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Marginal Taxes and the Asset Portfolios of Swedish Households

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Author Info
Agell, Jonas
Edin, Per-Anders

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Abstract

This paper focuses on the effects of marginal tax rates, wealth, income, and a set of socioeconomic and demographic variables on the portfolio composition of households using detailed micro data on 2,000 Swedish households. In particular, efforts are made to disentangle the effects of marginal tax rates on the portfolio behavior of households. Some econometric problems involved when estimating asset demand equations in the presence of incomplete portfolios are briefly discussed. A final section examines the overall effect of marginal tax rates on asset demands by applying estimated discrete and continuous portfolio equations to compute different tax elasticities. Copyright 1990 by The editors of the Scandinavian Journal of Economics.

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Publisher Info
Article provided by Blackwell Publishing in its journal Scandinavian Journal of Economics.

Volume (Year): 92 (1990)
Issue (Month): 1 ()
Pages: 47-64
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Handle: RePEc:bla:scandj:v:92:y:1990:i:1:p:47-64

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  1. Agell, Jonas & Persson, Mats & Sacklén, Hans, 1999. "Labor Supply When Tax Avoidance Matters," Working Paper Series 157, Trade Union Institute for Economic Research. [Downloadable!]
  2. Patrick K. Asea & Stephen J. Turnovsky, 1997. "Capital Income Taxation and Risk-Taking in a Small Open Economy," NBER Working Papers 6189, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Andersson, Björn, 2001. "Portfolio Allocation over the Life Cycle: Evidence from Swedish Household Data," Working Paper Series 2001:4, Uppsala University, Department of Economics. [Downloadable!]
  4. Erik Fjærli, 2004. "Tax Reform and the Demand for Debt," Asia-Pacific Financial Markets, Springer, vol. 11(4), pages 435-467, August. [Downloadable!] (restricted)
  5. Stefan Hochguertel, 2003. "Precautionary motives and portfolio decisions," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 18(1), pages 61-77. [Downloadable!]
    Other versions:
  6. Agell, Jonas & Persson, Mats & Sacklén, Hans, 1999. "Labor Supply Prediction when Tax Avoidance Matters," Working Paper Series 1999:16, Uppsala University, Department of Economics. [Downloadable!]
  7. James M. Poterba & Andrew Samwick, 1999. "Taxation and Household Portfolio Composition: U.S. Evidence from the 1980s and 1990s," NBER Working Papers 7392, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Yanick Desnoyers, 2001. "L'effet de la richesse sur la consommation aux États-Unis," Working Papers 01-14, Bank of Canada. [Downloadable!]
  9. Berg, Lennart, 1996. "Age Distribution, Saving and Consumption in Sweden," Working Paper Series 1996:22, Uppsala University, Department of Economics. [Downloadable!]
  10. Luc Arrondel & Bruno Lefebvre, 2001. "Households' Portfolio Behavior in France : the Role of Housing," DELTA Working Papers 2001-10, DELTA (Ecole normale supérieure). [Downloadable!]
  11. Carol C. Bertaut, 1996. "Stockholding behavior of U.S. households: evidence from the 1983-89 Survey of Consumer Finances," International Finance Discussion Papers 558, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  12. James M. Poterba, 2001. "Taxation and Portfolio Structure: Issues and Implications," NBER Working Papers 8223, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Andrei Semenov, 2004. "Asset Pricing with Idiosyncratic Consumption Risk and Limited Participation," Working Papers 2004_1, York University, Department of Economics. [Downloadable!]
  14. Hochguertel, S. & Alessie, R. & Soest, A. van, 1995. "Household Portfolio Allocation in the Netherlands : Saving Accounts versus Stocks and Bonds," Discussion Paper 24, Tilburg University, Center for Economic Research. [Downloadable!]
  15. Agell, Jonas & Persson, Mats, 1998. "Tax Arbitrage and Labor Supply," Seminar Papers 647, Stockholm University, Institute for International Economic Studies. [Downloadable!]
  16. Mihir A. Desai & Dhammika Dharmapala, 2007. "Taxes and Portfolio Choice: Evidence from JGTRRA's Treatment of International Dividends," NBER Working Papers 13281, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  17. Andrei Semenov, 2008. "Estimation of the consumption CAPM with imperfect sample separation information," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 13(4), pages 333-348. [Downloadable!]
  18. Alessie, R. & Hochguertel, S. & Soest, A. van, 2001. "Ownership of stocks and mutual funds: : a panel data analysis," Discussion Paper 94, Tilburg University, Center for Economic Research. [Downloadable!]
    Other versions:
  19. Agell, Jonas & Persson, Mats & Sacklén, Hans, 1999. "Labour Supply Prediction When Tax Avoidance Matters," Seminar Papers 679, Stockholm University, Institute for International Economic Studies. [Downloadable!]
  20. Jonas Agell & Mats Persson, 1998. "Tax Arbitrage and Labor Supply," NBER Working Papers 6708, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  21. Mark H. Robson, 1995. "Taxation and household saving: reflections on the OECD report," Fiscal Studies, Institute for Fiscal Studies, vol. 16(1), pages 38-57, February. [Downloadable!]
  22. Nico Singer, 2009. "A Behavioral Portfolio Analysis of Retirement Portfolios," Thuenen-Series of Applied Economic Theory 104, University of Rostock, Institute of Economics, Germany. [Downloadable!]
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