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Taxation of financial intermediation : measurement principles and application to five African countries

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Author Info
Chamley, Christophe
Honohan, Patrick

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Abstract

The purpose of this study is to set out a practical method for analyzing how inflation, interest ceilings, reserve requirements and like impositions have had tax-like effects and how they can be compared with explicit taxes. Using this method estimates of the varying magnitudes of the total taxation of financial intermediation in five African economies during recent years are computed. The paper explores the macroeconomic and fiscal dynamics which have contributed to the use of heavy taxation on the financial sector in certain countries and for certain periods. The likely impact of these taxes on efficiency is also examined.

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Paper provided by The World Bank in its series Policy Research Working Paper Series with number 421.

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Date of creation: 31 May 1990
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Handle: RePEc:wbk:wbrwps:421

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Related research
Keywords: Economic Theory&Research; Banks&Banking Reform; Environmental Economics&Policies; Public Sector Economics&Finance; Insurance&Risk Mitigation;

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References listed on IDEAS
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.:
  1. Easterly, William R., 1989. "Fiscal adjustment and deficit financing during the debt crisis," Policy Research Working Paper Series 138, The World Bank. [Downloadable!]
  2. Englund, Peter, 1989. "Monetary Policy and Bank Regulations in an Economy with Financial Innovations," Economica, London School of Economics and Political Science, vol. 56(224), pages 459-72, November. [Downloadable!] (restricted)
  3. Obstfeld, Maurice, 1991. "Dynamic Seigniorage Theory: An Exploration," CEPR Discussion Papers 519, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  4. Diamond, Douglas W, 1984. "Financial Intermediation and Delegated Monitoring," Review of Economic Studies, Blackwell Publishing, vol. 51(3), pages 393-414, July. [Downloadable!] (restricted)
  5. Fama, Eugene F., 1985. "What's different about banks?," Journal of Monetary Economics, Elsevier, vol. 15(1), pages 29-39, January. [Downloadable!] (restricted)
  6. Englund, Peter & Svensson, Lars E O, 1988. "Money and Banking in a Cash-in-Advance Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 29(4), pages 681-705, November. [Downloadable!] (restricted)
  7. Brock, Philip L, 1989. "Reserve Requirements and the Inflation Tax," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 21(1), pages 106-21, February. [Downloadable!] (restricted)
  8. Honohan, Patrick, 1990. "Monetary cooperation in the CFA zone," Policy Research Working Paper Series 389, The World Bank. [Downloadable!]
  9. Honohan, Patrick, 1990. "Price and monetary convergence in currency unions : the Franc and Rand zones," Policy Research Working Paper Series 390, The World Bank. [Downloadable!]
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  10. Peter A. Diamond & J. A. Mirrlees, 1968. "Optimal Taxation and Public Production," Working papers 22, Massachusetts Institute of Technology (MIT), Department of Economics.
  11. Diamond, Douglas W & Dybvig, Philip H, 1983. "Bank Runs, Deposit Insurance, and Liquidity," Journal of Political Economy, University of Chicago Press, vol. 91(3), pages 401-19, June. [Downloadable!] (restricted)
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  12. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June. [Downloadable!] (restricted)
  13. Kiguel, Miguel A. & Neumeyer, Pablo Andres, 1989. "Inflation and seigniorage in Argentina," Policy Research Working Paper Series 289, The World Bank. [Downloadable!]
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Cited by:
(explanations, 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.)

  1. Andrés Erosa, 2000. "Financial Intermediation and Occupational Choice in Development," UWO Department of Economics Working Papers 20003, University of Western Ontario, Department of Economics. [Downloadable!]
    Other versions:
  2. Caprio, Gerard Jr., 1996. "Bank regulation : the case of the missing model," Policy Research Working Paper Series 1574, The World Bank. [Downloadable!]
  3. Patrick Honohan, 1998. "Diagnosing Banking System Failures in Developing Countries," Papers WP093, Economic and Social Research Institute (ESRI). [Downloadable!]
  4. Patrick Honohan, 1994. "The Fiscal Approach to Financial Intermediation Policy," Papers WP049, Economic and Social Research Institute (ESRI). [Downloadable!]
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