Trade, Capital Mobility, and Tax Competition
研究政府用对流动资本征税来为公共支出融资，并考虑商品贸易价格的一般均衡决定，发现资本税导致公共品产出和贸易模式的无效率。
This paper examines a system of governments that finance public expenditures with taxes on mobile capital. Unlike previous research on "tax competition, " expli cit consideration is given to the general-equilibrium determination o f the prices at which goods are traded between regions. The analysis identifies inefficiencies in government behavior that are not apparen t in models in which the terms of trade are exogenously given. Capita l taxation is shown to create an inefficient distribution of public-g ood outputs across regions, accompanied by an inefficient pattern of trade. A model is presented in which the chosen levels of public-good outputs differ across regions containing identical residents and pro duction possibilities. Copyright 1987 by University of Chicago Press.