Influence of corporate income tax on the competitiveness of nations

Laurens Vleugels
The purpose of this research is to examine the influence of corporate income taxes on the competitiveness of nations. Ample research on the competitiveness of nations exists, but the impact of corporate income taxes has never been investigated. A global trend of corporate income tax reform to ameliorate the competitiveness of nations arises at the moment, but it remained unclear and debated whether this motive could be justified or should be marked as vacuous. A quantitative dynamic panel data approach is employed in this research to test the hypothesis and a comparison is made between developed and emerging economies. The results indicate that corporate income taxation can form a motive to increase competitiveness for developed economies, but the influence remains insignificant for emerging economies.

VERLAGING VAN VENNOOTSCHAPSBELASTING VERHOOGT COMPETITIVITEIT VAN ONTWIKKELDE LANDEN: AMERIKAANSE EN EUROPESE BELASTINGHERVORMING GERECHTVAARDIGD

Allerhande argumenten worden door staten gehanteerd om de globale hervormingstrend van de vennootschapsbelasting te rechtvaardigen. Verscheidene landen verlagen de vennootschapsbelasting als een motief voor een verhoogde competitiviteit. Desondanks het feit dat de publieke opinie deze belastinghervormingen vaak bestempeld als nutteloos, kan de verlaging van de vennootschapsbelasting als motief voor verhoogde competitiviteit toch gerechtvaardigd worden voor ontwikkelde landen. In tegenstelling tot de ontwikkelde landen zouden ontwikkelingslanden de belastinghervorming moeten herzien, aangezien deze verlaging niet zal leiden tot de vooropgestelde competitiviteitsdoelstellingen.

Vennootschapsbelasting beïnvloedt de competitiviteit van landen

Beleidsmakers wereldwijd proberen continu de nationale competitiviteit te verhogen met als doel de competitieve strijd te winnen ten opzichte van andere landen. Tot op heden bestond er geen empirisch bewijs dat de verlaging van de vennootschapsbelasting werkelijk een middel is voor een verhoogde competitiviteit. Onderzoek door Laurens Vleugels aan de Katholieke Universiteit van Leuven heeft uitgewezen dat de verlaging van de vennootschapsbelasting toch niet zinloos is, wat verscheidene politici beweren. Empirisch bewijs duidt aan dat ontwikkelde landen een verhoogde competitiviteit kunnen voorleggen nadat de vennootschapsbelasting verlaagd wordt. De rudimentaire belastinginzameling en economische infrastructuur, aangevuld met corruptie en irrationeel belastingbeleid, zorgt ervoor dat de verhoogde competitiviteit zich niet manifesteert in ontwikkelingslanden wanneer de vennootschapsbelasting verlaagt wordt. Deze ontwikkelingslanden missen de juiste ingrediënten om de verhoging van competitiviteit te verzekeren.

Andere invloeden op de competitiviteit van landen

Het onderzoek wijst ook uit dat andere factoren een invloed hebben op de concurrentiële positie van ontwikkelde landen. Directe buitenlandse investeringen, openheid van de economie, investeringen in vaste activa en de totale belastinginkomsten resulteren ook in een competiviteitsverhoging van ontwikkelde landen. Vervolgens geniet de competitiviteit van ontwikkelingslanden ook van een verhoging wanneer de openheid van de economie verhoogt wordt, maar de competitiviteit wordt negatief aangetast wanneer inflatie opduikt. De competitiviteit van ontwikkelde landen wordt niet aangetast door inflatie, aangezien deze landen gekarakteriseerd worden door een stabieler institutioneel klimaat en een hogere validiteit, wat de impact van economische instabiliteit verzacht.

Implicaties voor beleidsmakers

De huidige belastinghervorming die zich manifesteert in de Verenigde Staten en vele ontwikkelde Europese landen blijkt niet zo onkundig te zijn zoals vele beweren. In tegenstelling tot deze ontwikkelde landen, moeten ontwikkelingslanden hun belastinghervorming herzien wanneer een verhoogde competitiviteit beoogd wordt. Hoewel een verhoging van de vennootschapsbelasting een negatief effect heeft op de competitiviteit van ontwikkelde landen, leidt een verhoging van belastinginkomsten weer wel tot een verhoging van de competitiviteit. Deze bevinding toont aan dat ontwikkelde landen andere bronnen van belastinginkomsten moeten aanboren om hun competitieve positie te verbeteren. Ten slotte toont het onderzoek aan dat de huidige trend van protectionisme, het sluiten van de grenzen en unilaterale acties een negatief effect zal hebben op de competitieve positie van landen. Een herziening van deze maatregelen is aan te raden. Dit onderzoek ondermijnt ook enkele van de controverse acties van Donald Trump, wat een nieuwe kijk levert op de presidentiële verkiezingen in de Verenigde Staten. 

Bibliografie

Aghion, P., & Schankerman, M. 2004. On the Welfare Effects and Political Economy of Competition-Enhancing Policies. Economic Journal, 120(542): 800-824.

Aghion, P., Bechtold, S., Cassar, L., & Herz, H. 2014. The Causal Effects of Competition on Innovation: Experimental Evidence. Working paper: Harvard University.

Agiomirgianakis, G., Asteriou, D., Papathoma K. 2003. The determinants of foreign direct investment: a panal data study for the OECD countries. Discussion Paper Series: 03/06: Department of Economics.

Ajitabh, A. & Momaya, K. 2004. Competitiveness of Firms: Review Theory, Frameworks and Models. Singapore Management Review, 26(1): 45-61.

Alfaro, L., Areendam, C., Sebnem, K., & Selin, S. 2004. FDI and economic growth: the role of local financial markets. Journal of International Economics, 64(1): 89-112.

Almonte, C., Aquilante, T., & Ottaviano, G. 2012. The triggers of competitiveness: The EFIGE cross-country report. http://bruegel.org/wp-content/uploads/imported/publications/Blueprint_X… (04/11/2018).

Anderson, G., Slade, E. 2001. The relationship between per capita income and diffusion of medical technologies. Health policy, 58(1): 1-14.

André, C., & Hwang, H. 2018. Tax Reform to Support Growth and Employment in Finland. Economics Department Working Papers series: 1468: OECD.

Arbatli, E. 2011. Economic Policies and FDI Inflows to Emerging Market Economies. IMF Working Paper: WP/11/192: International Monetary Fund.

Arellano, M., & Bond, S. 1991. Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application To Employment Equations. The Review of Economic studies, 58(2): 277-297.

Assemblée Nationale. 2017. Projet de loi de programmation des finances publiques pour les années 2018 à 2022. http://www.assemblee-nationale.fr/15/ta/ta0028.asp (22/11/2018).

Auge, I., Elsner, T., Frey, T., Kastrissianakis, S., & Sanz, F. 2016. Single market integration and competitiveness report. https://ec.europa.eu/docsroom/documents/20210/attachments/2/translation…, p5-39, (06/12/2018).

Australian Taxation Office. 2018. Reducing the corporate tax rate. https://www.ato.gov.au/General/New-legislation/In-detail/Direct-taxes/I… (19/11/2018).

Aykac,E., Bildirici, M., Orcan, M., & Sunal, S. Determinants of human capital theory, growth and brain drain; an econometric analysis for 77 countries. Applied Econometrics and International Development, 5(2): 109-140.

Ball, C., & Reyes, J. 2008. Inflation targeting or fear of floating in disguise? A broader perspective. Journal of Macroeconomics, 30(1): 308-326.

Balzaravičienė, S., & Pilinkienė, V. 2012. Comparison and Review of Competitiveness Indexes: Towards the EU Policy. Economics and Management, 17(1): 103-109.

Barro, R. 2001. Human Capital and Growth. The American Economic Review, 91(2): 12-17.

Bénassy-Quéré, A., Coupet, M., & Mayer, T. 2007. Institutional Determinants of Foreign Direct Investment. World Economy, 30(5): 764-782.

Benoit, K. 2011. Linear regression models with logarithmic transformations. https://pdfs.semanticscholar.org/169c/c9bbbd77cb7cec23481f6ecb2ce071e4e… (03/04/2019).

Bevers J., Halprin, P., Reinoud, H., & Veldhuijzen, M. 2018. Netherlands: Tax Plan 2019. http://www.mondaq.com/x/738510/withholding+tax/The+Netherlands+Tax+Plan… (06/12/2018).

Blonigen, B. 2005. A review of the Empirical Literature on FDI Determinants. NBER Working paper series: 11299: National Bureau of Economic Research.

Bloom, D., & Canning, D. 2000. The Health and Wealth of Nations. Science, 287(5456): 1207 - 1208.

Bloom, D., & Canning, D. 2008. Population Health and Economic Growth. Growth Commission Working Paper: 24: Commission on Growth and Development.

Blundell, R., Dearden, L., Meghir, C., & Sianesi, B. 1999. Human Capital Investment: The Returns from Education and Training to the Individual, the Firm and the Economy. Financial Studies, 20(1): 1-23.

Borensztein, E., De Gregorio, J., & Lee, J. 1988. How does foreign direct investment affect economic growth? Journal of International Economics, 45(1): 115-135.

Bräuninger, D. 2018. German corporate taxes, Growing need for action. https://www.dbresearch.com/PROD/RPS_EN-PROD/PROD0000000000476988/German… (22/11/2018).

Breicis Tax Solutions. 2018. New Corporate income tax in Latvia: How to benefit? http://breicis.com/en/new-corporate-income-tax-latvia/ (22/11/2018).

Buckley, P., Pass, C., & Prescott, K. 1988. Measures of International Competitiveness: A Critical Survey. Journal of Marketing Management, 4(2): 175-200

Cai, J., Chen, Y., & Wang, X. 2018. The Impact of Coporate Taxes on Firm Innovation: Evidence From the Corporate Tax Collection Reform in China. NBER Working Paper series: 25146: National Bureau of Economic Research.

Calderón, C., & Servén, L. 2014. Infrastructure, Growth and Inequality. Policy Research paper: 7034: World Bank Group.

Calvo, G., & Reinhart, C. 2002. Fear of floating. Quarterly Journal of Economics, 117(2): 379-408.

Carlson, B. 2018. Stock Investors Will Benefit Most From Corporate Tax Overhaul. https://www.bloomberg.com/opinion/articles/2018-01-05/stock-investors-will-benefit-most-from-corporate-tax-overhaul

Cassou, S. 1997. The link between tax rates and foreign direct investment. Applied Economics, 29(10): 1295-1301.

Chao-Hung, W., & Li-Chang, H. 2017. A Proposed Model of Competitiveness For Financial Leasing Companies, A study in Small and medium Sized Enterprises (SMEs) of Vietnam. Imperial Journal of Interdisciplinary Research, 3(8): 234-247.

Chaudhuri, S., & Mukhopadhyay, U. 2014. Foreing Direct Investment in Developing Countries: A theoretical Evaluation. New Delhi: Imprint Springer.

Chevapatrakul, T., & Paez-Farrell, J. 2018. How effective is inflation targeting in emerging market economies? IDEAS working paper series from RePEc: University of Sheffield.

Choi, H. 2016. Labor Market Flexibility and FDI: Evidence from OECD Countries. Working Paper 16-06: Korea Institute for International Economic Policy.

Choi, Y & Im, T. 2016. Rethinking National Competitiveness: A critical Assessment of Governmental Capacity Measures. Social Indicators Research, 135(2): 515-532.

Clipa, P. 2011. Competitiveness Through Foreign Direct Investment. https://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1861947_code1425535.pd… (06/12/2018).

Coelli, F., Moxnes, A., & Ulltveit-Moe, K. 2016. Better, Faster, Stronger: Global Innovation and Trade Liberalization. IDEAS working paper series from RePEc: St. Louis.

Cole, M., & Neumayer, E. 2007. The Impact of Poor Health on Total Factor Productivity. Journal of Development studies, 42(6): 918-938.

Courand, J. 2018. International Tax, Chile Highlights. https://www2.deloitte.com/content/dam/Deloitte/global/Documents/Tax/dtt… (19/11/2018)

D'agostino, G., Dunne, J. P., & Pieroni, L. 2016. Government Spending, Corruption and Economic Growth. World Development, 84: 190-205.0

De Vita, G. 2016. Brief explenation of Arellano-Bond GMM. https://www.researchgate.net/post/Brief_explanation_of_Arellano-Bond_GMM (01/04/2019).

Delavallade, C. 2006. Corruption and distribution of public spending in developing countries. Journal of Economics and Finance, 30(2): 222-239.

Detotto, C., & Otranto, E. 2010. Does crime affect economic growth? IDEAS working paper series from RePEc: St. Louis.

Detotto, C., & Pulina, M. 2013. Does more crime mean fewer jobs and less economic growth? European Journal of Law and Economics, 36(1): 183-207.

Dogan, B., Osakwe, P., & Santos-Paulino, A. 2018. Trade dependence, liberalization and exports diversification in developing countries. UNCTAD Research Paper No. 2: UNCTAD.

Durham, J. 2004. Absorptive capacity and the effects of foreign direct investment and equity foreign portfolio investment on economic growth. European Economic Review, 48(2): 285-306.

Economou, F., Hassapis, C., Philippas, N., & Tsionas, M. 2017. Foreign Direct Investment Determinants in OECD and Developing Countries. Review of Development Economics, 21(3): 527-542.

Eurodad. 2017. Tax Games: the Race to the Bottom. https://eurodad.org/files/pdf/1546849-tax-games-the-race-to-the-bottom-… (22/11/2018).

European Commission, 2000. European Competitiveness Report 2000, Commission Staff Working Paper.

European Commission, 2001. European Competitiveness Report 2001, Commission Staff Working Paper.

EY. 2018. Luxembourg's Parliament adopts Law on Tax reform 2017. https://www.ey.com/Publication/vwLUAssets/Luxembourgs_Parliament_adopts… (22/11/2018).

EY. 2018. New Swedish corporate income tax rules immediately affect income tax provisions. https://www.ey.com/Publication/vwLUAssets/New_Swedish_corporate_income_… (22/11/2018)

Fama, E. 1969. Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2): 383-417.

Feldstein, M., & Krugman, P. 1990. International Trade Effects of Value-Added Taxation. NBER working paper series: 3161: National Bureau of Economic Research.

Friedman, M. 1975. Unemployment versus inflation? An evaluation on the Philips curve. London institute of Economic Affairs, 1975.

Frunza, R., Pascariu, G., & Moga, T. 2013. The EU as a Model of Soft Power in the Eastern Neighbourhood. Editura Universitatii, Alexandru Ioan Cuza.

Glass, A., & Saggi, K. 2002. Multinational Firms and Technology Transfer. The Scandinavian Journal of Economics, 104(4): 495-513.

Gov.uk. 2018. Rates and allowances: Corporation Tax. https://www.gov.uk/government/publications/rates-and-allowances-corpora… (22/11/2018).

Hall, R., & Jones, C. 1999. Why do some countries produce so much more output per worker than others? The Quarterly Journal of Economics, 114(1): 83-116)

Hanushek, E., & Kimko, D. 2000. Schooling, Labor-Force Quality, and the Growth of Nations. The American Economic Review, 90(5): 1184-1208.

Heinemann, F., & Spengel, C. 2018. Analysis of US Corporate Tax Reform Proposals and their Effects for Europe and Germany. http://ftp.zew.de/pub/zew-docs/gutachten/US_Tax_Reform_2018.pdf (22/11/2018)

Hopenhayn, H., & Rogerson, R. 1993. Job Turnover and Policy Evaluation: A General Equilibrium Analysis. Journal of Political Economy, 101(5): 915-938.

IMF. 2001. Global Trade Liberalization and the Developing Countries. https://www.imf.org/external/np/exr/ib/2001/110801.htm (13/04/2019).

Irvine, J. 2018. What economists really think about cutting corporate tax. The Sydney Morning Herald.

Ketels, C., Lindqvist, G., & Sölvell, O. 2003. The Cluster Initiative Greenbook. Stockholm: Bromma tryck AB.

Kharlamova, G., & Vertelieva, O. 2013. The International Competitiveness of Countries: Economic-Mathematical Approach. Economics & Sociology, 6(2): 39-52.

King, R., & Levine, R. 1993. Finance and Growth, Schumpeter Might Be Right. The Quarterly Journal of Economics, 108(3): 717-737.

Koizumi, T., & Kopecky, K. 1977. Economic growth, capital movements and the international transfer of technical knowledge. Journal of International Economics, 7(1): 45-64.

KPMG. 2018. Corporate tax rates table. https://home.kpmg.com/xx/en/home/services/tax/tax-tools-and-resources/t… (22/11/2018)

Krifa-Schneider, H., & Matei, L. 2010. Business climate, political risk and FDI in developing countries: evidence from panel data. International Journal of Economics and Finance, 2(5): 54-65.

Krugman, P. 1990. The Age of Diminished Expectations. Cambridge: The MIT Press.

Krugman, P. 1994. Competitiveness: A Dangerous Obsession. Foreign Affairs, 73(2): 28-44.

Le Gouvernement Du Grand-Duché De Luxembourg. 2017. Personnes Morales. https://reforme-fiscale.public.lu/fr/personnes-morales.html# (22/11/2018).

Leszczensky, L., Wolbring, T. 2018. How to Deal With Reverse Causality Using Panel Data? Recommendations for Researchers Based on a Simulation Study. https://osf.io/preprints/socarxiv/8xb4z/download (30/12/2018).

Levine, R. 1991. Stock Markets, Growth, and Tax Policy. The Journal of Finance, 45(4): 1445-1465.

Licandro, O. 2010. Trade Liberalization, Competition and Growth. IDEAS working paper series from RePEc: St. Louis.

Lips, D., & Watkins, S. 2008. Does Spending More on Education Improve Academic Achievement? https://www.heritage.org/education/report/does-spending-more-education-… (16/11/2018).

Loayza, N., & Ranciere, R. 2005. Financial Development, Financial Fragility, and growth. Working Paper: 05/170: International Monetary Fund.

Manski, F. 2012. Choosing size of government under ambiguity: infrastructure spending and income taxation. Working Paper: 18204: National Bureau of Economic Research Cambridge.

Mileva, E. 2007. Using Arellano-Bond Dynamic Panel GMM Estimators in Stata. Fordham University.

Mintz, J. 2018. Global Implications of U.S. Tax Reform. Ifo Schnelldienst, 71(7): 22-35.

Mudenda, L. 2015. Corporate Income Tax Rate and Foreign Direct Investment. UMEA Universitet.

Murdock, J. 2016. Logarithms in Regression Analysis with Asiaphoria. http://individual.utoronto.ca/zammit/teaching/eco220/logarithms_in_regr… (03/04/2019).

Nickell, S. 1981. Biases in Dynamix Models with Fixed Effects. Econometrica, 49(6): 1417-1426.

Norton Rose Fulbright. 2018. The Netherlands: 2019 Tax Plan and impact for international business. http://www.nortonrosefulbright.com/knowledge/publications/170399/the-ne… (22/11/2018).

Nourzad, F., Greenwold, D., & Yang, R. 2014. The Interaction Between FDI and Infrastructure Capital in The Develoment Process. International Advances in Economic Research, 20(2): 203-212.

OECD. 2016. Population data. https://stats.oecd.org/Index.aspx?DataSetCode=EDU_DEM# (28/11/2018).

OECD. 2016. Tax Policy Reforms in the OECD 2016. https://read.oecd-ilibrary.org/taxation/tax-policy-reform-in-the-oecd-2… (22/11/2018).

OECD. 2017a. Consumer Price Indices - Complete Database. https://stats.oecd.org/viewhtml.aspx?datasetcode=PRICES_CPI&lang=en# (06/12/2018).

OECD. 2017b. FDI Financial Flows. https://stats.oecd.org/viewhtml.aspx?datasetcode=FDI_FLOW_AGGR&lang=en# (10/11/2018).

OECD. 2017c. Gross domestic product. https://stats.oecd.org/index.aspx?queryid=60702 (10/11/2018).

OECD. 2017d. Level of GDP per capita and productivity. https://stats.oecd.org/index.aspx?DataSetCode=PDB_LV# (10/11/2018).

OECD. 2017e. Statutory corporate income tax rate. http://www.oecd.org/tax/tax-policy/tax-database.htm#C_CorporateCapital (10/11/2018).

OECD. 2017f. Strictness of employment protection. https://stats.oecd.org/viewhtml.aspx?datasetcode=EPL_R&lang=en (10/11/2018).

OECD. 2017g. Unit labour costs, Annual indicators. https://stats.oecd.org/Index.aspx?QueryName=426 (10/11/2018).

OECD. 2018a. FDI financial flows, main aggregates. https://stats.oecd.org/viewhtml.aspx?datasetcode=FDI_FLOW_AGGR&lang=en (01/12/2018).

OECD. 2018b. Table II.1. Statutory corporate income tax rate. http://stats.oecd.org/index.aspx?datasetcode=TABLE_II1 (22/11/2018)

OECD. 2018c. Tax reforms accelerating with push to lower corporate tax rates. http://www.oecd.org/tax/tax-reforms-accelerating-with-push-to-lower-cor… (22/11/2018)

Pindyck, R., & Solimano, A. 1993. Economic instability and aggregate investment. NBER working paper series: 4380: National Bureau of Economic Research.

Pinzon, E. 2015. Xtabond Cheat Sheet. https://blog.stata.com/2015/11/12/xtabond-cheat-sheet/ (09/04/2019).

Porter, M. 1990. The Competitive Advantage of Nations. New York: The Free Press.

Porter, M., Ketels, C., & Delgado, M. 2008. The Microeconomic Foundations of Prosperity: Findings from the Business Competitiveness Index. https://www.hbs.edu/faculty/Publication%20Files/BCI_Chapter_adf284c6-3d… (4/11/2018)

PWC. 2018. Japan Corporate - Taxes on corporate income. http://taxsummaries.pwc.com/ID/Japan-Corporate-Taxes-on-corporate-income (22/11/2018).

Roig-Tierno, N., Ribeiro-Soriano, D., & Mas-Verdú, F. 2017. Clustering and innovation: firm-level strategising and policy. Entrepreneurship & Regional Development, 29(7-8): 814-816.

Romer, P. 1996. Why, Indeed, In America? Theory, History, and the Origins of Modern Economic Growth. The American Economic Review, 86(2): 202-206.

Roodman, D. 2009. How to do xtabond2: An introduction to difference and system GMM in Stata. Stata Journal, 9(1): 86-136.

Rousseeuw, P., & Hubert, M. 2011. Robust statistics for outlier detection. Wiley Interdisciplinary Reviews: Data Mining and Knowledge Discovery, 1(1): 73-79.

Rutte, M., Van Haersma Buma, S., & Pechtold, A. 2017. Vertrouwen in de toekomst. https://www.kabinetsformatie2017.nl/binaries/kabinetsformatie/documente… (22/11/2018).

Schultz, T. 1961. Investment in Human Capital. The American Economic Review, 51(1): 1-17.

Schwab, K. 2015. The Global Competitiveness Report 2015-2016. http://www3.weforum.org/docs/gcr/2015-2016/Global_Competitiveness_Repor… (11/11/2018)

Schwab, K. 2017. The Global Competitiveness Report 2017-2018. http://www3.weforum.org/docs/GCR2017-2018/05FullReport/TheGlobalCompeti… (04/11/2018)

Scott, B., & Lodge, G. 1985. US Competitiveness in the World Economy. Boston: Harvard Business School Press.

Sekkat, K., Veganzones-Varoudakis, M. 2007. Openness, Investment Climate, and FDI in Developing Countries. Review of Development Economics, 11(4): 607-620.

Siudek, T., & Zawojska, A. 2014. Competitiveness in the Economic Concepts, Theories and Empirical Research. Oeconomia, 13(1): 91-108.

Smith, A. 1827. Wealth of nations. University press of Edinburgh.

Smith, A., & Taylor, J. E. 2016. Essentials of Applied Econometrics. University of California Press.

Solomon, S. 2018. Israel set to adjust tax policies to counter Trump reform, tax chief says. The times of Israel.

Straub, S. 2008. Infrastructure and Growth in Developing Countries: Recent Advances and Research challenges. Discussion Paper Series number: 179: Edinburgh School of Economics.

Tanzi, V., & Zee, H. 2000. Tax policy for emerging markets: developing countries. National Tax Journal, 53(2): 299-322.

The World Bank. 2017a. Cost of business start-up procedures (% of GNI per capita). https://data.worldbank.org/indicator/IC.REG.COST.PC.ZS (10/11/2018).

The World Bank. 2017b. Foreign Direct Investment, net inflows (BoP, current US$). http://api.worldbank.org/v2/en/indicator/BX.KLT.DINV.CD.WD?downloadform… (19/02/2019).

The World Bank. 2017c. GDP per capita (current US$). http://api.worldbank.org/v2/en/indicator/NY.GDP.PCAP.CD?downloadformat=… (19/02/2019).

The World Bank. 2017d. GNI Per Capita. http://api.worldbank.org/v2/en/indicator/NY.GNP.PCAP.CN?downloadformat=… (04/03/2019).

The World Bank. 2017e. Gross Capital Formation (% of GDP). http://api.worldbank.org/v2/en/indicator/NE.GDI.TOTL.ZS?downloadformat=… (06/12/2018).

The World Bank. 2017f. School Enrolment, Secondary (% Gross). http://api.worldbank.org/v2/en/indicator/SE.SEC.ENRR?downloadformat=exc… (06/12/2018)

The World Bank. 2017g. Tax Revenue (% of GDP). http://api.worldbank.org/v2/en/indicator/GC.TAX.TOTL.GD.ZS?downloadform… (20/02/2019).

The World Bank. 2017h. Trade (% of GDP). http://api.worldbank.org/v2/en/indicator/NE.TRD.GNFS.ZS?downloadformat=… (06/12/2018).

Tobin, J. 1984. On the Efficiency of the Financial system. Lloyds Bank Review.

Tompa, E. 2002. The impact of Health on Productivity: Empirical Evidence and Policy Implications. The review of economic performance and progress: 181-202.

Trading Economics. 2018. Hungary Corporate Tax Rate. https://tradingeconomics.com/hungary/corporate-tax-rate (22/11/2018).

Tyson D'Andrea, L. 1992. Who's Bashing Whom: Trade Conflict in High Technology Industries. Washington DC: Institute for International Economics.

Uebelhart, P. 2018. Clarity on Swiss Taxes. https://assets.kpmg.com/content/dam/kpmg/ch/pdf/clarity-on-swiss-taxes-… (22/11/2018).

UNCTAD, 2002. Competitiveness, Restructuring and FDI: An Analytical Framework. https://vi.unctad.org/resources-mainmenu-64/digital-library?task=dl_doc… (06/12/2018).

UNCTAD, 2018. Key statistics and trends in trade policy. https://unctad.org/en/PublicationsLibrary/ditctab2019d1_en.pdf (10/04/2019).

UNESCO. 2018. How much does your country invest in R&D? http://data.uis.unesco.org/Index.aspx?DataSetCode=SCN_DS&lang=en (10/04/2019).

United Nations. 2017. World Population Prospects 2017. https://population.un.org/wpp/DVD/Files/1_Indicators%20(Standard)/EXCEL… (28/11/2018).

Varga, M. 2016. New tax package to improve economic competitiveness. http://www.kormany.hu/en/ministry-for-national-economy/news/new-tax-pac… (10/04/2019).

World Economic Forum. 1996. The Global Competitiveness Report. Geneva: WEF.

World Economic Forum. 2018. In Depth: Should countries pursue openness? http://reports.weforum.org/global-competitiveness-report-2018/in-depth-… (14/04/2019).

World Economic Forum. 2018. The Inclusive Development Index 2018. http://www3.weforum.org/docs/WEF_Forum_IncGrwth_2018.pdf (20/02/2019).

Xu, z. 2000. Financial development, investment, and economic growth. Economic inquiry, 38(2): 331-344.

Zmuda, M. 2017. Towards a Taxonomy of International Competitiveness. Journal of Management and Business Administration, Central Europe, 25(3): 97-116.

Universiteit of Hogeschool
Master in de Handelswetenschappen, Internationaal Zakenwezen
Publicatiejaar
2019
Promotor(en)
Ernst Verwaal
Kernwoorden
Share this on: