Abstract The presence of different risk factors in international trade gives evidence of the necessity of support in gaps that may affect exporters' activity. To maximize the trade volumes and in the same time to minimize the exporters' risks the stakeholders use trade credit insurance. The paper provides analysis of conceptual background of the trade credit insurance in the world. We analyzed briefly the problems, arising in insurance markets due to asymmetric information, such as adverse selection and moral hazard. Also we discuss the main stages of development of trade credit insurance in countries worldwide. Using comparative and graphical analysis we provide a brief evaluation of the dynamics of claims and recoveries for different forms of trade credit insurance. We found that the claims related to the commercial risk for medium and long trade credits in recent years exceed the recoveries, while with the political risk the reverse trend holds. And we originally consider these findings in terms of information asymmetry in the trade credit insurance differentiated by type of risk.
AbstractThe presence of different risk factors in international trade gives evidence of the necessity of support in gaps that may affect exporters' activity. To maximize the trade volumes and in the same time to minimize the exporters' risks the stakeholders use trade credit insurance. The paper provides analysis of conceptual background of the trade credit insurance in the world. We analyzed briefly the problems, arising in insurance markets due to asymmetric information, such as adverse selection and moral hazard. Also we discuss the main stages of development of trade credit insurance in countries worldwide. Using comparative and graphical analysis we provide a brief evaluation of the dynamics of claims and recoveries for different forms of trade credit insurance. We found that the claims related to the commercial risk for medium and long trade credits in recent years exceed the recoveries, while with the political risk the reverse trend holds. And we originally consider these findings in terms of information asymmetry in the trade credit insurance differentiated by type of risk.
The article examines analyze current features of personal income taxation, and also the relationship between income inequality, individual income taxes and several labor market indicators in Asia-Pacific countries. The income inequality issue affects basic social and economic terms as equity and equality. The increase in income inequality in countries worldwide led to vigorous debate about efficiency of progressive individual income taxation as a tool for achieving optimal level of social equity. The purpose of the study is to examine the features of progressive individual income taxation and its influence of reduction of income inequality in Asia-Pacific countries. The article analyzes current systems of personal income taxation in countries of this region and their relationship with key macroeconomic indicators. The methodology includes cross-country comparisons, principal component analysis, regression analysis. The main theoretical results include identification of causes of inefficiency of progressive individual income taxation in analyzed countries. The empirical results are related to the estimation of influence of macroeconomic factors, including labor market indicators, on individual income tax revenue. The applied methods, notably principal component analysis combined with regression analysis, can be used for estimation of influence of both quantitative and qualitative factors on tax revenue.HIGHLIGHTS 1. The tax theory suggests that the progressive individual income tax system can be an effective tool for reduction of income inequality2. For developing Asia-Pacific countries, the progressive personal income tax systems cannot contribute to the reduction of inequality since the tax base is narrow because of high free-tax thresholds and large informal sector of the economy3. The developed Asia-Pacific countries have relatively high personal income tax revenues and low Gini coefficients, except Singapore with high income inequality level and GDP per capita similar to developed countries. One of the main reasons of high inequality in this country are the features of government tax policy4. In developing Asia-Pacific countries only statutory nominal gross monthly minimum wage has significant impact on individual income tax revenue, and this impact depends crucially on the GDP per capita; the main reason are high tax-free personal income thresholds in these countriesFOR CITATION Belozyorov S. A., Sokolovska O. V. Personal income taxation and income inequality in Asia-Pacific: a cross-country analysis. Journal of Tax Reform, 2018, vol. 4, no. 3, pp. 236–249. DOI:10.15826/jtr.2018.4.3.054ARTICLE INFO Received July 17, 2018; accepted August 20, 2018 ; В статье рассматриваются особенности индивидуального подоходного налогообложения, а также взаимосвязь неравенства доходов, индивидуальных подоходных налогов и ряда индикаторов рынка труда в странах Азиатско-Тихоокеанского региона. Проблема неравенства доходов затрагивает базовые социально-экономические понятия как справедливость и равенство. Рост неравенства доходов в странах мира привел к активному обсуждению эффективности прогрессивной системы индивидуального подоходного налогообложения как инструмента достижения социальной справедливости. Цель данного исследования заключается в исследовании особенностей применения прогрессивной системы индивидуального подоходного налогообложения и ее влияния на сокращение неравенства в странах Азиатско-Тихоокеанского региона. В статье проанализированы существующие системы налогообложения индивидуального дохода стран региона и их взаимосвязь с ключевыми макроэкономическими показателями. Методология исследования включает межстрановой анализ, метод главных компонент, регрессионный анализ. Основные результаты теоретического исследования заключаются в выявлении причин неэффективности системы прогрессивного индивидуального подоходного налога как инструмента сокращения неравенства доходов в анализируемых странах. Результаты эмпирического исследования связаны с оценкой влияния макроэкономических факторов, в том числе показателей функционирования рынка труда, на уровень поступлений от индивидуального подоходного налога. Методика исследования, в частности, применение метода главных компонент в сочетании с регрессионным анализом, может в дальнейшем быть использована для оценки влияния количественных и качественных факторов на уровень налоговых поступлений.ОСНОВНЫЕ ПОЛОЖЕНИЯ1. Одно из предположений теории индивидуального подоходного налогообложения заключается в том, что прогрессивность этого налога может быть эффективным инструментом сокращения неравенства доходов2. Для развивающихся экономик Азиатско-Тихоокеанского региона прогрессивная система индивидуального подоходного налогообложения не способствует сокращению неравенства, возникающей вследствие установления высоких пороговых значений дохода, освобожденного от налогообложения, и значительного неформального сектора экономики3. Развитые страны Азиатско-Тихоокеанского региона характеризуются относительно высокими доходами от индивидуального подоходного налога, при одновременно низком индексе Джини, за исключением Сингапура, который характеризуется высоким показателем неравенства доходов при ВВП на душу населения, сравнимом с развитыми странами. Такая ситуация сложилась, в том числе и под влиянием налоговой политики правительства4. В развивающихся странах Азиатско-Тихоокеанского региона значимое влияние на уровень поступлений от индивидуального подоходного налога имеет только номинальная валовая минимальная ежемесячная заработная плата и это влияние критически зависит от уровня ВВП на душу населения, что обусловлено высокими пороговыми значениями дохода, освобожденного от налогообложения, в этих экономикахДЛЯ ЦИТИРОВАНИЯ Белозёров С. А. Индивидуальное подоходное налогообложение и неравенство доходов в странах Азиатско-Тихоокеанского региона: сравнительный анализ / С. А. Белозёров, Е. В. Соколовская // Journal of Tax Reform. — 2018. — Т. 4, № 3. — С. 236–249. — DOI:10.15826/jtr.2018.4.3.054ИНФОРМАЦИЯ О СТАТЬЕ Дата поступления 17 июля 2018 г.; дата принятия к печати 20 августа 2018 г.
The pandemic of the new coronavirus disease (COVID-19) has a huge impact on the global economy, significantly affecting the functioning of all its sectors. In this regard, the search for ways to minimize the negative consequences of such risks is of particular relevance. The article presents the results of a systematic analysis of scientific publications by leading foreign and Russian authors on various aspects of the risks arising from viral threats, as well as ways to reduce the negative consequences of such risks. In particular, studies that evaluate the impact on the economy of various factors that occur during and after epidemics are examined. The analysis of publications showed that researchers distinguish the following factors: 1) the social system of the state; 2) government expenses on the fight against the epidemic; 3) the role of international organizations in combating epidemics in individual countries. Further, various approaches to the construction of models describing the spread of biological threats reflected in publications of representatives of various scientific fields, in particular medical and economicmathematical, including actuarial, modeling are analyzed. Three approaches to modeling the development of infectious diseases are considered, which differ both in the apparatus used and in the predominant field of application of the corresponding models. Particular attention is paid to the contribution that insurance research can make to the development of new theoretical approaches to mitigate the negative economic consequences of COVID-19. The authors distinguish three areas: 1) the use of actuarial models for the analysis and assessment of the risks of biological threats; 2) the use of relevant insurance products in the insurance market as an epidemic risk management tool that provides financial protection; 3) the use of innovative technologies in rendering insurance services (InsurTech).
