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- Publisher
- Springer Journals
- Copyright
- 1995 Japanese Economic Association
- ISSN
- 1352-4739
- eISSN
- 1468-5876
- DOI
- 10.1111/j.1468-5876.1995.tb00008.x
- Publisher site
- See Article on Publisher Site
Abstract
Abstract This paper analyses the optimal taxation of capital in a stochastically growing small open economy in which there is a perfect market for a traded bond. The analysis emphasizes the dependence of the optimal tax structure upon the policy rule guiding the growth of government expenditure, and its impact on the behaviour of private agents. In general three taxes, reflecting three required conditions, are necessary to attain the first-best optimum. The first is to correct for any externality caused by government expenditure; the second is to attain the optimal portfolio share; the third is to ensure that the government budget constraint is met.
Journal
The Japanese Economic Review – Springer Journals
Published: Jun 1, 1995
Keywords: economics, general; microeconomics; macroeconomics/monetary economics//financial economics; econometrics; development economics; economic history