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Consequences of Debt Capitalization : Property Ownership and Debt versus Tax Choice

Title data

Stadelmann, David ; Eichenberger, Reiner:
Consequences of Debt Capitalization : Property Ownership and Debt versus Tax Choice.
In: Southern Economic Journal. Vol. 78 (2012) Issue 3 . - 976 -998.
ISSN 0038-4038
DOI: https://doi.org/10.4284/0038-4038-78.3.976

Abstract in another language

Public debts capitalize into property prices. Thus, they are a burden to the present generation who owns the devalued property. This largely neglected fact has important consequences for the tax versus debt choice. Property owners suffer more from the debt burden and, thus, have a stronger preference for tax financing of government spending than tenants. As a consequence of the resulting democratic struggle between property owners and tenants, higher property ownership rates in a jurisdiction lead to less debt financing. We provide empirical support for this hypothesis by analyzing a cross section of the 171 communities in the Swiss Canton of Zurich in the year 2000.

Further data

Item Type: Article in a journal
Refereed: Yes
Keywords: Finance; VALUATION; DEBT; TAXATION; DEBT financing
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 > 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: No
DDC Subjects: 300 Social sciences > 320 Political science
300 Social sciences > 330 Economics
Date Deposited: 01 Dec 2014 09:36
Last Modified: 26 Apr 2018 11:05
URI: https://eref.uni-bayreuth.de/id/eprint/3305