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Taxation and inflation: A new explanation for capital flows

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  • Bayoumi, Tamim
  • Gagnon, Joseph

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Bibliographic Info

Article provided by Elsevier in its journal Journal of Monetary Economics.

Volume (Year): 38 (1996)
Issue (Month): 2 (October)
Pages: 303-330

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Handle: RePEc:eee:moneco:v:38:y:1996:i:2:p:303-330

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Web page: http://www.elsevier.com/locate/inca/505566

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References

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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.:
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  1. Gagnon, Joseph E & Unferth, Mark D, 1995. "Is there a world real interest rate?," Journal of International Money and Finance, Elsevier, vol. 14(6), pages 845-855, December.
  2. Martin Feldstein, 1983. "Inflation, Income Taxes, and the Rate of Interest: A Theoretical Analysis," NBER Chapters, in: Inflation, Tax Rules, and Capital Formation, pages 28-43 National Bureau of Economic Research, Inc.
  3. B. Douglas Bernheim, 1988. "Budget Deficits and the Balance of Trade," NBER Chapters, in: Tax Policy and the Economy: Volume 2, pages 1-32 National Bureau of Economic Research, Inc.
  4. Joe Peek & James A. Wilcox, 1985. "The Degree of Fiscal Illusion in Interest Rates: Some Direct Estimates," NBER Working Papers 1358, National Bureau of Economic Research, Inc.
  5. Sinn, Hans-Werner, 1991. "The non-neutrality of inflation for international capital movements," European Economic Review, Elsevier, vol. 35(1), pages 1-22, January.
  6. David W.R. Gruen, 1991. "The Effect of Steady Inflation on Interest Rates and the Real Exchange Rate in a World with Free Capital Flows," RBA Research Discussion Papers rdp9101, Reserve Bank of Australia.
  7. Hartman, David G, 1979. "Taxation and the Effects of Inflation on the Real Capital Stock in an Open Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(2), pages 417-25, June.
  8. Frederic S. Mishkin, 1984. "The Real Interest Rate: A Multi-Country Empirical Study," Canadian Journal of Economics, Canadian Economics Association, vol. 17(2), pages 283-311, May.
  9. Schinasi, Garry J., 1988. "Taxation of capital gains on foreign exchange transactions and the non-neutrality of changes in anticipated inflation," Economics Letters, Elsevier, vol. 26(3), pages 277-280.
  10. Howard, David H. & Johnson, Karen H., 1982. "Interest rates, inflation, and taxes : The foreign connection," Economics Letters, Elsevier, vol. 9(2), pages 181-184.
  11. Julian S. Alworth & Wilhelm Fritz, 1988. "Capital mobility, the cost of capital under certainty and effective tax rates in Europe," Finnish Economic Papers, Finnish Economic Association, vol. 1(1), pages 25-42, Spring.
  12. Ronald Macdonald & Mark P. Taylor, 1992. "Exchange Rate Economics: A Survey," IMF Staff Papers, Palgrave Macmillan, vol. 39(1), pages 1-57, March.
  13. Gordon, Roger H, 1986. "Taxation of Investment and Savings in a World Economy," American Economic Review, American Economic Association, vol. 76(5), pages 1086-1102, December.
  14. Auerbach, Alan J, 1983. "Taxation, Corporate Financial Policy and the Cost of Capital," Journal of Economic Literature, American Economic Association, vol. 21(3), pages 905-40, September.
  15. McClure, J. Harold, 1990. "Forward rate biases and inconsistencies with tax-modified fisher conditions," Economics Letters, Elsevier, vol. 32(1), pages 49-51, January.
  16. Paul R. Masson & Ralph W. Tryon, 1990. "Macroeconomic Effects of Projected Population Aging in Industrial Countries," IMF Staff Papers, Palgrave Macmillan, vol. 37(3), pages 453-485, September.
  17. Abuaf, Niso & Jorion, Philippe, 1990. " Purchasing Power Parity in the Long Run," Journal of Finance, American Finance Association, vol. 45(1), pages 157-74, March.
  18. Attanasio, Orazio P & Weber, Guglielmo, 1989. "Intertemporal Substitution, Risk Aversion and the Euler Equation for Consumption," Economic Journal, Royal Economic Society, vol. 99(395), pages 59-73, Supplemen.
  19. Carlson, John A, 1979. "Expected Inflation and Interest Rates," Economic Inquiry, Western Economic Association International, vol. 17(4), pages 597-608, October.
  20. Hansson, Ingemar & Stuart, Charles, 1986. "The Fisher Hypothesis and International Capital Markets," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1330-37, December.
  21. Darby, Michael R, 1975. "The Financial and Tax Effects of Monetary Policy on Interest Rates," Economic Inquiry, Western Economic Association International, vol. 13(2), pages 266-76, June.
  22. Auerbach, Alan J. & Hassett, Kevin, 1991. "Recent U.S. investment behavior and the tax reform act of 1986: A disaggregate view a rejoinder," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 35(1), pages 221-222, January.
  23. David H. Howard & Karen H. Johnson, 1983. "Purchasing power parity and real after tax interest rate arbitrage," International Finance Discussion Papers 222, Board of Governors of the Federal Reserve System (U.S.).
  24. Tanzi, Vito, 1980. "Inflationary Expectations, Economic Activity, Taxes, and Interest Rates," American Economic Review, American Economic Association, vol. 70(1), pages 12-21, March.
  25. Auerbach, Alan J. & Hassett, Kevin, 1991. "Recent U.S. investment behavior and the tax reform act of 1986: A disaggregate view," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 35(1), pages 185-215, January.
  26. BenZion, Uri & Weinblatt, J., 1984. "Purchasing power, interest rate parities and the modified Fisher effect in presence of tax agreements," Journal of International Money and Finance, Elsevier, vol. 3(1), pages 67-73, April.
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Citations

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Cited by:
  1. Philip R. Lane & Gian Maria Milesi-Ferretti, 2002. "Long-Term Capital Movements," NBER Chapters, in: NBER Macroeconomics Annual 2001, Volume 16, pages 73-136 National Bureau of Economic Research, Inc.
  2. Darrel Cohen & Kevin A. Hassett & R. Glenn Hubbard, 1999. "Inflation and the User Cost of Capital: Does Inflation Still Matter?," NBER Working Papers 6046, National Bureau of Economic Research, Inc.
  3. Hwa-Taek Lee & Gawon Yoon, 2013. "Does purchasing power parity hold sometimes? Regime switching in real exchange rates," Applied Economics, Taylor & Francis Journals, vol. 45(16), pages 2279-2294, June.
  4. Razin, A & Sadka, E & Yuen, C-W, 1997. "A Pecking Order of Capital Inflows and International Tax Principles," Papers 12-97, Tel Aviv - the Sackler Institute of Economic Studies.
  5. Mihir A. Desai & James R. Hines Jr., 1997. "Excess Capital Flows and the Burden of Inflation in Open Economies," NBER Working Papers 6064, National Bureau of Economic Research, Inc.
  6. Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1996. "Tax Principles and Capital Inflows: Is It Efficient to Tax Nonresident Income?," NBER Working Papers 5513, National Bureau of Economic Research, Inc.

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