Regulation And Taxation Of Commercial Banks During The International Debt Crisis
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Regulation And Taxation Of Commercial Banks During The International Debt Crisis
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Author : Jonathan Hay
language : en
Publisher: World Bank Publications
Release Date : 1991
Regulation And Taxation Of Commercial Banks During The International Debt Crisis written by Jonathan Hay and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991 with Banking law categories.
The debt crisis burst upon the world's attention in the summer of 1982 and has generated a great deal of discussion and debate. Most attention has been focused on schemes to solve the crisis, justifications for various forms of debt relief and reduction, and defenses of creditor positions. There has been substantial progress on a number of fronts in the debt crisis. One such example has been the substantial progress made in clarifying and refining the tax and regulatory environments for creditor banks in their own countries. The authors have organized the book with the summary material in the beginning: descriptions of the debt reduction operations and the responses of the commercial banks to them, with particular attention to the influences of the tax and regulatory environments faced in each jurisdiction. The latter part presents much more detail of each creditor country's regulations and is intended to serve as a reference. This book should be a valuable resource for further research and analysis of the debt crisis and the role played by the regulatory environment.
International Financial System
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Author : Ross P. Buckley
language : en
Publisher: Kluwer Law International B.V.
Release Date : 2009-01-01
International Financial System written by Ross P. Buckley and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-01-01 with Law categories.
Provides deep analyses of some of the devastating financial crises of the last quarter-centures by showing how such factors as the origins and destinations of loans, bank behaviour, bad timing, ignorance of history, trade regimes, capital flight, and corruption coalesce under certain circumstances to trigger a financial crash.
Taxation And Leverage In International Banking
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Author : Ms.Grace Weishi Gu
language : en
Publisher: International Monetary Fund
Release Date : 2012-11-30
Taxation And Leverage In International Banking written by Ms.Grace Weishi Gu and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-11-30 with Business & Economics categories.
This paper explores how corporate taxes affect the financial structure of multinational banks. Guided by a simple theory of optimal capital structure it tests (i) whether corporate taxes induce subsidiary banks to raise their debt-asset ratio in light of the traditional debt bias; and (ii) whether international corporate tax differentials vis-a-vis foreign subsidiary banks affect the intra-bank capital structure through international debt shifting. Using a novel subsidiary-level dataset for 558 commercial bank subsidiaries of the 86 largest multinational banks in the world, we find that taxes matter significantly, through both the traditional debt bias channel and the international debt shifting that is due to the international tax differentials. The latter channel is more robust and tends to be quantitatively more important. Our results imply that taxation causes significant international debt spillovers through multinational banks, which has potentially important implications for tax policy.
The Taxation And Regulation Of Banks
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Author : Mr.Michael Keen
language : en
Publisher: International Monetary Fund
Release Date : 2011-08-01
The Taxation And Regulation Of Banks written by Mr.Michael Keen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-08-01 with Business & Economics categories.
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.
Debt Taxes And Banks
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Author : Mr.Michael Keen
language : en
Publisher: International Monetary Fund
Release Date : 2012-02-01
Debt Taxes And Banks written by Mr.Michael Keen and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-01 with Business & Economics categories.
Understanding the impact of the asymmetric tax treatment of debt and equity on the capital structures of financial institutions is critical to shaping and assessing responses to the problem of excessive leverage that underlay the 2009 financial crisis - but there is no empirical evidence to draw on. Guided by a simple model of banks? financing decisions in the presence of both regulatory constraints and tax asymmetries, this paper explores the impact of corporate tax bias on bank leverage, the use of hybrid instruments and regulatory capital ratios for a panel of over 14,000 commercial banks in 82 countries over nine years. On average, the sensitivity of banks? debt choices proves very similar to that of non-financial firms, consistent with rough offsetting of two opposing effects suggested by the theory. As the model predicts, somewhat counter-intuitively, the impact of tax on hybrids is generally weak or insignificant. Responsiveness to taxation varies significantly across banks, however: those holding smaller equity buffers, and larger banks, are noticeably less sensitive to tax.
Taxation And The Financial Crisis
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Author : Julian S. Alworth
language : en
Publisher: Oxford University Press
Release Date : 2012-02-23
Taxation And The Financial Crisis written by Julian S. Alworth and has been published by Oxford University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-02-23 with Business & Economics categories.
This is an open access title available under the terms of a CC BY-NC-ND 3.0 International licence. It is free to read at Oxford Scholarship Online and offered as a free PDF download from OUP and selected open access locations. The financial crisis triggered a global debate on the taxation of the financial sector. A number of international policy initiatives, most notably by the G-20, have called for major changes to the tax treatment of financial institutions and transactions, as well as to working practice within the financial sector. This book examines how tax policies contributed to the financial crisis and whether taxation can play a role in the reform efforts to establish a sounder and safer financial system. It looks at the pros and cons of various tax initiatives including limiting the tax advantages to debt financing; special taxes on the financial sector; and financial transactions taxes. It examines policy concerns such as: the manner in which the financial sector should "pay" for its bailout and the role of accumulated tax losses on financial institutions' behaviour; the role that taxes may play in correcting the systemic externalities associated with "too big to fail"; the types of tax that are most appropriate for financial institutions and markets ("excess profits" versus "financial transactions taxes"); the interaction between taxes and the regulation of the financial sector; and the role of taxation in countercyclical and macroeconomic policies.
Banks Borrowers And The Establishment
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Author : Karin Lissakers
language : en
Publisher: Basic Books
Release Date : 1993-05-18
Banks Borrowers And The Establishment written by Karin Lissakers and has been published by Basic Books this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993-05-18 with Business & Economics categories.
This account of the international debt crisis argues that private banks must continue to play a role in lending to Eastern European and Third World countries. The book is based on research and on interviews with cabinet members, bank CEOs, Federal Reserve governors, bank examiners and others.
Emerging Markets Debt An Analysis Of The Secondary Market
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Author : Ross Buckley
language : en
Publisher: Kluwer Law International B.V.
Release Date : 1999-06-22
Emerging Markets Debt An Analysis Of The Secondary Market written by Ross Buckley and has been published by Kluwer Law International B.V. this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-06-22 with Law categories.
The emerging markets have attained prominence of late as the recent troubles in the principal emerging markets in Asia, Russia and Latin America have threatened global stability. This book is the first detailed study of emerging markets debt and offers a unique insight into one of the world's more significant, and less understood, financial markets. It offers a comprehensive analysis of the evolution of the market in emerging markets debt from 1983 to date. In the aftermath of the debt crisis of the 1980s the banking community discovered the first disposal technique for the sovereign debt of less developed countries andndash; a secondary market in that debt. This market played a major role in the history and amelioration of the debt crisis, the Mexican problems in the mid-1990s, and the recent Asian economic crisis. The market focus of this study is on the indebtedness of Latin American nations, which has formed the backbone of secondary market activity, and the recent developments in Asia. The regulatory focus is on U.S. banks and banking regulation. This book is essential reading for anyone involved with emerging markets debt: bankers, traders, investors, corporate and sovereign issuers, finance lawyers and banking regulators.
Taxation Bank Leverage And Financial Crises
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Author : Ruud A. de Mooij
language : en
Publisher: International Monetary Fund
Release Date : 2013-02-25
Taxation Bank Leverage And Financial Crises written by Ruud A. de Mooij and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-25 with Business & Economics categories.
That most corporate tax systems favor debt over equity finance is now widely recognized as, potentially, amplifying risks to financial stability. This paper makes a first attempt to explore, empirically, the link between this tax bias and the probability of financial crisis. It finds that greater tax bias is associated with significantly higher aggregate bank leverage, and that this in turn is associated with a significantly greater chance of crisis. The implication is that tax bias makes crises much more likely, and, conversely, that the welfare gains from policies to alleviate it can be substantial—far greater than previous studies, which have ignored financial stability considerations, suggest.
The Global Financial Crisis
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Author : Tony Ciro
language : en
Publisher: Routledge
Release Date : 2016-03-16
The Global Financial Crisis written by Tony Ciro and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-03-16 with Business & Economics categories.
This book offers commentary and analysis on the catastrophic events which have recently confronted the international economy in the modern era and contrasts the current situation with other financial crises. It includes case studies on Lehman Brothers in the US, Babcock & Brown in Australia, and Northern Rock in the UK. Asking many pertinent questions about the causes of the crisis and its effects, the book explores fundamental themes such as: asset bubbles and speculation in the financial and non-financial markets, systemic risks and the role of regulation, and regulators. It also reviews the response of international institutions such as the IMF, the World Bank, the US Federal Reserve, the EU Central Bank and the G20. The book assesses the triggers of the crisis and evaluates rescue packages and policy responses as well as suggesting reform of regulatory and supervisory frameworks to maintain banking and modern financial systems in the future.