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Author: Masahiro Kawai
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Author: Masahiro Kawai
Publisher:
ISBN:
Category :
Languages : en
Pages : 39
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Book Description
Author: Masahiro Kawai
Publisher:
ISBN:
Category :
Languages : en
Pages : 37
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Author: Masahiro Kawai
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 29
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Author: Ary Lans Bovenberg
Publisher:
ISBN:
Category : Balance of trade
Languages : en
Pages : 70
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Book Description
This paper uses a dynamic computable general equilibrium model to compare, in an economy open to international capital flows, the effects of two U.S. policies intended to promote domestic capital formation. The two policies -- the introduction of an investment tax credit (ITC) and a reduction in the statutory corporate income tax rate -- differ in their treatment of old (existing) and new capital. The model features adjustment dynamics, intertemporal optimization by U.S. and foreign households and firms endowed with model-consistent expectations, imperfect substitution between domestic and foreign assets in portfolios, an integrated treatment of the current and capital accounts of the balance of payments, and industry disaggregation in the United States. We find that the two policies (scaled to imply the same revenue cost) differ in their consequences for foreign and domestic welfare, the balance of payments accounts, international competitiveness, and U.S. industrial structure. The ITC produces larger domestic welfare gains because it is more effective in reducing intertemporal distortions, while the two policies have similar implications for intersectoral efficiency. From the point of view of domestic welfare, the relative attractiveness of the ITC is enhanced when international capital mobility is taken into account, a reflection of international transfers of wealth associated with foreign ownership of part of the U.S. capital stock. Whereas reducing the corporate tax rate improves the trade balance initially, introducing the ITC causes a deterioration of the trade balance in the short run. Reflecting a lower real exchange rate, export-oriented sectors perform better relative to non-tradable industries under a lower corporate tax rate than in the presence of the lTC, especially in the short run.
Author: W. J. Jansen
Publisher: Purdue University Press
ISBN:
Category : Business & Economics
Languages : en
Pages : 250
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International financial transactions have become less regulated and less costly over the past two decades. This study, consisting of two parts, examines several issues related to this increase in international capital mobility. The first part is devoted to the estimation of the correlation of saving and investment, which should be zero under capital mobility, according to Feldstein and Horioka. Questions, addressed are: What are the implications of the intertemporal budget constraint? Should time series analysis or cross-section analysis be used? The second part of the study focuses on the mean-variance portfolio model, which is an important benchmark model in financial economics but is strongly rejected in empirical tests. Here questions include: Can capital controls explain why the mean-variance model performs so badly? What is the role of adjustment costs?
Author: Anthony J. Makin
Publisher: Springer
ISBN: 0230379095
Category : Business & Economics
Languages : en
Pages : 157
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This book examines the causes, consequences and policy significance of international capital movements and nations' external account imbalances. Traditional theoretical approaches to balance of payments analysis, such as the classical, elasticities, absorption, monetary and Mundell-Fleming models are critically evaluated against an extended international macroeconomic accounting framework. More meaningful capital theoretic models then link saving, investment and foreign capital movements to highlight the macroeconomic gains from international capital mobility and international trade in saving.
Author: Leonardo Leiderman
Publisher: Cambridge University Press
ISBN: 9780521454384
Category : Business & Economics
Languages : en
Pages : 400
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This edited volume examines capital mobility in both industrialised and developing countries.
Author:
Publisher:
ISBN:
Category : Econometric models
Languages : en
Pages : 366
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Author: Kyoji Fukao
Publisher:
ISBN:
Category : Consumption (Economics)
Languages : en
Pages : 56
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Author:
Publisher:
ISBN:
Category : Economic development
Languages : en
Pages : 606
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