Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes

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Abstract

This paper examines the incidence of nonresident interest withholding taxes in the international 3-month Treasury-bill market and the international 5-year government bond market.The approach is one of pooled cross-section, time-series regressions.We find that, in general, U.S. dollar yields on national Treasury-bills and pre-tax 5-year government bond yields fully reflect nonresident interest withholding taxes imposed on American or Japanese investors.Nonresident interest withholding taxes on short-term and long-term government debt thus do not appear to be borne by the international investor.
Original languageEnglish
Place of PublicationTilburg
PublisherMacroeconomics
Number of pages25
Volume1996-88
Publication statusPublished - 1996

Publication series

NameCentER Discussion Paper
Volume1996-88

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Withholding tax
Government debt
Investors
Government bonds
Bond yields
Tax
Cross section
Bond market

Keywords

  • international financial markets
  • national debt
  • taxation
  • interest rate

Cite this

Eijffinger, S. C. W., Huizinga, H. P., & Lemmen, J. J. G. (1996). Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes. (CentER Discussion Paper; Vol. 1996-88). Tilburg: Macroeconomics.
Eijffinger, S.C.W. ; Huizinga, H.P. ; Lemmen, J.J.G. / Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes. Tilburg : Macroeconomics, 1996. (CentER Discussion Paper).
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Eijffinger, SCW, Huizinga, HP & Lemmen, JJG 1996 'Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes' CentER Discussion Paper, vol. 1996-88, Macroeconomics, Tilburg.

Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes. / Eijffinger, S.C.W.; Huizinga, H.P.; Lemmen, J.J.G.

Tilburg : Macroeconomics, 1996. (CentER Discussion Paper; Vol. 1996-88).

Research output: Working paperDiscussion paperOther research output

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T1 - Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes

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AU - Lemmen, J.J.G.

N1 - Pagination: 25

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N2 - This paper examines the incidence of nonresident interest withholding taxes in the international 3-month Treasury-bill market and the international 5-year government bond market.The approach is one of pooled cross-section, time-series regressions.We find that, in general, U.S. dollar yields on national Treasury-bills and pre-tax 5-year government bond yields fully reflect nonresident interest withholding taxes imposed on American or Japanese investors.Nonresident interest withholding taxes on short-term and long-term government debt thus do not appear to be borne by the international investor.

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KW - international financial markets

KW - national debt

KW - taxation

KW - interest rate

M3 - Discussion paper

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BT - Short-Term and Long-Term Government Debt and Nonresident Interest Withholding Taxes

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