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Inversión Privada e Impuestos Corporativos: Evidencia para Chile

  • Rodrigo Cerda


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

  • Felipe Larraín


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

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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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
Date of revision:
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. 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.
  2. Alvaro Bustos & Eduardo Engel & Alexander Galetovic, 2002. "Could Higher Taxes Increase the Long-Run Demand for Capital?: Theory and Evidences for Chile," Documentos de Trabajo 145, Centro de Economía Aplicada, Universidad de Chile.
  3. 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.
  4. 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.
  5. Rodrigo Vergara, 2004. "Taxation and Private Investment: Evidence for Chile," Documentos de Trabajo 268, Instituto de Economia. Pontificia Universidad Católica de Chile..
  6. 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.
  7. 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.
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