Public debts capitalize into property prices: empirical evidence for a new perspective on debt incidence
Public debts capitalize into property prices: empirical evidence for a new perspective on debt incidence
复制标题
公共债务资本化为房地产价格：债务发生率新视角的经验证据
DOI：
10.1007/s10797-013-9276-x
复制
发表时间：
2014
影响因子：
1
通讯作者：
R. Eichenberger
中科院分区：
文献类型：
--
作者：
D. Stadelmann;R. Eichenberger
在拥有合理移动的个人的经济体中，对房地产的需求取决于当前以及未来的税收和公共服务。因此，目前的公共净债务水平，即公共债务减去资产，应该转化为房地产价格。虽然债务资本化在学术文献和政策辩论中被不适当地忽视，但瑞士苏黎世州为确定债务资本化提供了一个制度环境。我们的研究结果表明，公共净债务资本化到房地产价格。债务资本化的程度似乎很大，但在估计战略上差异很大。债务资本化的存在为债务发生率提供了新的视角。
In economies with reasonably mobile individuals, the demand for property depends on current as well as future taxes and public services. As a consequence, the current level of public net debts, i.e. public debts minus assets, should capitalize into property prices. While debt capitalization has been unduly disregarded in the academic literature and policy debates, the Swiss Canton of Zurich provides an institutional setting for identification. Our results imply that public net debts capitalize into property prices. The extent of debt capitalization seems to be substantial but it widely varies over estimation strategies. The existence of debt capitalization offers new perspectives on debt incidence.
影响因子：
8.2
作者：
TIEBOUT, CM
通讯作者：
TIEBOUT, CM