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Macroeconomic Effects of a Tax on Bond Interest Rates

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  • Sussman, Oren
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    Abstract

    The effect of taxes on interest earned upon capital accumulation and inflation is discussed within an overlapping generations model. It is shown that an increase in such a tax is likely to reduce both the capital stock and the inflation rate. The model is extended to include the case of a small, open economy, where the effect on the external debt is discussed. Some simulation results demonstrate the magnitude of the effects. The model is used to discuss the macroeconomic effects of financial liberalization. Copyright 1991 by Ohio State University Press.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 23 (1991)
    Issue (Month): 3 (August)
    Pages: 352-66

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    Handle: RePEc:mcb:jmoncb:v:23:y:1991:i:3:p:352-66

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. Renu Kohli & Kenneth Kletzer, 2001. "Financial Repression and Exchange Rate Management in Developing Countries," IMF Working Papers 01/103, International Monetary Fund.
    2. Alberto Alesina & Vittorio Grilli & Gian Maria Milesi-Ferrett, 1993. "The Political Economy of Capital Controls," NBER Working Papers 4353, National Bureau of Economic Research, Inc.
    3. Gupta, Kanhaya L. & Lensink, Robert, 1997. "Financial repression and fiscal policy," Journal of Policy Modeling, Elsevier, vol. 19(4), pages 351-373, August.
    4. Eran Yashiv, 1997. "Capital Controls as Taxation Policy," International Tax and Public Finance, Springer, vol. 4(3), pages 263-276, July.

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