LEADER 06712oam 22015374 450 001 9910968240603321 005 20250426110658.0 010 $a9781475552218 010 $a1475552211 010 $a9781475540680 010 $a147554068X 035 $a(CKB)2550000001041561 035 $a(EBL)1607085 035 $a(SSID)ssj0000943857 035 $a(PQKBManifestationID)11593005 035 $a(PQKBTitleCode)TC0000943857 035 $a(PQKBWorkID)10983183 035 $a(PQKB)11645444 035 $a(Au-PeEL)EBL1607085 035 $a(CaPaEBR)ebr10661252 035 $a(OCoLC)820377579 035 $a(IMF)WPIEE2012281 035 $a(IMF)WPIEA2012281 035 $a(MiAaPQ)EBC1607085 035 $aWPIEA2012281 035 $a(EXLCZ)992550000001041561 100 $a20020129d2012 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt 182 $cc 183 $acr 200 10$aTaxation and Leverage in International Banking /$fGrace Weishi Gu, Ruud A. Mooij, Tigran Poghosyan 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2012. 215 $a1 online resource (36 p.) 225 1 $aIMF Working Papers 300 $aDescription based upon print version of record. 311 08$a9781475549386 311 08$a1475549385 311 08$a9781475572209 311 08$a1475572204 320 $aIncludes bibliographical references. 327 $aCover; Contents; I. Introduction; II. Theoretical Model; III. Empirical Methodology and Data; A. Methodology; B. Data; IV. Results; A. Baseline Regressions; B. Robustness Checks; C. Extension: Capital Tightness; V. Conclusions; References; Technical Appendix; Figures; 1. Bank Leverage Histogram; Tables; 1. Variable Source and Construction; 2. Summary Statistics; 3. Correlations; 4. Number of Banks; 5. Average Financial Leverage and Tax Rates; 6. Baseline Estimation Results; 7. Robustness Check Estimation Results: Standard Errors; 8. Robustness Check Estimation Results: Alternatives 327 $a9. Robustness Check Estimation Results: Leverage Skewness and Tax Trend 10. Robustness Check Estimation Results: Subsamples; 11. Estimation Results: Capital Tightness 330 3 $aThis paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes matter significantly, through both the traditional debt bias channel and the international debt shifting that is due to the international tax differentials. The latter channel is more robust and tends to be quantitatively more important. Our results imply that taxation causes significant international debt spillovers through multinational banks, which has potentially important implications for tax policy. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2012/281 606 $aTaxation$xEconometric models 606 $aFinancial leverage$xEconometric models 606 $aBanking$2imf 606 $aBanks and Banking$2imf 606 $aBanks and banking$2imf 606 $aBanks$2imf 606 $aBusiness Taxes and Subsidies$2imf 606 $aCapital and Ownership Structure$2imf 606 $aCorporate & business tax$2imf 606 $aCorporate income tax$2imf 606 $aCorporate Taxation$2imf 606 $aCorporations$2imf 606 $aCrisis management$2imf 606 $aDebt bias$2imf 606 $aDeposit insurance$2imf 606 $aDepository Institutions$2imf 606 $aEconomic & financial crises & disasters$2imf 606 $aFinancial Crises$2imf 606 $aFinancial crises$2imf 606 $aFinancial Institutions and Services: Government Policy and Regulation$2imf 606 $aFinancial Risk and Risk Management$2imf 606 $aFinancial Risk Management$2imf 606 $aFinancing Policy$2imf 606 $aGoodwill$2imf 606 $aIncome tax$2imf 606 $aMicro Finance Institutions$2imf 606 $aMortgages$2imf 606 $aPersonal Finance -Taxation$2imf 606 $aPersonal Income and Other Nonbusiness Taxes and Subsidies$2imf 606 $aPublic finance & taxation$2imf 606 $aTax administration and procedure$2imf 606 $aTax allowances$2imf 606 $aTax policy$2imf 606 $aTaxation$2imf 606 $aTaxation, Subsidies, and Revenue: General$2imf 606 $aTaxes$2imf 606 $aValue of Firms$2imf 607 $aUnited States$2imf 615 0$aTaxation$xEconometric models. 615 0$aFinancial leverage$xEconometric models. 615 7$aBanking 615 7$aBanks and Banking 615 7$aBanks and banking 615 7$aBanks 615 7$aBusiness Taxes and Subsidies 615 7$aCapital and Ownership Structure 615 7$aCorporate & business tax 615 7$aCorporate income tax 615 7$aCorporate Taxation 615 7$aCorporations 615 7$aCrisis management 615 7$aDebt bias 615 7$aDeposit insurance 615 7$aDepository Institutions 615 7$aEconomic & financial crises & disasters 615 7$aFinancial Crises 615 7$aFinancial crises 615 7$aFinancial Institutions and Services: Government Policy and Regulation 615 7$aFinancial Risk and Risk Management 615 7$aFinancial Risk Management 615 7$aFinancing Policy 615 7$aGoodwill 615 7$aIncome tax 615 7$aMicro Finance Institutions 615 7$aMortgages 615 7$aPersonal Finance -Taxation 615 7$aPersonal Income and Other Nonbusiness Taxes and Subsidies 615 7$aPublic finance & taxation 615 7$aTax administration and procedure 615 7$aTax allowances 615 7$aTax policy 615 7$aTaxation 615 7$aTaxation, Subsidies, and Revenue: General 615 7$aTaxes 615 7$aValue of Firms 676 $a332.1532 700 $aGu$b Grace Weishi$01816449 701 $aMooij$b Ruud A$01816450 701 $aPoghosyan$b Tigran$01815823 801 0$bDcWaIMF 906 $aBOOK 912 $a9910968240603321 996 $aTaxation and Leverage in International Banking$94372533 997 $aUNINA