haku: @indexterm Borrowing / yhteensä: 136
viite: 24 / 136
Tekijä: | Chamley. C. |
Otsikko: | Capital income taxation, wealth distribution and borrowing constraints |
Lehti: | Journal of Public Economics
2001 : JAN, VOL. 79:1, p. 55-69 |
Asiasana: | BORROWING CAPITAL INCOME TAX DISTRIBUTION OF WEALTH |
Kieli: | eng |
Tiivistelmä: | The theorem of zero taxation of capital income is reexamined and is shown to hinge critically on the assumptions of a long horizon and perfect markets for the inter-temporal allocation of resources. The theorem does not hold when borrowing constraints prevent individuals from insuring against idiosyncratic shocks and have a precautionary motive for savings. Structural assumptions are made such that with no taxation, aggregate savings are socially "excessive" in the long-run, i.e. the rate of return is smaller than the discount rate. |
SCIMA