English, Article, Journal or magazine article edition: Internationalisation of Financial Markets: Some Implications for Macroeconomic Policy and for the Allocation of Capital Mitsuhiro Fukao; Masaharu Hanazaki

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Bookmark: http://trove.nla.gov.au/version/137049
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Internationalisation of Financial Markets: Some Implications for Macroeconomic Policy and for the Allocation of Capital
Author
  • Mitsuhiro Fukao
  • Masaharu Hanazaki
Physical Description
  • preprint
Notes
  • This paper analyses the effects of the internationalisation of financial markets on the conduct of macroeconomic policy and the allocation of capital. It first examines the increased integration between domestic and external (or "Euro") financial markets and the recent tendency towards convergence of real interest rates among financially open countries. After briefly touching on the macro policy consequences of financial internationalisation, the paper then deals with long-term implications for the international allocation of capital, with special emphasis on the existence of tax distortions. Using estimated tax wedges for business investment and the supply block of the INTERLINK system, it shows that, under integrated financial markets, the existing tax distortions could generate a large imbalance in the net external asset position which involves a significant welfare cost ... Ce document analyse les effets de l'internationalisation des marchés financiers sur la conduite de politique économique et la répartition du capital. Il examine tout d'abord l'intégration croissante entre les marchés financiers domestiques et internationaux (ou Euro-marchés), et la tendance récente à la convergence des taux d'intérêt réels entre les pays financièrement ouverts. Après une brève analyse des conséquences de l'internationalisation financière pour la politique économique, ce document examine les implications à long terme de la répartition internationale du capital en insistant sur l'existence de distorsions fiscales. A partir d'estimations des "coins fiscaux" pour l'investissement et à l'aide du bloc d'offre du modèle INTERLINK, ce document montre que, dans le cadre de marchés financiers intégrés, les distorsions existantes dans les systèmes d'imposition peuvent engendrer un large déséquilibre de la position extérieure nette impliquant un coût social significatif ...
  • RePEc:oec:ecoaaa:37-en
Language
  • English
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