Capital Taxation in a Large Open Economy

This paper examines the effects of capital taxation in a large open economy, using an overlapping generations model with adjustment costs in capital installation. Taxes on returns on savings and on profits are considered. It is shown that the introduction of taxes will reduce the capital stock in the home country, regardless of the current account balance. It is also shown that if the country has these taxes initially, then a profit tax increases may raise the capital labor ratio and the wage rate, reducing the foreign asset holdings in the home country

Theoretical study on the roles of family, market, and government

50135290 (科研費)南山大学高齢社会における家庭、市場および国の役割に関する理論的研究 2019～2021年度科学研究費助成事業 (基盤研究 (B) (一般)) 研究成果報告書33917 (科研費)202219H01503 (科研費)research repor

Synthesis and physical properties of Ca1-xRExFeAs2 with RE = La ~ Gd

Synthesis of a series of layered iron arsenides Ca1-xRExFeAs2 (112) was attempted by heating at 1000 C under a high-pressure of 2 GPa. The 112 phase successfully forms with RE = La, Ce, Nd, Sm, Eu and Gd, while Tb, Dy and Ho substituted and RE free samples does not contain the 112 phase. The Ce, Nd, Sm, Eu and Gd doped Ca1-xRExFeAs2 are new compounds. All of them exhibit superconducting transition except for the Ce doped sample. The behaviour of the critical temperature, with the RE ionic radii have been investigated

HIV/AIDS, demography and development: individual choices versus public policies in SSA

Despite the increasing rate of diffusion of effective therapies, the battle against HIV/AIDS in Sub-Saharan Africa (SSA) is far from being over. Three main challenges are that the epidemics might paralyse or reverse the fertility transition, the expansion of the resources needed to finance the fight against HIV, and the emerging resistance to anti-retroviral treatments. This research proposes a UGT-like model showing the complexity of the interplay amongst the (macro)economy, the epidemics, their endogenous feedback on mortality and fertility and the central role of policy actions aimed to fight HIV. The disease-induced increase in adult mortality can hamper economic development by its upward pressure on the precautionary demand for children and downward pressure on education. This can dramatically reduce physical and human capital accumulation

Sustainability of public debt, public capital formation, and endogenous growth in an overlapping generations setting

Under the golden rule of public finance for public investment with a constant budget deficit/GDP ratio, we show that for the sustainability of government budget deficits there is a threshold of the initial public debt for a given stock of public capital, and that this threshold level of public debt is increasing in the stock of public capital. If the initial public debt is greater than the threshold, the government can no longer sustain budget deficits, while if it is smaller, the government can conduct a permanent deficit policy, which eventually leads to a positive public debt/GDP ratio.

Effects of capital taxation on economies with different demographic changes: short term versus long term

Abstract We examine the effect of source-based capital taxation on capital accumulationin countries with endogenous fertility and free international capital mobility.When fertility is constant, a tax cut accelerates domestic capital accumulationthrough international arbitrage and exerts negative influences on the welfare of a foreigncountry. In contrast, with endogenous fertility, a tax cut by an economy witha higher tax rate and exporting capital may deter capital accumulation and hencelower the welfare in not only domestic but also foreign economies in the long term,although the tax cut may accelerate domestic capital accumulation in the short term.1