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Public debts capitalize into property prices : empirical evidence for a new perspective on debt incidence

Title data

Stadelmann, David ; Eichenberger, Reiner:
Public debts capitalize into property prices : empirical evidence for a new perspective on debt incidence.
In: International Tax and Public Finance. Vol. 21 (2014) Issue 3 . - pp. 498-529.
ISSN 0927-5940
DOI: https://doi.org/10.1007/s10797-013-9276-x

Abstract in another language

In economies with reasonably mobile individuals, the demand for property depends on current as well as future taxes and public services. As a consequence, the current level of public net debts, i.e. public debts minus assets, should capitalize into property prices. While debt capitalization has been unduly disregarded in the academic literature and policy debates, the Swiss Canton of Zurich provides an institutional setting for identification. Our results imply that public net debts capitalize into property prices. The extent of debt capitalization seems to be substantial but it widely varies over estimation strategies. The existence of debt capitalization offers new perspectives on debt incidence

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: Capitalization; Public debts; Taxes; Local public goods
Institutions of the University: Faculties > Faculty of Law, Business and Economics > Department of Economics > Professorship Development Economics > Professorship Development Economics - Univ.-Prof. Dr. David Stadelmann
Profile Fields > Emerging Fields > Innovation and Consumer Protection
Profile Fields > Emerging Fields > Governance and Responsibility
Faculties
Faculties > Faculty of Law, Business and Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics
Faculties > Faculty of Law, Business and Economics > Department of Economics > Professorship Development Economics
Profile Fields
Profile Fields > Emerging Fields
Result of work at the UBT: Yes
DDC Subjects: 300 Social sciences > 320 Political science
300 Social sciences > 330 Economics
Date Deposited: 01 Dec 2014 09:32
Last Modified: 26 Apr 2018 09:55
URI: https://eref.uni-bayreuth.de/id/eprint/3304