Jump to ContentJump to Main Navigation
Show Summary Details
More options …

Journal of Globalization and Development

Ed. by Stiglitz, Joseph / Emran, M. Shahe / Guzman, Martin / Jayadev, Arjun / Ocampo, José Antonio / Rodrik, Dani


CiteScore 2018: 0.50

SCImago Journal Rank (SJR) 2018: 0.129
Source Normalized Impact per Paper (SNIP) 2018: 0.844

Online
ISSN
1948-1837
See all formats and pricing
More options …

Two Major Gaps in Global Governance: International Tax Cooperation and Sovereign Debt Crisis Resolution

José Antonio Alonso
Published Online: 2019-06-13 | DOI: https://doi.org/10.1515/jgd-2018-0016

Abstract

The paper focuses on two crucial issues that hinder the fiscal sovereignty of developing countries: the reduced level of international tax cooperation, and the lack of appropriate procedures for sovereign debt crisis resolution. The low level of international tax cooperation enables a “race to the bottom” in tax rates among countries, tax avoidance through profit-shifting activities by companies and tax evasion by individuals and companies, based on the existence of non-cooperative jurisdictions. In the last 5 years, the international community has made some improvements in this field, but the situation remains far from satisfactory. On the other hand, the current procedure for sovereign debt resolution, through negotiations at the Paris Club with the support of the IMF, is not only unfair, but also inefficient. The paper explores alternatives in both fields. Appropriate responses to these international problems would have to show benefits in terms of efficiency and welfare at the global level, and establish fundamentals for countries to take full advantage of their resources, which is a necessary condition for funding policies that will not leave (or push) any nation or social sector behind.

Keywords: external debt; international tax cooperation; sovereign debt resolution; tax avoidance; tax evasion

References

About the article

Published Online: 2019-06-13


Citation Information: Journal of Globalization and Development, 20180016, ISSN (Online) 1948-1837, DOI: https://doi.org/10.1515/jgd-2018-0016.

Export Citation

© 2019 Walter de Gruyter GmbH, Berlin/Boston.Get Permission

Comments (0)

Please log in or register to comment.
Log in