English, Article, Journal or magazine article edition: Taxation of Asset Income in the Presence of a World Securites Market Roger H. Gordon; Hal R. Varian

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Bookmark: http://trove.nla.gov.au/version/139991
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Taxation of Asset Income in the Presence of a World Securites Market
Author
  • Roger H. Gordon
  • Hal R. Varian
Physical Description
  • preprint
Notes
  • This paper shows, using a standard CAPM model of security prices in a world market, that even small countries can affect the price of domestically issued risky securities, while large countries can affect the prices of all securities. As a result, countries have the incentive to set tax rates such that in equilibrium investors specialize in domestic securities, and net capital flows between countries are restricted. Each country does this to increase the utility of domestic residents, taking as given the tax policies of other governments, but the net outcome is a reduction in world efficiency and likely a reduction in the utility of all individuals.
  • RePEc:nbr:nberwo:1994
Language
  • English
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