KDI 한국개발연구원 - 경제정책정보 - 발간처별 목록 - 국외 경제사회연구원 - NIESR - The long-run investment effect of taxation in OECD countries

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The long-run investment effect of taxation in OECD countries

NIESR 2021.02.25
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The gradually changing nature of production and the move away from tangible investment towards intangible investment over the past century suggests that the effects of the tax structure on investment need to be reassessed. To address this issue, we establish an endogenous growth model in which investment in tangible assets, R&D and education are in?uenced by di?erent types of taxes. We test the long-run implications of the model using annual data for 21 OECD countries over the period 1890-2015. We ?nd that corporate taxes reduce investment in tangible assets and R&D. However, while personal income taxes reduce investment in tertiary education, they enhance the investment in R&D. Thus, a revenue-neutral switch from corporate to personal income taxes is growth enhancing.

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