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Author: Mr.Michael Keen
Publisher: International Monetary Fund
ISBN: 1463902174
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
The financial crisis has prompted a reconsideration of the taxation of financial institutions, with practice outstripping principle: France, Germany, the United Kingdom and several other European countries have now introduced some form of bank tax, and the U.S. administration has revived its own proposal for such a charge. This paper considers the structure, appropriate rate, and revenue yield of corrective taxation of financial institutions addressed to two externalities, consequent on excessive risk-taking, prominent in the crisis: those that arise when such institutions are simply allowed to collapse, and those that arise when, to avoid the harm this would cause, their creditors are bailed out. It also asks whether corrective taxation or a regulatory capital requirement is the better way to address these concerns. The results suggest a potential role for taxing bank borrowing, perhaps as an adjunct to minimum capital requirements, at marginal rates that rise quite sharply at low capital ratios (but are likely lower when the government cannot commit to its bailout policy), reaching levels higher than those of the bank taxes so far adopted or proposed.
Author: Mr.Michael Keen
Publisher: International Monetary Fund
ISBN: 1463902174
Category : Business & Economics
Languages : en
Pages : 41
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Book Description
The financial crisis has prompted a reconsideration of the taxation of financial institutions, with practice outstripping principle: France, Germany, the United Kingdom and several other European countries have now introduced some form of bank tax, and the U.S. administration has revived its own proposal for such a charge. This paper considers the structure, appropriate rate, and revenue yield of corrective taxation of financial institutions addressed to two externalities, consequent on excessive risk-taking, prominent in the crisis: those that arise when such institutions are simply allowed to collapse, and those that arise when, to avoid the harm this would cause, their creditors are bailed out. It also asks whether corrective taxation or a regulatory capital requirement is the better way to address these concerns. The results suggest a potential role for taxing bank borrowing, perhaps as an adjunct to minimum capital requirements, at marginal rates that rise quite sharply at low capital ratios (but are likely lower when the government cannot commit to its bailout policy), reaching levels higher than those of the bank taxes so far adopted or proposed.
Author: Ruud De Mooij
Publisher: MIT Press
ISBN: 0262321106
Category : Business & Economics
Languages : en
Pages : 417
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Book Description
Analytical and empirical perspectives on the interplay of taxation and regulation in the financial sector. The global financial crisis has prompted economists to rethink fundamental questions on how governments should intervene in the financial sector. Many countries have already begun to reform the taxation and regulation of the financial sector—in the United States, for example, the Dodd–Frank Act became law in 2010; in Europe, different countries have introduced additional taxes on the sector and made substantial progress toward a banking union for the eurozone. Only recently, however, has a new field in economics emerged to study the interplay between public finance and banking. This book offers the latest thinking on the topic by American and European economists. The contributors first explore new conceptual ground, offering rigorous theoretical analyses that help us better understand how tax policy and regulation can contribute to avoiding another crisis or reducing its impact. Contributors then investigate the behavior of financial institutions in response to various forms of taxation and regulation, offering empirical evidence that is vital for policy design. Contributors Thiess Buettner, Jin Cao, Giuseppina Cannas, Gunther Capelle-Blancard, Jessica Cariboni, Brian Coulter, Ernesto Crivelli, Ruud de Mooij, Michael P. Devereux, Katharina Erbe, Ricardo Fenochietto, Marco Petracco Giudici, Timothy J. Goodspeed, Reint Gropp, Olena Havyrlchyk, Michael Keen, Lawrence L. Kreicher, Julia Lendvai, Ben Lockwood, Massimo Marchesi, Donato Masciandaro, Colin Mayer, Robert N. McCauley, Patrick McGuire, Gaëtan Nicodème, Masanori Orihara, Francesco Passarelli, Carola Pessino, Rafal Raciborski, John Vickers, Lukas Vogel, Stefano Zedda
Author: Sandra B. McCray
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 56
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Book Description
Author: Sajid M. Chaudhry
Publisher: Edward Elgar Publishing
ISBN: 1785360272
Category : Business & Economics
Languages : en
Pages : 168
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Book Description
This concise book gives a unique overview of bank taxation as an alternative or a compliment to prudential regulation or non-revenue taxation. Existing bank taxation is reviewed with a view to eliminating distortions in the tax system, which have incen
Author: Ronald W. Blasi
Publisher: CCH
ISBN: 9780808017677
Category :
Languages : en
Pages : 968
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Book Description
Formerly titled, the Bank Tax Guide, the new U.S. Master Bank Tax Guide (2008) by noted bank tax expert, Ronald W. Blasi, J.D., LL.M., is a comprehensive desktop reference that covers all the tax rules for financial institutions and is the only book of its kind that is completely updated each year to reflect the latest changes through press time. This is the authoritative must-have guide for professionals charged with tax compliance for financial institutions. It features special planning sections in each chapter, detailed discussions that are meticulously referenced to authority for additional research, potential IRS audit activities, and numerous practical examples that illustrate the rules and principles. The volume provides informative discussions on points of law where the courts and the IRS may not see eye-to-eye.
Author: Stanley I. Langbein
Publisher: Warren Gorham & Lamont
ISBN: 9780791344675
Category : Banks and banking
Languages : en
Pages :
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Book Description
Author: United States. Advisory Commission on Intergovernmental Relations
Publisher:
ISBN:
Category : Banks and banking
Languages : en
Pages : 1936
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Book Description
Author: Andrew Hamilton
Publisher:
ISBN:
Category : Banking law
Languages : en
Pages : 460
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Book Description
Author: Andrew Hamilton
Publisher:
ISBN:
Category :
Languages : en
Pages : 472
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Book Description
Author: Mr.Gianni De Nicolo
Publisher: International Monetary Fund
ISBN: 1475531958
Category : Business & Economics
Languages : en
Pages : 80
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Book Description
This paper studies the impact of bank regulation and taxation in a dynamic model with banks exposed to credit and liquidity risk. We find an inverted U-shaped relationship between capital requirements and bank lending, efficiency, and welfare, with their benefits turning into costs beyond a certain requirement threshold. By contrast, liquidity requirements reduce lending, efficiency and welfare significantly. The costs of high capital and liquidity requirements represent a lower bound on the benefits of these regulations in abating systemic risks. On taxation, corporate income taxes generate higher government revenues and entail lower efficiency and welfare costs than taxes on non-deposit liabilities.
