Measuring the impact of financial taxation on capital: Evidence from chilean manufacturing plants
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Archivos
Fecha
2019
Profesor/a Guía
Facultad/escuela
Idioma
en
Título de la revista
ISSN de la revista
Título del volumen
Editor
Journal of Applied Economics
Nombre de Curso
Licencia CC
Atribución-NoComercial 4.0 Internacional (CC BY-NC 4.0)
Licencia CC
https://creativecommons.org/licenses/by-nc/4.0/
Resumen
Using panel data from Chilean manufacturing plants, we estimate the impact of a stamp tax, levied on loans by financial institutions, on capital stock. Our results show that the tax has a statistically significant negative effect on the stock of capital. Specifically, we find that a rise of one percentage point in the financial tax rate decreases the stock of capital by about 4%. We also find that the impact on firms is heterogeneous, depending on the intensity of the different types of capital they hold. In particular, the demand for capital from firms with a higher percentage of structural assets, such as land and buildings, is relatively less affected by the tax.
Notas
Indexación Scopus
Palabras clave
Financial transaction tax, Manufacturing industry, Stock of capital
Citación
Journal of Applied Economics Volume 22, Issue 1, Pages 23 - 39 2019
DOI
10.1080/15140326.2018.1526866