Debt, Taxes, and Banks:
Understanding the impact of the asymmetric tax treatment of debt and equity on the capital structures of financial institutions is critical to shaping and assessing responses to the problem of excessive leverage that underlay the 2009 financial crisis - but there is no empirical evidence to draw on....
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
2012
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 12/48 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | Understanding the impact of the asymmetric tax treatment of debt and equity on the capital structures of financial institutions is critical to shaping and assessing responses to the problem of excessive leverage that underlay the 2009 financial crisis - but there is no empirical evidence to draw on. Guided by a simple model of banks? financing decisions in the presence of both regulatory constraints and tax asymmetries, this paper explores the impact of corporate tax bias on bank leverage, the use of hybrid instruments and regulatory capital ratios for a panel of over 14,000 commercial banks in 82 countries over nine years. On average, the sensitivity of banks? debt choices proves very similar to that of non-financial firms, consistent with rough offsetting of two opposing effects suggested by the theory. As the model predicts, somewhat counter-intuitively, the impact of tax on hybrids is generally weak or insignificant. Responsiveness to taxation varies significantly across banks, however: those holding smaller equity buffers, and larger banks, are noticeably less sensitive to tax |
| Beschreibung: | 1 Online-Ressource (32 p) |
| ISBN: | 1463937091 9781463937096 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:18Z |
| indexdate | 2024-07-10T09:35:25Z |
| institution | BVB |
| isbn | 1463937091 9781463937096 |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Keen, Michael Verfasser aut Debt, Taxes, and Banks Keen, Michael Washington, D.C International Monetary Fund 2012 1 Online-Ressource (32 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 12/48 Understanding the impact of the asymmetric tax treatment of debt and equity on the capital structures of financial institutions is critical to shaping and assessing responses to the problem of excessive leverage that underlay the 2009 financial crisis - but there is no empirical evidence to draw on. Guided by a simple model of banks? financing decisions in the presence of both regulatory constraints and tax asymmetries, this paper explores the impact of corporate tax bias on bank leverage, the use of hybrid instruments and regulatory capital ratios for a panel of over 14,000 commercial banks in 82 countries over nine years. On average, the sensitivity of banks? debt choices proves very similar to that of non-financial firms, consistent with rough offsetting of two opposing effects suggested by the theory. As the model predicts, somewhat counter-intuitively, the impact of tax on hybrids is generally weak or insignificant. Responsiveness to taxation varies significantly across banks, however: those holding smaller equity buffers, and larger banks, are noticeably less sensitive to tax Online-Ausg Mooij, Ruud A. de Sonstige oth http://elibrary.imf.org/view/IMF001/12640-9781463937096/12640-9781463937096/12640-9781463937096.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Keen, Michael Debt, Taxes, and Banks |
| title | Debt, Taxes, and Banks |
| title_auth | Debt, Taxes, and Banks |
| title_exact_search | Debt, Taxes, and Banks |
| title_exact_search_txtP | Debt, Taxes, and Banks |
| title_full | Debt, Taxes, and Banks Keen, Michael |
| title_fullStr | Debt, Taxes, and Banks Keen, Michael |
| title_full_unstemmed | Debt, Taxes, and Banks Keen, Michael |
| title_short | Debt, Taxes, and Banks |
| title_sort | debt taxes and banks |
| url | http://elibrary.imf.org/view/IMF001/12640-9781463937096/12640-9781463937096/12640-9781463937096.xml |
| work_keys_str_mv | AT keenmichael debttaxesandbanks AT mooijruudade debttaxesandbanks |