Book
32 p.
This publication offers a general introduction to sustainability impact assessment, which is an approach for exploring the combined economic, environmental and social impacts of a range of proposed policies, programmes, strategies and action plans. Such assessments can also assist decision-making and strategic planning throughout the entire policy cycles. It is not an in-depth or detailed user manual, but rather outlines basic principles and process steps of sustainability impact assessments, drawing on examples from Switzerland, Belgium and the European Commission, among others. This publication is a valuable source of information for policy makers on sustainability impact assessments.
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Book
48 p. ; 21 x 29.7cm.
Spain’s government has introduced ambitious consolidation measures, which should yield a sizeable improvement in discretionary fiscal efforts. Should budgetary outcomes fall short of targets, the government should stand ready to introduce further measures, as announced. Such measures could include subjecting more goods and services to the standard value added tax rate. They could also be used to fund a reduction in some social security contributions paid by employers. Once sufficient progress towards fiscal consolidation has been achieved, a further reform of the tax system towards more growth-friendly taxes should be contemplated. Spain also faces a dramatic increase in ageing-related public spending, mostly on account of pensions. The pension reform plan is welcome, but further reforms in the pension system will be necessary to contain expenditure growth. Rules on the budget balances for each level of government should be reviewed so as to induce regional governments to run larger budget surpluses when activity exceeds potential.
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Book
xi, 659 pages : illustrations ; 24 cm.
  • Introduction / Dale W. Jorgenson, J. Steven Landefeld, and Paul Schreyer
  • Economic measurement / Ben S. Bernanke
  • Expanded measurement of economic activity : progress and prospects / Katharine G. Abraham
  • Measuring social welfare in the U.S. national accounts / Dale W. Jorgenson and Daniel T. Slesnick
  • Household production, leisure and living standards / Paul Schreyer and W. Erwin Diewert
  • Representing consumption and saving without a representative consumer / Christopher D. Carroll
  • Integration of micro and macro data on consumer income and expenditures / Clinton P. McCully
  • Trends in the distribution of household income, 1979-2010 / Edward Harris and Frank Sammartino
  • Accounting for the distribution of income in the U.S. national accounts / Dennis Fixler and David S. Johnson
  • Analysis of wealth using micro and macro data : a comparison of the survey of consumer finances and flow of funds accounts / Alice M. Henriques and Joanne W. Hsu
  • The integrated macroeconomic accounts of the United States / Marco Cagetti, Elizabeth Ball Holmquist, Lisa Lynn, Susan Hume McIntosh, and David Wasshausen
  • A prototype BEA/BLS industry-level production account for the United States / Susan Fleck, Steven Rosenthal, Matthew Russell, Erich H. Strassner, Lisa Usher
  • Toward the development of sectoral financial positions and flows in a from-whom-to-whom framework / Manik Shrestha
  • Towards the measurement of net economic welfare : air pollution damage in the U.S.national accounts: 2002, 2005, 2008 / Nicholas Z. Muller
  • Human capital accounting in the United States : context, measurement, and application / Michael S. Christian
  • Measuring the stock of human capital for international and inter-temporal comparisons / Gang Liu
  • Developing a framework for decomposing medical-care expenditure growth : exploring issues of representativeness / Abe Dunn, Eli Liebman, and Adam Hale Shapiro
  • Experimental measures of output and productivity in the Canadian hospital sector, 2002 to 2010 / Wulong Gu and Stéphane Morin
  • Innovation accounting / Carol A. Corrado and Charles R. Hulten
  • Panel remarks / J. Steven Landefeld, Shirin Ahmed, John W. Ruser, Adelheid Burgi-Schmelz.
The latest in the NBER's influential Studies in Income and Wealth series, which has played a key role in the development of national account statistics in the United States and other nations, this volume explores collaborative solutions between academics, policy researchers, and official statisticians to some of today's most important economic measurement challenges. Contributors to this volume extend past research on the integration and extension of national accounts to establish an even more comprehensive understanding of the distribution of economic growth and its impact on well-being, including health, human capital, and the environment. The research contributions assess, among other topics, specific conceptual and empirical proposals for extending national accounts.
(source: Nielsen Book Data)9780226121338 20160617
Green Library
Book
xi, 659 pages : illustrations ; 24 cm.
  • Introduction / Dale W. Jorgenson, J. Steven Landefeld, and Paul Schreyer
  • Economic measurement / Ben S. Bernanke
  • Expanded measurement of economic activity : progress and prospects / Katharine G. Abraham
  • Measuring social welfare in the U.S. national accounts / Dale W. Jorgenson and Daniel T. Slesnick
  • Household production, leisure and living standards / Paul Schreyer and W. Erwin Diewert
  • Representing consumption and saving without a representative consumer / Christopher D. Carroll
  • Integration of micro and macro data on consumer income and expenditures / Clinton P. McCully
  • Trends in the distribution of household income, 1979-2010 / Edward Harris and Frank Sammartino
  • Accounting for the distribution of income in the U.S. national accounts / Dennis Fixler and David S. Johnson
  • Analysis of wealth using micro and macro data : a comparison of the survey of consumer finances and flow of funds accounts / Alice M. Henriques and Joanne W. Hsu
  • The integrated macroeconomic accounts of the United States / Marco Cagetti, Elizabeth Ball Holmquist, Lisa Lynn, Susan Hume McIntosh, and David Wasshausen
  • A prototype BEA/BLS industry-level production account for the United States / Susan Fleck, Steven Rosenthal, Matthew Russell, Erich H. Strassner, Lisa Usher
  • Toward the development of sectoral financial positions and flows in a from-whom-to-whom framework / Manik Shrestha
  • Towards the measurement of net economic welfare : air pollution damage in the U.S.national accounts: 2002, 2005, 2008 / Nicholas Z. Muller
  • Human capital accounting in the United States : context, measurement, and application / Michael S. Christian
  • Measuring the stock of human capital for international and inter-temporal comparisons / Gang Liu
  • Developing a framework for decomposing medical-care expenditure growth : exploring issues of representativeness / Abe Dunn, Eli Liebman, and Adam Hale Shapiro
  • Experimental measures of output and productivity in the Canadian hospital sector, 2002 to 2010 / Wulong Gu and Stéphane Morin
  • Innovation accounting / Carol A. Corrado and Charles R. Hulten
  • Panel remarks / J. Steven Landefeld, Shirin Ahmed, John W. Ruser, Adelheid Burgi-Schmelz.
The latest in the NBER's influential Studies in Income and Wealth series, which has played a key role in the development of national account statistics in the United States and other nations, this volume explores collaborative solutions between academics, policy researchers, and official statisticians to some of today's most important economic measurement challenges. Contributors to this volume extend past research on the integration and extension of national accounts to establish an even more comprehensive understanding of the distribution of economic growth and its impact on well-being, including health, human capital, and the environment. The research contributions assess, among other topics, specific conceptual and empirical proposals for extending national accounts.
(source: Nielsen Book Data)9780226121338 20160617
Business Library
Book
35 p. ; 21 x 29.7cm.
The possibility that a country’s external current account may adjust nonlinearly to shocks is attracting increasing attention in the empirical literature. To shed further light on this issue in the context of emerging-market economies, this paper uses Brazilian data to estimate the determinants of the current account in a smooth-transition vector-autoregressive (ST-VAR) setting. We allow for the transition parameters and the model coefficients to be estimated simultaneously by non-linear constrained maximum likelihood. We find strong evidence of non-linearity in the VAR when (lagged) government consumption and investment are used as the variables governing transition across regimes. The computation of non-linear impulse response functions suggests that the system’s history, as well as the sign and magnitude of shocks, affect the current account’s responses to exogenous changes in income, government consumption and investment. In particular, responses to fiscal shocks depend on whether they are positive or negative and whether they follow periods of fiscal expansions or contractions. Current account responses to a positive fiscal impulse are much stronger when conditioned on periods of fiscal expansion (rising government consumption) than retrenchment. The importance of conditioning history and the magnitude of shocks in the current account’s response to shocks is confirmed by forecast error variance decomposition analysis.
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Book
44 p. ; 21 x 29.7cm.
This paper analyses the possibilities for reforming the Icelandic tax system. It puts the current tax structure in its historic context, showing that there has been a steady movement towards simplification. The personal income tax has a lower than average number of bands and, taxes capital income at an unusually low rate. Such a structure favours saving, especially since consumption taxes are particularly high. Nonetheless, there are a number of additional taxes on capital income that serve to raise the overall tax on assets, notably the tax on net wealth. The paper concludes that, if the current budget surplus persists over the medium-term, priority should be given to further reducing corporate taxes and the net wealth tax. At the same time, a number of discriminatory indirect taxes should be replaced by a uniform tax, and the diesel tax reformed. Consideration should also be given to the gradual introduction of a resource tax or to auctioning fishing quotas to help fund the other ...
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Book
43 p. ; 21 x 29.7cm.
With gross government debt surpassing 200% of GDP, Japan’s fiscal situation is in uncharted territory. In addition to robust nominal GDP growth, correcting two decades of budget deficits requires a large and sustained fiscal consolidation based on a detailed and credible multi-year plan that includes measures to control spending and raise revenue. On the spending side, reforms to contain ageing-related outlays are the priority, while the consumption tax should be the main source of additional revenue, given that its impact on economic activity is less negative than other taxes. The plan should target a primary budget surplus large enough to stabilise the public debt ratio by 2020. The fiscal policy framework should be improved to help reinforce confidence in Japan's fiscal position and prevent a run-up in interest rates. Higher consumption taxes should be accompanied by well-targeted social spending, including the introduction of an earned income tax credit, to prevent a rise in inequality and poverty. This Working Paper relates to the 2013 OECD Economic Survey of Japan (www.oecd.org/eco/surveys/japan)
Book
1 online resource (38 p.)
October 1999 - In a financially integrated world, it is misleading to assess fiscal performance separate from other aspects of economic development. The framework proposed here can help assess fiscal performance over time and across countries and point to a pace of fiscal adjustment consistent with a country's economic and social objectives. Fiscal policy is central to a country's economic and social objectives, from macroeconomic stability to sustainable growth and poverty reduction. But evaluations of a country's fiscal performance, over time or relative to other countries, are often conducted independent of other development objectives, disregarding the links between fiscal, monetary, and exchange rate policies. A budget deficit of 4 percent of GDP, for example, may be acceptable in one country but not in another, because of different initial conditions and policy priorities. In the same country, a level of fiscal deficit may be acceptable one year but not the next, depending on developments and changes in policy objectives. Dinh argues for assessing fiscal performance (1) as part of the entire framework of economic policy, (2) against a policy objective, (3) by taking into account both short- and long-term considerations, and (4) with an eye to the quality of adjustment (whether there are income inequalities or other social issues, for example) as well as its magnitude. The approach he proposes for assessing country fiscal performance requires a minimum of data and takes into account flow and stock variables on internal and external debt. The approach addresses the shortcomings of conventional analysis by incorporating the debt dynamics and other macroeconomic targets of growth, inflation, and external and internal debt. While its theoretical foundation is well known in the literature, this approach has not been adapted for assessing fiscal performance either over time or across countries, and he discusses practical issues arising from this adaptation. Dinh proposes two indicators to measure fiscal adjustment efforts: Fiscal solvency adjustment, which measures how far additional fiscal efforts must be taken to restore solvency to the fiscal sector; Fiscal sustainability adjustment, which measures how far additional fiscal efforts must be taken to maintain the ratios of internal and external debt to output. Dinh applies the proposed framework to evaluate recent fiscal performance in three countries - Argentina, India, and Zambia - each with a different income level and located on a different continent. The countries were selected on the basis of recent World Bank economic work using the proposed approach or an equivalent. Dinh finds the proposed approach useful for identifying key fiscal issues, for assessing the adequacy and pace of fiscal adjustment consistent with the overall economic and social objectives, and for highlighting the tradeoffs between policy initiatives. Sound fiscal policy is crucial for macroeconomic stability. When fiscal issues are under control, it is easier to coordinate other policies. When fiscal issues are part of the problem, the tradeoffs between policy outcomes become pronounced, and economic management, including the management of capital flows, becomes much more difficult. This paper is a product of Macroeconomics 1, Africa Technical Families. The author may be contacted at hdinh@worldbank.org.
Book
36 p. ; 21 x 29.7cm.
The United States faces challenging budgetary prospects, as do most other OECD countries. The federal budget deficit widened considerably during the recession, reaching about 10% of GDP in both 2009 and 2010, reflecting the operation of automatic stabilizers and the policy response to the crisis. Consequently, public debt now stands at its highest level since the early–1950s. The Administration has proposed the objective of stabilising the debt-GDP ratio by 2015, which is realistic in scope and ambition, though it requires fiscal tightening measures which are yet to be identified. In the next decade, the effects of population ageing on entitlement spending will be increasingly felt and the fiscal situation could deteriorate significantly in the absence of structural reforms of pension and, especially, health-care programmes.
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Book
28 p. ; 21 x 29.7cm.
Euro area entry calls for more fiscal flexibility to absorb cyclical shocks that cannot be dealt with by the common monetary policy. At the same time fiscal consolidation must not be put at risk, especially given rising ageing related costs. The current fiscal framework could be improved by introducing multi-year expenditure ceilings and by removing pro-cyclical elements in fiscal rules. An adjustment account that serves to register breaches of fiscal rules and eliminates them over time could help in coping with projection errors. To ensure long-term sustainability of public finances it is essential not to dilute the substantial improvements in the long-term balance of the definedbenefit pillar associated with past pension reforms. The government should consider making participation in the defined contribution pillar mandatory for new labour market entrants or, at the very least, make it the default option. For current workers the pillars should remain closed. Moreover, further parametric changes such as increasing the retirement age in line with life expectancy gains and reducing unsustainable elements in the pension formula would improve the balance of the defined benefit pillar.
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Book
40 p. ; 21 x 29.7cm.
With population ageing, fiscal consolidation has become of paramount importance for euro area countries. Consolidation can be pursued in various ways, with different effects on potential growth, which itself will be dragged down by ageing. A dynamic general equilibrium model with overlapping generations and a public finance block (including a pay-as-you-go pension regime, a health care system, non ageingrelated public spending and a stock of debt to be repaid) is used to compare the macroeconomic impact of four scenarios: a) increasing taxes to finance unchanged pensions and repay public debt, b) lowering future pension replacement rates and repaying public debt through a lower ratio of non ageing-related outlays to GDP, c) raising the retirement age by 1.25 years per decade and increasing taxes only to pay off debt, and d) increasing the retirement age by 1.25 years per decade and paying off debt through a lower ratio of non ageing-related expenditure to GDP. This last scenario is the one where growth is strongest: with gradual increases in the retirement age and spending restraint, average GDP growth in the 2010s would be 0.34 percentage point stronger than in a scenario where fiscal consolidation is achieved exclusively through tax hikes. The appropriate conclusion from the model is not that public spending is bad per se, but that cuts to lower-priority spending items can deliver surprisingly large income gains compared with the alternative of raising taxes.
dx.doi.org OECD iLibrary
Book
1 online resource.
What does Sustainability mean, and why should people in the thermophysical properties business care? This paper will describe sustainability in the context of product development, which is where much of the buzz is currently being generated. Once described, it will discuss how expectations for Sustainability are changing product lines, and then discuss the controversial issues now emerging from trying to measure Sustainability. One of the most organized efforts in the U.S. is the U.S. Green Building Council revolutionizing how the built environment is conceptualized, designed, built, used, and disposed of - and born again. The appeal of the US Green Building Council is that it has managed to checklist how to "do" Sustainability. By following this checklist, better described as a rating system, a more Sustainable product should be achieved. That is, a product that uses less energy, less water, is less noxious to the user, and consumes fewer resources. We care because these Sustainable products are viewed as preferable by a growing number of consumers and, consequently, are more valuable. One of the most interesting aspects of the Sustainability movement is a quantitative assessment of how sustainable a product is. Life Cycle Assessment techniques (not to be confused with life cycle economic costs) developed since the early 1990s are gaining ground as a less biased method to measure the ultimate "bad" consequences of creating a product (depletion of natural resources, nutrification, acid rain, air borne particulates, solid waste, etc.). For example, one assertion is that these studies have shown that recycling can sometimes do more environmental harm than good.
Book
1 online resource.
  • Conceptual aspects of voluntary sustainability initiatives in the context of proactive sustainability strategies for supply chains
  • Theoretical aspects of designing voluntary sustainability initiatives for supply chains
  • Initial framework: a resource-based view of institutional entrepreneurship in the design of voluntary sustainability initiatives for supply chains
  • An exploratory study of the institutional entrepreneur's resources in the design of legitimised voluntary sustainability initiatives for supply chains
  • Development of the research model: resources, the design of voluntary sustainability initiatives for supply chains, and legitimacy
  • A confirmatory study of the institutional entrepreneur's resources in the design of legitimised voluntary sustainability initiatives for supply chains
  • Conclusion, further research and implications for business practice.
Voluntary sustainability initiatives (VSIs) have become the most applied approach for companies to set environmental or social obligations for their supply-chains. However, companies face two main challenges in the design of VSIs: Firstly, they recognise acceptance problems by different stakeholders and opposition by competing initiatives. Secondly, they experience significant resource demands to set up VSIs and ask for more efficient solutions. Nils Peters addresses these challenges by empirically analysing the key resources and complementarities that enable companies to efficiently establish effective designs of VSIs both in terms of participants compliance and the acceptance of initiative-external stakeholders.
Book
29 p. ; 21 x 29.7cm.
Ireland’s banking crisis, one of the most severe in the OECD area, and the associated economic recession have taken a heavy toll on public finances. Large public deficits have accumulated since 2008 and net public debt, which had been eliminated, has soared once again. The rapid deterioration of the fiscal accounts, together with the government guarantee of banks’ liabilities, has led to Ireland losing the confidence of the sovereign bond market and requiring financial assistance from the international community. With one of the highest levels of gross public debt relative to GDP in the OECD, high bond spreads and weak nominal GDP growth, returning to a healthy fiscal position poses a significant challenge. A sustained effort will be needed to eliminate the budget deficit, regain the confidence of financial markets and to seek to increase trend growth through appropriate structural reforms. The economic adjustment programme supported by the IMF and the EU foresees a gradual consolidation of the public finances to stabilise and reduce the debt to GDP ratio and restore fiscal sustainability. The programme builds on significant progress that has already been made to contain the deterioration of fiscal accounts and the government plans to introduce further fiscal adjustment in 2012 and later years in line with the programme. The programme also foresees a strengthening of the fiscal framework, with large institutional changes intended to secure a path of fiscal sustainability in the medium-term. The consolidation effort is also underpinned by efforts to increase public sector efficiency, which provides a growth-friendly avenue for reducing the deficit in a durable way. This Working Paper relates to the 2011 OECD Economic Survey of Ireland (www.oecd.org/eco/surveys/ireland).
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27 p. ; 21 x 29.7cm.
Despite a deep recession in 2009 and weak growth in subsequent years, Hungary’s fiscal position compares favourably with many other OECD countries. Nonetheless, the underlying fiscal balance started deteriorating in 2010 and 2011. Recognising this, Hungary’s government launched an ambitious set of fiscal consolidation measures in spring 2011, the Széll Kálmán plan, which is rightly focused on curbing public expenditure. This plan, together with subsequent significant revenue-increasing measures, should help restore fiscal adjustment in 2012 and 2013. However, ensuring the sustainability of Hungarian public debt remains challenging in the context of the persistence of the sovereign debt crisis in many European economies since shifts in market sentiment could lead to unsustainable debt servicing costs. In this context, increasing the credibility of fiscal consolidation requires using several policy levers. First, the cost/risk assessment of the debt management strategy should be reassessed by taking into account lessons from the current crisis: the share of government borrowing in foreign currency will likely need to be drastically reduced. Second, additional consolidation efforts should focus more strongly on the spending side and avoid raising distortive taxes. Third, the fiscal framework should be improved by making fiscal rules less pro-cyclical and by raising the profile and political acceptance of the fiscal council through better analytical support and an enlarged mandate, while removing its power to veto the budget. This Working Paper relates to the 2012 OECD Economic Survey of Hungary (www.oecd.org/eco/surveys/hungary).
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41 p. ; 21 x 29.7cm.
Energy represents a major sustainable-development challenge for Canada. In the short term, labour shortages and infrastructure bottlenecks are likely to hinder energy developments and need to be addressed. In addition, provincial fiscal management could be improved by adopting prudent allocation and withdrawal rules of revenues from non-renewable resources to and from a long-term fund. Eventually the main challenge will be to curb greenhouse gas emissions (GHGs), despite the rapid expansion of high emitting sectors. The effectiveness of environmental policies could be enhanced by better federal-provincial coordination. Efforts should be concentrated on designing and implementing an emissions-trading scheme compatible with corresponding systems abroad. Finally, effective and efficient systems of regulation and taxation are essential to facilitate the timely realisation of energy supply plans.
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Book
42 p. ; 21 x 30 cm.
The generous Danish welfare state relies on a high degree of labour force participation both for financing and in order to ensure social cohesion. This underlines the need for getting work incentives right and improve the employability of vulnerable groups of workers, in particular migrants. Many benefit recipients also face high marginal tax rates for returning to work, creating a barrier for inclusion. Likewise, as the population ages, the need for longer working lives becomes a central aim. In Denmark, much has been done to keep older workers in the labour market, but there is further scope for reducing barriers to work for this group, including through the design of the pension system. Cost pressures at social institutions could be addressed by better reaping the effects on municipal reform, more coordination between different service providers, and open the market for social services, for instance old age care, for private suppliers under a strict quality monitoring framework.
Book
24 p. ; 21 x 29.7cm.
Hungarian debt level has steadily increased since 2001, with the debt-to-GDP ratio reaching about 84% at end-2011. This high level combined with significant volatility of macroeconomic variable influencing potential future debt paths – GDP growth, exchange rate and interest spreads – put Hungarian debt sustainability at risk. To assess debt sustainability over a 5-year horizon, a stochastic debt simulation has been conducted by applying random shocks derived from historical volatility to a baseline scenario. These simulations are used to derive fan charts showing the distribution probability of debt under different sets of assumptions regarding i) the nature of shocks – temporary or permanent – and ii) fiscal policy reactions, i.e. either allowing automatic stabilizers to operate or not. Results indicate that the probability of a debt ratio going beyond 90% of GDP in the next five years – a level beyond which debt is likely to hurt growth – is non-negligible (at least 25% in the most favourable scenario), especially if volatility turns out to be higher than observed in the past. The main risks to debt sustainability lie in growth shocks, whose volatility is high in Hungary. This highlights the crucial role of growth for debt sustainability. The impact of exchange rate depreciation can also be important, especially if shocks are permanent, while the rise in interest spreads would have a much more limited impact as debt is only progressively rolled over. Finally, fiscal policy reaction matters. Offsetting the impact of automatic stabilizers significantly reduces the width of potential debt paths over the five-year horizons.
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Book
7.7 Mb : digital, PDF file.
Nuclear power has reliably and economically contributed almost 20% of electrical generation in the United States over the past two decades. It remains the single largest contributor (more than 70%) of non-greenhouse-gas-emitting electric power generation in the United States. By the year 2030, domestic demand for electrical energy is expected to grow to levels of 16 to 36% higher than 2007 levels. At the same time, most currently operating nuclear power plants will begin reaching the end of their 60-year operating licenses. If current operating nuclear power plants do not operate beyond 60 years, the total fraction of generated electrical energy from nuclear power will begin to decline—even with the expected addition of new nuclear generating capacity. The oldest commercial plants in the United States reached their 40th anniversary this year. U.S. regulators have begun considering extended operations of nuclear power plants and the research needed to support long-term operations. The Light Water Reactor Sustainability (LWRS) Research and Development (R&D) Program, developed and sponsored by the Department of Energy, is performed in close collaboration with industry R&D programs. The purpose of the LWRS R&D Program is to provide technical foundations for licensing and managing long-term, safe and economical operation of the current operating nuclear power plants. The LWRS R&D Program vision is captured in the following statements: Existing operating nuclear power plants will continue to safely provide clean and economic electricity well beyond their first license- extension period, significantly contributing to reduction of United States and global carbon emissions, enhancement of national energy security, and protection of the environment. There is a comprehensive technical basis for licensing and managing the long-term, safe, economical operation of nuclear power plants. Sustaining the existing operating U.S. fleet also will improve its international engagement and leadership on nuclear safety and security issues.
Book
47 p. ; 21 x 29.7cm.
Tax reform is an urgent priority, as Japan needs as much as 5% to 6% of GDP of additional government revenue just to stabilise public debt, which has risen to 180% of GDP. In addition to raising revenue, tax reform should promote economic growth, address the deterioration in income distribution and improve the local tax system. Additional revenue should be obtained primarily by increasing the consumption tax rate, currently the lowest in the OECD area, while broadening the personal and corporate income tax bases. The corporate tax rate, now the highest in the OECD area, should be cut to promote growth, while eliminating aspects of the tax system which discourage labour supply and distort the allocation of capital. Japan should also consider introducing an Earned Income Tax Credit to promote equity. The local tax system should be simplified, increasing reliance on existing taxes on property, income and consumption.
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