"Fiscal Devaluation" and Fiscal Consolidation: The VAT in Troubled Times
Chapter in NBER book Fiscal Policy after the Financial Crisis (2013), Alberto Alesina and Francesco Giavazzi, editors (p. 443 - 485)
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The views expressed in this paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy, nor those of the National Bureau of Economic Research. We are grateful to Carlo Cottarelli, Alexander Klemm, Daniel Leigh, Jim Poterba, Mick Thackray, Leon Bettendorf and participants in the NBER Conference "Fiscal Policy after the Financial Crisis" for useful comments and suggestions and Oana Luca for helpful research assistance.