Article dans une série de papiers de travail :

Augustin Landier et Guillaume Plantin, « Inequality, tax avoidance and financial instability », TSE Working Paper, n°11-282, octobre 2011.
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Résumé

We model the link between inequality, lack of political commitment, and ex-cessive risk taking. If politicians cannot commit to a long-term tax schedule, increasing returns to tax avoidance induce the middle class to take on non rewarded ?nancial risk despite risk aversion. Electoral pressure may lead an incumbent politician to endorse this excessive risk taking if income inequal-ities are large. By increasing the scope for tax avoidance, globalization of capital and human capital markets might have increased ?nancial fragility.

Programmes de recherche

Initiative de recherche Fédération des Banques Françaises sur la banque d'investissement et les marchés financiers

Groupe thématique TSE

Finance