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@techreport{NBERw17913,
 title = "'Fiscal Devaluation' and Fiscal Consolidation: The VAT in Troubled Times",
 author = "de Mooij, Ruud and Keen, Michael",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "17913",
 year = "2012",
 month = "March",
 doi = {10.3386/w17913},
 URL = "http://www.nber.org/papers/w17913",
 abstract = {This paper focuses on two core tax design issues that arise in addressing current fiscal challenges It first explores the idea, prominent in troubled Eurozone countries, of a 'fiscal devaluation:' shifting from social contributions to the VAT as a way  to mimic a nominal devaluation. Empirical evidence is presented which suggests that in Eurozone countries this may indeed improve the trade balance quite sizably in the short-run, though, as theory predicts, the effects eventually disappear. The paper then assesses the wider scope for VAT reform in meeting fiscal consolidation needs, developing and beginning to apply a methodology for finding additional VAT revenue in ways less distortionary and fairer than further raising the standard rate.},
}