Capital income taxation and risk-taking in a small open economy:
How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
1997
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
6189 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare and the growth rate of the economy. The theoretical and numerical" analysis demonstrates the important role that risk plays in determining the mean and variability" of growth as well as the conditions under which a higher tax rate can be welfare improving. To" shed more light on the complex theoretical interaction between taxes and risk-taking we estimate" a reduced-form multinomial probit model of household portfolio choice using the method of" simulated moments. The empirical evidence is in stark contrast to the conventional wisdom " we find that higher taxes make it less likely that the household will hold risky assets." |
| Beschreibung: | 42 S. graph. Darst. |
Internformat
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| 245 | 1 | 0 | |a Capital income taxation and risk-taking in a small open economy |c Patrick K. Asea ; Stephen J. Turnovsky |
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| 490 | 1 | |a National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |v 6189 | |
| 520 | |a How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare and the growth rate of the economy. The theoretical and numerical" analysis demonstrates the important role that risk plays in determining the mean and variability" of growth as well as the conditions under which a higher tax rate can be welfare improving. To" shed more light on the complex theoretical interaction between taxes and risk-taking we estimate" a reduced-form multinomial probit model of household portfolio choice using the method of" simulated moments. The empirical evidence is in stark contrast to the conventional wisdom " we find that higher taxes make it less likely that the household will hold risky assets." | ||
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| id | DE-604.BV011746101 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:15:04Z |
| institution | BVB |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-007925079 |
| oclc_num | 37901198 |
| open_access_boolean | 1 |
| owner | DE-19 DE-BY-UBM DE-521 |
| owner_facet | DE-19 DE-BY-UBM DE-521 |
| physical | 42 S. graph. Darst. |
| publishDate | 1997 |
| publishDateSearch | 1997 |
| publishDateSort | 1997 |
| record_format | marc |
| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Asea, Patrick K. Verfasser aut Capital income taxation and risk-taking in a small open economy Patrick K. Asea ; Stephen J. Turnovsky Cambridge, Mass. 1997 42 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6189 How do capital income taxes affect household portfolio choice and growth? We" approach this question within the context of a stochastic model of a small open economy in" which taxes on income from domestic capital (equity) and foreign bonds affect household" portfolio choice, welfare and the growth rate of the economy. The theoretical and numerical" analysis demonstrates the important role that risk plays in determining the mean and variability" of growth as well as the conditions under which a higher tax rate can be welfare improving. To" shed more light on the complex theoretical interaction between taxes and risk-taking we estimate" a reduced-form multinomial probit model of household portfolio choice using the method of" simulated moments. The empirical evidence is in stark contrast to the conventional wisdom " we find that higher taxes make it less likely that the household will hold risky assets." Huishoudingen gtt Inkomstenbelasting gtt Risico nemen gtt Steuer Ökonometrisches Modell Capital levy Econometric models Portfolio management Econometric models Risk Econometric models Risk-taking Econometric models Saving and investment Taxation Econometric models Venture capital Econometric models Turnovsky, Stephen J. 1941- Verfasser (DE-588)121698289 aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 6189 (DE-604)BV002801238 6189 http://papers.nber.org/papers/w6189.pdf kostenfrei Volltext |
| spellingShingle | Asea, Patrick K. Turnovsky, Stephen J. 1941- Capital income taxation and risk-taking in a small open economy National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Huishoudingen gtt Inkomstenbelasting gtt Risico nemen gtt Steuer Ökonometrisches Modell Capital levy Econometric models Portfolio management Econometric models Risk Econometric models Risk-taking Econometric models Saving and investment Taxation Econometric models Venture capital Econometric models |
| title | Capital income taxation and risk-taking in a small open economy |
| title_auth | Capital income taxation and risk-taking in a small open economy |
| title_exact_search | Capital income taxation and risk-taking in a small open economy |
| title_full | Capital income taxation and risk-taking in a small open economy Patrick K. Asea ; Stephen J. Turnovsky |
| title_fullStr | Capital income taxation and risk-taking in a small open economy Patrick K. Asea ; Stephen J. Turnovsky |
| title_full_unstemmed | Capital income taxation and risk-taking in a small open economy Patrick K. Asea ; Stephen J. Turnovsky |
| title_short | Capital income taxation and risk-taking in a small open economy |
| title_sort | capital income taxation and risk taking in a small open economy |
| topic | Huishoudingen gtt Inkomstenbelasting gtt Risico nemen gtt Steuer Ökonometrisches Modell Capital levy Econometric models Portfolio management Econometric models Risk Econometric models Risk-taking Econometric models Saving and investment Taxation Econometric models Venture capital Econometric models |
| topic_facet | Huishoudingen Inkomstenbelasting Risico nemen Steuer Ökonometrisches Modell Capital levy Econometric models Portfolio management Econometric models Risk Econometric models Risk-taking Econometric models Saving and investment Taxation Econometric models Venture capital Econometric models |
| url | http://papers.nber.org/papers/w6189.pdf |
| volume_link | (DE-604)BV002801238 |
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