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Taxation and inflation: A new explanation for capital flows

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  • Bayoumi, Tamim
  • Gagnon, Joseph

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  • Bayoumi, Tamim & Gagnon, Joseph, 1996. "Taxation and inflation: A new explanation for capital flows," Journal of Monetary Economics, Elsevier, vol. 38(2), pages 303-330, October.
  • Handle: RePEc:eee:moneco:v:38:y:1996:i:2:p:303-330
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    1. Peek, Joe & Wilcox, James A, 1984. "The Degree of Fiscal Illusion in Interest Rates: Some Direct Estimates," American Economic Review, American Economic Association, vol. 74(5), pages 1061-1066, December.
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    3. David W.R. Gruen, 1991. "The Effect of Steady Inflation on Interest Rates and the Real Exchange Rate in a World with Free Capital Flows," RBA Research Discussion Papers rdp9101, Reserve Bank of Australia.
    4. Auerbach, Alan J. & Hassett, Kevin, 1991. "Recent U.S. investment behavior and the tax reform act of 1986: A disaggregate view," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 35(1), pages 185-215, January.
    5. Sinn, Hans-Werner, 1991. "The non-neutrality of inflation for international capital movements," European Economic Review, Elsevier, vol. 35(1), pages 1-22, January.
    6. Ronald Macdonald & Mark P. Taylor, 1992. "Exchange Rate Economics: A Survey," IMF Staff Papers, Palgrave Macmillan, vol. 39(1), pages 1-57, March.
    7. Paul R. Masson & Ralph W. Tryon, 1990. "Macroeconomic Effects of Projected Population Aging in Industrial Countries," IMF Staff Papers, Palgrave Macmillan, vol. 37(3), pages 453-485, September.
    8. Julian S. Alworth & Wilhelm Fritz, 1988. "Capital mobility, the cost of capital under certainty and effective tax rates in Europe," Finnish Economic Papers, Finnish Economic Association, vol. 1(1), pages 25-42, Spring.
    9. Howard, David H. & Johnson, Karen H., 1982. "Interest rates, inflation, and taxes : The foreign connection," Economics Letters, Elsevier, vol. 9(2), pages 181-184.
    10. McClure, J. Harold, 1990. "Forward rate biases and inconsistencies with tax-modified fisher conditions," Economics Letters, Elsevier, vol. 32(1), pages 49-51, January.
    11. Hartman, David G, 1979. "Taxation and the Effects of Inflation on the Real Capital Stock in an Open Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(2), pages 417-425, June.
    12. David H. Howard & Karen H. Johnson, 1983. "Purchasing power parity and real after tax interest rate arbitrage," International Finance Discussion Papers 222, Board of Governors of the Federal Reserve System (U.S.).
    13. Darby, Michael R, 1975. "The Financial and Tax Effects of Monetary Policy on Interest Rates," Economic Inquiry, Western Economic Association International, vol. 13(2), pages 266-276, June.
    14. Martin Feldstein, 1983. "Inflation, Income Taxes, and the Rate of Interest: A Theoretical Analysis," NBER Chapters,in: Inflation, Tax Rules, and Capital Formation, pages 28-43 National Bureau of Economic Research, Inc.
    15. Tanzi, Vito, 1980. "Inflationary Expectations, Economic Activity, Taxes, and Interest Rates," American Economic Review, American Economic Association, vol. 70(1), pages 12-21, March.
    16. Schinasi, Garry J., 1988. "Taxation of capital gains on foreign exchange transactions and the non-neutrality of changes in anticipated inflation," Economics Letters, Elsevier, vol. 26(3), pages 277-280.
    17. Frederic S. Mishkin, 1984. "The Real Interest Rate: A Multi-Country Empirical Study," Canadian Journal of Economics, Canadian Economics Association, vol. 17(2), pages 283-311, May.
    18. Abuaf, Niso & Jorion, Philippe, 1990. " Purchasing Power Parity in the Long Run," Journal of Finance, American Finance Association, vol. 45(1), pages 157-174, March.
    19. BenZion, Uri & Weinblatt, J., 1984. "Purchasing power, interest rate parities and the modified Fisher effect in presence of tax agreements," Journal of International Money and Finance, Elsevier, vol. 3(1), pages 67-73, April.
    20. Gagnon, Joseph E & Unferth, Mark D, 1995. "Is there a world real interest rate?," Journal of International Money and Finance, Elsevier, vol. 14(6), pages 845-855, December.
    21. Gordon, Roger H, 1986. "Taxation of Investment and Savings in a World Economy," American Economic Review, American Economic Association, vol. 76(5), pages 1086-1102, December.
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    23. Auerbach, Alan J. & Hassett, Kevin, 1991. "Recent U.S. investment behavior and the tax reform act of 1986: A disaggregate view a rejoinder," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 35(1), pages 221-222, January.
    24. Hansson, Ingemar & Stuart, Charles, 1986. "The Fisher Hypothesis and International Capital Markets," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1330-1337, December.
    25. B. Douglas Bernheim, 1988. "Budget Deficits and the Balance of Trade," NBER Chapters,in: Tax Policy and the Economy: Volume 2, pages 1-32 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Razin, Assaf & Sadka, Efraim & Yuen, Chi-Wa, 1998. "A pecking order of capital inflows and international tax principles," Journal of International Economics, Elsevier, vol. 44(1), pages 45-68, February.
    2. Mihir A. Desai & James R. Hines, Jr., 1999. "Excess Capital Flows and the Burden of Inflation in Open Economies," NBER Chapters,in: The Costs and Benefits of Price Stability, pages 235-272 National Bureau of Economic Research, Inc.
    3. Kamiar Mohaddes & Mehdi Raissi, 2014. "Does Inflation Slow Long-Run Growth in India?," Cambridge Working Papers in Economics 1440, Faculty of Economics, University of Cambridge.
    4. Philip R. Lane & Gian Maria Milesi-Ferretti, 2002. "Long-Term Capital Movements," NBER Chapters,in: NBER Macroeconomics Annual 2001, Volume 16, pages 73-136 National Bureau of Economic Research, Inc.
    5. Edgar A. Ghossoub, 2015. "Inflation Thresholds and the Efficiency of the Banking Sector," Working Papers 0159eco, College of Business, University of Texas at San Antonio.
    6. Chudik, Alexander & Mohaddes, Kamiar & Pesaran, M. Hashem & Raissi, Mehdi, 2013. "Debt, inflation and growth robust estimation of long-run effects in dynamic panel data models," Globalization and Monetary Policy Institute Working Paper 162, Federal Reserve Bank of Dallas.
    7. Hwa-Taek Lee & Gawon Yoon, 2013. "Does purchasing power parity hold sometimes? Regime switching in real exchange rates," Applied Economics, Taylor & Francis Journals, vol. 45(16), pages 2279-2294, June.
    8. Darrel Cohen & Kevin Hassett & R. Glenn Hubbard, 1999. "Inflation and the User Cost of Capital: Does Inflation Still Matter?," NBER Chapters,in: The Costs and Benefits of Price Stability, pages 199-234 National Bureau of Economic Research, Inc.
    9. Assaf Razin & Efraim Sadka & Chi-Wa Yuen, 1996. "Tax Principles and Capital Inflows: Is It Efficient to Tax Nonresident Income?," NBER Working Papers 5513, National Bureau of Economic Research, Inc.

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