英文标题：
《Why Long-Term Debt Instruments Cannot Be Deposit Substitutes》
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作者：
Russell Stanley Q. Geronimo
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最新提交年份：
2017
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英文摘要：
  The definition of deposit substitutes in Philippine tax law fails to consider the maturity of a debt instrument. This makes it possible for long-term bonds to be considered as deposit substitutes if they meet the 20-lender rule, taxable at 20% final tax. However, long-term debt instruments cannot realistically function as deposit substitutes even if they fall in the hands of 20 or more lenders. First, long-term debt instruments cannot simultaneously replicate the twin features of capital preservation and liquidity, which are integral to the nature of a deposit substitute. Second, deposit substitutes are an integral part of the maturity transformation process (i.e. short-term borrowing for the purpose of long-term lending) in financial intermediaries, which means that they should have low borrowing cost, made possible only by having short-term maturity. To prove these propositions, this paper situates the function of deposit substitutes within the context of shadow banking, where said instruments originated and are generally used. To show the incompatibility between a deposit substitute and a long-term debt instrument, the paper applies the fundamental theory of bond values to 10-year zero-coupon treasury notes called \'PEACe Bonds\' in Banco De Oro, et al. vs. Republic (2015 and 2016). The paper recommends that deposit substitutes should be limited to debt instruments with maturity of not more than 1 year.
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中文摘要：
菲律宾税法中存款替代品的定义没有考虑债务工具的到期日。这使得长期债券有可能被视为存款替代品，前提是它们符合20贷款人规则，按20%的最终税率征税。然而，长期债务工具即使落入20家或20多家贷款人手中，也无法实际发挥存款替代品的作用。首先，长期债务工具不能同时复制资本保全和流动性这两个特征，这两个特征是存款替代品性质的组成部分。第二，存款替代品是金融中介机构到期转换过程（即短期借贷用于长期借贷）的一个组成部分，这意味着它们应该具有较低的借贷成本，只有通过具有短期到期才能实现。为了证明这些命题，本文将存款替代品的功能置于影子银行的背景下，影子银行是上述工具的发源地和普遍使用地。为了说明存款替代品和长期债务工具之间的不相容性，本文将债券价值的基本理论应用于Banco De Oro等人与Republic（2015年和2016年）提出的称为“和平债券”的10年期零息票国债。该文件建议，存款替代品应限于到期日不超过1年的债务工具。
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分类信息：

一级分类：Quantitative Finance        数量金融学
二级分类：General Finance        一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Quantitative Finance        数量金融学
二级分类：Pricing of Securities        证券定价
分类描述：Valuation and hedging of financial securities, their derivatives, and structured products
金融证券及其衍生产品和结构化产品的估值和套期保值
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