Exchange Rates and Taxes
Exchange Rates and Taxes
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汇率和税收
DOI：
10.3386/w1350
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发表时间：
1984
期刊：
影响因子：
--
通讯作者：
John H. Makin
中科院分区：
文献类型：
--
作者：
John H. Makin
本文表明，不同的税率对利息收入和外汇收益可能会偏见的假设检验结果的关键方面的汇率行为。具体讨论了两个问题。首先，它表明，省略税收的考虑可能会偏向测试的未覆盖的利率平价条件接受的“风险溢价”的假设，有条件的交易所市场效率。第二，汇率的合理解取决于两种制度：（1）国内外利息收入和外汇损益的税率;（2）中央银行对外汇市场的干预程度及其对货币基础的影响的冲销。
This paper demonstrates that different rates of taxation on interest income and exchange gains may bias results of hypothesis testing regarding critical aspects of exchange rate behavior. Two problems are discussed specifically. First, it is shown that omission of tax considerations may bias tests of the uncovered interest parity condition toward acceptance of a "risk premium" hypothesis, conditional on exchange market efficiency. Second it is shown that a rational solution for the exchange rate conditions the relationship between an exchange rate and its determinants on two regimes: (1) tax rates on interest income and foreign exchange gains and losses at home and abroad and (2) the degree of foreign exchange market intervention and sterilization of its effects on the monetary base practiced by central banks.