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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...

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...

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...

The Tax Elasticity of Corporate Debt

The Tax Elasticity of Corporate Debt »

Source: The Tax Elasticity of Corporate Debt : A Synthesis of Size and Variations

Volume/Issue: 2011/95

Series: IMF Working Papers

Author(s): Ruud A. Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

ISBN: 9781455253340

Keywords: Debt bias, corporate tax, meta analysis, tax elasticity, capital structure, long-term debt, external debt, short-term debt, Corporate Finance and Governance: General, Business Taxes and Subsidies including sales and value-added (VAT),

Although the empirical literature has long struggled to identify the impact of taxes on corporate financial structure, a recent boom in studies offers ample support for the debt bias of taxation. Yet, studies diffe...

Debt, Taxes, and Banks

Debt, Taxes, and Banks »

Source: Debt, Taxes, and Banks

Volume/Issue: 2012/48

Series: IMF Working Papers

Author(s): Michael Keen , and Ruud Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2012

ISBN: 9781463937096

Keywords: Bank taxation, corporate tax, debt bias, leverage, tax rate, capital requirement, deposit insurance, bank capital, Business Taxes and Subsidies including sales and value-added (VAT),

Understanding the impact of the asymmetric tax treatment of debt and equity on the capital structures of financial institutions is critical to shaping and assessing responses to the problem of excessive leverage th...

Politically Optimal Fiscal Policy1

Politically Optimal Fiscal Policy1 »

Source: Politically Optimal Fiscal Policy

Volume/Issue: 2007/68

Series: IMF Working Papers

Author(s): Irina Yakadina , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2007

ISBN: 9781451866322

Keywords: Optimal Fiscal Policy, Incomplete Asset Markets, Government Debt Bias, taxation, government spending, equation, equations, Fiscal Policies and Behavior of Economic Agents: Other,

Why do governments issue large amounts of debt? In what sense and for whom is such a policy optimal? We show that twisting the optimal taxation paradigm produces very reasonable predictions for debt and real intere...

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...

Taxation and Corporate Debt: Are Banks any Different?

Taxation and Corporate Debt: Are Banks any Different? »

Source: Taxation and Corporate Debt : Are Banks any Different?

Volume/Issue: 2013/221

Series: IMF Working Papers

Author(s): Jost Heckemeyer , and Ruud A. Mooij

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 29 October 2013

ISBN: 9781484330340

Keywords: Corporate tax, debt bias, leverage, non-financial firms, quantile regressions, bank size, capital structure, banking, tax sensitivity, tax elasticity

This paper explores whether corporate tax bias toward debt finance differs between banks and nonbanks, using a large panel of micro data. On average, it finds that there is no significant difference. The marginal t...

Fat-Tails and their (Un)Happy Endings

Fat-Tails and their (Un)Happy Endings »

Source: Fat-Tails and their (Un)Happy Endings : Correlation Bias and its Implications for Systemic Risk and Prudential Regulation

Volume/Issue: 2011/82

Series: IMF Working Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2011

ISBN: 9781455226061

Keywords: Basel III, correlation bias, copula capital structure model, prudential regulation, systemic risk., correlation, subordinated debt, banking, probability, General Financial Markets: Government Policy and Regulation

The correlation bias refers to the fact that claim subordination in the capital structure of the firm influences claim holders' preferred degree of asset correlation in portfolios held by the firm. Using the copula...

Recognizing the Bias
			: Financial Cycles and Fiscal Policy

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

DOI: http://dx.doi.org/10.5089/9781513508863.001

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...