G2TT
来源类型Discussion paper
规范类型论文
来源IDDP14096
DP14096 Taxation and the External Wealth of Nations: Evidence from Bilateral Portfolio Holdings
Harry Huizinga; Maximilian Todtenhaupt; Johannes Voget; Wolf Wagner
发表日期2019-11-04
出版年2019
语种英语
摘要This paper examines the impact of capital income taxation on the composition of foreign portfolio investment. Studying bilateral portfolio positions among a sample of 37 countries over the period 2001-2015, we find that capital gains and dividend taxation reduce the share of equities in foreign investments, while interest taxation increases this share. The results suggest that domestic capital income taxation affects the worldwide asset allocation of domestic investors. The estimated tax sensitivities imply a significant increase in country’s external wealth following a tax policy change that stimulates investors to hold higher-yielding equity investments.
主题Financial Economics
关键词Asset allocation Capital income taxation Foreign portfolio investment
URLhttps://cepr.org/publications/dp14096
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/542983
推荐引用方式
GB/T 7714
Harry Huizinga,Maximilian Todtenhaupt,Johannes Voget,et al. DP14096 Taxation and the External Wealth of Nations: Evidence from Bilateral Portfolio Holdings. 2019.
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