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Optimal Debt Bias in Corporate Income Taxation
Simon, Jenny - 2015
I present a rationale for a government to discriminate between debt and equity financing when taxing corporate income. For risk-averse entrepreneurs, equity generates more surplus than debt, because it provides financing and insurance. A government seeking to extract surplus from entrepreneurs...
Persistent link: https://www.econbiz.de/10013011801
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Taxation and the Optimal Constraint on Corporate Debt Finance
Birch Sørensen, Peter - 2014
The tax bias in favour of debt finance under the corporate income tax means that corporate debt ratios exceed the socially optimal level. This creates a rationale for thin-capitalization rules limiting the amount of debt that qualifies for interest deductibility. This paper sets up a model of...
Persistent link: https://www.econbiz.de/10013039997
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Evaluating the Effects of ACE Systems on Multinational Debt Financing and Investment
Hebous, Shafik - 2015
Theory recommends aligning the tax treatment of debt and equity. A few countries, notably Belgium, have introduced an …
Persistent link: https://www.econbiz.de/10013021715
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Exchange Rate Linkages between the ASEAN Currencies, the US Dollar and the Chinese RMB
Caporale, Guglielmo Maria - 2016
This paper investigates whether the RMB is in the process of replacing the US dollar as the anchor currency in nine ASEAN countries, and also the linkages between the ASEAN currencies and a regional currency unit. A long-memory (fractional integration) model allowing for endogenously determined...
Persistent link: https://www.econbiz.de/10012985392
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The U.S. Dollar Exchange Rate and the Demand for Oil
De Schryder, Selien - 2013
Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be much larger than the impact of a shift in the...
Persistent link: https://www.econbiz.de/10013086048
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The Signaling Channel of Central Bank Interventions : Modelling the Yen/US Dollar Exchange Rate
Chen, Yu-Fu - 2013
This paper presents a theoretical framework analyzing the signalling channel of exchange rate interventions as an informational trigger. We develop an implicit target zone framework with learning in order to model the signalling channel. The theoretical premise of the model is that interventions...
Persistent link: https://www.econbiz.de/10013092279
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China's Exchange Rate Impasse and the Weak U.S. Dollar
McKinnon, Ronald; Schnabl, Gunther - 2021
Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar, and this one-way bet has led to a loss of domestic monetary control. Combined with a more general flight from the U.S. dollar, the resulting monetary explosion in China...
Persistent link: https://www.econbiz.de/10013316479
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Long Memory and Fractional Integration in High Frequency Data on the US Dollar/British Pound Spot Exchange Rate
Caporale, Guglielmo Maria - 2013
This paper analyses the long-memory properties of a high-frequency financial time series dataset. It focuses on temporal aggregation and other features of the data, and how they might affect the degree of dependence of the series. Fractional integration or I(d) models are estimated with a...
Persistent link: https://www.econbiz.de/10013082343
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The Undisclosed Renminbi Basket : Are the Markets Telling Us Something About Where the Renminbi-US Dollar Exchange Rate is Going?
Funke, Michael - 2013
On 21 July 2005 China adopted an undisclosed basket exchange rate regime. We formally assess and envisage the gradual evolution of the renminbi over time. We utilize nonlinear dependencies in the renminbi exchange rate and describe the smooth transition of the renminbi/U.S. dollar (RMB/USD)...
Persistent link: https://www.econbiz.de/10012753619
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Indian Entrepreneurial Success in the United States, Canada and the United Kingdom
Fairlie, Robert W.; Krashinsky, Harry A.; … - 2021
Kingdom and Canada -- we examine the performance of Indian entrepreneurs and explanations for their success. We find that … Canada, Indian entrepreneurs have average earnings slightly below the national average but they are more likely to hire … Canada and the United Kingdom contributing less to their entrepreneurial success …
Persistent link: https://www.econbiz.de/10013315668