Macroprudential tax on debt

Bibliographic Details
Main Author: Mazzola, Francesco
Publication Date: 2017
Format: Master thesis
Language: eng
Source: Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
Download full: http://hdl.handle.net/10362/28217
Summary: With the aim of testing macroprudential policies’ effectiveness, this research models a rich and open economy hit by future news shocks about fundamentals and regime switches in global liquidity. Agents take excessive debt to finance current consumption, making the economy more vulnerable to financial crises. Quantitative findings of the simulation shows that a tax on debt, optimally set by a social planner, increases total welfare and decreases the probability and the magnitude of financial crisis. However, it is shown that if news precision increases too much, a tax on debt may be even deleterious because it reduces economic growth.
id RCAP_ebdc98d8d7089eb816fdb3edfa758d4f
oai_identifier_str oai:run.unl.pt:10362/28217
network_acronym_str RCAP
network_name_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository_id_str https://opendoar.ac.uk/repository/7160
spelling Macroprudential tax on debtmacroprudential policyNews shocksFisherian debt effectDomínio/Área Científica::Ciências Sociais::Economia e GestãoWith the aim of testing macroprudential policies’ effectiveness, this research models a rich and open economy hit by future news shocks about fundamentals and regime switches in global liquidity. Agents take excessive debt to finance current consumption, making the economy more vulnerable to financial crises. Quantitative findings of the simulation shows that a tax on debt, optimally set by a social planner, increases total welfare and decreases the probability and the magnitude of financial crisis. However, it is shown that if news precision increases too much, a tax on debt may be even deleterious because it reduces economic growth.Silva, André CastroRUNMazzola, Francesco2018-06-30T00:30:38Z2017-06-302017-06-30T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/masterThesisapplication/pdfhttp://hdl.handle.net/10362/28217TID:201752514enginfo:eu-repo/semantics/embargoedAccessreponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiainstacron:RCAAP2024-05-22T17:29:40Zoai:run.unl.pt:10362/28217Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireinfo@rcaap.ptopendoar:https://opendoar.ac.uk/repository/71602025-05-28T17:00:46.383099Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologiafalse
dc.title.none.fl_str_mv Macroprudential tax on debt
title Macroprudential tax on debt
spellingShingle Macroprudential tax on debt
Mazzola, Francesco
macroprudential policy
News shocks
Fisherian debt effect
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
title_short Macroprudential tax on debt
title_full Macroprudential tax on debt
title_fullStr Macroprudential tax on debt
title_full_unstemmed Macroprudential tax on debt
title_sort Macroprudential tax on debt
author Mazzola, Francesco
author_facet Mazzola, Francesco
author_role author
dc.contributor.none.fl_str_mv Silva, André Castro
RUN
dc.contributor.author.fl_str_mv Mazzola, Francesco
dc.subject.por.fl_str_mv macroprudential policy
News shocks
Fisherian debt effect
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
topic macroprudential policy
News shocks
Fisherian debt effect
Domínio/Área Científica::Ciências Sociais::Economia e Gestão
description With the aim of testing macroprudential policies’ effectiveness, this research models a rich and open economy hit by future news shocks about fundamentals and regime switches in global liquidity. Agents take excessive debt to finance current consumption, making the economy more vulnerable to financial crises. Quantitative findings of the simulation shows that a tax on debt, optimally set by a social planner, increases total welfare and decreases the probability and the magnitude of financial crisis. However, it is shown that if news precision increases too much, a tax on debt may be even deleterious because it reduces economic growth.
publishDate 2017
dc.date.none.fl_str_mv 2017-06-30
2017-06-30T00:00:00Z
2018-06-30T00:30:38Z
dc.type.status.fl_str_mv info:eu-repo/semantics/publishedVersion
dc.type.driver.fl_str_mv info:eu-repo/semantics/masterThesis
format masterThesis
status_str publishedVersion
dc.identifier.uri.fl_str_mv http://hdl.handle.net/10362/28217
TID:201752514
url http://hdl.handle.net/10362/28217
identifier_str_mv TID:201752514
dc.language.iso.fl_str_mv eng
language eng
dc.rights.driver.fl_str_mv info:eu-repo/semantics/embargoedAccess
eu_rights_str_mv embargoedAccess
dc.format.none.fl_str_mv application/pdf
dc.source.none.fl_str_mv reponame:Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
instname:FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron:RCAAP
instname_str FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
instacron_str RCAAP
institution RCAAP
reponame_str Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
collection Repositórios Científicos de Acesso Aberto de Portugal (RCAAP)
repository.name.fl_str_mv Repositórios Científicos de Acesso Aberto de Portugal (RCAAP) - FCCN, serviços digitais da FCT – Fundação para a Ciência e a Tecnologia
repository.mail.fl_str_mv info@rcaap.pt
_version_ 1833596370631524352

Similar Items