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1 - 10 van 63 voor debt ratio
Microsoft Word - DP128_demooij _2_.doc
... and gdp. the more neutral treatment of debt and equity causes a decline in the debt asset ratio by 3.8 percentage points. welfare ... rules imply that the interest is not deductible from profit if the debt- equity ratio exceeds a certain threshold. buettner et al. (2008) report ... cost of capital - 1.5 n.a. n.a. % n.a. debt ratio - 3.8 n.a. n.a. employment % capital stock % gdp % private consumption % ...
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Working Paper (set-up) Engelsta [PFP#802640440]
... debt ratio depends among other things upon the initial debt ratio and the length of the first period with increasing expenditure. the important message is that the time path of the public debt ratio features hysteresis the level at which the debt ratio ...
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fiscal prefunding response demographic uncertainty pdf
... dependency ratio (%) total dependency ratio (%) government finance % gdp primary expenditures revenue primary deficit debt economic development ... debt to gdp ratio of more than 200% by baseline scenario. this figure exceeds the estimate presented in van ewijk et al. (2006) which projects a debt to gdp ratio ... sustained primary surpluses and reducing the debt ratio to a stable and sustainable level. ...
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gamma simulation model ageing pensions and public finances pdf
... 67 5.2.4 public debt ratio smoothing 70 5.3 pension ... debt. the firm's financing decision is not modelled, that is, the debt to equity ratio is exogenous. debt payment, therefore, equals (rb +0)ws be(t -1), and total debt ... debt to gdp ratio, qdg the primary deficit to gdp ratio. the debt-to-gdp ratio will in general explode in case of a bond rate larger than the growth rate. the debt to gdp ratio ...
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memo161.pdf
... debt-asset ratio with the parameters b and 0. the sensitivity of the cost function w.r.t. changes in the debt-ratio ... debt-ratio. table 2.4 surveys the literature on the impact of tax changes (or tax differentials) on the debt-ratio of firms. the semi-elasticities range from debt-asset ratio ...
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who benefits tax competition european union pdf
... values for the debt ratio are obtained by specifying that the firm has to bear financial distress costs when the debt ratio deviates ... debt the cost of debt financing increases relative to the cost of equity financing, which results in a reduction of the debt ratio ... ) tax base expansionc which gross operating surplus change in debt ratio value of depreciation allowances profit shifting cit-tax (ex ...
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dp212.indd
... out in the difference. from this accounting equation we see that the evolution of the debt ratio is driven by the error-correction component ( -), which we estimate using a fiscal reaction ... stationary process for debt-to-gdp ratio. because if mildly explosive debt paths are allowed, the fiscal response required ( times ) to keep on this mildly explosive debt path is increasing in the debt level ...
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appendix derivations dsge model pdf
... mt-1 t we also need to specify a fiscal policy rule so that debt remains bounded. the following example uses lump-sum taxes to pay off ... that adjusts consumption taxes smoothly to target a specific deficit-to-gdp ratio c,tct tsc,t-1ct-1 + gt +(1+rt-1)bt-1 -tt ... is the owner of the firm and the discount factor depends on the ratio of marginal utilities, ie. the price of certain unit of consumption in ...
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Microsoft Word - ageing_.doc
... the population jeopardises the sustainability of public finances in the netherlands. the doubling of the ratio between the number of retirees and the number of workers destroys the balance between future ... policies, our study finds the implicit debt to be large. total debt, the sum of the net debt (official debt minus financial assets of the government) and this implicit debt, is about twice as large ...
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Microsoft Word - DP ECA voorblad.doc
... theory, we 9 include a ...nancial distress cost associated with high debt positions. the marginal cost of debt ...nance increases in the debt share. in cortax, the convexity of the ...nancial distress cost ... general, figure 4 suggests that the welfare e ect is related to the capital labour ratio in countries. indeed, more capital-intensive countries tend to gain less from formula apportionment than ...
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