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Tax Policy, Leverage and Macroeconomic Stability

Tax Policy, Leverage and Macroeconomic Stability »

Volume/Issue: 2016/070

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2016

DOI: http://dx.doi.org/10.5089/9781498345200.007

ISBN: 9781498345200

Keywords: Borrowing, Corporate sector, Debt, Financial sector, Financial stability, Nonbank financial sector, Private sector, Tax policy, Real sector, Financial crises

Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias' (tax provisions favoring finance by debt rather than equity) has increased leverage i...

Tax Policy, Leverage and Macroeconomic Stability

Tax Policy, Leverage and Macroeconomic Stability »

Source: Tax Policy, Leverage and Macroeconomic Stability

Volume/Issue: 2016/070

Series: Policy Papers

Author(s): International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 10 December 2016

ISBN: 9781498345200

Keywords: Borrowing, Corporate sector, Debt, Financial sector, Financial stability, Nonbank financial sector, Private sector, Tax policy, Real sector, Financial crises

Risks to macroeconomic stability posed by excessive private leverage are significantly amplified by tax distortions. ‘Debt bias' (tax provisions favoring finance by debt rather than equity) has increased leverage i...