금융소득종합과세제도가 채권수익률에 미친 영향 = Effects on Bond Returns of the Global Taxation of Financial Incomes in Korea

다국어 초록 (Multilingual Abstract)

This study has investigated the economic impact on the Korean long-term bonds market of the global taxation system for financial income, which was one of the major tax reforms in Korea. This study is in the same line with the previous studies that examined the effects of taxes on asset prices, and has obtained the empirical evidence that the global taxation system indeed affected significantly the bond prices. First, when the global taxation system was first introduced, a significant decrease in the bond returns was observed after the news was announced in the market(i.e. after the event date), and that the extent of the decrease was larger for the bond whose duration was longer. When the global taxation system was suspended in the midst of the Korean economic crisis, a rise in bond returns was partly observed after the event date, although the evidence was not strong enough to definitely state that the phenomenon was due to the tax effect. This indefiniteness problem might have been caused by the inability of this study to control factors other than tax that might have affected the bond markets because the market was inordinately unstable due to the economic crisis it underwent. When the global taxation system was reinstated after the economic crisis had subsided, it has been consistently observed that the bond returns decreased after the event date.

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