Andrew W. Mullineux - Böcker

Examining the taxation and regulation of banks, this book highlights the views of practitioners, tax experts, policy makers and academics on the appropriateness and effectiveness of bank taxation in the light of the financial crisis. It covers the topical issues of whether the EU should introduce a financial transactions, 'Tobin' or 'Robin Hood' tax and whether VAT should be extended to financial services. This comprehensive book offers an ethical perspective on bank taxation and financial stability to complement the traditional political economy approach. It also considers how a bank levy or financial activities tax, could be used to ensure that big banks make a 'true and fair' contribution to their insurance by taxpayers.Covering a range of topics on bank and financial sector taxation, this book will prove a valuable resource for academics, policy makers and financial regulators.Contributors: D. Bamford, G. Capelle-Blancard, S.M. Chaudhry, J. Dempsey, D. Gong, O. Havrylchyk, S. Hu, M. Keen, A. Kerrigan, Y. Luo, A. Mullineux, T. Sorell, S. Tanna, I. Young

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 incentivized banks to engage in risky activities in the past. The authors analyse the taxation of financial instruments trading, as well as the taxation of banking products and services to gauge whether this could finance resolution mechanisms and also help to ensure the stability of banks.In this respect, the authors put forward several arguments. Firstly, they contend that a financial transaction tax is economically inefficient, potentially costly for the economy, but if set at an appropriately low rate may be used to assure banks make a 'true and fair contribution' to their implicit insurance by taxpayers. Secondly, they show that a bank levy used to finance deposit guarantee and bank resolution mechanisms is potentially useful for financial stability, but that it poses the threat of double taxation, together with the proposed Basel III liquidity ratios. Thirdly, the authors argue in favour of the elimination of exemption from value added tax (VAT) for financial services in order to provide banks with a level playing field, whilst retaining exemption for basic payment services that are infrastructural. This is expected to improve efficiency by reducing the wasteful use of financial services.This book is an invaluable resource to students, academics and researchers in the fields of banking regulation and taxation. Policymakers and those with a wider interest in the issues will find it both topical and enlightening.

The Handbook of International Banking provides a clearly accessible source of reference material, covering the main developments that reveal how the internationalization and globalization of banking have developed over recent decades to the present, and analyses the creation of a new global financial architecture. The Handbook is the first of its kind in the area of international banking with contributions from leading specialists in their respective fields, often with remarkable experience in academia or professional practice. The material is provided mainly in the form of self-contained surveys, which trace the main developments in a well-defined topic, together with specific references to journal articles and working papers. Some contributions, however, disseminate new empirical findings especially where competing paradigms are evaluated.The Handbook is divided into four areas of interest. The first deals with the globalization of banking and continues on to banking structures and functions. The authors then focus on banking risks, crises and regulation and finally the evolving international financial architecture.Designed to serve as a source of supplementary reading and inspiration, the Handbook is suited to a range of courses in banking and finance including post-experience and in-house programmes for bankers and other financial services practitioners. This outstanding volume will become essential reference for policymakers, financial practitioners as well as academics and researchers in the field.<

Potential new entrants to the European Union from Central and Eastern European countries face many challenges to achieve financial convergence with the existing EU nations. Using detailed case studies from Bulgaria, the Czech Republic, Latvia, Lithuania and Poland and analysis of cross country data from these regions, Financial and Monetary Integration in the New Europe looks at the key issues for applicant countries as they negotiate the terms of their membership in the European Union.Of major concern to these countries is the financial sector and its implications for economic growth and the conduct of macroeconomic policy. The book examines, in particular, monetary and exchange rate policies, banking regulation and financial market efficiency. The overall impact of building a market driven financial system on economic development is also explored. This volume illustrates that overall, transition countries have made great strides in transformation to market economies and that most have experienced significant economic growth. However, there is still some institution building to be completed and outstanding policy issues to be resolved.Financial and Monetary Integration in the New Europe will be of great interest to EU and CEE policymakers and will prove useful reading to those concerned with EU expansion and CEE economic development.

The Handbook of International Banking provides a clearly accessible source of reference material, covering the main developments that reveal how the internationalization and globalization of banking have developed over recent decades to the present, and analyses the creation of a new global financial architecture. The Handbook is the first of its kind in the area of international banking with contributions from leading specialists in their respective fields, often with remarkable experience in academia or professional practice. The material is provided mainly in the form of self-contained surveys, which trace the main developments in a well-defined topic, together with specific references to journal articles and working papers. Some contributions, however, disseminate new empirical findings especially where competing paradigms are evaluated.The Handbook is divided into four areas of interest. The first deals with the globalization of banking and continues on to banking structures and functions. The authors then focus on banking risks, crises and regulation and finally the evolving international financial architecture.Designed to serve as a source of supplementary reading and inspiration, the Handbook is suited to a range of courses in banking and finance including post-experience and in-house programmes for bankers and other financial services practitioners. This outstanding volume will become essential reference for policymakers, financial practitioners as well as academics and researchers in the field.<

Financial Innovation, Banking and Monetary Aggregates reviews the impact of financial innovation on the measurement of money and presents the first collection of country studies appraising the usefulness of Divisia indices in deriving monetary aggregates.Monetary aggregates are traditionally formed by simply summing various monetary components such as cash and balances in savings and cheque accounts. The monetary usefulness, or 'moneyness', of these components differs and can change as a result of innovation in banking, monetary transmission and payment services. To gauge the importance of such distortions and the merits of alternative weighted monetary indices, particularly Divisia indices, this volume brings together authoritative empirical studies of countries including the US, the UK, Germany, France, Sweden, Italy and Japan. The authors conclude by showing how Divisia monetary indices act as a useful supplement to traditional monetary aggregates.Financial Innovation, Banking and Monetary Aggregates will be welcomed by economists and financiers for questioning traditional assumptions about the usefulness of monetary aggregates and for its discussion of the wider implications of financial innovation in the banking sector.

This book critically examines the progress made on macroeconomic stabilization and financial sector reform in the transition economies of Central and Eastern Europe. It relates microeconomic experiences to the broader macroeconomic context of reform, and emphasises that macro reform is underpinned by micro and institutional reform, especially in the financial sphere.Key features include:bank and enterprise restructuring and the progress towards the resolution of banking and bad debt problemsimplications of bank and enterprise restructuring for corporate governance and company performancean evaluation of bank-enterprise relationshipsexchange rates and capital flows, with an analysis of the capital inflow problem and the performance of fixed exchange rate regimes in the post-stabilization phase of the transitiondetailed surveys of individual firm and bank behaviour and performance during the reform process.The book will be welcomed by scholars and practitioners interested in monetary and financial economics, the economics of transition and comparative economic systems.