Taxes and the global allocation of capital

• 成果类型: Article
• 署名作者: Backus, David; Henriksen, Espen; Storesletten, Kjetil
• 署名单位: New York University; National Bureau of Economic Research; University of Oslo
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2007.11.008
• 发表日期: 2008
• 页码: 48-61
• 关键词: capital; taxes; capital-output ratio; International capital flows

摘要

Despite enormous growth in international capital flows, capital-output ratios continue to exhibit substantial heterogeneity across countries. We explore the possibility that taxes, particularly corporate taxes, are a significant source of this heterogeneity. The evidence is mixed. Tax rates computed from tax revenue are inversely correlated with capital-output ratios, as we might expect. However, effective tax rates constructed from official tax rates show little relation to capital-or to revenue-based tax measures. The stark difference between these two tax measures remains an open issue. (C) 2008 Published by Elsevier B.V.