Taxation and the Financial Crisis

Hardcover | March 1, 2012

EditorJulian S. Alworth, Giampaolo Arachi

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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 withinthe 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 correctingthe 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 taxationin countercyclical and macroeconomic policies.

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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 withinthe financial sector. This book examines how ...

Julian Alworth holds an M.Sc. from the University of Maryland and a D.Phil from Oxford University. His research interests include business taxation with a special focus on international issues, public policies towards financial markets and institutions as well the modelling of retirement, and pension decisions. Giampaolo Arachi holds...

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Format:HardcoverDimensions:336 pagesPublished:March 1, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199698163

ISBN - 13:9780199698165

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Table of Contents

1. Julian S. Alworth and Giampaolo Arachi: Taxation and the Financial Crisis2. Michael Keen, Alexander Klemm, and Victoria Perry: Tax and the Crisis3. Thomas Hemmelgarn, Gaetan Nicodeme and Ernesto Zangari: The Role of Housing Tax Provisions in the 2008 Financial Crisis4. Vieri Ceriani, Stefano Manestra, Giacomo Ricotti, and Alessandra Sanelli: The Role of Taxes in Compensation Schemes and Structured Finance5. Thomas Hemmelgarn and Gaetan Nicodeme: Can Tax Policy Help to Prevent Financial Crisis?6. Douglas A. Shackelford, Daniel N. Shaviro, and Joel Slemrod: Taxation and the Financial Sector7. Daniel Shaviro: The 2008 Financial Crisis: Implications for Income Tax Reform8. Geoff Lloyd: Moving Beyond the Crisis: Strengthening Understanding of How Tax Policies Affect the Soundness of Financial Markets9. Robert McCauley and Kazuo Ueda: Government Debt Management at Low Interest Rates10. Katarzyna Anna Bilicka, Michael P. Devereux, Clemens Fuest: What Do We Know About the Effects of Fiscal Consolidation on Short Term Growth? Implications for the UK11. Donato Masciandaro and Francesco Passarelli: Financial Systemic Risk, Regulation and Taxation: The Economic and Political Dimensions