A pecking order of capital inflows and international tax principles

• 成果类型: Article
• 署名作者: Razin, A; Sadka, E; Yuen, CW
• 署名单位: University of Hong Kong; Tel Aviv University; Centre for Economic Policy Research - UK; National Bureau of Economic Research
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(97)00009-3
• 发表日期: 1998
• 页码: 45-68
• 关键词: foreign portfolio debt investment; foreign portfolio equity investment; Foreign direct investment; asymmetric information; international taxation

摘要

Even though financial markets today show a high degree of integration, the world capital market is still far from the textbook story of high capital mobility, The purpose of this paper is to highlight key sources of market failure in the context of international capital flows and to provide guidelines for efficient tax structure in the presence of capital market imperfections. The analysis distinguishes three types of international capital flows: foreign portfolio debt investment, foreign portfolio equity investment and foreign direct investment. The paper emphasizes the efficiency of a non-uniform tax treatment of the various vehicles of international capital flows. (C) 1998 Elsevier Science B.V.