Fiscal Competition and Growth When Capital Is Imperfectly Mobile*
用一个内生增长模型研究税收竞争对经济增长的影响，发现资本税率与流动性并非单调关系，增长与流动性正相关。
Abstract Is tax competition good for economic growth? We address this question using a simple model of endogenous growth. Governments in a system of many small jurisdictions benevolently maximize the welfare of immobile residents. Quadratic (de‐)installation costs limit the mobility of capital. We look at optimal taxation and long‐run growth, and we analyse the effects of cost parameter variations on taxation and growth. A race to the bottom in capital tax rates is only one possibility; the relationship between capital mobility and capital tax rates is not monotonic. Growth and capital mobility are unambiguously positively related.