Taxation, bank leverage, and financial crises / Ruud de Mooij, Michael Keen, and Masanori Orihara.
"That most corporate tax systems favor debt over equity finance is now widely recognized as, potentially, amplifying risks to financial stability. This paper makes a first attempt to explore, empirically, the link between this tax bias and the probability of financial crisis. It finds that grea...
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| Online Access: | Electronic book from EBSCO |
|---|---|
| Main Author: | |
| Other Authors: | |
| Format: | eBook |
| Language: | English |
| Published: | [Washington, D.C.] : International Monetary Fund, Ã2013. |
| Series: | IMF working paper ;
WP/13/48. |
| Subjects: |
| LEADER | 03775cam a2200481Ia 4500 | ||
|---|---|---|---|
| 001 | ocn828442785 | ||
| 003 | OCoLC | ||
| 005 | 20220818213019.0 | ||
| 006 | m o d | ||
| 007 | cr cnu---unuuu | ||
| 008 | 130225s2013 dcua ob i000 0 eng d | ||
| 040 | |a DJB |b eng |e pn |c DJB |d N$T |d CUS |d OCLCA |d EBLCP |d OCLCF |d OCLCQ |d E7B |d YDXCP |d OCLCQ |d AGLDB |d MERUC |d OCLCA |d OCLCQ |d CEF |d AU@ |d OCLCQ |d STF |d OL$ |d OCLCQ |d OCLCO | ||
| 020 | |a 9781475521849 |q (electronic bk.) | ||
| 020 | |a 1475521847 |q (electronic bk.) | ||
| 035 | |a (OCoLC)828442785 |z (OCoLC)837168884 | ||
| 050 | 4 | |a HG3881.5.I58 |b W67 No. 13/48eb | |
| 082 | 0 | 4 | |a 336.2 |2 23 |
| 049 | |a LAFW | ||
| 100 | 1 | |a Mooij, Ruud A. de, |e author. | |
| 245 | 1 | 0 | |a Taxation, bank leverage, and financial crises / |c Ruud de Mooij, Michael Keen, and Masanori Orihara. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c Ã2013. | ||
| 300 | |a 1 online resource (26 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/13/48 | |
| 500 | |a Title from PDF title page (IMF Web site, viewed Feb. 25, 2013). | ||
| 500 | |a "Fiscal Affairs Department"--Page 2 of pdf. | ||
| 500 | |a "February 2013"--Page 2 of pdf. | ||
| 520 | |a "That most corporate tax systems favor debt over equity finance is now widely recognized as, potentially, amplifying risks to financial stability. This paper makes a first attempt to explore, empirically, the link between this tax bias and the probability of financial crisis. It finds that greater tax bias is associated with significantly higher aggregate bank leverage, and that this in turn is associated with a significantly greater chance of crisis. The implication is that tax bias makes crises much more likely, and, conversely, that the welfare gains from policies to alleviate it can be substantial - far greater than previous studies, which have ignored financial stability considerations, suggest"--Abstract. | ||
| 504 | |a Includes bibliographical references (pages 23-25). | ||
| 505 | 0 | |a Cover; Contents; I. Introduction; II. Methodology and Data; A. The Effect of Taxation on Leverage; B. The Effect of Leverage on the Probability of Banking Crisis; Tables; 1. Partition of Banks by Size; C. Simulating Tax Effects on the Probability of Crisis; III. Results; A. The Effect of Taxation on Leverage; 2. Effect of Tax on Leverage: Bank-level Data; 3. Estimated Effect of Tax on Bank Leverage for Alternative Size Groups; 4. Effect of Tax on Leverage: Country-level Data; B. The Effect of Leverage on the Probability of Banking Crisis. | |
| 505 | 8 | |a 5. Effect of Leverage on the Odds Ratio of a Banking Crisis6. Marginal Impact of Leverage on the Probability of Banking Crisis; IV. Policy Simulations; Figure 1. Relationship between Initial Leverage and the Probability of Banking Crisis; 7. Marginal Impact of Tax on the Probability of Banking Crisis; 8. Simulated 4-year Cumulative Expected Output Gain of Three Tax Reforms; V. Conclusion; Appendix 1. Data; Table A1. Summary Statistics of Data in the Leverage Regression using Micro Data; Table A2. Summary Statistics of Data in the Regressions using Macro Data; References. | |
| 506 | |a Access limited to authorized users. | ||
| 650 | 0 | |a Taxation. | |
| 650 | 0 | |a Financial leverage. | |
| 650 | 0 | |a Financial crises. | |
| 700 | 1 | |a Keen, Michael, |e author. | |
| 700 | 1 | |a Orihara, Masanori, |e author. | |
| 710 | 2 | |a International Monetary Fund, |e issuing body. | |
| 773 | |t EBSCOhost Ebook Collection. | ||
| 830 | 0 | |a IMF working paper ; |v WP/13/48. | |
| 856 | 4 | 0 | |u http://ezproxy.lafayette.edu/login?url=https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=561236 |z Electronic book from EBSCO |