English  |  正體中文  |  简体中文  |  Post-Print筆數 : 27 |  Items with full text/Total items : 91913/122132 (75%)
Visitors : 25779576      Online Users : 104
RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.
Scope Tips:
  • please add "double quotation mark" for query phrases to get precise results
  • please goto advance search for comprehansive author search
  • Adv. Search
    HomeLoginUploadHelpAboutAdminister Goto mobile version
    Please use this identifier to cite or link to this item: http://nccur.lib.nccu.edu.tw/handle/140.119/99324


    Title: 經濟成長對不動產稅收的影響:以OECD國家為例
    The Impact of Economic Growth on the Immovable Property Tax: Evidence from Panel Data for OECD Countries
    Authors: 高俊
    Gao, Jun
    Contributors: 吳文傑
    Wu, Wen Chieh
    高俊
    Gao, Jun
    Keywords: 不動產稅
    經濟成長
    充足性
    穩定性
    週期性
    不對稱
    immovable property tax
    economic growth
    adequacy
    stability
    cyclical
    asymmetry
    Date: 2016
    Issue Date: 2016-07-20 17:11:54 (UTC+8)
    Abstract: 本文旨在通過研究不動產稅收對經濟增長的反應揭示其充足性、穩定性以及週期性特徵。本文採用LSDV模型對OECD 34個國家1970年代以來的面板資料進行迴歸分析,結果顯示: GDP每增長1%,不動產稅收入增長0.720%,而不動產稅收占總稅收的比重無顯著變化。不動產稅收產出彈性小,收入長期成長慢於其他稅收和GDP,無法為地方政府提供充足財源。經濟衰退時不動產稅下降幅度相對較小,在總體稅收中的占比穩定,在全球經濟衰退風險增加的情況下,不動產的穩定性能在短期內為地方公共服務提供可靠財源。經濟成長對不動產稅收占GDP比重影響並不顯著,因此不具有明顯的週期性,無法發揮逆週期調節作用,而且經濟成長在景氣好與壞時對不動產稅收的影響具有不對稱性,相比減緩衰退,不動產稅收更難抑制景氣過熱。房價和家庭持有不動產價值的GDP彈性分別為1.909和1.396,而不動產稅收的房價和家庭持有不動產價值彈性卻僅為0.116和0.282,因此不動產稅收的弱充足、強穩定與非週期性質主要來源於稅基評估與稅率調整制度,而不是房地產資產市場。要改變不動產稅收與經濟成長聯結弱的狀況,需要改變不動產稅稅基評估滯後狀況以及減少不動產稅基和稅率調整面臨的諸多限制性規定。
    This thesis aims to reveal the adequacy, stability and cyclical properties of the immovable property tax through studying its responses to economic growth. The LSDV model is used to examine the panel data of 34 OECD countries since the 1970s. The regression results show that for every 1% growth of GDP, the immovable property tax revenue increases by 0.720%, but the proportion of immovable property tax in total tax revenue does not significantly change. Thus, the immovable property tax is lack of GDP elasticity, and its growth in long term is slower than other taxes and GDP, which means it can not ensure adequate revenues for local governments. In the other hand, the negligible change of the proportion of immovable property tax in total tax during the recession period provides comparatively stable revenues in short term, especially when the recession risk is rising at present. The tax burden measured by the proportion of immovable property tax in GDP is not effected significantly by the business cycle.So, the immovable property tax is a- cyclical. In addition, the impact of economic growth on the immovable property tax is asymmetric. Compared to slowing a recession, it is less likely for the immovable property tax to prevent an economy from overheating. The GDP elasticities of housing price and the value of households’ immovable assets are respectively1.909 and 1.396, while the market value elasticities of the tax revenue are only 0.116 and 0.282. So, the immovable property tax’s inadequacy, stability and a-cyclical properties come mainly from the process of tax base assessment and the system of tax rate adjustment, rather than the real estate market. To strengthen the connection between immovable property tax and economic growth, governments must decrease various restrictions and assessment lags of the immovable property tax.
    Reference: 吳明彥 (2010),《總體景氣波動對我國地方政府租稅努力之不對稱影響-以土地稅為例》,國立政治大學財政研究所碩士學位論文。
    吳亭瑩 (2006),《影響地方財產稅收因素之探討》,國立政治大學財政研究所碩士學位論文。
    曾彥登 (2012),《總體景氣波動對我國政府稅課收入之不對稱分析》,國立政治大學財政研究所碩士學位論文。
    Afonso, A. and Hauptmeier, S. (2009), “Fiscal Behaviour in the European Union: Rules, Fiscal Decentralization and Government Indebtedness,” European Central Bank working papers, No. 1054.
    Aghion, P. and Marinescu, I. (2008), “Cyclical Budgetary Policy and Economic Growth: What Do We Learn from OECD Panel Data?” NBER Macroeconomics Annual, 22, 251-278.
    Alm, J., Buschman, R. D., and Sjoquist, D. L. (2011), “Rethinking Local Government Reliance on the Property Tax,” Regional Science and Urban Economics, 41(4), 320-331.
    Altonji, J. G. and Siow, A. (1987), “Testing the Response of Consumption to Income Changes with (Noisy) Panel Data,” The Quarterly Journal of Economics, 102(2), 293-328.
    Anderson, N. B. (2006), “Property Tax Limitations: An Interpretative Review,” National Tax Journal, 59(3), 685-694.
    André, C. and Girouard, N. (2005), “Measuring Cyclically-adjusted Budget Balances for OECD Countries,” OECD Working Papers, No. 434.
    Andrews, D. W. (1993), “Tests for Parameter Instability and Structural Change with Unknown Change Point." Econometrica, 61(4), 821-856.
    Andrews, D., Caldera, A., and Johansson, A. (2011), “Housing Markets and Structural Policies in OECD Countries,” OECD Economics Department Working Papers, No. 836.
    Andrews, D. and Sánchez, A. C. (2011), “The Evolution of Homeownership Rates in Selected OECD Countries: Demographic and Public Policy Influences,” OECD Economic Studies, 1, 1-37.
    Arnold, J. (2008), “Do Tax Structures Affect Aggregate Economic Growth? : Empirical Evidence from a Panel of OECD Countries,” OECD Economics Department Working Papers, No. 643.
    Asher, M. G. and Nandy, A. (2003), “Property Tax in a City-State: The Case of Singapore,” Policy and Society, 22(2), 50-75.
    Ashley, R. and Verbrugge, R. J. (2006), “Comments on “A Critical Investigation on Detrending Procedures for Nonlinear Processes,” Journal of Macroeconomics, 28(1), 192-194.
    Auerbach, A. J. and Gale, W. G. (2009), “Activist Fiscal Policy to Stabilize Economic Activity,” NBER Working Papers, No. 15407.
    Barro, R. J. (1990), “Government Spending in a Simple Model of Endogenous Growth,” Journal of Political Economy, 98(5), 103-125.
    Blanchard, O. J. (1990), “Suggestions for a New Set of Fiscal Indicators,” OECD Working Papers, No. 79.
    Blöchliger, H. and Campos, J. M. P. (2011), “Tax Competition between Sub-Central Governments,” OECD Economics Department Working Papers, No. 872.
    Blöchliger, H., Charbit, C., Campos, J. M. P., and Vammalle, C. (2010), “Sub-central Governments and the Economic Crisis: Impact and Policy Responses,” OECD Working Papers, No. 752.
    Blöchliger, H., Égert, B., Alvarez, B., and Paciorek, A. (2015), “The Stabilisation Properties of Immovable Property Taxation,” OECD Economics Department Working Papers, No. 1237.
    Bradbury, K. L., Mayer, C. J., and Case, K. E. (2001), “Property Tax Limits, Local Fiscal Behavior, and Property Values: Evidence from Massachusetts under Proposition 212,” Journal of Public Economics, 80(2), 287-311.
    Brueckner, J. K. and Saavedra, L. A. (2001), “Do Local Governments Engage in Strategic Property-Tax Competition?” National Tax Journal, 203-229.
    Celasun, O. and Kang, J. S. (2006), “On the Properties of Various Estimators for Fiscal Reaction Functions,” IMF Working Papers, No. 06/182.
    Cornia, G. C. and Walters, L. C. (2005), “Full Disclosure: Unanticipated Improvements in Property Tax Uniformity,” Public Budgeting & Finance, 25(2), 106-123.
    Cornia, G. C. and Walters, L. C. (2006), “Full Disclosure: Controlling Property Tax Increases during Periods of Increasing Housing Values,” National Tax Journal, 59(3), 735-749.
    Cutler, D. M., Elmendorf, D. W., and Zeckhauser, R. (1999), “Restraining the Leviathan: Property Tax Limitation in Massachusetts,” Journal of Public Economics, 71(3), 313-334.
    Dickey, D. A. and Fuller, W. A. (1979), “Distribution of the Estimators for Autoregressive Time Series with a Unit Root,” Journal of the American Statistical Association, 74(366a), 427-431.
    Doerner, W. M. and Ihlanfeldt, K. R. (2011), “House Prices and City Revenues,” Regional Science and Urban Economics, 41(4), 332-342.
    Dye, R. F. and McGuire, T. J. (1991), “Growth and Variability of State Individual Income and General Sales Taxes,” National Tax Journal, 44(1), 55-66.
    Dye, R. F. and Reschovsky, A. (2008), “Property Tax Responses to State Aid Cuts in the Recent Fiscal Crisis,” Public Budgeting & Finance, 28(2), 87-111.
    Égert, B. (2010), “Fiscal Policy Reaction to the Cycle in the OECD: Pro-or Counter-cyclical?” OECD Economics Department Working Papers, No. 763.
    Engle, R. F. and Granger, C. W. (1987), “Co-integration and Error Correction: Representation, Estimation, and Testing,” Econometrica, 55(2), 251-276.
    Fatás, A. and Mihov, I. (2012), “Fiscal Policy as a Stabilization Tool,” The BE Journal of Macroeconomics, 12(3), 1-68.
    Fiorito, M. R. (1997), “Stylized Facts of Government Finance in the G-7,” IMF Working Paper, No. 97-142.
    Galí, J. and Perotti, R. (2003), “Fiscal Policy and Monetary Integration in Europe,” Economic Policy, 18(37), 533-572.
    Gavin, M. and Perotti, R. (1997), “Fiscal Policy in Latin America,” NBER Macroeconomics Annual, 12, 11-72.
    Giertz, J. F. (2006), “The Property Tax Bound,” National Tax Journal, 59(3), 695-705.
    Groves, H. M. and Kahn, C. H. (1952), “The Stability of State and Local Tax Yields,” The American Economic Review, 42(1), 87-102.
    Hodrick, R. J. and Prescott, E. C. (1997), “Postwar US Business Cycles: An Empirical Investigation,” Journal of Money, Credit, and Banking, 29(1), 1-16.
    Hogan, J. D. (1960), “Revenue Productivity of the Property Tax,” Proceedings of the Annual Conference on Taxation under the Auspices of the National Tax Association, 53, 71-78.
    Ilzetzki, E. and Vegh, C. A. (2008), “Procyclical Fiscal Policy in Developing Countries: Truth or Fiction?” NBER Working Paper, No. 14191.
    Jaimovich, D. and Panizza, U. G. (2007), “Procyclicality or Reverse Causality?” SSRN Working Papers, No. 4508.
    Johansson, A., Heady, C., Arnold, J., Brys, B., and Vartia, L. (2008). “Tax and Economic Growth,” OECD Economics Department Working Papers, No. 620.
    Joumard, I. and Kongsrud, P. M. (2003), “Fiscal Relations across Government Levels,” OECD Economic Studies, 2003(1), 155-229.
    Kaminsky, G. L., Reinhart, C. M., and Végh, C. A. (2004), “When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies,” NBER Macroeconomics Annual, 19, 11-53.
    Kao, C. (1999), “Spurious Regression and Residual-based Tests for Cointegration in Panel Data,” Journal of econometrics, 90(1), 1-44.
    Kneller, R., Bleaney, M. F., and Gemmell, N. (1999), “Fiscal Policy and Growth: Evidence from OECD Countries,” Journal of Public Economics, 74(2), 171-190.
    Kurnow, E. (1963), “On the Elasticity of the Real Property Tax,” The Journal of Finance, 18(1), 56-58.
    Lane, P. R. (2003), “The Cyclical Behaviour of Fiscal Policy: Evidence From The OECD,” Journal of Public Economics, 87(12), 2661-2675.
    Lang, K. and Jian, T. (2004), “Property Taxes and Property Values: Evidence from Proposition 212,” Journal of Urban Economics, 55(3), 439-457.
    Lee, Y. and Sung, T. (2007), “Fiscal Policy, Business Cycles and Economic Stabilisation: Evidence from Industrialised and Developing Countries,” Fiscal Studies, 28(4), 437-462.
    Legler, J. B. and Shapiro, P. (1968), “The Responsiveness of State Tax Revenue to Economic Growth,” National Tax Journal, 21(1), 46-56.
    Leigh, D. and Stehn, S. J. (2009), “Fiscal and Monetary Policy during Downturns: Evidence from the G7,” IMF Working Papers, 9, 1-21.
    Lin, T. C. (2010), “Property Tax Inequity Resulting from Inaccurate Assessment—The Taiwan Experience,” Land Use Policy, 27(2), 511-517.
    Lutz, B. F. (2008), “The Connection between House Price Appreciation and Property Tax Revenues,” National Tax Journal, 61(3), 555-572.
    Lutz, B., Molloy, R., and Shan, H. (2011), “The Housing Crisis and State and Local Government Tax Revenue: Five Channels,” Regional Science and Urban Economics, 41(4), 306-319.
    Maddala, G. S. and Wu, S. (1999), “A Comparative Study of Unit Root Tests With Panel Data and a New Simple Test,” Oxford Bulletin of Economics and statistics, 61(S1), 631-652.
    Misiolek, W. S. and Perdue, D. G. (1987), “The Portfolio Approach to State and Local Tax Structures,” National Tax Journal, 40(1), 111-114.
    Muellbauer, J. (2005), “Property Taxation and the Economy after the Barker Review,” The Economic Journal, 115(502), 99-117.
    Netzer, D. (1958), “The Outlook for Fiscal Needs and Resources of State and Local Governments,” The American Economic Review, 48(2), 317-327.
    Netzer, D. (1964), “Income Elasticity of the Property Tax: A Post-Mortem Note,” National Tax Journal, 17(2), 205-207.
    Poterba, J. M. and Rueben, K. S. (1995), “The Effect of Property-Tax Limits on Wages and Employment in the Local Public Sector,” The American Economic Review, 85(2), 384-389.
    Sobel, R. S. and Holcombe, R. G. (1996), “Measuring the Growth and Variability of Tax Bases Over the Business Cycle,” National Tax Journal, 49(4), 535-552.
    Sørensen, B. E., Wu, L., and Yosha, O. (2001), “Output Fluctuations and Fiscal Policy: US State and Local Governments 1978–1994,” European Economic Review, 45(7), 1271-1310.
    Strawczynski, M. and J. Zeira (2009), “Cyclicality of Fiscal Policy: Permanent and Transitory Shocks,” CEPR Discussion Paper, No. 7271.
    Talvi, E., and Vegh, C. A. (2005), “Tax Base Variability and Procyclical Fiscal Policy in Developing Countries,” Journal of Development economics, 78(1), 156-190.
    Wallin, B. and Zabel, J. (2011), “Property Tax Limitations and Local Fiscal Conditions: the Impact of Proposition 2½ in Massachusetts,” Regional Science and Urban Economics, 41(4), 382-393.
    White, F. C. (1983), “Trade-off in Growth and Stability in State Taxes,” National Tax Journal, 36,103-114.
    Wilford, W. T. (1965), “State Tax Stability Criteria and the Revenue-Income Elasticity Coefficient Reconsidered,” National Tax Journal, 18(3), 304-312.
    Williams, W. V., Anderson, R. M., Froehle, D. O., and Lamb, K. L. (1973), “The Stability, Growth and Stabilizing Influence of State Taxes,” National Tax Journal, 26, 267-274.
    Wu, W. C. and Cheng, H. P. (2010), “Symmetric Mortality and Asymmetric Suicide Cycles”, Social Science & Medicine, 12(70), 1974-1981.
    Youngman, J. M. (2002), “Enlarging the Property Tax Debate-Regressivity and Fairness,” State Tax Notes, 26(1), 45-52.
    Youngman, J. and Malme, J. (2005), “Stabilizing Property Taxes in Volatile Real Estate Markets,” Land Lines, 17(3), 5-7.
    Zodrow, G. (2006), “Who Pays the Property Tax?” Land Lines, 18(2), 14-19.
    Description: 碩士
    國立政治大學
    財政學系
    103255035
    Source URI: http://thesis.lib.nccu.edu.tw/record/#G0103255035
    Data Type: thesis
    Appears in Collections:[財政學系] 學位論文

    Files in This Item:

    File SizeFormat
    503501.pdf974KbAdobe PDF332View/Open


    All items in 政大典藏 are protected by copyright, with all rights reserved.


    社群 sharing

    著作權政策宣告
    1.本網站之數位內容為國立政治大學所收錄之機構典藏,無償提供學術研究與公眾教育等公益性使用,惟仍請適度,合理使用本網站之內容,以尊重著作權人之權益。商業上之利用,則請先取得著作權人之授權。
    2.本網站之製作,已盡力防止侵害著作權人之權益,如仍發現本網站之數位內容有侵害著作權人權益情事者,請權利人通知本網站維護人員(nccur@nccu.edu.tw),維護人員將立即採取移除該數位著作等補救措施。
    DSpace Software Copyright © 2002-2004  MIT &  Hewlett-Packard  /   Enhanced by   NTU Library IR team Copyright ©   - Feedback