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

S.C.W. Eijffinger, H.P. Huizinga, J.J.G. Lemmen

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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

Keywords

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

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