Taxation of Investment and Savings in a World Economy

Roger Gordon

American Economic Review, 1986, vol. 76, issue 5, 1086-1102

Abstract: The equilibrium of capital and equilibrium market prices are derived for a world economy with a unified securities market, mobile capital, no uncertainty, and varying tax rates on different sources of income in each country. The paper then characterizes optimal tax rates for a small country in this setting, focusing on the peculiar incentives created when the before-tax rate of return differs among securities due to differences in their typical tax treatment. Copyright 1986 by American Economic Association.

Date: 1986
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