributes to the Ricardian equivalence literature by taking into account distortionary taxes in a Ricardian institution by levying taxes on savings in an intertemporal individual consumption-savings decision in laboratory experiments. By utilizing the aggregate consumption function and the Euler equation consumption function, Essay One shows that Indonesian consumers tend to behave in a non-Ricardian way. Public debt most likely will lead to crowding out of investment, and will retard capital accumulation and economic growth. The extent to which individuals perceive government expenditures as complements for their consumption is substantial. An increase in government expenditures will increase the marginal utility of private consumption and has an expansionary effect on aggregate demand. The complementarity between private consumption and government expenditures may be partly due to the allocation of government subsidies to basic goods and services such as electricity, fuel, fertilizer, health centers, and education. Liquidity constraints may cause consumption to have an excess sensitivity to income. The short-run and long-run aggregate consumption function estimates show that income affects consumption, indicating that consumers follow a “rule of thumb” of consuming their current income. A high ratio of public debt to gross domestic product (GDP) in Indonesia may also be the culprit of the excess sensitivity of private consumption to income. Due to low salaries in the formal sector, employees have been engaged in moonlighting activities, mostly in the form of self-employment (e.g., opening retail stores or services). This phenomenon may help to explain why private credit−which amounts to 29 percent of GDP−fails to explain consumption behavior. Most loans are made for investment rather than for consumption. Consumers’ behavior is insensitive to taxation, which perhaps is due to the fact that tax enactment is not explicitly revealed in Indonesia (e.g., price tags in the supermarket include the sales tax, and employees are only informed about their after-tax net wage instead of their gross wage). The share of tax collections to GDP averages only about 15 percent. There is still a large portion of the population who do not pay taxes or who pay far below what they should pay. The fiscal authority needs to focus more attention on alternative financing, i.e. taxation, whose system is essential to be enhanced. Essay Two shows that by excluding oil prices, deficits and debt significantly increase the real interest rate, thereby invalidating Ricardian equivalence. The evidence shows some preference for debt and deficit over government expenditures as determinants of interest rates. Inclusion of the oil price weakens the Neoclassical results, providing more support for the Ricardian paradigm. Deficits no longer increase interest rates, yet debt still significantly increases interest rates. This result reflects a loss of momentum for the Indonesian government two decades ago to decrease its dependency on debt. The government could have used the windfall oil revenue to pay off foreign debt; instead, the windfall was spent on import-intensive infrastructure development projects, in order to build domestic industry and to subsidize rice and petroleum products. The importance of oil prices in the interest rate estimation suggests that in modeling the Indonesian macroeconomy, the oil sector should be incorporated. The non-stationary nature of the stock of debt implies the failure of intertemporal budget balance to hold, indicating that the debt-financed deficit is unsustainable. Essay Three shows that around 80 percent of the estimation results provide support for the Neoclassical view, a result that is consistent with the twin deficits hypothesis. The long-run estimates indicate an almost one-to-one relationship between the government budget and the trade balance, while the short-run estimates show a smaller magnitude. When capital inflows are included, the twin deficits phenomenon is less pronounced in the short-run and disappears in the long-run. An increase in the oil price statistically and significantly improves the trade balance in the short-run and in the long-run. Essay Four shows that subjects fully anticipate an increase in future taxation by increasing the amount bequeathed in one-to-one correspondence to the increase in debt. Even under a Ricardian institution, the distorting nature of taxes on savings alters subjects’ consumption-savings decisions. The equality of the change in bequests and the change in deficit spending is not attained under the savings taxes treatment, invalidating Ricardian equivalence. In line with the results of Essays One, Two, and Three, which suggest the vital need to enhance the taxation system, the results of Essay Four entail the importance of taxes on interest income in Indonesia.

This doctoral thesis addresses in a sequence of five essays the question how fiscal policy and economic output are interrelated in emerging Europe and how this relationship is shaped by the respective politico-economic environment and the individual-level support for economic reforms. Following main findings can be highlighted: (1) Countries in Central, Eastern and Southeastern Europe (CESEE) respond to a fiscal expansion in the euro area with fiscal easing at home, while the GDP response is mixed across countries.(2)Automatic fiscal stabilizers are comparatively small and discretionary fiscal policy has been largely pro-cyclical in CESEE. (3) The public spending and revenue structure is more "growth-friendly" in CESEEthan in the EU-15. (4) In transition economies with more democratic institutions and a better quality of governance, individuals with high market-relevant skills show a significantly larger support of the privatization status quo than individuals with low market skills. (5) The society in Russia - triggered by a lack of social capital - chooses to demand more state regulationand tolerate corruption to reduce negative externalities imposed by private business.(author's abstract)