IDEAS home Printed from https://ideas.repec.org/a/ksa/szemle/647.html
   My bibliography  Save this article

Infláció, tőkeköltség és a magyar tulajdonosok versenyhátránya
[Inflation, capital costs and the competitive disadvantage of Hungarian owners]

Author

Listed:
  • Radó, Márk

Abstract

A várható infláció és az elvárt hozamok közti viszony leírására általánosan használt Fisher-képlet teljesen eltekint az adóhatásoktól, emiatt nem tekinthető általános érvényűnek. A valóságos viszony leírására alkalmasabbak lehetnek más, az adóhatásokat explicit módon figyelembe vevő elméletek. Az adóhatások nem egyenlő mértékben érintik a Magyarországon működő vállalatokat és azok tulajdonosait. A magyar tulajdonosok számára olyan adóköteles inflációs árfolyamnyereség keletkezik, amely a külföldi tulajdonosoknál nem jelentkezik. Ennek következtében a befektetők szintjén megegyező adózott reálhozam-követelmény ellenére a különböző tulajdonosi összetételű vállalatok eltérő tőkeköltséggel szembesülhetnek, a magyar tulajdonosi háttér esetén a vállalatok egyértelmű versenyhátrányban vannak. A jelenség az infláció nagyságával arányos, és az infláció csökkenésével fokozatosan eltűnik - becsléseink szerint a kilencvenes évek eleje óta a tőkeköltségbeli különbség 2-3 százalékról mintegy 0,5 százalékra csökkent, ami a magyar tulajdonú vállalatok e téren jelentkező versenyhátrányát jelentősen mérsékelte. Az inflációs árfolyamnyereség megadóztatásának kérdése azonban továbbra is jelen van a magyar adórendszerben. Ennek a problémának a megoldása pozitívan járulna hozzá a magyar tőkeakkumulációhoz.* Journal of Economics Literature (JEL) kód: G31 G3, H21.

Suggested Citation

  • Radó, Márk, 2003. "Infláció, tőkeköltség és a magyar tulajdonosok versenyhátránya [Inflation, capital costs and the competitive disadvantage of Hungarian owners]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 964-987.
  • Handle: RePEc:ksa:szemle:647
    as

    Download full text from publisher

    File URL: http://www.kszemle.hu/tartalom/letoltes.php?id=647
    Download Restriction: Registration and subscription. 3-month embargo period to non-subscribers.
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Evans, Martin D D & Lewis, Karen K, 1995. "Do Expected Shifts in Inflation Affect Estimates of the Long-Run Fisher Relation?," Journal of Finance, American Finance Association, vol. 50(1), pages 225-253, March.
    2. Fama, Eugene F, 1975. "Short-Term Interest Rates as Predictors of Inflation," American Economic Review, American Economic Association, vol. 65(3), pages 269-282, June.
    3. Carmichael, Jeffrey & Stebbing, Peter W, 1983. "Fisher's Paradox and the Theory of Interest," American Economic Review, American Economic Association, vol. 73(4), pages 619-630, September.
    4. Mishkin, Frederic S., 1992. "Is the Fisher effect for real? : A reexamination of the relationship between inflation and interest rates," Journal of Monetary Economics, Elsevier, vol. 30(2), pages 195-215, November.
    5. Jaffe, Jeffrey F., 1985. "Inflation, the Interest Rate, and the Required Return on Equity," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 20(1), pages 29-44, March.
    6. 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.
    7. Miles, James A, 1983. "Taxes and the Fisher Effect: A Clarifying Analysis," Journal of Finance, American Finance Association, vol. 38(1), pages 67-77, March.
    8. Woodward, G Thomas, 1992. "Evidence of the Fisher Effect from U.K. Indexed Bonds," The Review of Economics and Statistics, MIT Press, vol. 74(2), pages 315-320, May.
    9. 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.
    10. Gandolfi, Arthur E, 1982. "Inflation, Taxation, and Interest Rates," Journal of Finance, American Finance Association, vol. 37(3), pages 797-807, June.
    11. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-275, May.
    12. Tanzi, Vito, 1980. "Inflationary Expectations, Economic Activity, Taxes, and Interest Rates," American Economic Review, American Economic Association, vol. 70(1), pages 12-21, March.
    13. Fisher, Irving, 1907. "The Rate of Interest," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number fisher1907.
    14. Sadhana Alangar & Scott Hein, 1999. "Nominal interest rates, expected inflation and varying marginal income tax rates," Applied Financial Economics, Taylor & Francis Journals, vol. 9(2), pages 209-214.
    15. Robert Mundell, 1963. "Inflation and Real Interest," Journal of Political Economy, University of Chicago Press, vol. 71, pages 280-280.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Peter Kehinde, Mogaji, 2010. "Fisher Effect and the Relationship between Nominal Interest Rates and Inflation: The Case of Nigeria," MPRA Paper 98760, University Library of Munich, Germany.
    2. Dong-Hyeon Kim & Shu-Chin Lin & Joyce Hsieh & Yu-Bo Suen, 2018. "The Fisher Equation: A Nonlinear Panel Data Approach," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 54(1), pages 162-180, January.
    3. S, Surayya, 2018. "Alternative Specifications of Fisher Hypothesis: An Empirical Investigation," MPRA Paper 90320, University Library of Munich, Germany.
    4. Anari, Ali & Kolari, James, 2016. "Dynamics of interest and inflation rates," Journal of Empirical Finance, Elsevier, vol. 39(PA), pages 129-144.
    5. Anari, Ali & Kolari, James, 2019. "The Fisher puzzle, real rate anomaly, and Wicksell effect," Journal of Empirical Finance, Elsevier, vol. 52(C), pages 128-148.
    6. Arnold, Stephan & Auer, Benjamin R., 2015. "What do scientists know about inflation hedging?," The North American Journal of Economics and Finance, Elsevier, vol. 34(C), pages 187-214.
    7. Joakim Westerlund, 2008. "Panel cointegration tests of the Fisher effect," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 23(2), pages 193-233.
    8. İsmet Göçer & Serdar Ongan, 2020. "Asymmetric Impacts of Inflation on the US Bond Rates and FED’s Pre-Emptive Policy," Econometric Research in Finance, SGH Warsaw School of Economics, Collegium of Economic Analysis, vol. 5(2), pages 143-157, December.
    9. Karen K. Lewis & Martin D. Evans, 1992. "Do Expected Shifts in Inflation Policy Affect Real Rates?," NBER Working Papers 4134, National Bureau of Economic Research, Inc.
    10. Somayeh Madadpour & Mohsen Asgari, 2019. "The puzzling relationship between stocks return and inflation: a review article," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 66(2), pages 115-145, June.
    11. John H. Makin, 1981. "Real Interest, Money Surprises and Anticipated Inflation," NBER Working Papers 0818, National Bureau of Economic Research, Inc.
    12. 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.
    13. Harun UCAK & Ilhan OZTURK & Alper ASLAN, 2014. "An Examination of Fisher Effect for Selected New EU Member States," International Journal of Economics and Financial Issues, Econjournals, vol. 4(4), pages 956-959.
    14. Sinn, Hans-Werner, 1991. "The non-neutrality of inflation for international capital movements," European Economic Review, Elsevier, vol. 35(1), pages 1-22, January.
    15. Gylfason, Thorvaldur & Tómasson, Helgi & Zoega, Gylfi, 2016. "Around the world with Irving Fisher," The North American Journal of Economics and Finance, Elsevier, vol. 36(C), pages 232-243.
    16. Guglielmo Maria Caporale & Luis A. Gil-Alana, 2017. "Testing the Fisher Hypothesis in the G-7 Countries Using I(d) Techniques," CESifo Working Paper Series 6482, CESifo.
    17. Christopher J. Neely & David E. Rapach, 2008. "Real interest rate persistence: evidence and implications," Review, Federal Reserve Bank of St. Louis, vol. 90(Nov), pages 609-642.
    18. Caporale, Guglielmo Maria & Gil-Alaña, Luis, 2019. "Testing the Fisher hypothesis in the G-7 countries using I(d) techniques," International Economics, Elsevier, vol. 159(C), pages 140-150.
    19. Booth, G. Geoffrey & Ciner, Cetin, 2001. "The relationship between nominal interest rates and inflation: international evidence," Journal of Multinational Financial Management, Elsevier, vol. 11(3), pages 269-280, July.
    20. Alam, Md. Mahmudul & Alam, Kazi Ashraful & Shuvo, Anisuzzaman, 2019. "An Empirical Evidence of International Fisher Effect in Bangladesh with India and China: A Time-Series Approach," OSF Preprints un95z, Center for Open Science.

    More about this item

    JEL classification:

    • G31 - Financial Economics - - Corporate Finance and Governance - - - Capital Budgeting; Fixed Investment and Inventory Studies
    • G3 - Financial Economics - - Corporate Finance and Governance
    • H21 - Public Economics - - Taxation, Subsidies, and Revenue - - - Efficiency; Optimal Taxation

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ksa:szemle:647. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Odon Sok). General contact details of provider: http://www.kszemle.hu .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.