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Business and Economics > Investments: Stocks

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Taxation and Subsidies: Externalities; Redistributive Effects; Environmental Taxes and Subsidies x
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Cover IMF Working Papers
Mitigating Climate Change at the Firm Level: Mind the Laggards
Damien Capelle
,
Divya Kirti
,
Nicola Pierri
, and
German Villegas Bauer
Using self-reported data on emissions for a global sample of 4,000 large, listed firms, we document large heterogeneity in environmental performance within the same industry and country. Laggards—firms with high emissions relative to the scale of their operations—are larger, operate older physical capital stocks, are less knowledge intensive and productive, and adopt worse management practices. To rationalize these findings, we build a novel general equilibrium heterogeneous-firm model in which firms choose capital vintages and R&D expenditure and hence emissions. The model matches the full empirical distribution of firm-level heterogeneity among other moments. Our counter-factual analysis shows that this heterogeneity matters for assessing the macroeconomic costs of mitigation policies, the channels through which policies act, and their distributional effects. We also quantify the gains from technology transfers to EMDEs.
Keywords:
Climate Change; Productivity; Technology Adoption; Capital Vintages; Emissions; R&D expenditure; capital vintage; management practice; emission intensity; emission Intensity; Carbon tax; Greenhouse gas emissions; Consumption; Stocks; Global
Cover IMF Working Papers
The Redistributive Effects of Financial Deregulation
Mr. Anton Korinek
and
Mr. Jonathan Kreamer
Financial regulation is often framed as a question of economic efficiency. This paper, by contrast, puts the distributive implications of financial regulation center stage. We develop a model in which the financial sector benefits from risk-taking by earning greater expected returns. However, risktaking also increases the incidence of large losses that lead to credit crunches and impose negative externalities on the real economy. We describe a Pareto frontier along which different levels of risktaking map into different levels of welfare for the two parties. A regulator has to trade off efficiency in the financial sector, which is aided by deregulation, against efficiency in the real economy, which is aided by tighter regulation and a more stable supply of credit. We also show that financial innovation, asymmetric compensation schemes, concentration in the banking system, and bailout expectations enable or encourage greater risk-taking and allocate greater surplus to the financial sector at the expense of the rest of the economy.
Keywords:
WP; credit crunch; bank capital; expected return; Financial Regulation; Distributive Conflict; Rent Extraction; Growth of the Financial Sector; Introducing bailout transfer; transfer policy; capital investment; bailout expectation; capital requirement; policies center stage; market power; Financial sector; Stocks; Wages; Credit
Cover IMF Working Papers
Securities Transaction Taxes and Financial Markets
Mr. Karl F Habermeier
and
Mr. Andrei A Kirilenko
This paper argues that securities transaction taxes "throw sand" not in the wheels, but into the engine of financial markets where the transformation of latent demands into realized transactions takes place. The paper considers the impact of transaction taxes on financial markets in the context of four questions. How important is trading? What causes price volatility? How are prices formed? How valuable is the volume of transactions? The paper concludes that transaction taxes or such equivalents as capital controls can have negative effects on price discovery, volatility, and liquidity and lead to a reduction in the informational efficiency of markets.
Keywords:
WP; informational efficiency; price discovery; equity trading; securities transaction taxes; capital controls; transaction volume; round-trip transaction; transaction price volatility; market liquidity; market microstructure study; derivative transaction; securities transaction tax; market participant; Transaction tax; Stocks; Asset prices; Options; North America
Cover IMF Working Papers
The Dynamic Macroeconomic Effects of Tax Policy in an Overlapping Generations Model
Mr. Ben J. Heijdra
and
Ms. Jenny E Ligthart
The paper studies the dynamic allocation effects of tax policy in the context of an overlapping generations model of the Blanchard-Yaari type. The model is extended to allow for endogenous labor supply and three tax instruments: a capital income tax, labor income tax, and consumption tax. Analytical expressions and simple diagrams are used to discuss the impact, transition, and long-run effects of tax policy changes. It is shown that a part of the long-run incidence of capital and consumption taxes falls on capital when households’ horizons are finite, whereas labor would fully bear the burden of these taxes in an infinite horizon model.
Keywords:
WP; capital stock; rate of interest