G2TT
来源类型Discussion paper
规范类型论文
来源IDDP11893
DP11893 The effects of tax on bank liability structure
Leonardo Gambacorta; Suresh Sundaresan
发表日期2017-03-09
出版年2017
语种英语
摘要This paper examines the effects of taxation on the liability structure of banks. We derive testable predictions from a dynamic model of optimal bank liability structure that incorporates bank runs, regulatory closure and endogenous default. Using the supervisory data provided by the Bank of Italy, we empirically test these predictions by exploiting exogenous variations of the Italian tax rates on productive activities (IRAP) across regions and over time (especially since the global financial crisis). We show that banks endogenously respond to a reduction in tax rates by reducing nondeposit liabilities more than deposits in addition to lowering leverage. The response on the asset side depends on the financial strength of the bank: well-capitalized banks respond to a reduction in tax rates by increasing their assets, but poorly-capitalized banks respond by cleaning up their balance sheet.
主题Financial Economics
关键词Bank liability structure Corporate tax Leverage
URLhttps://cepr.org/publications/dp11893
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/540705
推荐引用方式
GB/T 7714
Leonardo Gambacorta,Suresh Sundaresan. DP11893 The effects of tax on bank liability structure. 2017.
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