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2013
Like a wild rollercoaster, steep ups and downs describe the economic performance of the Latin American and Caribbean region.1 Econom ic booms have been followed by deep and long recessions, sometimes driven by poor domestic policies, other times precipitated by negative exogenous shocks, often times fueled by both. Notwithstanding considerable progress
Ana Corbacho +2 more
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Like a wild rollercoaster, steep ups and downs describe the economic performance of the Latin American and Caribbean region.1 Econom ic booms have been followed by deep and long recessions, sometimes driven by poor domestic policies, other times precipitated by negative exogenous shocks, often times fueled by both. Notwithstanding considerable progress
Ana Corbacho +2 more
openaire +2 more sources
Seigniorage and tax smoothing in developing countries
Journal of Economic Studies, 1998This paper tests the extended tax‐smoothing model for a sample of 32 developing countries. Importantly, the testable implications employed relax the assumption of constant money velocity. Although seigniorage is an important source of revenue in developing countries, all the evidence indicates that the principles of optimal taxation have not been used ...
John Ashworth, Lynne Evans
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Do People Smooth their After-Tax Income? Evidence from Japanese Local Tax
Bulletin of Applied Economics, 2022Abstract This study provides evidence that under the Japanese local individual income tax system, individuals smooth their after-tax income by choosing the timing of their tax payments. We construct a monthly data set of Japanese local taxes with sample periods for over 26 years.
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Joint Implications of Consumption and Tax Smoothing
Journal of Money, Credit, and Banking, 2005In this paper, the joint hypotheses of consumption and tax smoothing are shown to imply that the present value of expected proportionate declines in government non-interest outlays is approximately equal to a log-linear function of the budget deficit and private dissaving.
Lance A. Fisher, Geoffrey Kingston
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Tax Tilting and Tax Smoothing: Evidence from South Africa and Turkey
2020This paper examines the existence of tax smoothing hypothesis in two emerging economies: South Africa and Turkey. To test the tax smoothing hypothesis, we use the relationship between the budget surpluses and government expenditures. Before testing the hypothesis, we determine and filter the effect of tax tilting.
Karakas, Mesut, Turan, Taner
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A tax motivation for smoothing dividends
The Quarterly Review of Economics and Finance, 1997Abstract Lintner (1956) finds that managers perceive shareholders to value a smooth dividend stream. In response to this perception, managers smooth the dividend stream over time. In this paper, we demonstrate that personal income tax laws may provide managers with an additional reason to smooth the dividend stream.
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THE TAX SMOOTHING HYPOTHESIS: SOME AUSTRALIAN EMPIRICAL RESULTS
Australian Economic Papers, 1986The central proposition of tax-smoothing theory is that intertemporally efficient marginal-tax rates will be ex ante uniform over time. Australian postwar tax rates, comprising annual data spanning the period 1949/50 to 1984/85, are found to be random walks.
KINGSTON, GEOFFREY H., LAYTON, ALLAN P.
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Tax Smoothing: Tests on Indonesian Data [PDF]
, 2011 This paper contributes to the literature of public debt management by testing for tax smoothing behaviour in Indonesia. Tax smoothing means that the government smooths the tax rate across all future time periods to minimize the distortionary costs of taxation over time for a given path of government spending.
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Ownership Structure, Tax Regime, and Dividend Smoothing
2017Since the novel study of Lintner (Am Econ Rev 46:97–113, 1956), it has become a widespread idea that US firms only gradually adjust dividend levels toward long-term targets (Fama and Babiak, J Am Stat Assoc 63:1132–1161, 1968; Mueller, Q J Econ 81:58–87, 1967; Brav et al., J Financ Econ 77:483–527, 2005; Leary and Michaely, Rev Financ Stud 24:3198–3249,
Shinya Shinozaki, Konari Uchida
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Does Tax Smoothing Imply Smooth Taxes?
1999Using a stochastic growth model we derive analytic expressions for optimal labour and capital tax rates under both complete and incomplete markets. We find taxes are driven by two factors reflecting : (a) Ramsey efficiency considerations and (b) the financing needs of the government which vary with the excess burden of taxation. In the case of complete
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