Role of taxation in fiscal imbalances before the financial crisis

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Chapter 6 in The Ecology of Tax Systems, 2018, pp 81-92 from Edward Elgar Publishing

Abstract: Summary: Recessions reduce tax revenue and increase fiscal deficits. Bubbles increase tax revenue and reduce fiscal deficits. The impact of recession is better acknowledged and recognized than that of bubbles. The bubble that preceded the financial crisis and the Great Recession created tax revenue windfalls that reduced fiscal deficits. This sent the wrong signals to economists and policymakers. The windfalls were more important in several countries than realized.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2018
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