Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal
Autor(a) principal: | |
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Data de Publicação: | 1988 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | eng |
Título da fonte: | Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
Texto Completo: | http://hdl.handle.net/10362/84347 |
Resumo: | Sustaining government budget deficits in high public debt countries requires increasingly diverse forms of tax anesthesia which must be recognized and accounted for in policy analysis. In economies with exchange controls, there may be an interest rate tax, implicit in low real interest rates, credit ceilings or other administered controls imposed by the Treasury on the Banks. Such implicit taxes end up being paid by lenders or borrowers who cannot avoid them by moving abroad (section 1). All domestic banks were nationalized in Portugal in the wake of the 1974 Revolution. The hybrid nature of the Portuguese commercial banks suggests that one may not take the consolidation of the financial public sector to include them (section 2). A decomposition of the debt to income ratio in Portugal from 1976 to 1987 according to both criteria shows substantially different tax bases for domestic seignorage (section 3). The incidence of the anesthetized tax is on private borrowers or lenders. They suffer from spreads well in excess of any reasonable intermediation margin. Estimated revenue from the implicit intermediation tax is substantially larger than from domestic seignorage (section 4). The ongoing tax reform cannot be seen as complete until implicit taxes are accounted for. |
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Implicit Taxes and Credit Ceilings: The Treasury and the Banks in PortugalSustaining government budget deficits in high public debt countries requires increasingly diverse forms of tax anesthesia which must be recognized and accounted for in policy analysis. In economies with exchange controls, there may be an interest rate tax, implicit in low real interest rates, credit ceilings or other administered controls imposed by the Treasury on the Banks. Such implicit taxes end up being paid by lenders or borrowers who cannot avoid them by moving abroad (section 1). All domestic banks were nationalized in Portugal in the wake of the 1974 Revolution. The hybrid nature of the Portuguese commercial banks suggests that one may not take the consolidation of the financial public sector to include them (section 2). A decomposition of the debt to income ratio in Portugal from 1976 to 1987 according to both criteria shows substantially different tax bases for domestic seignorage (section 3). The incidence of the anesthetized tax is on private borrowers or lenders. They suffer from spreads well in excess of any reasonable intermediation margin. Estimated revenue from the implicit intermediation tax is substantially larger than from domestic seignorage (section 4). The ongoing tax reform cannot be seen as complete until implicit taxes are accounted for.Nova SBERUNBeleza, Luís MiguelBraga de Macedo, Jorge2019-10-15T15:17:16Z1988-121988-12-01T00:00:00Zinfo:eu-repo/semantics/publishedVersioninfo:eu-repo/semantics/articleapplication/pdfhttp://hdl.handle.net/10362/84347engBeleza, Luis M. and Braga de Macedo, Jorge, Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal (December, 1988). FEUNL Working Paper Series No. 106info:eu-repo/semantics/openAccessreponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos)instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãoinstacron:RCAAP2024-03-11T04:37:37Zoai:run.unl.pt:10362/84347Portal AgregadorONGhttps://www.rcaap.pt/oai/openaireopendoar:71602024-03-20T03:36:28.569613Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informaçãofalse |
dc.title.none.fl_str_mv |
Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal |
title |
Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal |
spellingShingle |
Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal Beleza, Luís Miguel |
title_short |
Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal |
title_full |
Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal |
title_fullStr |
Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal |
title_full_unstemmed |
Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal |
title_sort |
Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal |
author |
Beleza, Luís Miguel |
author_facet |
Beleza, Luís Miguel Braga de Macedo, Jorge |
author_role |
author |
author2 |
Braga de Macedo, Jorge |
author2_role |
author |
dc.contributor.none.fl_str_mv |
RUN |
dc.contributor.author.fl_str_mv |
Beleza, Luís Miguel Braga de Macedo, Jorge |
description |
Sustaining government budget deficits in high public debt countries requires increasingly diverse forms of tax anesthesia which must be recognized and accounted for in policy analysis. In economies with exchange controls, there may be an interest rate tax, implicit in low real interest rates, credit ceilings or other administered controls imposed by the Treasury on the Banks. Such implicit taxes end up being paid by lenders or borrowers who cannot avoid them by moving abroad (section 1). All domestic banks were nationalized in Portugal in the wake of the 1974 Revolution. The hybrid nature of the Portuguese commercial banks suggests that one may not take the consolidation of the financial public sector to include them (section 2). A decomposition of the debt to income ratio in Portugal from 1976 to 1987 according to both criteria shows substantially different tax bases for domestic seignorage (section 3). The incidence of the anesthetized tax is on private borrowers or lenders. They suffer from spreads well in excess of any reasonable intermediation margin. Estimated revenue from the implicit intermediation tax is substantially larger than from domestic seignorage (section 4). The ongoing tax reform cannot be seen as complete until implicit taxes are accounted for. |
publishDate |
1988 |
dc.date.none.fl_str_mv |
1988-12 1988-12-01T00:00:00Z 2019-10-15T15:17:16Z |
dc.type.status.fl_str_mv |
info:eu-repo/semantics/publishedVersion |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
http://hdl.handle.net/10362/84347 |
url |
http://hdl.handle.net/10362/84347 |
dc.language.iso.fl_str_mv |
eng |
language |
eng |
dc.relation.none.fl_str_mv |
Beleza, Luis M. and Braga de Macedo, Jorge, Implicit Taxes and Credit Ceilings: The Treasury and the Banks in Portugal (December, 1988). FEUNL Working Paper Series No. 106 |
dc.rights.driver.fl_str_mv |
info:eu-repo/semantics/openAccess |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Nova SBE |
publisher.none.fl_str_mv |
Nova SBE |
dc.source.none.fl_str_mv |
reponame:Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) instname:Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação instacron:RCAAP |
instname_str |
Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
instacron_str |
RCAAP |
institution |
RCAAP |
reponame_str |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
collection |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) |
repository.name.fl_str_mv |
Repositório Científico de Acesso Aberto de Portugal (Repositórios Cientìficos) - Agência para a Sociedade do Conhecimento (UMIC) - FCT - Sociedade da Informação |
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