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The purpose of this project is to analyze the effects of taxation on the credit market and investment choices under asymmetric information. Moreover we will focus on its impact on economic growth and welfare.
There is a large and robust literature that shows how the choice of bank lending as a source of financing is affected by corporate taxation. It is worth noting however that the interaction between lending and taxation cannot be fully understood unless information asymmetry is assumed in the capital market (the so-called corporate finance literature. For this reason, more solid companies choose to waive these forms of financing, even at the cost of post-lay profitable investment. This point explains why it is necessary to take into account the problems of screening and signaling in the credit market. Our aim is therefore to study the effects of corporate taxation by considering both sides of credit markets. Of course, this will allow us to derive some policy recommendations.
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