非线性资本流动税:中国的资本流动管理与金融危机防范

Jiandong Ju, Li Li, Guangyu Nie, K. Shi, S. Wei
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引用次数: 3

摘要

如何在促进资本账户自由化的同时防止金融危机的发生,是摆在政策制定者面前的一项具有挑战性的任务。本研究提出一种非线性(累进)资本流动税作为解决方案。我们首先证明了国际借贷的抵押品要求可以引起多重均衡和自我实现的金融危机。然后,我们表明,通过对资本外流征收非线性(累进)税收方案,边际税率随着个人资本外流规模的增加而增加,可以消除以汇率大幅贬值、资本外逃和福利损失为特征的危机均衡。本文还讨论了这种税收制度在中国的实施情况。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Nonlinear Capital Flow Tax: Capital Flow Management and Financial Crisis Prevention in China
How to promote capital account liberalization while preventing financial crises is a challenging task for policymakers. This study proposes a nonlinear (progressive) capital flow tax as a solution. We first demonstrate that the collateral requirement of international borrowing can give rise to multiple equilibria and self‐fulfilling financial crises. We then show that the crisis equilibrium characterized by large exchange rate depreciation, capital flight and welfare loss can be eliminated by imposing a nonlinear (progressive) tax scheme on capital outflows with the marginal tax rate increasing with the size of individual capital outflows. The implementation of such a tax scheme in China is also discussed.
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