Negative interest rates and corporate tax behavior in banks
研究了负利率政策对OECD银行有效税率的影响，发现负利率导致银行有效税率下降2.3-2.6个百分点，且该效应在违约风险高、税收执法弱或政府信任度低的国家更显著。
Using a sample of OECD domestic banks and a difference-in-difference research design, we examine the impact of Negative Interest Rate (NIR) regimes on corporate tax behavior. We document that the introduction of NIRs is associated with a 2.3 to 2.6 percentage point decrease in effective tax rates. The effect of NIRs is more pronounced in banks with lower distance to default, and in countries with lower tax enforcement or lower trust in the government. Collectively, our results suggest that the increased costs associated with NIRs are borne by commercial banks which lead to an increase in their respective tax planning.