Dynamic asset pricing effects and incidence of realization-based capital gains taxes

• 成果类型: Article
• 署名作者: Viard, AD
• 署名单位: Federal Reserve System - USA
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/S0304-3932(00)00034-9
• 发表日期: 2000
• 页码: 465-488
• 关键词: capital gains taxation; asset pricing; tax incidence; lock-in effect

摘要

Many analyses of capital gains taxation assume that realization-based taxes are economically similar to accrual-based taxes. In equilibrium, however, the distinctive implications of realization taxes for asset trading through the lock-in effect are associated with distinctive dynamic asset pricing effects. Asset prices are increased by the current realization tax, to partly offset the sale disincentive that the tax would otherwise impose. The resulting division of the tax burden between buyers and sellers of assets is similar to traditional public finance models of excise-tax incidence in product markets. (C) 2000 Elsevier Science B.V. All rights reserved. JEL classification. G11: G17; H22.