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Foreign-Owned Land

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  • Eaton, Jonathan

Abstract

While foreign investment augments the capital stock, it also affects land prices. If it causes land values to rise, then the resulting capital gain benefits current landowners, but the perma nent effect can be to reduce welfare. Other things equal, more-crowde d countries have higher land prices and lower steady-state welfare, b ut their net foreign indebtedness depends on technology, savings beha vior, and the interest rate. Even when it does not affect the domesti c capital stock, a land tax raises steady-state welfare. Copyright 1988 by American Economic Association.

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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 78 (1988)
Issue (Month): 1 (March)
Pages: 76-88

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Handle: RePEc:aea:aecrev:v:78:y:1988:i:1:p:76-88

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  1. J. Bhagwati & R. Brecher, 1978. "National Welfare in an Open Economy in the Presence of Foreign Owned Factors of Production," Working papers 224, Massachusetts Institute of Technology (MIT), Department of Economics.
  2. Christophe Chamley & Wright, Brian D. Wright, 1983. "Fiscal Incidence in a Dynamic Life-Cycle Model with Land," Cowles Foundation Discussion Papers 666, Cowles Foundation for Research in Economics, Yale University.
  3. Brecher, Richard A. & Findlay, Ronald, 1983. "Tariffs, foreign capital and national welfare with sector-specific factors," Journal of International Economics, Elsevier, vol. 14(3-4), pages 277-288, May.
  4. Eaton, Jonathan, 1987. "A Dynamic Specific-Factors Model of International Trade," Review of Economic Studies, Wiley Blackwell, vol. 54(2), pages 325-38, April.
  5. Guillermo A. Galvo & Laurence J. Kotlikoff & Carlos Alfredo Rodriguez, 1978. "The Incidence of a Tax on Pure Rent: A New Reason for an Old Answer," UCLA Economics Working Papers 125, UCLA Department of Economics.
  6. Dutton, John, 1982. "The Optimal Taxation of International Investment Income: A Comment," The Quarterly Journal of Economics, MIT Press, vol. 97(2), pages 373-80, May.
  7. Buiter, Willem H, 1981. "Time Preference and International Lending and Borrowing in an Overlapping-Generations Model," Journal of Political Economy, University of Chicago Press, vol. 89(4), pages 769-97, August.
  8. Kareken, John & Wallace, Neil, 1977. "Portfolio autarky: A welfare analysis," Journal of International Economics, Elsevier, vol. 7(1), pages 19-43, February.
  9. Bhagwati, Jagdish N. & Tironi, Ernesto, 1980. "Tariff change, foreign capital and immiserization : A theoretical analysis," Journal of Development Economics, Elsevier, vol. 7(1), pages 71-83, February.
  10. Srinivasan, T. N., 1983. "International factor movements, commodity trade and commercial policy in a specific factor model," Journal of International Economics, Elsevier, vol. 14(3-4), pages 289-312, May.
  11. Feldstein, Martin S, 1977. "The Surprising Incidence of a Tax on Pure Rent: A New Answer to an Old Question," Journal of Political Economy, University of Chicago Press, vol. 85(2), pages 349-60, April.
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Cited by:
  1. Koethenbuerger, Marko & Poutvaara, Panu, 2009. "Rent taxation and its intertemporal welfare effects in a small open economy," Munich Reprints in Economics 19461, University of Munich, Department of Economics.
  2. Coulson, N. Edward & Li, Herman, 2010. "The effect of risk on the effect of a land tax: A simulation," Regional Science and Urban Economics, Elsevier, vol. 40(6), pages 530-537, November.
  3. Petrucci, Alberto, 2006. "Wealth Accumulation and Growth in a Specific-Factors Model of Trade and Finance," Economics & Statistics Discussion Papers esdp06029, University of Molise, Dept. EGSeI.
  4. Petrucci, Alberto, 2005. "The Incidence of a Tax on Pure Rent in a Small Open Economy," Economics & Statistics Discussion Papers esdp05025, University of Molise, Dept. EGSeI.
  5. Bertrand CRETTEZ & Claire LOUPIAS & Philippe MICHEL, 1997. "Croissance et modes de propriété des terres," Annales d'Economie et de Statistique, ENSAE, issue 48, pages 119-146.
  6. Mountford, Andrew, 2004. "Global Analysis Of An Overlapping Generations Economy With Land," Macroeconomic Dynamics, Cambridge University Press, vol. 8(05), pages 582-595, November.
  7. Skinner, Jonathan, 1989. "Housing wealth and aggregate saving," Regional Science and Urban Economics, Elsevier, vol. 19(2), pages 305-324, May.
  8. James A. Brander, 1989. "Taxation of Foreign-Owned Land," NBER Working Papers 3070, National Bureau of Economic Research, Inc.
  9. Nobuhiro Kiyotaki & Kenneth D. West, 2004. "Land Prices and Business Fixed Investments in Japan," NBER Working Papers 10909, National Bureau of Economic Research, Inc.

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