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Savings and investment fiscal policies: A quantitative analysis for the Italian economy

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  • Ruocco, Anna

Abstract

This paper is mainly concerned with the real effects of different kinds of savings/investment incentives on the capital accumulation. Investment incentive programmes, at least in Italy, have been part of the Standard government budget for a long time. Therefore, especially from a policy-maker point of view, it is interesting to find out which are the quantitative impacts of these programmes. In particular the focus has been concentrated on: a) sector specific incentives to capital services; b) fiscal deductions on the income tax base and subsidies to purchasers of assets which qualify for the programme. These incentives schemes have been analysed performing numerical simulation of equal-yield tax changes within a general equilibrium growth model for Italy with overlapping generations. An intertemporal model has been used since the political discussion encompassing policy initiatives, such as the investment programmes, revolves around the steady-state effects rather than the static ones.

Suggested Citation

  • Ruocco, Anna, 1995. "Savings and investment fiscal policies: A quantitative analysis for the Italian economy," Tübinger Diskussionsbeiträge 49, University of Tübingen, School of Business and Economics.
  • Handle: RePEc:zbw:tuedps:49
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    References listed on IDEAS

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    1. Arnold C. Harberger, 1962. "The Incidence of the Corporation Income Tax," Journal of Political Economy, University of Chicago Press, vol. 70, pages 215-215.
    2. Martin Feldstein, 1974. "Incidence of a Capital Income Tax in a Growing Economy with Variable Savings Rates," Review of Economic Studies, Oxford University Press, vol. 41(4), pages 505-513.
    3. Robin W. Boadway & John M. Treddenick, 1978. "A General Equilibrium Computation of the Effects of the Canadian Tariff Structure," Canadian Journal of Economics, Canadian Economics Association, vol. 11(3), pages 424-446, August.
    4. Grieson, Ronald E., 1975. "The incidence of profits taxes in a neo-classical growth model," Journal of Public Economics, Elsevier, vol. 4(1), pages 75-85, February.
    5. Shoven, John B. & Whalley, John, 1972. "A general equilibrium calculation of the effects of differential taxation of income from capital in the U.S," Journal of Public Economics, Elsevier, vol. 1(3-4), pages 281-321, November.
    6. Franco, D. & Gokhale, J. & Guiso, L. & Kotlikoff, L.J. & Sartor, N., 1991. "Generational Accounting - The Case of Italy," Papers 18, Boston University - Department of Economics.
    7. Lawrence H. Summers, 1985. "Taxation and the Size and Composition of the Capital Stock: An Asset Price Approach," NBER Working Papers 1709, National Bureau of Economic Research, Inc.
    8. Shoven, John B, 1976. "The Incidence and Efficiency Effects of Taxes on Income from Capital," Journal of Political Economy, University of Chicago Press, vol. 84(6), pages 1261-1283, December.
    9. Robert E. Lucas & Jr., 1967. "Adjustment Costs and the Theory of Supply," Journal of Political Economy, University of Chicago Press, vol. 75, pages 321-321.
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