Search Results

You are looking at 1 - 10 of 33 items

  • Keyword: debt bias x
Clear All Modify Search
Recognizing the Bias

Recognizing the Bias »

Source: Recognizing the Bias : Financial Cycles and Fiscal Policy

Volume/Issue: 2015/246

Series: IMF Working Papers

Author(s): Nina Budina , Borja Gracia , Xingwei Hu , and Sergejs Saksonovs

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 24 November 2015

ISBN: 9781513508863

Keywords: housing cycles, private debt, debt bias, debt, price, output, prices, International Lending and Debt Problems, All Countries, debt bias.,

This paper argues that asset price cycles have significant effects on fiscal outcomes. In particular, there is evidence of debt bias-the tendency of debt to increase over the cycle- that is significantly larger for...

The Political Economy of Fiscal Transparency and Independent Fiscal Councils*

The Political Economy of Fiscal Transparency and Independent Fiscal Councils* »

Source: The Political Economy of Fiscal Transparency and Independent Fiscal Councils

Volume/Issue: 2017/195

Series: IMF Working Papers

Author(s): Roel Beetsma , Xavier Debrun , and Randolph Sloof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 2017

ISBN: 9781484315552

Keywords: Fiscal transparency, Fiscal transparency, Fiscal policy, Political economy, Public debt, Econometric models, Independent fiscal councils, partisan bias, opportunistic bias, competence

The global surge in independent fiscal councils (IFCs) raises three related questions: How can IFCs improve the conduct of fiscal policy? Are they simultaneously desirable for voters and elected policymakers? And a...

Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability

Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability »

Source: Second-Generation Fiscal Rules : Balancing Simplicity, Flexibility, and Enforceability

Volume/Issue: 2018/4

Series: Staff Discussion Notes

Author(s): Luc Eyraud , Xavier Debrun , Andrew Hodge , Victor Lledo , and Catherine Pattillo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484350683

Keywords: Debt, Fiscal policy, Fiscal rules, deficit bias, fiscal governance, Structure and Scope of Government, Deficit

Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fisca...

Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability - Technical Background Papers

Second-Generation Fiscal Rules: Balancing Simplicity, Flexibility, and Enforceability - Technical Background Papers »

Source: Second-Generation Fiscal Rules : Balancing Simplicity, Flexibility, and Enforceability

Volume/Issue: 2018/4

Series: Staff Discussion Notes

Author(s): Luc Eyraud , Xavier Debrun , Andrew Hodge , Victor Lledo , and Catherine Pattillo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 13 April 2018

ISBN: 9781484350683

Keywords: Debt, Fiscal policy, Fiscal rules, deficit bias, fiscal governance, Structure and Scope of Government, Deficit

Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fisca...

Taxation and Leverage in International Banking

Taxation and Leverage in International Banking »

Source: Taxation and Leverage in International Banking

Volume/Issue: 2012/281

Series: IMF Working Papers

Author(s): Grace Weishi Gu , Ruud A. Mooij , and Tigran Poghosyan

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 November 2012

ISBN: 9781475572209

Keywords: Bank taxation, corporate tax, debt bias, leverage, international tax, subsidiaries, capital requirement, capital structure, tax differences

This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to...

Is Banks’ Home Bias Good or Bad for Public Debt Sustainability?

Is Banks’ Home Bias Good or Bad for Public Debt Sustainability? »

Source: Is Banks' Home Bias Good or Bad for Public Debt Sustainability?

Volume/Issue: 2015/44

Series: IMF Working Papers

Author(s): Tamon Asonuma , Said Bakhache , and Heiko Hesse

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 27 February 2015

ISBN: 9781498323505

Keywords: Home Bias, Government Bond Yields, Primary Balance, Sovereign-bank Nexus, debt, public debt, bond, sovereign debt, market, Deficit,

Motivated by the recent increase in domestic banks' holdings of domestic sovereign debt (i.e., home bias) in the European periphery, this paper analyzes implications of banks' home bias for the sovereign's debt sus...

Curbing Corporate Debt Bias1

Curbing Corporate Debt Bias1 »

Source: Curbing Corporate Debt Bias

Volume/Issue: 2017/22

Series: IMF Working Papers

Author(s): Ruud A. Mooij , and Shafik Hebous

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 30 January 2017

ISBN: 9781475573053

Keywords: Corporate debt, Debt service ratios, Financial risk, Corporate taxes, Thin capitalization, Risk management, Econometric models, Corporate tax, capital structure, debt bias

Tax provisions favoring corporate debt over equity finance ('debt bias') are widely recognized as a risk to financial stability. This paper explores whether and how thin-capitalization rules, which restrict interes...

Financial Sector Debt Bias1

Financial Sector Debt Bias1 »

Source: Financial Sector Debt Bias

Volume/Issue: 2016/217

Series: IMF Working Papers

Author(s): Oana Luca , and Alexander Tieman

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 November 2016

ISBN: 9781475552805

Keywords: Banks, Financial stability, Financial sector, Tax bias, Debt bias, Leverage, Non-Banks, Oil prices, equity prices, dividends

Most tax systems create a tax bias toward debt finance. Such debt bias increases leverage and may negatively affect financial stability. This paper models and estimates debt bias in the financial sector, and presen...

Pouring Oil on Fire: Interest Deductibility and Corporate Debt

Pouring Oil on Fire: Interest Deductibility and Corporate Debt »

Source: Pouring Oil on Fire: Interest Deductibility and Corporate Debt

Volume/Issue: 2018/257

Series: IMF Working Papers

Author(s): Pietro Dallari , Nicolas End , Fedor Miryugin , Alexander Tieman , and Reza Yousefi

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 07 December 2018

ISBN: 9781484389102

Keywords: Tax incentives, Tax policy, Corporate debt, Corporate income taxes, Leverage, Debt Bias, Corporate Income Tax, SMEs, Micro data, Business Taxes and Subsidies

This paper investigates the role of tax incentives towards debt finance in the buildup of leverage in the nonfinancial corporate (NFC) sector, using a large firm-level dataset. We find that so-called debt bias is a...

Taxation, Bank Leverage, and Financial Crises

Taxation, Bank Leverage, and Financial Crises »

Source: Taxation, Bank Leverage, and Financial Crises

Volume/Issue: 2013/48

Series: IMF Working Papers

Author(s): Ruud A. Mooij , Michael Keen , and Masanori Orihara

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 25 February 2013

ISBN: 9781475577709

Keywords: Bank taxation, corporate tax, debt bias, leverage, banking crisis, banking, financial crisis, banking crises, systemic banking crisis, Business Taxes and Subsidies,

That most corporate tax systems favor debt over equity finance is now widely recognized as, potentially, amplifying risks to financial stability. This paper makes a first attempt to explore, empirically, the link b...