Public debts capitalize into property prices: empirical evidence for a new perspective on debt incidence

被引：11
|
作者：
Stadelmann, David [1 ,2 ]
Eichenberger, Reiner [2 ,3 ]
机构：
[1] Univ Bayreuth, D-95447 Bayreuth, Germany
[2] CREMA Ctr Res Econ Management & Arts, Zurich, Switzerland
[3] Univ Fribourg, CH-1700 Fribourg, Switzerland
来源：
INTERNATIONAL TAX AND PUBLIC FINANCE | 2014年 / 21卷 / 03期
关键词：
Capitalization; Public debts; Taxes; Local public goods; FUTURE GENERATIONS; GOVERNMENT BONDS; VALUES; PERFORMANCE; DISTRICT; IMPACT; MATTER;
D O I：
10.1007/s10797-013-9276-x
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
In economies with reasonably mobile individuals, the demand for property depends on current as well as future taxes and public services. As a consequence, the current level of public net debts, i.e. public debts minus assets, should capitalize into property prices. While debt capitalization has been unduly disregarded in the academic literature and policy debates, the Swiss Canton of Zurich provides an institutional setting for identification. Our results imply that public net debts capitalize into property prices. The extent of debt capitalization seems to be substantial but it widely varies over estimation strategies. The existence of debt capitalization offers new perspectives on debt incidence.
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页码：498 / 529
页数：32
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