Taxation and "Abnormal" International Capital Flows
Taxation and "Abnormal" International Capital Flows
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税收与“异常”国际资本流动
DOI：
10.1086/260588
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发表时间：
1977
影响因子：
8.2
通讯作者：
M. Levi
中科院分区：
文献类型：
--
作者：
M. Levi
如果在国内和国外货币和资本市场工具之间的选择是基于覆盖收益率，资金将普遍流向一个方向，从最小的激励因素到最高收益率的工具。这篇论文展示了不同税率对利息和汇兑收益的影响，这两个因素是外汇收益率的两个组成部分。通过参考美国和加拿大的情况，我们可以观察到两国的纳税人如何同时购买对方的证券，或者同时购买自己的国内证券。它还显示了我们如何发现两国的纳税人购买了税前收益率较低的证券。
If the choice of domestic versus foreign money and capital market instruments was on the basis of covered yields, funds would universally flow in one direction, from the smallest incentive, to the instruments of highest yields. This paper shows the consequences of different rates of taxation on interest and on exchange gains, the two components of foreign yields. By reference to the U.S.-Canadian situation it is shown how we might observe taxpayers in both countries simultaneously buying securities of the other, or simultaneously buying their own domestic securities. It is also shown how we might find taxpayers of both countries buying the securities with the lower pretax yields.