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Impuestos y demanda por capital: Teoría y evidencia para Chile

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  • Álvaro Bustos
  • Eduardo Engel

    ()

  • Alexander Galetovic

    ()

Abstract

Este trabajo estima una demanda de largo plazo por capital en Chile, lo que permite estudiar la sensibilidad del stock de capital deseado por las empresas ante variaciones de las tasas de impuestos. El enfoque utilizado combina el modelo neoclásico de Jorgenson con un argumento de cointegración para obtener una demanda por capital de largo plazo válida para una estructura general de costos de ajuste. La principal conclusión del análisis teórico es que no existe razón a priori que sugiera que mayores impuestos reduzcan la demanda por capital. Esta conclusión es válida tanto si las empresas ignoran las tasas marginales que enfrentan sus accionistas como si las incorporan. El modelo es estimado con un panel de sociedades anónimas chilenas con datos anuales entre 1985 y 1995, obteniéndose resultados consistentes con las predicciones teóricas: para variaciones de la tasa del impuesto a las utilidades retenidas entre 0 y 20% el stock de capital deseado varía menos del 2%. También se encuentra que las firmas ignoran las tasas marginales que pagan sus accionistas al tomar decisiones de inversión.

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File URL: http://www.dii.uchile.cl/~cea/sitedev/cea/www/download.php?file=documentos_trabajo/ASOCFILE120030328120400.pdf
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Bibliographic Info

Paper provided by Centro de Economía Aplicada, Universidad de Chile in its series Documentos de Trabajo with number 94.

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Date of creation: 2000
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Handle: RePEc:edj:ceauch:94

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