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1、JournalofEconomicDynamicsandControl23(1998)125Ð158Growthe¤ectoftaxesinanendogenousgrowthmodel:towhatextentdotaxesa¤ecteconomicgrowth?Se-JikKim*ResearchDepartment,InternationalMonetaryFund,Washington,DC20431,USAReceived7October1997AbstractThispaperpresentsa
2、nendogenousgrowthmodelcomprisingofÞnancial,humanandphysicalcapitalandincorporatingmajorfeaturesofageneraltaxsystem.TechnologyandpreferenceparametervaluesinthemodelarechosentoÞttheactualgrowthexperiencesoftheUnitedStatesandarapidlygrowingEastAsianNIC.Usingt
3、hecalibratedmodel,Iassesstheroleofdi¤erencesintaxesandothervariablesinexplainingthedi¤erenceingrowthrates.ThemainÞndingsare:(i)thedi¤erenceintaxsystemsacrosscountriesexplainsasigniÞcantproportion(around30%)ofthedi¤erenceingrowthrates;(ii)thedi¤erenceinpref
4、erencesexplainsatmost4%;and(iii)di¤erencesinlaborincometax,debt-equityratioandinßationcanbeimportantinexplainingthegrowthdi¤erence.Further,Ievaluatethecontributionofthemonetaryfactortothegrowthrategap,andthegrowthe¤ectofUStaxreforms,e.g.,revenue-neutralcha
5、ngesinrelativetaxstructure.(1998ElsevierScienceB.V.Allrightsreserved.JELclassiÞcation:H20;H30;O41;O50Keywords:Taxes;Financialassets;Endogenousgrowth;Calibration1.IntroductionThispaperaddressestwoquestionsrelatedtothee¤ectsoftaxesonlong-runeconomicgrowth.Fi
6、rst,towhatextentdodi¤erencesintaxsystems,preferencesandtechnologyacrosscountriesexplainthedi¤erenceintheirlong-rungrowthrates?Second,howmuchcanataxreformincreaseacountryÕsgrowthrate?Can*E-mail:skim@imf.org0165-1889/98/$Ðseefrontmatter(1998ElsevierScienceB.
7、V.Allrightsreserved.PIIS0165-1889(97)00111-5126S.-J.Kim/JournalofEconomicDynamicsandControl23(1998)125±158ataxreformdramaticallyincreasetheUSgrowthratetomatchthelevelachievedbysomerapidlygrowingEast-Asiancountries?Toanswerthesequestions,thispaperconstructs
8、anendogenousgrowthmodelconsistingofÞnancial,humanandphysicalcapital.Usingthistypeofmodelo¤erstheadvantageofaccommodatingmajorfeaturesofageneraltaxsystem,allowingonetoevaluatethee¤ectsofvarioustaxmeasuresonthe
