Taxes and Exchange Rates in the EU by John Lorié (auth.)

By John Lorié (auth.)

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Initial shareholders and investors may have own means as well, but obviously no shares are issued by them, let alone earnings retained. Assume that, prior to the production process, initial shareholder Y has been given 10 shares by firm X. For simplicity, it is assumed that this initial shareholder has no production factors available; they are all in the hands of other investors, represented by investor Z. 32 Present value of production minus factor costs, or net market value of the 30 Taxes and Exchange Rates in the EU firm, is therefore zero; on the liability side of the balance sheet of initial shareholder Y this reflects in the absence of value of his own means (‘OM’).

The GR analysis is all but a building block for our end, though. It is restricted to a stochastic world, whereas ours is in a deterministic context. This requires taking out the characteristic diversification behaviour of the portfolio theory, leaving us with an analysis of deterministic behaviour of investors, as well as consumers and firms. It leads to the inclusion of the existence of a financial market in which financial assets are issued by firms on the basis of the time that elapses between the beginning and the end of the production process.

Debt and equity will have to co-exist as two means of finance which can be chosen by firms on the basis of the tax levy, at the level of both firms and investors. Nominal as well as real exchange rate changes are to be incorporated in the model, to which end money needs to be included. The theory should be extended, besides aggregate welfare, to include welfare distribution between countries. Secondly, the use of this elaborated model to find answers, however tentative, on the principal questions asked: the aggregate welfare and welfare distribution effects of international financial liberalisation, the effect hereon of international tax differences and real exchange rate changes and a consequent assessment of attempts towards tax harmonisation and monetary unity within the EU.

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