| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w6189 |
| 来源ID | Working Paper 6189 |
| Capital Income Taxation and Risk-Taking in a Small Open Economy | |
| Patrick K. Asea; Stephen J. Turnovsky | |
| 发表日期 | 1997-09-01 |
| 出版年 | 1997 |
| 语种 | 英语 |
| 摘要 | How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare and the growth rate of the economy. The theoretical and numerical" analysis demonstrates the important role that risk plays in determining the mean and variability" of growth as well as the conditions under which a higher tax rate can be welfare improving. To" shed more light on the complex theoretical interaction between taxes and risk-taking we estimate" a reduced-form multinomial probit model of household portfolio choice using the method of" simulated moments. The empirical evidence is in stark contrast to the conventional wisdom " we find that higher taxes make it less likely that the household will hold risky assets." |
| 主题 | Macroeconomics ; Fiscal Policy |
| URL | https://www.nber.org/papers/w6189 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/563697 |
| 推荐引用方式 GB/T 7714 | Patrick K. Asea,Stephen J. Turnovsky. Capital Income Taxation and Risk-Taking in a Small Open Economy. 1997. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w6189.pdf（1780KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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