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Promoting Investment under International Capital Mobility: An Intertemporal General Equilibrium Analysis

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Author Info
Bovenberg, A Lans
Goulder, Lawrence H

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Abstract

Efficiency and distributional effects of two investment-oriented policies, an investment tax credit and a reduction in the statutory corporate income tax rate, are compared using a disaggregated general equilibrium model that uniquely combines intertemporal decision-making and international capital mobility. The domestic welfare consequences of these policies depend not only on intertemporal and intersectoral efficiency effects but also on international transfer effects, which favor (in terms of domestic welfare) the investment tax credit over cuts in the corporate tax rate. Simulations reveal important differences between policies in the consequences for balance of payments accounts, the real exchange rate, and industrial structure. Copyright 1993 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): 95 (1993)
Issue (Month): 2 ()
Pages: 133-56
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Handle: RePEc:bla:scandj:v:95:y:1993:i:2:p:133-56

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Bovenberg, A Lans, 1989. "The Effects of Capital Income Taxation on International Competitiveness and Trade Flows," American Economic Review, American Economic Association, vol. 79(5), pages 1045-64, December. [Downloadable!] (restricted)
  2. James M. Poterba & Lawrence H. Summers, 1985. "The Economic Effects of Dividend Taxation," NBER Working Papers 1353, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  3. James M. Poterba & Julio J. Rotemberg, 1988. "Money in the Utility Function: An Empirical Implementation," NBER Working Papers 1796, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  4. Mussa, Michael, 1978. "Dynamic Adjustment in the Heckscher-Ohlin-Samuelson Model," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 775-91, October. [Downloadable!] (restricted)
  5. Darrell Duffie & William Zame, 1988. "The Consumption-Based Capital Asset Pricing Model," Discussion Papers 88-10, University of Copenhagen. Department of Economics.
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  6. Fair, Ray C & Taylor, John B, 1983. "Solution and Maximum Likelihood Estimation of Dynamic Nonlinear Rational Expectations Models," Econometrica, Econometric Society, vol. 51(4), pages 1169-85, July. [Downloadable!] (restricted)
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  7. Lawrence H. Summers, 1981. "Taxation and Corporate Investment: A q-Theory Approach," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 12(1981-1), pages 67-140. [Downloadable!]
  8. Roger H. Gordon & James R. Hines Jr. & Lawrence H. Summers, 1987. "Notes on the Tax Treatment of Structures," NBER Working Papers 1896, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  9. Adler, Michael & Dumas, Bernard, 1983. " International Portfolio Choice and Corporation Finance: A Synthesis," Journal of Finance, American Finance Association, vol. 38(3), pages 925-84, June. [Downloadable!] (restricted)
  10. Jorgenson, Dale W & Yun, Kun-Young, 1986. " The Efficiency of Capital Allocation," Scandinavian Journal of Economics, Blackwell Publishing, vol. 88(1), pages 85-107.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Philippe Thalmann & Lawrence Goulder & François Delorme, 1996. "Assessing the international spillover effects of capital income taxation," International Tax and Public Finance, Springer, vol. 3(4), pages 449-478, October. [Downloadable!] (restricted)
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  2. Brita Bye, Taran Fæhn and Tom-Reiel Heggedal, 2007. "Welfare and growth impacts of innovation policies in a small, open economy. An applied general equilibrium analysis," Discussion Papers 510, Research Department of Statistics Norway. [Downloadable!]
  3. Brita Bye and Turid Åvitsland, 2001. "The welfare effects of housing taxation in a distorted economy: A general equilibrium analysis," Discussion Papers 306, Research Department of Statistics Norway. [Downloadable!]
  4. A. Lans Bovenberg, 1992. "Residence-and source-based taxation of capital income in an overlapping generations model," Journal of Economics, Springer, vol. 56(3), pages 267-295, October. [Downloadable!] (restricted)
  5. Tarmo Valkonen, 2000. "Shifting the tax burden from labour to capital in general equilibrium," Discussion Papers 702, The Research Institute of the Finnish Economy. [Downloadable!]
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