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Taxation and the Financial Crisis

Taxation and the Financial Crisis

Author: Julian S. Alworth; Giampaolo Arachi
Publisher: Oxford University Press
ISBN: 9780199698165
Published In: February 2012
Format: Hardback , 336 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Brings together major experts in the field to provide a wide range of cross-country comparison
Examines how tax policies contributed to the financial crisis and how they can help to establish a sounder and safer financial system
Weighs up the pros and cons of various tax initiatives
Surveys of a number of tax policy issues with suggestions for possible research areas
Non-technical, suitable for students and policy makers

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.

Readership: Academics, researchers, finance professionals, students, and policy makers

1: Julian S. Alworth and Giampaolo Arachi: Taxation and the Financial Crisis
2: Michael Keen, Alexander Klemm, and Victoria Perry: Tax and the Crisis
3: Thomas Hemmelgarn, Gaetan Nicodeme and Ernesto Zangari: The Role of Housing Tax Provisions in the 2008 Financial Crisis
4: Vieri Ceriani, Stefano Manestra, Giacomo Ricotti, and Alessandra Sanelli: The Role of Taxes in Compensation Schemes and Structured Finance
5: 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 Sector
7: Daniel Shaviro: The 2008 Financial Crisis: Implications for Income Tax Reform
8: Geoff Lloyd: Moving Beyond the Crisis: Strengthening Understanding of How Tax Policies Affect the Soundness of Financial Markets
9: Robert McCauley and Kazuo Ueda: Government Debt Management at Low Interest Rates
10: 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 UK
11: Donato Masciandaro and Francesco Passarelli: Financial Systemic Risk, Regulation and Taxation: The Economic and Political Dimensions

Edited by Julian S. Alworth, Senior Partner, European Investment Consulting and research associate, Econpubblica, Università Bocconi, Milan, and Giampaolo Arachi, Professor of Public Finance, University of Salento and research associate, Econpubblica, Università Bocconi, Milan

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 an M.Phil. in Economics from the University of Oxford and a Ph.D. in Public finance from the University of Pavia. His research interests include the effects of taxes on business decisions and on financial markets but also local public finance and fiscal federalism issues.

Contributors:
Julian S. Alworth, European Investment Consulting
Giampaolo Arachi, University of Salento
Katarzyna Anna Bilicka, Oxford University Centre for Business Taxation
Vieri Ceriani, Banca d'Italia
Michael P. Devereux, Oxford University Centre for Business Taxation
Clemens Fuest, Oxford University Centre for Business Taxation
Thomas Hemmelgarn, European Commission
Michael Keen, International Monetary Fund
Alexander Klemm, International Monetary Fund
Geoff Lloyd, OECD Centre for Tax Policy and Administration
Robert McCauley, Bank for International Settlements
Stefano Manestra, Banca d'Italia
Donato Masciandaro, Bocconi University
Gaetan Nicodeme, European Commission
Francesco Passarelli, University of Teramo
Victoria Perry, International Monetary Fund
Giacomo Ricotti, Banca d'Italia
Raffaele Russo, OECD Centre for Tax Policy and Administration
Alessandra Sanelli, Banca d'Italia
Douglas A. Shackelford, University of North Carolina, Chapel Hill
Daniel N. Shaviro, NYU Law School
Joel Slemrod, University of Michigan
Kazuo Ueda, University of Tokyo
Ernesto Zangari, Banca d'Italia