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dc.contributor.authorHortlund, Peren
dc.date.accessioned2012-03-28T13:03:36Z-
dc.date.available2012-03-28T13:03:36Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/56109-
dc.description.abstractDoes the combination of inflation and high corporate taxes explain the increase in bank leverage in the 20th century? Inflation automatically increases bank debt, while high corporate taxes hinder capital accumulation. Capital ratios therefore drop, until leverage-induced returns are sufficient to uphold them at constant levels. This theory was confronted with Swedish bank data 1870-2001. Bank capital ratios dropped when inflation and corporate tax rates were high, during WWI and in 1940-1980. The theory can explain the sinking bank capital ratios during these periods, but also their relative stability since the early 1980s. High corporate taxes and inflation were estimated to account for half of the drop in Swedish bank capital ratios since WWII.en
dc.language.isoengen
dc.publisher|aStockholm School of Economics, The Economic Research Institute (EFI) |cStockholmen
dc.relation.ispartofseries|aSSE/EFI Working Paper Series in Economics and Finance |x612en
dc.subject.jelE44en
dc.subject.jelE52en
dc.subject.jelG28en
dc.subject.jelG32en
dc.subject.jelH25en
dc.subject.jelN23en
dc.subject.jelN24en
dc.subject.ddc330en
dc.subject.keywordBank leverageen
dc.subject.keywordCapital-asset ratioen
dc.subject.keywordInflationen
dc.subject.keywordCorporate taxesen
dc.subject.stwBanken
dc.subject.stwBankgeschichteen
dc.subject.stwEigenkapitalen
dc.subject.stwInflationen
dc.subject.stwUnternehmensbesteuerungen
dc.subject.stwSchwedenen
dc.titleDo inflation and high taxes increase bank leverage?-
dc.typeWorking Paperen
dc.identifier.ppn503294543en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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