Short-term and long-term government debt and nonresident interest withholding taxes

• 成果类型: Article; Proceedings Paper
• 署名作者: Eijffinger, SCW; Huizinga, HP; Lemmen, JJG
• 署名单位: Tilburg University; University of London; London School Economics & Political Science
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/S0047-2727(98)00013-9
• 发表日期: 1998
• 页码: 309-334
• 关键词: withholding taxation; interest parity conditions; government debt

摘要

This paper examines the incidence of nonresident interest withholding taxes in the international 3-month Treasury-bill market and the international 5-year government bond market. The approach is one of pooled cross-section, time-series regressions. The evidence suggests that the yields on national Treasury-bills and on 5-year government bonds fully reflect the nonresident interest withholding taxes imposed on American or Japanese investors. Nonresident interest withholding taxes on short-term and long-term government debt thus do not appear to be borne by the international investor. (C) 1998 Elsevier Science S.A.