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- W2186438597 abstract "In this paper we evaluate the eects of taxes and transaction costs on asset bubbles. We construct a model of asset bubbles by incorporating purchase into the framework of Abreu and Brunnermeier (2003) so that capital gains can be evaluated. We nd that the capital gain tax has no eect on the size of the bubble when there is perfect capital loss tax credit, and the bubble size is decreasing in the capital gain tax when there is no tax credit. Therefore dealing with bubbles with the capital gain tax not only requires imposing the tax, but also requires tightening the policies on tax credit. In addition, the size of the bubble is decreasing in the transaction cost and the return from outside option. This implies that central banks’ low interest policies could induce bubbles in, for instance, real estate and stock markets. To show that our model can potentially be tested, we explore several historical bubbles and identify their actual sizes from data. After normalization, we compare these actual sizes of bubbles and t them into theoretical results derived from the model." @default.
- W2186438597 created "2016-06-24" @default.
- W2186438597 creator A5027169539 @default.
- W2186438597 date "2015-01-01" @default.
- W2186438597 modified "2023-09-27" @default.
- W2186438597 title "The Impact of Capital Gain Taxes and Transaction Costs on Asset Bubbles" @default.
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