Do alcohol taxes in Europe and the US rightly correct for externalities?

We develop an analytical framework for assessing corrective taxes and other policies to reduce alcohol-related externalities and apply it to the US, UK, Sweden, and Finland. The corrective tax estimates for the European countries fall short of current taxes and vice versa for the US (where drunk-driving externalities are larger and current taxes smaller). Alcohol sales restrictions are more difficult to justify on efficiency grounds as (unlike...