The Impact of Taxation on the Currency-of-Denomination Decision for Long-Term Foreign Borrowing and Lending

Alan C Shapiro
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Alan C Shapiro: University of Southern California

Journal of International Business Studies, 1984, vol. 15, issue 1, 15-25

Abstract: This paper shows the distorting effects of different tax regulations on the effective absolute and relative costs of long-term borrowing in different currencies. In particular, if expected borrowing costs are equal before tax, then the process of minimizing expected after-tax borrowing costs generally involves borrowing the weakest currency.© 1984 JIBS. Journal of International Business Studies (1984) 15, 15–25

Date: 1984
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