BANKS, DEBT AND RISK: ASSESSING THE SPILLOVERS OF CORPORATE TAXES.
We find evidence of tax‐driven strategic allocation of debt and asset risk across group entities of European banks. We evaluate the effects that establishing tax neutrality between debt and equity finance has on systemic risk, and show that the degree of coordination in implementing the hypothetical...
| Publicado en: | Economic Inquiry Vol. 58; no. 2; pp. 1023 - 1045 |
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| Autores principales: | , , |
| Formato: | Artículo |
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Wiley-Blackwell
Apr2020
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=141784815&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 141784815 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: Y pubinfo: dt: Apr2020 vid: 58 iid: 2 pid: 480 pub: Wiley-Blackwell artinfo: ui: 141784815 10.1111/ecin.12827 ppf: 1023 ppct: 22 formats: fmt: – @attributes: type: T – @attributes: type: C – @attributes: type: P size: 433KB tig: atl: BANKS, DEBT AND RISK: ASSESSING THE SPILLOVERS OF CORPORATE TAXES. aug: au: Fatica, Serena Heynderickx, Wouter Pagano, Andrea affil: European Commission, Joint Research Centre (JRC), I‐21027, Ispra, Italy su: Externalities Corporate taxes Bank loans Tax reform sug: subj: Externalities Consumer Lending Corporate taxes Bank loans Tax reform ab: We find evidence of tax‐driven strategic allocation of debt and asset risk across group entities of European banks. We evaluate the effects that establishing tax neutrality between debt and equity finance has on systemic risk, and show that the degree of coordination in implementing the hypothetical tax reform matters. In particular, a coordinated elimination of the tax advantage of debt would significantly reduce systemic losses in the event of a severe banking crisis. By contrast, uncoordinated tax reforms are not equally beneficial precisely because national tax policies generate spillovers through cross‐border bank activities. pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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