Could Capital Gains Smooth a Current Account Rebalancing?
نویسندگان
چکیده
منابع مشابه
Capital Gains Taxes and Portfolio Rebalancing
The major friction that investors face in rebalancing their portfolios is capital gains taxes, which are triggered by the sale of assets. In this article, we examine the impact of an investor’s capital gains tax liability and existing risk exposure upon the optimal portfolio and rebalancing decisions. We capture the trade-off over the investor’s lifetime between the tax costs and diversificatio...
متن کاملInternational Portfolios, Current Account Dynamics and Capital Accumulation
Despite the liberalization of capital ows among OECD countries, equity home bias remains sizable, but is now less severe than in earlier decades; as a result, uctuations in returns on foreign assets have a substantial e¤ect on countrieswealth. As documented in this paper, changes in net foreign asset positions (NFA) are highly volatile, serially uncorrelated and countercyclical. We show that...
متن کاملForecasting Capital Gains Realizations
As an input to its estimates of federal revenues, the Congressional Budget Office (CBO) requires an estimate of capital gains realizations in the current calendar year and forecasts of realizations for the next 10 years. The purpose of our study is to improve the accuracy of the current-year estimates. As background, we describe the models and methods that CBO now uses and briefly mention model...
متن کاملCapital gains taxes on housing ¤
Recent years have seen large swings in house prices in many countries. Motivated by housing price variations, proposals for taxing capital gains (nominal or real) on housing have repeatedly been put forth. The idea seems to be that such taxes would curb the redistribution occurring between those owning houses and those trying to get into the market for owner-occupied housing. Our paper shows th...
متن کاملCapital Gains Taxation and Entrepreneurship
The taxation of capital gains is a perennial issue in tax policy. One critical aspect for understanding the overall effects of capital gains taxation is how these taxes affect entrepreneurs. While many analyses focus on the disincentive effects created by capital gains taxes for investors in large corporations, these disincentives may be even more important for entrepreneurs. This paper discuss...
متن کاملذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: SSRN Electronic Journal
سال: 2006
ISSN: 1556-5068
DOI: 10.2139/ssrn.886521