全球智库信息集成服务系统(G2TT): DP10616 Debt Bias in Corporate Income Taxation and the Costs of Banking Crises

G2TT

来源类型	Discussion paper
规范类型	论文
来源ID	DP10616
	DP10616 Debt Bias in Corporate Income Taxation and the Costs of Banking Crises
	Gaëtan Nicodème; Sven Langedijk; Alessandro Rossi; Andrea Pagano
发表日期	2015-05-24
出版年	2015
语种	英语
摘要	Corporate income taxation (CIT) in most countries favors debt over equity financing, leading to over-indebtedness. This problem is particularly acute for the financial sector. We estimate financial-stability benefits of eliminating this debt bias. We estimate the long-run effects of CIT on bank leverage and, using a Vasicek-based model of banking crisis losses, we find that eliminating this debt bias could reduce public finance losses in the range of 30 to 70%. These results hold even for conservative estimates of bank-leverage and portfolio-risk effects of CIT changes.
主题	Financial Economics ; Public Economics
关键词	Capital structure Debt bias Public finance Systemic risk Taxation
URL	https://cepr.org/publications/dp10616
来源智库	Centre for Economic Policy Research (United Kingdom)
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/539448
推荐引用方式 GB/T 7714	Gaëtan Nicodème,Sven Langedijk,Alessandro Rossi,et al. DP10616 Debt Bias in Corporate Income Taxation and the Costs of Banking Crises. 2015.