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Full-Text Articles in Social and Behavioral Sciences
China’S Tax Policy Response To The Global Financial Crisis, Wei Cui
China’S Tax Policy Response To The Global Financial Crisis, Wei Cui
Wei Cui
VAT reform constituted the most important tax policy action China took during the global financial crisis in 2008-9. If China had had a more typical tax structure, this specific policy instrument (as well as certain others) would not have been available. Conversely, because of the idiosyncrasies of China’s current tax structure, some of the policy measures commonly deployed in other countries also cannot be used. In comparing China and Europe in the tax policies adopted since 2008, therefore, major differences in prior tax structures must be taken into account. There are also two other potential determinants of China’s tax policy. …
What Is Going On With Our Economy, Tom Campbell
What Is Going On With Our Economy, Tom Campbell
Tom Campbell
The financial crisis was caused by two factors. First was the abnormally easy money policy followed by the Federal Reserve for many years, keeping down interest rates, and creating a bubble in real estate. The second was the influence of the federal government, under both parties, and through both Congress and the President, to increase home ownership whether or not individuals were financially able to carry the mortgage. The first factor fed the second as higher real estate prices gave the impression that refinancing would be able to pay off mortgages even if a borrower's income could not. Solutions to …