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15 results, from 1
  • Diskussionspapiere 1933 / 2021

    Measuring Unmeasurable: How to Map Laws to Numbers Using Leximetrics

    As the institutional literature convincingly shows, socioeconomic phenomena are to a large extent shaped by the formal institutions, that is, legal acts (laws and ordinances). However, the latter are formulated in a specific language that is difficult to understand, let alone to measure. However, since the early 1990s, a whole branch of economic analysis of governmental regulations has evolved. It is ...

    2021| Konstantin A. Kholodilin, Linus Pfeiffer
  • DIW Weekly Report 35 / 2020

    Bank Levies Can Make Bank Balance Sheets More Resilient, but High Corporate Tax Rates Dampen the Effect

    Following the global financial crisis of 2008/2009, many European countries introduced bank levies to enable financial institutions to share in the costs of future banking crises via resolution and restructuring funds. Simultaneously, bank levies can set an incentive for banks to reduce their leverage, thereby achieving a more stable capital structure. Using information from banks’ balance sheets, ...

    2020| Franziska Bremus, Lena Tonzer
  • Externe Monographien

    How Effective Are Bank Levies in Reducing Leverage Given the Debt Bias of Corporate Income Taxation?

    To finance resolution funds, the regulatory toolkit has been expanded in many countries by bank levies. In addition, these levies are often designed to reduce incentives for banks to rely excessively on wholesale funding resulting in high leverage ratios. At the same time, corporate income taxation biases banks’ capital structure towards debt financing in light of the deductibility of interest on debt. ...

    Vienna: SUERF, 2020, 6 S.
    (SUERF Policy Briefs ; 21/2020)
    | Franziska Bremus, Kirsten Schmidt, Lena Tonzer
  • Externe referierte Aufsätze

    Interactions between Bank Levies and Corporate Taxes: How Is Bank Leverage Affected?

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction ...

    In: Journal of Banking & Finance 118 (2020), 105874 | Franziska Bremus, Kirsten Schmidt, Lena Tonzer
  • Vierteljahrshefte zur Wirtschaftsforschung 2 / 2019

    Green Finance: The Macro Perspective: Editorial

    2019| Claudia Kemfert, Dorothea Schäfer, Willi Semmler, Aleksandar Zaklan
  • Externe Monographien

    Interactions between Bank Levies and Corporate Taxes: How Is the Bank Leverage Affected?

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction ...

    Frankfurt a.M.: ESRB, 2019, 36 S.
    (Working Paper Series ; 103)
    | Franziska Bremus, Kirsten Schmidt, Lena Tonzer
  • Diskussionspapiere 1821 / 2019

    Tax and Spending Shocks in the Open Economy: Are the Deficits Twins?

    We present evidence on the open economy consequences of US fiscal policy shocks identified through proxy-instrumental variables. Tax shocks and government spending shocks that raise the government budget deficit lead to persistent current account deficits. In particular, the negative response of the current account to exogenous tax reductions through a surge in the demand for imports is among the strongest ...

    2019| Mathias Klein, Ludger Linnemann
  • Diskussionspapiere 1757 / 2018

    Interactions between Regulatory and Corporate Taxes: How Is Bank Leverage Affected?

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction ...

    2018| Franziska Bremus, Kirsten Schmidt, Lena Tonzer
  • Externe referierte Aufsätze

    Us State Cigarette Tax Increases and Smoke‐Free Legislation in Relation to Cigarette Expenditure across Household Socio‐Economic Circumstances: A Quasi‐Experimental Study

    Background and Aims: While research has focused on outcomes of tobacco control policies, less is known about the mechanisms by which policies may affect tobacco use. We estimated the associations of changes in cigarette taxes and smoke‐free legislation with (1) any household cigarette expenditure and (2) the level of household expenditure on cigarettes, as well as (3) tested interactions with socio‐economic ...

    In: Addiction 114 (2018), 4, S. 721-729 | Summer Sherburne Hawkins, Melissa Kull, Christopher F. Baum
  • Externe referierte Aufsätze

    Capital Taxation and Government Debt Policy with Public Discounting

    This paper characterizes capital taxation and public debt policy in a quantitative macroeconomic model with an impatient government and uncertainty. The government has access to linear taxes on capital and labor, and to non-state-contingent bonds. Government impatience generates positive and empirically realistic long-run levels of both capital taxes and public debt. Prior predictive analysis shows ...

    In: Journal of Economic Dynamics & Control 85 (2017), S. 1-20 | Malte Rieth
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