BARRIERS TO PORTFOLIO INVESTMENTS IN EMERGING STOCK MARKETS

• 成果类型: Article
• 署名作者: DEMIRGUCKUNT, A; HUIZINGA, H
• 署名单位: Tilburg University; The World Bank
• 刊物名称: JOURNAL OF DEVELOPMENT ECONOMICS
• ISSN/ISSBN: 0304-3878
• DOI: 10.1016/0304-3878(95)00017-K
• 发表日期: 1995
• 页码: 355-374
• 关键词: PORTFOLIO INVESTMENTS; EMERGING STOCK MARKETS; CAPITAL GAINS TAXES

摘要

This paper investigates the significance of non-resident taxation and other investment costs in determining equity returns in emerging stock markets. Capital gains taxes on non-residents are shown to significantly increase required pre-tax equity returns, which is consistent with a generally limited creditability of foreign capital gains taxes in the capital exporting countries. Most countries tax inflationary as well as real capital gains, which means that inflation can have an independent positive impact on the required equity return. Required returns are shown to decline with the level of stock market development, as measured by stock market capitalization relative to gross domestic output.