Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes
Harry P. Huizinga
Jan J.G. Lemmen
Sylvester C.W. Eijffinger
This paper examines the incidence of nonresident interest withholding taxes in the international 3-month Treasury-bill market and the international 5-year government bond market. The approach is one of the pooled cross-section, time-series regressions. The evidence suggests that the yields on national Treasury-bill and on 5-year government bonds fully reflect the nonresident interest withholding taxes imposed on American or Japanese investors. Nonresident interest withholding taxes on short-term and long-term government debt thus do not appear to be borne by the international investor.
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