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来源类型 | Working Paper |
规范类型 | 报告 |
DOI | 10.3386/w8193 |
来源ID | Working Paper 8193 |
Home Bias in Portfolios and Taxation of Asset Income | |
Roger Gordon; Vitor Gaspar | |
发表日期 | 2001-03-01 |
出版年 | 2001 |
语种 | 英语 |
摘要 | Intuitively, the observed 'home bias' in individual portfolios plausibly explains the international capital immobility in aggregate data reported by Feldstein and Horioka (1980) as well as the survival of taxes on capital income. These intuitions are examined explicitly in a model where random consumer prices cause individuals to invest heavily in domestic equity as a hedge against these price fluctuations. Neither intuition is fully supported by the model. While the model forecasts that extra domestic savings generate extra investment primarily in the home country, consistent with the evidence in Feldstein and Horioka, this is true regardless of whether consumer price are random and so whether portfolios have 'home bias.' In addition, while random equity returns facilitate taxes on equity income, as shown in Gordon and Varian (1989) and Huizinga and Nielsen (1997), random consumer prices appear to undermine taxes on capital income. |
URL | https://www.nber.org/papers/w8193 |
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/565789 |
推荐引用方式 GB/T 7714 | Roger Gordon,Vitor Gaspar. Home Bias in Portfolios and Taxation of Asset Income. 2001. |
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文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
w8193.pdf(2522KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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