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Is international tax competition only about taxes? A market-based perspective

Author

Listed:
  • Céline Azémar

    (Adam Smith Business School - University of Glasgow, ESC [Rennes] - ESC Rennes School of Business)

  • Rodolphe Desbordes

    (SKEMA Business School)

  • Ian Wooton

    (University of Strathclyde [Glasgow])

Abstract

This paper revisits tax competition among governments for foreign direct investment (FDI) by considering the role played by the economic dynamism of competitors on the setting of corporate tax rates (CTRs). Using a database with worldwide coverage over the period 1995–2014, we find that strong growth performance of neighbouring countries is associated with a lower CTR, especially in developed countries. This spatial effect is particularly manifest if competing countries are large and open to capital flows. These results appear to hold in most regions of the world and suggest that governments perceive foreign economic dynamism as a threat, leading them to reduce their CTRs to maintain their FDI attractiveness.

Suggested Citation

  • Céline Azémar & Rodolphe Desbordes & Ian Wooton, 2020. "Is international tax competition only about taxes? A market-based perspective," Post-Print hal-03163896, HAL.
  • Handle: RePEc:hal:journl:hal-03163896
    DOI: 10.1016/j.jce.2020.05.002
    Note: View the original document on HAL open archive server: https://hal-rennes-sb.archives-ouvertes.fr/hal-03163896
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    Keywords

    Tax competition; Country size; Foreign direct investment; Developing countries; Free-trade zones; Spatial lag;
    All these keywords.

    JEL classification:

    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy
    • F23 - International Economics - - International Factor Movements and International Business - - - Multinational Firms; International Business
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies

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