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Fiscal harmonization in view of the Euro adoption: Economic implications for Poland
Authors:Andrzej Cieślik  Mehmet Burak Turgut
Affiliation:1. Department of Macroeconomics and International Trade Theory, Faculty of Economic Sciences, University of Warsaw, Warsaw, Poland;2. Department of Economics, Bocconi University, Milan, Italy;3. CASE – Center for Social and Economic Research, Warsaw, Poland
Abstract:In this paper, we investigate the ex ante effects of fiscal policy harmonization that might be necessary for the adoption of the common currency on economic growth in Poland using a neoclassical dynamic two-sector general equilibrium model. We study two fiscal policy scenarios. In the first one, we adjust all taxes to German and EU-27 levels, respectively, while in the second one, we change only consumption taxes to German and EU-27 levels. We find that in the first scenario, the current Polish taxes yield the highest rate of growth due to lower capital taxation. However, in the second scenario, German and EU-27 taxes yield the highest rate of growth due to the lower consumption tax on capital-intensive good. From a policy perspective, our results suggest that fiscal policy with lower taxes on capital and capital-intensive goods can generate a higher rate of growth in the long-run. In the case of fiscal harmonization, our findings propose adopting only German or EU-27 consumption tax structure into the Polish tax system.
Keywords:Common currency  Economic growth  Euro area  Fiscal harmonization  Poland
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