Argentina: from insolvency to growth by World Bank

By World Bank

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Sample text

The positive impact on real wages will be reinforced if a decline in the price level occurs. The price of capital would be positively influenced since labor costs directly affect the production cost of investment goods. Finally, simultaneous reductions in the wage tax, coupled with other reforms in service delivery, will also improve the equity of the tax system. 20. The August 1992 agreement with provinces helps redress the marked imbalance between the social security system and other demands on Treasury resources fixed in the coparticipation regime.

The August 1992 agreement with provinces helps redress the marked imbalance between the social security system and other demands on Treasury resources fixed in the coparticipation regime. The package assigns 15 percent of total coparticipated tax revenues to the social security system, but does not create maximum incentives for provincial governments to adjust. 8 billion between 1992 and 1993. 5 billion in transfers other than co-participation, including FONAVI, which are less effective in achieving their stated objectives.

A third problem is the inefficiency of provincial and municipal tax systems, characterized by distortionary taxes, poor tax administration, and poor use of the revenue potential of local tax bases. Finally, provincial governments financed more than 60 percent of their deficits in 1990 with loans through the provincial banks, and reforms initiated do not go far enough to ensure that the provincial banks will not again become a source of deficit finance and macroeconomic instability during the next economic downturn.

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