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Fiscalité et coût du capital: une comparaison internationale

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  • B. Douglas Bernheim
  • John B. Shoven

Abstract

This paper analyzes the cost of capital in four industrial countries (Japan, United Kingdom, United States, West Germany). It shows that international disparities in the cost of capital are to be imputed largely to different internal conditions on credit markets. However, the effect of the tax systems on the cost of capital cannot be ignored. It is shown, for instance, that simple tax reforms in the United States could reduce the capital cost differential with Japan by more than 60%.

Suggested Citation

  • B. Douglas Bernheim & John B. Shoven, 1988. "Fiscalité et coût du capital: une comparaison internationale," Annals of Economics and Statistics, GENES, issue 11, pages 93-116.
    • Handle: RePEc:adr:anecst:y:1988:i:11:p:93-116
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