G2TT
来源类型Discussion paper
规范类型论文
来源IDDP15519
DP15519 Who truly bears (bank) taxes? Evidence from only shifting statutory incidence
José-Luis Peydró; Gabriel Jiménez; David Martinez-Miera
发表日期2020-12-06
出版年2020
语种英语
摘要We show strong overall and heterogeneous economic incidence effects, as well as distortionary effects, of only shifting statutory incidence (i.e., the agent on which taxes are levied), without any tax rate change. For identification, we exploit a tax change and administrative data from the credit market: (i) a policy change in 2018 in Spain shifting an existing mortgage tax from being levied on borrowers to being levied on banks; (ii) some areas, for historical reasons, were exempt from paying this tax (or have different tax rates); and (iii) an exhaustive matched credit register. We find the following robust results: First, after the policy change, the average mortgage rate increases consistently with a strong – but not complete – tax pass-through. Second, there is a large heterogeneity in such pass-through: larger for borrowers with lower income, a smaller number of lending relationships, not working for the lender, or facing less banks in their zip-code, thereby suggesting a bargaining power mechanism at work. Third, despite no variation in the tax rate, and consistent with the non-full tax pass-through, the tax shift increases banks’ risk-taking. More affected banks reduce costly mortgage insurance in case of loan default (especially so if banks have weaker ex-ante balance sheets) and expand into non-affected but (much) ex-ante riskier consumer lending, experiencing even higher ex-post defaults within consumer loans.
主题Public Economics
关键词Taxes Incidence Banks Inequality Risk-taking Mortgages
URLhttps://cepr.org/publications/dp15519
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/544521
推荐引用方式
GB/T 7714
José-Luis Peydró,Gabriel Jiménez,David Martinez-Miera. DP15519 Who truly bears (bank) taxes? Evidence from only shifting statutory incidence. 2020.
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