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Summary
Summary
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 Notes
Ruud de Mooij is Deputy Chief in the Tax Policy Division of the International Monetary Fund's Fiscal Affairs Department. Ga#65533;tan Nicod#65533;me is Head of Unit in the Economic Analysis, Evaluation, and Impact Assessment Support unit of the European Commission's General Directorate for Taxation and Customs Union and a Lecturer at the Solvay Brussels School of Economics and Management at the Free University of Brussels.
Table of Contents
Series Foreword | p. vii |
1 Taxation and Regulation of the Financial Sector | p. 1 |
I Interplay of Taxation and Regulation Policies for the Financial Sector | |
2 New Bank Taxes: Why and What Will Be the Effects? | p. 25 |
3 Taxes, Banks, and Financial Stability | p. 55 |
4 Taxation and Regulation of Banks to Manage Systemic Risk | p. 67 |
5 Insolvency Uncertainty, Banking Tax, and Macroprudential Regulation | p. 89 |
6 The Political Economy of Containing Financial Systemic Risk | p. 115 |
II Design of Taxes and Regulation for the Financial Sector | |
7 How Should Financial Intermediation Services Be Taxed? | p. 133 |
8 FAT or VAT? The Financial Activities Tax as a Substitute to Imposing Value-Added Tax on Financial Services | p. 157 |
9 Assessing the Macroeconomic Impact of Financial Transaction Taxes | p. 177 |
10 Financial Activities Taxes, Bank Levies, and Systemic RiskGiuseppina Cannas and Jessica Cariboni and Massimo Marchesi and Gaëtan Nicodème and Marco Petracco Giudici and Stefano Zedda and 203 | |
III Evidence on the Efficacy of Taxation and Regulation | |
11 Taxation, Bank Leverage, and Financial Crises | p. 229 |
12 Ability of Banks to Shift Corporate Income Taxes to Customers | p. 253 |
13 Incidence of Bank Regulations and Taxes on Wages: Evidence from US States | p. 279 |
14 Impact of the Bank Transactions Tax on Deposits in Argentina | p. 311 |
15 The 2011 FDIC Assessment on Banks' Managed Liabilities: Interest Rate and Balance-Sheet Responses | p. 333 |
Contributors | p. 371 |
Index | p. 375 |