Correa, Juan A.Lorca, MiguelParro, Francisco2023-06-022023-06-022019Journal of Applied Economics Volume 22, Issue 1, Pages 23 - 39 20191514-0326https://repositorio.unab.cl/xmlui/handle/ria/50291Indexación ScopusUsing 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.enFinancial transaction taxManufacturing industryStock of capitalArtículoAtribución-NoComercial 4.0 Internacional (CC BY-NC 4.0)10.1080/15140326.2018.1526866