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Inversión Privada e Impuestos Corporativos: Evidencia para Chile

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  • Rodrigo Cerda

    ()
    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

  • Felipe Larraín

    ()
    (Instituto de Economía. Pontificia Universidad Católica de Chile.)

Abstract

Basado en información microeconómica, este trabajo provee evidencia acerca del impacto de la tributación corporativa sobre la inversión. Utilizando datos para Chile, mostramos que un aumento de 10% en la tasa de impuesto corporativo reduce la inversión como fracción del stock de capital entre 0.2% y 1% bajo diferentes especificaciones econométricas. Este impacto difiere dependiendo del tamaño de la compañía. En pequeñas y medianas empresas el efecto es mucho mayor y altamente significativo: la inversión como fracción del stock de capital declina entre 0.5% y 1.6%. En las empresas grandes el impacto no es significativo.

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Bibliographic Info

Paper provided by Instituto de Economia. Pontificia Universidad Católica de Chile. in its series Documentos de Trabajo with number 297.

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Date of creation: 2005
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Publication status: Published as "Inversión Privada e Impuestos Corporativos: Evidencia para Chile", Cuadernos de Economía, Vol. 42, Nº 126, pp. 257-281, 2005.
Handle: RePEc:ioe:doctra:297

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  1. Arellano, Manuel & Bond, Stephen, 1991. "Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations," Review of Economic Studies, Wiley Blackwell, vol. 58(2), pages 277-97, April.
  2. Rodrigo Vergara, 2004. "Taxation and Private Investment: Evidence for Chile," Documentos de Trabajo 268, Instituto de Economia. Pontificia Universidad Católica de Chile..
  3. Alvaro Bustos & Eduardo Engel & Alexander Galetovic, 2003. "Could Higher Taxes Increase the Long-Run Demand for Capital? Theory and Evidence for Chile"," Working Papers 858, Economic Growth Center, Yale University.
  4. du Toit, Charlotte & Moolman, Elna, 2004. "A neoclassical investment function of the South African economy," Economic Modelling, Elsevier, vol. 21(4), pages 647-660, July.
  5. Jason G. Cummins & Kevin A. Hassett & R. Glenn Hubbard, 1994. "A Reconsideration of Investment Behavior Using Tax Reforms as Natural Experiments," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 25(2), pages 1-74.
  6. R. Glenn Hubbard & Anil K Kashyap & Toni M. Whited, 1993. "Internal Finance and Firm Investment," NBER Working Papers 4392, National Bureau of Economic Research, Inc.
  7. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
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Cited by:
  1. Rodrigo Cerda & Felipe Larrain, 2010. "Corporate taxes and the demand for labor and capital in developing countries," Small Business Economics, Springer, vol. 34(2), pages 187-201, February.
  2. Glocker, Ch. & Towbin P., 2012. "The Macroeconomic Effects of Reserve Requirements," Working papers 374, Banque de France.
  3. Bernardo Dominichetti H. & María Dolores Roeschmann G., 2006. "Inversión, Flujo de Caja y Colocaciones: Evidencia con Datos Agregados," Notas de Investigación Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 9(1), pages 79-83, April.
  4. Glocker, C. & Towbin, P., 2012. "Reserve Requirements for Price and Financial Stability - When Are They Effective?," Working papers 363, Banque de France.
  5. Rodrigo A. Cerda & Diego Saravia, 2009. "Corporate Tax, Firm Destruction and Capital Stock Accumulation: Evidence From Chilean Plants, 1979-2004," Working Papers Central Bank of Chile 521, Central Bank of Chile.

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