Inequality, Poverty, Markets and the State: the Case of Brazil Nora Lus)g Tulane University Nonresident Fellow CGD and IAD

Transcription

1 Inequality, Poverty, Markets and the State: the Case of Brazil Nora Lus)g Tulane University Nonresident Fellow CGD and IAD Interna<onal Seminar A World Without Poverty Brasilia, November 18 and 19, 2014

2 OUTLINE The facts Inequality, poverty reduc)on and the middle class Why has inequality declined? Zooming in: Brazil Labor Markets Transfers Unintended consequences of fiscal policy in Brazil (Commitment to Equity Project, CEQ) 2

3 THE FACTS 3

4 Inequality in La<n America is high but has been declining since around 2000 Decline is pervasive and significant Larger than the rise in inequality in 1990s Important contribu)on to the decline in poverty Contributed to the rise of the middle- class 4

5 LATAM IS THE MOST UNEQUAL REGION IN THE WORLD Gini Coefficient by Region (in %), Gini coefficient High Incom e Europe and Central Asia South Asia North Africa and the Middle East Eas t As ia and the Pacific Sub-Saharan Africa Latin America and the Caribbean Ferreira and Ravallion,

6 Declining Inequality in 2000 s The Gini coefficient for household per capita income fell from a weighted (unweighted) average of (0.532) in the early 2000s to (0.483) circa On average, the decline equaled.86%/year The decline occurred in 16 of the 18 countries. The rate of decline ranged from an annual average of percent in Nicaragua to percent in Venezuela. 6

7 Average Yearly Change in Gini: 2000 (circa) (circa) Nicaragua Bolivia Ecuador El Salvador Argentina Brazil Peru Dom. Rep. Panama Chile Mexico Uruguay Colombia Guatemala Paraguay Venezuela Costa Rica Honduras LAC-18 Indonesia South Africa China Russia USA Lus)g et al. (2014) based on SEDLAC 7

8 0.58 Panel A: Weighted averages of the Gini coefficient; 18 countries HH per capita income HH equivalized income Lus)g et al. (2014) based on SEDLAC 8

9 0.58 Panel B: Weighted averages of the Gini coefficient, excluding Mexico HH per capita income HH equivalized income Lus)g et al. (2014) based on SEDLAC 9

10 The decline of income inequality in the 2000s has been higher that the rise in the 1990s (Change in Gini points in %) Average of increase Average of decrease Argentina Bolivia Brazil Chile SLV Mexico Nicaragua Panama Paraguay Peru Uruguay Venezuela Lus)g et al. (2014) based on SEDLAC

11 Inequality, Poverty and the Middle- Class 11

12 Decline in Poverty (Ave. Headcount Ra<o in %) Incidence of poverty, US$2.50 a day poverty line Incidence of poverty, US$ 4 a day poverty line Lus)g et al. (2014) based on SEDLAC 12

13 On average, 39 percent of the reduc<on in poverty was due to the decline in inequality c % contribution of each effect 140% 120% 100% 80% 60% 40% 20% 0% -20% Redistribution effect Growth effect Change in poverty ($4 a day) in percentage points Change in poverty (percentage points) -40% -35 Nicaragua Mexico El Salvador Argentina Dom. Rep. Bolivia Chile Ecuador Peru LAC-18 Brazil Panama Paraguay Venezuela Uruguay Honduras Costa Rica Guatemala Colombia 13

14 Declining inequality has contributed to the expansion of the middle- class Ferreira et al.,

15 On average, 21 percent of the expansion of the middle- class was due to the decline in inequality c % Redistribution effect Growth effect Change in the size of the middle class (percentage points) 25 % contribution of each effect 90% 80% 70% 60% 50% 40% 30% 20% 10% % -5 Mexico Bolivia Nicaragua Dom. Rep. Ecuador Chile Argentina Brazil LAC-16 Paraguay Uruguay Peru Colombia Panama Honduras Costa Rica El Salvador Change in middle class (percentage points) Lus)g et al. (2014) based on SEDLAC 15

16 WHY? 16

17 Inequality in La<n America is high but has been declining since around 2000 In countries with high growth & low growth In countries with leh and nonleh governments In commodity exporters and commodity importers In high and low (for Latam standards) inequality countries 17

18 Determinants of the decline in inequality: candidates Declining inequality of hourly labor income Larger and more progressive transfers Lower dependency ra)os Higher par)cipa)on rates of adults 18

19 Nonparametric Labor income Other non-labor income Capital Occupation share Parametric Transfers Pensions Adult population Lus)g et al. (2014) based on SEDLAC 19

20 Zooming in Brazil: Labor Market 20

21 Brazil: Decline in Inequality (Gini) Fig.1: Evolution of Household Per Capita Income Gini Data: SEDLAC Wang, Yang Decomposing the Changes in Male Wage Distribu)on in Brazil. Tulane University, Ph.D. field paper 21

22 Ferreira, F.H. G., S. Firpo, and J. Messina (2014) A More Level Playing Field? Explaining the Decline in Earnings Inequality in Brazil, , IRIBA Working Paper: 12, The University of Manchester. Source: Ferreira et al. (2014) 22

23 Ferreira, F.H. G., S. Firpo, and J. Messina (2014) A More Level Playing Field? Explaining the Decline in Earnings Inequality in Brazil, , IRIBA Working Paper: 12, The University of Manchester. Source: Ferreira et al. (2014) 23

24 Brazil: Race and Gender Source: Ferreira et al. (2014) 24

25 Brazil: Expansion of Educa<on Source: Ferreira et al. (2014) 25

26 Brazil: Rela<ve Supply and Rela<ve Returns Lus)g et al. (2014) 26

27 Brazil: Decline in real wages for workers with ter<ary Fig. 6: Average Hourly Wage of Tertiary Group: Male Wang, Yang Decomposing the Changes in Male Wage Distribu)on in Brazil. Tulane University, Ph.D. field paper 27

28 Brazil: Formaliza<on and Workers Earning Above the Minimum Wage Source: Ferreira et al. (2014) 28

29 Brazil: Rising minimum wage 400 Fig.13: Minimum Wage in Reais: 2002 Price Wang, Yang Decomposing the Changes in Male Wage Distribu)on in Brazil. Tulane University, Ph.D. field paper 29

30 Brazil: Decomposing: human capital, gender/ race, urban/rural, minimum wage, informality Source: Ferreira et al. (2014) 30

31 .4 Fig.10: RIF Decomposition: Male Brazil ( ): quantile Log Wage Difference Wage Structure Effect Composition Effect Rela)ve Wages => Equalizing Composi)on Educa)on & Experience =>Slightly Unequalizing Wang, Yang Decomposing the Changes in Male Wage Distribu)on in Brazil. Tulane University, Ph.D. field paper 31

32 Zooming in: Brazil Rela)ve Wages effect: Real average wages increased during most of the period Real average wages of less educated, less experienced, rural, and poorer workers increased Real average wages of the college- educated declined over the period 32

33 Zooming in: Brazil Rela)ve Wages effect: Expansion of educa)on: Increase in rela)ve supply of skilled workers => decline in the skill premium Agricultural exports boom Increase in rela)ve demand of low- skilled workers and workers living outside big metropolis => increase in rela)ve wages of low- skilled and poorer workers Rising minimum wages and formality => increase in rela)ve wages of low- skilled and poorer workers Declining absolute real wages for workers with ter)ary Degraded ter)ary? Mismatch? Obsolescence of Skills of older workers? 33

34 Zooming in Brazil: Transfers 34

35 Brazil: Role of Transfers (Barros et al., 2010) Changes in the size, coverage, and distribu)on of public transfers account for 49 percent of the total decline in inequality Public transfers represent over 80 percent of nonlabor income and 29 percent of household income. 35

36 36

37 MARKET INCOME Construc)on of Income Concepts MINUS DIRECT TAXES NET MARKET INCOME PLUS DIRECT TRANSFERS DISPOSABLE INCOME Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. 37

38 Redistribu<on in the rich and developing countries 0.00%!0.05% Guatemala(2010) Colombia(2010) El Salvador (2011) Bolivia(2009) Peru(2009) Costa Rica(2010) Mexico(2010) Change'in'Gini:'Disposable'vs.'Market' (in'gini'points)' Poland Bulgaria Uruguay(2009) Brazil(2009) Chile(2009) Greece Lithuania Estonia Cyprus Romania Latvia Slovakia Italy Hungary Malta US(2011) Czech Republic South Africa(2010) Spain Sweden Denmark Slovenia Portugal Austria Netherlands Germany France Finland Luxembourg Belgium United Kingdom Ireland!0.10%!0.15% Brazil!0.20%!0.25%!0.30% Sources: Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. EUROMOD for EU,Higgins et al. (2014) for US. See CEQ teams at the end. Note: in these calcula)ons contributory pensions are part of market income and NOT treated as a government transfer. 38

39 Redistribu<on in Middle and Low Income Countries: CEQ 16 Change-in-Gini:-Disposable-vs.-Market- (in-gini-points)- 0.00%!0.01%!0.02%!0.03%!0.04% Guatemala(2010)-- El-Salvador-(2011)-- Bolivia(2009)-- Peru(2009)-- Costa-Rica(2010)-- Mexico(2010)-- Uruguay(2009)-- Colombia(2010)- Brazil(2009)- Chile(2009)- South-Africa(2010)-!0.05%!0.06%!0.07% Brazil!0.08%!0.09% Sources: Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. See CEQ teams at the end. Brazil: Higgins, Sean and Claudiney Pereira The Effects of Brazil s Taxa)on and Social Spending on the Distribu)on of Household Income. In Lus)g, Nora, Carola Pessino and John Scor Editors. The Redistribu?ve Impact of Taxes and Social Spending in La?n America. Special Issue. Public Finance Review, May, Volume 42, Issue Note: in these calcula)ons contributory pensions are part of market income and NOT treated as a government transfer.

40 MARKET INCOME Construc)on of Income Concepts MINUS DIRECT TAXES NET MARKET INCOME PLUS DIRECT TRANSFERS DISPOSABLE INCOME MINUS NET INDIRECT TAXES POST- FISCAL INCOME Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. 40

41 The impact of net cash transfers and net indirect taxes on inequality (Gini coefficient): CEQ 16 Changes"in"Gini"CoefAicients 0.9" 16000" 0.8" 14000" 0.7" 0.6" 0.5" 0.4" 0.3" 0.2" 12000" 10000" 8000" 6000" 4000" 0.1" 2000" 0.0" SA" Bra" Col" Chi" (2010)"(2009)"(2010)"(2009)" Mex" (2010)" 0" Gini"of"Market"Income" Gini"of"Disposable"Income" Gini"of"PostKAiscal" GNI"per"capita"(2005"PPP)" 41

42 Net Payers to the Fiscal System Start at Decile... Guatemala Peru EI Salvador Costa Rica Armenia Net Payers Uruguay Bolivia Brazil Sri Lanka Mexico Decile 42

43 Adding the Effect of Mone<zed Value of Public Spending on Educa<on and Health Lus)g, Nora, Carola Pessino and John Scor Editors. The Redistribu?ve Impact of Taxes and Social Spending in La?n America. Special Issue. Public Finance Review, May, Volume 42, Issue 3. 43

44 Lindert s (2006) historical result is also found in cross sec<on: Higher GDP/capita, more redistribu<on Change'in'Gini:'Post/fiscal'vs.'Market' (decline'in'gini'points'shown'in'posi<ve'quadrant)' 0.09$ 0.08$ 0.07$ 0.06$ 0.05$ 0.04$ 0.03$ 0.02$ 0.01$ 0.00$ South Africa Brazil CHL$ BRA$ MEX$ CRI$ URY$ PER$ SLV$ COL$ BOL$ GTM$ 0$ 2000$ 4000$ 6000$ 8000$ 10000$ 12000$ 14000$ 16000$ GNI/Capita$(2005$PPP) Sources: Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. See CEQ teams at the end. Brazil: Higgins and Pereira (2014). Note: in these calcula)ons contributory pensions are part of market income and NOT treated as a government transfer. 44

45 However, no Robin Hood Paradox And results do not depend on South Africa 0.09$ 0.08$ 0.07$ 0.06$ 0.05$ 0.04$ 0.03$ 0.02$ 0.01$ 0.00$ Change'in'Gini'points:'Post0fiscal'vs.'Market' (decline'in'gini'points'shown'in'posi<ve'quadrant)' SLV$ URY$ MEX$ CRI$ PER$ BOL$ CHL$ BRA$ COL$ GTM$ Sputh$Africa$ 0.30$ 0.35$ 0.40$ 0.45$ 0.50$ 0.55$ 0.60$ 0.65$ 0.70$ 0.75$ 0.80$ Mkt$Income$Gini Brazil Sources: Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. See CEQ teams at the end. Brazil: Higgins and Pereira (2014). Note: in these calcula)ons contributory pensions are part of market income and NOT treated as a government transfer. 45

46 Brazil Unintended consequences of fiscal policy: consump<on taxes increase poverty 46

47 MARKET INCOME Construc)on of Income Concepts MINUS DIRECT TAXES NET MARKET INCOME PLUS DIRECT TRANSFERS DISPOSABLE INCOME Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. 47

48 Direct Transfers (net of direct taxes) reduce poverty (except in Ethiopia): CEQ 16 2%% Change in Headcount Ratio ($2.5 PPP/Day): Disposable vs. Market Income (in percentage points) 0%%!2%%!4%%!6%%!8%% Colombia(2010) Peru(2009) Guatemala(2010) Costa Rica(2010) Chile(2009) El Salvador (2011) Mexico(2010) Bolivia(2009) Uruguay(2009) Brazil(2009) South Africa(2010)!10%%!12%%!14%% Sources: Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. See CEQ teams at the end. Brazil: Higgins and Pereira (2014). Note: in these calcula)ons contributory pensions are part of market income and NOT treated as a government transfer. 48

49 MARKET INCOME Construc)on of Income Concepts MINUS DIRECT TAXES NET MARKET INCOME PLUS DIRECT TRANSFERS DISPOSABLE INCOME MINUS NET INDIRECT TAXES POST- FISCAL INCOME Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. 49

50 Indirect Taxes increase poverty over and above market income poverty in six out of the CEQ 16 countries, including Brazil 6%% 4%% 2%% 0%%!2%%!4%%!6%%!8%% South&Africa(2010)&!10%%!12%%!14%% Brazil(2009)&& Uruguay(2009)&& Change&in&Headcount&RaHo&($2.5&PPP/Day)& (in%percentage%points) Bolivia(2009)&& Mexico(2010)&& El&Salvador&(2011)&& Chile(2009)& Costa&Rica(2010)&& Guatemala(2010)&& Peru(2009)&& Colombia(2010)& Disposable%vs.%Market% Post!fiscal%vs.%Market% Sources: Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. See CEQ teams at the end. Brazil: Higgins and Pereira (2014). Note: in these calcula)ons contributory pensions are part of market income and NOT treated as a government transfer. 50

51 0.9" 0.8" (Poverty#Line:#US$2.50ppp/day) 16000" 14000" 0.7" 12000" 0.6" 0.5" 0.4" 0.3" 0.2" South Africa Brazil 10000" 8000" 6000" 4000" 0.1" 2000" 0.0" SA#(2010)# Col#(2010)# Peru#(2009)# Bra#(2009)# Mex(2010)# Chi(2009)# 0" Headcount"of"Market"Income"" Headcount"of"Disposable"Income" Headcount"of"PostCDiscal" GNI"per"capita"(2005"PPP)" Sources: Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. See CEQ teams at the end. Brazil: Higgins and Pereira (2014). Note: in these calcula)ons contributory pensions are part of market income and NOT treated as a government transfer. 51

52 Note that Net Indirect Taxes can be equalizing and yet poverty increasing: Ethiopia 8%% 6%% 4%% 2%% 0%% &2%% &4%% &6%% &8%% 0.026% Ethiopia(2011)% &0.015% Change'in'Headcount'Ra0o'($2.5'PPP/Day):'Marginal'Contribu0on'from'Net'Indirect'Taxes''' (in%percentage%points)%% Indonesia(2012)%% 0.045% Sri%Lanka(2009)% &0.007% Peru(2009)% Colombia(2010)% 0.006% 0.006% Guatemala(2010)%% &0.012% Costa%Rica(2010)%% ContribuUon%from%Net%Indirect%Taxes% &0.016% Chile(2009)% &0.002% El%Salvador%(2011)%% &0.024% Jordan(2010)%% &0.019% Mexico(2010)%% 0.006% Change%in%Headcount:%Post&Fiscal%vs%Mkt% Bolivia(2009)%% 0.036% Armenia(2011)%% &0.028% Uruguay(2009)%% 0.012% Brazil(2009)% &0.072% South%Africa( % 0.00%!0.01%!0.02%!0.03%!0.04%!0.05%!0.06%!0.07%!0.08%!0.09% Change'in'Gini:'Marginal'Contribu2on'of'Net'Indirect' Taxes' (in%gini%points) Bolivia(2009)%% Guatemala(2010)%% Indonesia(2012)%% Sri%Lanka(2009)% Colombia(2010)% Peru(2009)%% El%Salvador%(2011)%% ContribuUon%from%Net%Indirect%Tax% Ethiopia(2011)% Costa%Rica(2010)%% Jordan(2010)%% Mexico(2010)%% Armenia(2011)%% Gini%Change:%Post!fiscal%vs%Mkt% Uruguay(2009)%% Brazil(2009)%% Chile(2009)% South%A Sources: Lus)g, Nora Fiscal Policy, Inequality and the Poor in the Developing World. Round 1. CEQ Working Paper No. 23, Center for Inter- American Policy and Research and Department of Economics, Tulane University and Inter- American Dialogue, forthcoming. See CEQ teams at the end. Note: in these calcula)ons contributory pensions are part of market income and NOT treated as a government transfer. 52

53 References Azevedo, J. P., L. F. Lopez- Calva, N. Lus)g, E. Or)z- Juarez (2015) Inequality, Mobility and Middle Classes in La)n America, in: Dayton- Johnson, J. (2015) La?n America s Emerging Middle Class. Palgrave McMillan. Bourguignon, F., F. Ferreira and N. Lus)g (2005) The Microeconomics of Income Distribu?on Dynamics in East Asia and La?n America, Oxford University Press, Washington, DC. Barros et al. (2010) Markets, the State and the Dynamics of Inequality in Brazil. In Lopez- Calva, L. F. and N. Lus)g. Declining Inequality in La?n America: A Decade of Progress?, Brookings Ins)tu)on Press and UNDP. Ferreira, F.H. G., S. Firpo, and J. Messina (2014) A More Level Playing Field? Explaining the Decline in Earnings Inequality in Brazil, , IRIBA Working Paper: 12, The University of Manchester. Higgins, Sean and Claudiney Pereira The Effects of Brazil s Taxa)on and Social Spending on the Distribu)on of Household Income. In Lus)g, Nora, Carola Pessino and John Scor Editors. The Redistribu?ve Impact of Taxes and Social Spending in La?n America. Special Issue. Public Finance Review, May, Volume 42, Issue 3. Lopez- Calva, L. F. and N. Lus)g (2010) Declining Inequality in La?n America: A Decade of Progress?, Brookings Ins)tu)on Press and UNDP. Lus)g, Nora, Carola Pessino and John Scor Editors. The Redistribu?ve Impact of Taxes and Social Spending in La?n America. Special Issue. Public Finance Review, May, Volume 42, Issue 3. Lus)g, N., L. F. Lopez- Calva, E. Or)z- Juarez (2014) Deconstruc)ng the Decline in Inequality in La)n America, in Basu, Kaushik and Joseph S)glitz, eds. Proceedings of IEA roundtable on Shared Prosperity and Growth, 2015, Palgrave- Macmillan Wang, Yang (2013) Decomposing the Changes in Male Wage Distribu)on in Brazil. Tulane University, Ph.D. field paper. 53

54 CEQ Teams (Year of Survey; C=consump<on & I=income)(MWB Version) 1. Argen<na (2009, I): Nora Lus)g and Carola Pessino (CEQ Web Dec 2013) Public Finance Review, May 2014, Volume 42, Issue 3 2. Armenia (2011; I): Stephen Younger and Artsvi Khachatryan (May 31, 2014; paper) 3. Bolivia (2009; I): Veronica Paz Arauco, George Gray- Molina, Wilson Jimenez and Ernesto Yañez (CEQ Web Dec 2013) Public Finance Review, May 2014, Volume 42, Issue 3 4. Brazil (2009; I): Sean Higgins and Claudiney Pereira (CEQ Web Dec 2013) Public Finance Review, May 2014, Volume 42, Issue 3 5. Chile (2009, I): Jaime Ruiz- Tagle and Dante Contreras (Oct. 25, 2014) 6. Colombia (2010, I): Marcela Melendez, Nora Lus<g and Valen<na Mar<nez (May 2014) 7. Costa Rica (2010; I): Pablo Sauma and Juan Diego Trejos (February 2014; paper) 8. El Salvador (2011; I): Margarita Beneke, Nora Lus)g and Jose Andres Oliva (March 11, 2014) 9. Ethiopia (2010/11; C): Ruth Hill, EyasuTsehaye, Tassew Woldehanna (Sept. 28, 2014) 10. Guatemala (2011; I): Maynor Cabrera, Nora Lus)g and Hilcias E. Moran (August 27, 2014) 10 Indonesia (2012; C) : Jon Jellema and Marhew Wai- Poi (Sept. 9, 2014) 11 Jordan (2010; C) : Morad Abdel- Halim, Shamma Adeeb Alam, Yusuf Mansur, Umar Serajuddin, Paolo Verme (May 16, 2014) 12 Mexico (2010; I): John Scor (CEQ Web Dec 2013) Public Finance Review, May 2014, Volume 42, Issue 3 13 Peru (2009; I): Miguel Jaramillo (CEQ Web Dec 2013) Public Finance Review, May 2014, Volume 42, Issue 3 14 South Africa (2010; I): Ingrid Woolard, Precious Zikhali, Mashekwa Maboshe, Jon Jellema (Aug. 25, 2014) 15 Sri Lanka (2009/10; C): Nisha Aruna)lake, Gabriela Inchauste and Nora Lus)g (April 8, 2014; paper) 16 United States (2011; I): Sean Higgins, Nora Lus)g, Whitney Ruble and Timothy Smeeding (paper Oct. 2014) 17 Uruguay (2009; I): Marisa Bucheli, Nora Lus)g, Maximo Rossi and Florencia Amabile (CEQ Web Dec 2013) 54 Public Finance Review, May 2014, Volume 42, Issue 3

55 Thank you! 55