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Fiscal Policy after the Financial Crisis$
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Alberto Alesina and Francesco Giavazzi

Print publication date: 2013

Print ISBN-13: 9780226018447

Published to Chicago Scholarship Online: September 2013

DOI: 10.7208/chicago/9780226018584.001.0001

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“Fiscal Devaluation” and Fiscal Consolidation

“Fiscal Devaluation” and Fiscal Consolidation

The VAT in Troubled Times

(p.443) 11 “Fiscal Devaluation” and Fiscal Consolidation
Fiscal Policy after the Financial Crisis

Ruud de Mooij

Michael Keen

University of Chicago Press

This chapter discusses the tax side of fiscal adjustments. It first explores the idea, prominent in troubled Euro area countries, of a “fiscal devaluation”—that is, shifting from social contributions to the value added tax (VAT) as a way to mimic a nominal devaluation. The chapter then assesses the wider scope for using a VAT to achieve a fiscal consolidation. A commentary is also included at the end of the chapter.

Keywords:   fiscal policy, taxation, tax policy, value added tax

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