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Previous research has shown that changes in the composition of tax revenue affect long-run growth. However, little is yet known about whether the way tax revenue is raised matters for growth. This paper examines whether, in the context of OECD countries, a revenue-neutral increase in the value-added tax (VAT), offset by a fall in income taxes, may have different effects on long-run growth depending on how the VAT is raised. We show that a revenue-neutral rise in the VAT promotes growth when it is raised through a rise in C-efficiency, while it does not when it is raised through a rise in the standard VAT rate, the rate applied to the largest portion of taxed consumption. C-efficiency measures the departure of the VAT from a perfectly enforced tax levied at a single rate on all consumption, which in advanced economies is largely due to the VAT that is not levied because of exemptions and reduced rates. Thus, our results suggest that an increase in C-efficiency, possibly reflecting the broadening of the VAT base through fewer exemptions and a more uniform rate structure with fewer reduced rates, promotes growth more than a rise in the standard rate. [ABSTRACT FROM AUTHOR]

Emerging countries' economies are dependent on foreign capital inflows. For policy makers and researchers of particular interest is to understand the nature of these flows and their impact on the domestic capital market. The first significant foreign inflows entered the Macedonian Stock Market at the end of 2004, and stock prices were increased. It was general belief among the investors that foreigners are driving the prices on the Macedonian Stock Market. This study examines the influence of foreign investors' trades on stock returns in Macedonia using base broadening and price pressure hypotheses. Strong evidence consistent with the base-broadening hypothesis shows that 1% of monthly net inflows as a percentage of last month market capitalization is connected with 7% rise in monthly returns on the Macedonian stock market. The findings do not support the price pressure hypothesis, so the rise in the prices is permanent. [ABSTRACT FROM AUTHOR]

In this paper we decompose the change of the aggregate tax burden on labor in Austria. Our approach allows us to identify the impact of parametric changes in the tax and social security system, of base broadening measures, and of changes in the wage structure. The aggregate implicit tax rate increased by more than 10pp since the mid-1970s. Most of it can be attributed to changes in payroll taxes and social security contributions payable by employers and employees. The increase in the implicit tax rate was also driven by base-broadening measures affecting the income tax and slightly dampened by changes in the wage income structure, most importantly the very weak growth in average wages since the 1990s. Moreover, while the contribution of changes in the income tax parameters to the increase in the aggregate implicit tax rate has been small, they were an important factor for the non-uniform development of the tax burden within the income structure. Excluding base broadening measures, the 95th percentile earner now faced a 13pp higher total burden in 2016 compared to 1975, while the increase for the 20th percentile earner was comparably modest (+ 2pp). [ABSTRACT FROM AUTHOR]

Sorghum, a major crop for income generation and food security in West and Central Africa, is predominantly grown in low-input farming systems with serious soil phosphorus (P) deficiencies. This study (a) estimates genetic parameters needed to design selection protocols that optimize genetic gains for yield under low-phosphorus conditions and (b) examines the utility of introgressed backcross nested association mapping (BCNAM) populations for diversifying Malian breeding materials. A total of 1083 BC1F5 progenies derived from an elite hybrid restorer “Lata-3” and 13 diverse donor accessions were evaluated for yield and agronomic traits under contrasting soil P conditions in Mali in 2013. A subset of 298 progenies were further tested under low-P (LP) and high-P (HP) conditions in 2014 and 2015. Significant genetic variation for grain yield was observed under LP and HP conditions. Selection for grain yield under LP conditions was feasible and more efficient than the indirect selection under HP in all three years of testing. Several of the BCNAM populations exhibited yields under LP conditions that were superior to the elite restorer line used as a recurrent parent. The BCNAM approach appears promising for diversifying the male parent pool with introgression of diverse materials using both adapted Malian breed and unadapted landrace material from distant geographic origins as donors.

Sorghum, a major crop for income generation and food security in West and Central Africa, is predominantly grown in low-input farming systems with serious soil phosphorus (P) deficiencies. This study (a) estimates genetic parameters needed to design selection protocols that optimize genetic gains for yield under low-phosphorus conditions and (b) examines the utility of introgressed backcross nested association mapping (BCNAM) populations for diversifying Malian breeding materials. A total of 1083 BC1F5 progenies derived from an elite hybrid restorer "Lata-3" and 13 diverse donor accessions were evaluated for yield and agronomic traits under contrasting soil P conditions in Mali in 2013. A subset of 298 progenies were further tested under low-P (LP) and high-P (HP) conditions in 2014 and 2015. Significant genetic variation for grain yield was observed under LP and HP conditions. Selection for grain yield under LP conditions was feasible and more efficient than the indirect selection under HP in all three years of testing. Several of the BCNAM populations exhibited yields under LP conditions that were superior to the elite restorer line used as a recurrent parent. The BCNAM approach appears promising for diversifying the male parent pool with introgression of diverse materials using both adapted Malian breed and unadapted landrace material from distant geographic origins as donors. [ABSTRACT FROM AUTHOR]