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The Wealth Tax and Economic Growth

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Abstract

Heated discussions of the economic effects of the wealth tax have raged in the popular media in a number of European countries. The academic community has been considerably quieter, however. This paper attempts to fill this gap by empirically estimating the relationship between the wealth tax and economic growth in 20 OECD countries over the time period 1980 to 1999. Using an instrumental variables approach and "differenced" data to control for two types of endogeneity, I find fairly robust support for the popular contention that wealth taxes dampen economic growth. The estimated magnitude, however, is somewhat less alarming than popular account.

Suggested Citation

  • Hansson, Åsa, 2002. "The Wealth Tax and Economic Growth," Working Papers 2002:20, Lund University, Department of Economics.
    • Handle: RePEc:hhs:lunewp:2002_020
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    1. Förmögenhetsskatten åter?
      by nonicoclolasos in Nonicoclolasos on 2008-10-06 12:46:39

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    Cited by:

    1. Hansson, Åsa, 2005. "The Wealth Tax and Entrepreneurial Activity," Working Papers 2005:43, Lund University, Department of Economics.
    2. Anthony Barnes Atkinson, 2006. "Concentration among the Rich," WIDER Working Paper Series RP2006-151, World Institute for Development Economic Research (UNU-WIDER).

    More about this item

    Keywords

    Wealth tax; economic growth; OECD countries;
    All these keywords.

    JEL classification:

    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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