Taxation of Financial Assets in Developing Countries
研究了发展中国家通过铸币税、准备金要求、贷款上限和利率上限对金融资产进行隐性征税，并分析了其对金融深化的影响和效率成本。
In developing countries most of the financial assets are deposits at commercial banks. This article focuses on the implicit taxation of financial assets through seigniorage, reserve requirements, lending targets, and interest ceilings combined with inflation. The impact of taxation on financial deepening increases significantly with the tax rate, as shown by cross-sectional and time series data for selected countries in Sub-Saharan Africa and Southeast Asia. The problem of measuring revenue is examined, and the efficiency cost of taxation is analyzed in a Harberger framework. Although taxes on financial assets have a low administrative cost, the excess burden caused by the misallocation of resources is probably a much higher fraction of revenues than that of other taxes.