Author

Hengrina Ly

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Preprint Sep 2026

The Fiscal Alibi: Hidden Spending Needs and Government Reputation

A government may ask for a high tax because it faces a genuine expense. The same demand can also be made by a government that intends to keep the proceeds. We study this ambiguity in a two-period reputation model with privately observed spending needs and an endogenous tax base. The opportunist chooses between outright...

G. Lukyanov, Hengrina Ly · 0 citations

Preprint Sep 2026

Taxing Capital to Protect It

This paper studies the composition of taxation when the government cannot fully commit to respecting private returns after investment. A fiscal authority must finance a given expenditure from labor and capital income. Ordinary tax receipts are protected, but an opportunistic executive can seize part of the remaining ca...

G. Lukyanov, Hengrina Ly · 0 citations