The effects of capital income taxation on international competitiveness and trade flows
用一个跨期均衡模型分析降低资本收入税如何影响贸易表现和国际竞争力，发现资本积累可能通过改变实际利率和贸易条件来刺激国内储蓄，进口份额对汇率效应有重要影响。
Using an intertemporal equilibrium model, this paper analyzes how lower source-based taxes on capital income impact trade performance and international competitiveness. It shows that, depending on import shares and intertemporal and intratemporal substitution elasticities, capital accumulation may induce changes in real interest rates and the terms of trade that stimulate domestic saving--even if financial capital is perfectly mobile internationally. Import shares appear important determinants of exchange-rate effects. Numerical simulations illustrate these results. Copyright 1989 by American Economic Association.