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Does tax competition really promote growth?

机译：税收竞争真的能促进增长吗？

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摘要

This paper considers the relationship between tax competition and growth in an endogenous growth model where there are stochastic shocks to productivity, and capital taxes fund a public good which may be for final consumption or an infrastructure input. Absent stochastic shocks, decentralized tax setting (two or more jurisdictions) maximizes the rate of growth, as the constant returns to scale present with endogenous growth implies "extreme" tax competition. Stochastic shocks imply that households face a portfolio choice problem, which dampens down tax competition and may raise taxes above the centralized level. Growth can be lower with decentralization. Our results also predict a negative relationship between output volatility and growth with decentralization.
机译：本文考虑了内生性增长模型中税收竞争与增长之间的关系，在这种模型中，生产率受到随机冲击，而资本税则为公共物品提供了资金，可能用于最终消费或基础设施投入。在没有随机冲击的情况下，分散的税收设置（两个或多个司法管辖区）可以最大程度地提高增长率，因为内生增长带来的规模收益的不断增长意味着“极端”税收竞争。随机冲击表明，家庭面临投资组合选择问题，这会减轻税收竞争并可能使税收提高到集中化水平之上。随着权力下放，增长可能会降低。我们的结果还预测了产出波动与权力下放之间的负相关关系。

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