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More and more statistics have repeatedly shown that as the economic development has entered the New Normal, the Chinese fiscal system has experienced tremendous changes. Although chance cannot be ruled out, much of those changes indicate trends, and they can even be said to be the result of the law of economic development. These trends and changes have repeatedly demonstrated that, as a reflection and an inevitable result of the economic developing speed shift, structural adjustment and energy conversion, the Chinese fiscal system, far from the conventional operating state, has progressed on a new path. The paper aims to discuss this issue.

This paper systematically analyzes several new trends and changes in the Chinese fiscal system under the New Normal. First, revenue growth has experienced a sharp downward trend, while the tax elasticity coefficient has declined rapidly. Second, fiscal expenditure has risen against the tendency, while the rigidity of expenditure has kept on increasing.

Considering the present fiscal and taxation system reform with the analysis above, it can be seen that if the reform’s progress for the past two years is slower than expected – thus, preventing the effects of all aspects from a timely achievement – then, in the recent period, the agreement on the fiscal and taxation system reform will be reached and challenges entirely different from the past, including sharp slowdown in revenue growth rate, fiscal expenditure rising against trend and increases in fiscal deficit and government debts will be faced. The factors encouraging the reform are gathering gradually. The growth of the strength to push the reform forward is speeding up. And the pace of the reform in relevant areas is quickening.

In the face of those trends and changes, on the one hand, the authors should deeply understand and accurately grasp them through a comprehensive summary and systematic analysis. On the other hand, a series of conventional ideas, thoughts and strategies should be adjusted comprehensively and duly. Taking a train of new ideas, thoughts and strategies, the authors ought to actively adapt to and initiate a new Chinese fiscal structure under the New Normal of China’s economy.

The purpose of this paper is to explore the concept of pensionomics as a prospective tool for pension evaluation. This paper suggests a paradigm shift – a multi-disciplinary synthesis of differing perspectives in evaluating pension’s overall performance based on past work on pension evaluation – incorporating non-economic variables with significant impact on economic growth and social development.

This paper suggests a new analytical tool called “Pensions Consistency (PC) Index” that identifies the level of consistency and the strengths and weaknesses within any pension system. The new conceptual framework focusses on building inter-sectoral and holistic policies able to respond to the new multi-dimensional dynamic environment.

The consideration of pensionomics concept as an evaluation tool for pension schemes provides insights that are helpful in explaining performance differentials. Taking definition, classification and evaluation as a guiding principle, the new conceptual framework can be a useful point of reference for the overall evaluation of pension schemes, revealing deficiencies that traditional evaluation methods cannot detect. The multi-disciplinary approach focusses on building inter-sectoral and holistic policies that are able to respond to the multi-dimensional uncertainties of the new dynamic environment.

The heterogeneity and complexity in event dynamics are systemic in the sense that the impact is far from linear. The idiosyncratic nature of unexpected and unpredictable events is rather a result of multi-dimensionality based, among others, on magnitude, frequency, timing, intensity and impact. It is plausible to argue that crisis episodes can destabilize critical systems of economic activity, producing economic spillovers that can directly or indirectly affect the sustainability of pension schemes. If the calculation of direct economic impact is readily traceable, the estimation of indirect economic impact can be an onerous task.

Pensionomics places the concept of retirement in a multi-disciplinary context. Pensionomics overcomes theoretical and empirical limitations encountered by the path-dependency perspective, developing a new research agenda to study pension schemes under historical, cultural, social, political, economic, political and environmental prism. Integrating diversified data, techniques, perspectives and concepts, pensionomics’ objective is to connect natural and man-made events with social protection mechanisms for the development of a dynamic social protection framework where individual, community and society needs are met effectively and efficiently by implementing tailored policies, closely related to their specific context.

The concept of retirement has evolved constantly, transforming societies and shaping both income and non-income dimensions of well-being. Pension entitlement turned gradually from a political discourse to a human right discourse. Pension schemes have extended the scope of insurance coverage beyond labour markets and the lifecycle, supporting the broader needs of entire population. Furthermore, pension schemes are widely acknowledged as drivers of economic growth: they enhance labour productivity; foster smooth consumption; and create a stable economic environment for investment and innovation. Current expectations require pension schemes to adopt proactive and reactive policies to examine options for mitigation or for modification of potential consequences in anticipation of exceptional events.

This paper suggests a paradigm shift, a multi-disciplinary approach called pensionomics, and this “multi-disciplinary” focus builds a new analytical framework to evaluate pension’s overall performance based on past work on pension evaluation, incorporating non-economic variables with significant impact on economic growth and social development. PC-Index introduces a comprehensive evaluation tool to study the coverage, performance, efficiency, effectiveness, current trends and future possibilities of pension schemes.

This paper aims to describe the various government measures that regulate the market for novel tobacco harm reduction products (THRPs), with an emphasis on e-cigarettes [electronic nicotine delivery systems (“ENDS”)], and evaluates the public health impact of excise taxes levied on these products.

The paper reviews the economic research on the impact ENDS. Using cited evidence, the paper compares the tax treatment of ENDS and cigarettes and provides a simulation of potential lives that can be saved under alternative tax treatment of ENDS.

ENDS are considerably less harmful than cigarettes. Imposing the same tax burden on them (per unit of “harm”) as on cigarettes leads to poorer health outcomes. Differential tax treatment of ENDS will encourage more cigarette smokers to switch to ENDS and could save millions of lives worldwide.

Country experiences with regulatory measures on ENDS are limited to those with high THRP penetration. The paper’s simulation analysis used evidence from a limited number of studies. Rigorous economic analysis is needed to understand how ENDS could save lives and could prevent expected one billion premature deaths by the end of this century.

The paper uses research evidence in its analysis of the impact that the differential taxation of cigarettes and ENDS would have. It also provides a rough estimate of the number of lives that could be saved if more smokers who are trying to quit can make the switch to ENDS.

The present paper aims to evaluate the structural impact of exogenously induced fiscal shocks on the Moroccan economy. This entails an analysis of the effect on the GDP of COVID-19-induced fiscal shocks manifesting in terms of budgetary revenues and expenditures. A key aspect of this analysis addresses the size of the tax and fiscal multipliers.

The study examines the structural relationship between five variables during the period between Q1 2009 and Q2 2020 using an SVAR approach that allows for a dynamic interaction between ordinary expenditures and revenues on a quarterly basis.

Positive structural shocks on public spending are likely to negatively impact economic growth. Negative economic growth, in turn, will damage price levels and interest rates, mainly over the long term. However, public-revenue-multiplier-associated shocks exceed these price- and interest-rate multiplier-associated shocks. Indeed, a structural shock to ordinary revenues can have a positive but insignificant impact on the GDP stemming from the ensuing decrease in the government budget deficit that proceeds from the increase in government revenues.

This is one of the first studies in the Moroccan context to assess the impact of the current worldwide pandemic on public finances. In addition, this study highlights the importance of boosting economic recovery through public spending.

This paper investigates the effect of the volatility of resource revenue on the volatility of non-resource revenue.

The empirical analysis has utilized an unbalanced panel data set comprising 54 countries over the period 1980–2015. The two-step system generalized methods of moments (GMM) is the main economic approach used to carry out the empirical analysis.

Results show that resource revenue volatility generates lower non-resource revenue volatility only when the share of resource revenue in total public revenue is lower than 18%. Otherwise, higher resource revenue volatility would result in a rise in non-resource revenue volatility.

In light of the adverse effect of volatility of non-resource revenue on public spending, and hence on economic growth and development prospects, countries whose total public revenue is highly dependent on resource revenue should adopt appropriate policies to ensure the rise in non-resource revenue, as well as the stability of the latter.

Economic diversification in resource-rich countries (particularly in developing countries among them) could contribute to reducing the dependence of economies on natural resources, and hence the dependence of public revenue on resource revenue. Therefore, policies in favour of economic diversification would contribute to stabilizing non-resource revenue, which is essential for financing development needs.

To the best of our knowledge, this topic has not been addressed in the literature.

This study aims to explore gender performance in entrepreneurial pitching. Understanding pitching as a social practice, the authors argue that pitch content and body gestures contain gender-based norms and practices. The authors focus on early-stage ventures and the hegemonic masculinities and femininities that are performed in entrepreneurial pitches. The main research question is as follows: How is gender performed in entrepreneurial pitching?

The authors carried out the study with the post-structuralist feminist approach. The authors collected and analyzed nine online pitches with the reflexive thematic method to depict hegemonic masculinities and femininities performed at the pitch.

The authors found that heroic and breadwinner masculinities are dominant in pitching. Both male and female founders perform hegemonic masculinities. Entrepreneurs are expected to be assertive but empathetic people. Finally, there are connections between what entrepreneurs do and what investors ask, indicating the iteration of gender performance and expectations.

While the online setting helps the authors to collect data during the pandemic, it limits the observation of the place, space and interactions between the judges/investors and the entrepreneurs. As a result, the linguistic and gesture communication of the investors in the pitch was not discussed in full-length in this paper. Also, as the authors observed, people would come to the pitch knowing what they should perform and how they should interact. Therefore, the preparation of the pitch as a study context could provide rich details on how gender norms and stereotypes influence people's interactions and their entrepreneurial identity. Lastly, the study has a methodological limitation. The authors did not include aspects of space in the analysis. It is mainly due to the variety of settings that the pitching sessions that the data set had.

For social practices and policies, the results indicate barriers to finance for women entrepreneurs. Women entrepreneurs are rewarded when they perform entrepreneurial hegemonic masculinities with a touch of emphasized femininities. Eventually, if women entrepreneurs do not perform correctly as investors expect them to, they will face barriers to acquiring finance. It is important to acknowledge how certain gendered biases might be (re)constructed and (re)produced through entrepreneurial activities, in which pitching is one of them.

Practitioners could utilize research findings to understand how gender stereotypes exist not only on the pitch stage but also before and after the pitch, such as the choice of business idea and pitch training. In other words, it is necessary to create a more enabling environment for women entrepreneurs, such as customizing the accelerator program so that all business ideas receive relevant support from experts. On a macro level, the study has shown that seemingly gender-equal societies do not practically translate into higher participation of women in entrepreneurship.

For theoretical contributions, the study enhances the discussion that entrepreneurship is gendered; women and men entrepreneurs need to perform certain hegemonic traits to be legitimated as founders. The authors also address various pitching practices that shape pitch performance by including both textual and semiotic data in the study. This study provides social implications on the awareness of gendered norms and the design of entrepreneurial pitching.

The Korea-China-Japan Investment Promotion, Facilitation and Protection Agreement is the first treaty in the economic field that binds the three Northeast Asian countries together under a single legal instrument. The existence of effective dispute-settlement procedures under the treaty will contribute to the creation of a favourable investment climate in the host country. Nevertheless, there have been fears about frivolous or vexatious claims that could inhibit legitimate regulatory actions by governments. How to compose an investment chapter of the Korea-China-Japan FTA that is being negotiated is a pressing demand for all in the region. Any pertinent answers to such a quest require a thorough comparison of the benefits and drawbacks of any development of relevant rules and governance. In the end, a quest for better international investment governance in Northeast Asia in the future requires sound evaluation of lessons from the past and present.

This research surveys the recent surge of empirical studies on transfer pricing manipulation by multinational enterprises (MNEs), tax-motivated transfer pricing, particularly from the year 1990 to present. The review tackles transfer pricing income shifting behavior of MNEs from three different perspectives: taxation relationship with profitability, intrafirm trade, and foreign direct investment (FDI). There have been significant developments and contributions in this field, despite many limitations, mainly concerning the availability of micro-data in general, (specifically intrafirm trade data which allows capturing much of the heterogeneity which is dangling within inter-sectors), and the tax measurement issue. Yet, this area of study is still developing and promises more achievements.

This paper examines the short- and long-run effects of foreign direct investment (FDI) on tax revenue in Ghana.

The paper adopts the autoregressive distributed lag approach to estimate FDI’s long-run and short-run effects on tax revenue. The study uses time-series data from 1983 to 2019 for Ghana, mainly obtained from The Bank of Ghana, the World Bank and the IMF.

The results show that, in the short-run, FDI has no significant effect on direct tax revenue and total tax revenue but significantly hurts indirect tax revenue. In the long run, however, the results show that FDI has significant positive effects on indirect tax revenue and total tax revenue but no significant effect on direct tax revenue.

Empirical studies often fail to analyse the short-run and long-run effects of FDI on tax revenue. This study contributes to the mixed literature by analysing the short-run and long-run effects of FDI on tax revenue in an emerging market context. Additionally, this study employs three tax revenue measures in analysing the nexus.

This paper aims to evaluate the progressivity of health-care financing in Egypt by assessing all five financing sources individually and then combining them to analyze the equity of the whole financing system.

Lorenz dominance analysis and Kakwani progressivity index were applied on data from 2010/2011 Household Income, Expenditure, and Consumption Survey and the National Health Accounts 2011 using Stata to evaluate the progressivity of each source of health-care finance and the financing system overall.

The data show that Egypt’s health-care system, which is largely financed by out-of-pocket (OOP) payments, is slightly regressive, with an overall Kakwani index of −0.079. The overall regressive effect was the result of three regressive sources (OOP payments, an earmarked cigarette tax and direct taxes), one proportional finance source (social health insurance) and two slightly progressive sources (indirect taxes and private health insurance). This shows that the burden of financing health care falls more on the poor. These results signal the need for reform of health-care financing in Egypt to reduce dependence on OOP payments to achieve more equitable financing.

The paper seeks to augment the literature on health-care financing in Egypt by calculating specific progressivity estimates for all five sources of financing the Egyptian health-care system and analyzing the overall equity of this financing system. It will, therefore, provide a benchmark for monitoring the equity of finance in the Egyptian health-care system in future studies and allow one to assess the impact of implemented financing reforms in the future on the level of progressivity of health system financing.