000			01853nab a2200241 c 4500
999			_c146810 _d146810
003			ES-MaIEF
005			20221124145009.0
007			ta
008			221124t2022 uk |||||o|||| 00| 0|eng d
040			_aES-MaIEF _bspa _cES-MaIEF
100			_942346 _aArachi, Giampaolo
245		0	_aTaxation of capital gains upon accrual _helectrónico _bis it really more efficient than realisation? _c Giampaolo Arachi, Massimo D'Antoni
500			_aResumen.
500			_aDisponible en formato electrónico en el Repositorio de la Biblioteca del IEF.
520			_aTaxation of capital gains upon realisation is known to discourage the liquidation of an appreciated asset (lock-in effect), thus resulting in a distortion in portfolio choices. However, compared with taxation upon accrual, realisation-based taxation may imply a lower distortion in intertemporal allocation of consumption. In particular, we show that this is always the case when preferences are intertemporally weakly separable and homothetic. Using a simple model of intertemporal choice, we assess and compare the distortions induced by the two tax regimes of accrual-based and realisation-based taxation of capital gains. Our numerical simulations show that, for reasonable values of the parameters, realisation-based taxation can in fact imply a lower overall distortion of investment choices, and hence no clear ranking of the two systems is possible in general. Additionally, we find that the differences in efficiency, in either direction, are likely to be very small.
650		4	_aPLUSVALIAS _943197
650		4	_aIMPUESTOS _947460
650		4	_aDEVENGO _942654
650		4	_aMODELOS ECONOMETRICOS _947776
700			_914154 _aD'Antoni, Massimo
773	0		_9168485 _oOP 1472/2022/1 _tFiscal Studies _w(IEF)55561 _x 0143-5671 [papel] _g v. 43, Issue 1, March 2022, p. 39-61
942			_cRE