EconStor >
ifo Institut – Leibniz-Institut für Wirtschaftsforschung an der Universität München >
CESifo Working Papers, CESifo Group Munich >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/30660
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorMenoncin, Francescoen_US
dc.contributor.authorPanteghini, Paolo M.en_US
dc.date.accessioned2009-06-30en_US
dc.date.accessioned2010-05-14T08:23:45Z-
dc.date.available2010-05-14T08:23:45Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/30660-
dc.description.abstractIn this article, we analyze Auerbach's (1991) proposal of a retrospective capital gains tax, which is equivalent to an accrual tax on an ex-ante basis. Using a continuous-time model with stochastic interest rates, we prove that equivalence holds even if the risk-free asset return is correlated with other risky assets' returns. However, equivalence fails to hold on an ex-post basis. In other words, if an investor faces a huge gain (loss), the effective tax rate under this system is less (higher) than that what would be due under an accrual tax system. This leads to a fairness problem. For this reason, we also find the conditions that ensure equivalence on an ex-post basis. As will be shown, however, ex-post equivalence can be achieved only if a huge amount of information is available, making its implementation a hard task.en_US
dc.language.isoengen_US
dc.publisherCESifo Münchenen_US
dc.relation.ispartofseriesCESifo working paper 2674en_US
dc.subject.jelH25en_US
dc.subject.jelH32en_US
dc.subject.ddc330en_US
dc.subject.keywordcapital gainsen_US
dc.subject.keywordrisken_US
dc.subject.keywordtaxationen_US
dc.subject.stwWertzuwachssteueren_US
dc.subject.stwSteuererhebungen_US
dc.subject.stwKapitalertragen_US
dc.subject.stwRisikoen_US
dc.subject.stwTheorieen_US
dc.titleRetrospective capital gains taxation in the real worlden_US
dc.typeWorking Paperen_US
dc.identifier.ppn603387462en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:CESifo Working Papers, CESifo Group Munich

Files in This Item:
File Description SizeFormat
603387462.pdf151.64 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.