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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law
The maintenance of financial stability is a key objective of
monetary policy, but the record of regulators in achieving this has
been lamentable in recent years. This failure has been matched by
an equivalent inability to establish an appropriate theoretical
basis for financial regulation. In this book, the authors
demonstrate how to enhance the theory, modeling and practice of
such regulation. The main determinant of financial instability is
the default of financial institutions. The authors highlight the
importance of the appropriate incorporation of default into
macro-financial models and its interaction with liquidity. Besides
covering the historical development and current stance of financial
regulation, the book includes a number of policy-oriented chapters
revealing how the authors' modeling approach can improve the
process. This authoritative book will serve as a basis for future
work on financial stability management for both academics and
policy makers and provide guidance on how to undertake crisis
prevention and resolution.
Gordon Brown was a past-master at sneaking in new taxes by stealth,
but his efforts as Chancellor and then Prime Minister were merely
the latest in a long line of party leaders desperate to extract
more money from reluctant taxpayers. This book challenges the need
for government to resort to such underhand practices which
undermine the economy, killing the goose which lays the golden
eggs, and the integrity of the political process. The author argues
that not only does taxation flout the principle of private
property, but it 'is a primal cause of both inflation and
unemployment. Regardless of this, the freely elected governments of
contemporary trading economies - with the acquiescence of their
electorates - persist in raising the major part, if not all, of
their revenues by means of taxation. The immediate cause of such
action by governments...is ignorance of any acceptable alternative
method of raising sufficient public revenue.' Burgess shows how the
development of Keynes' general theory of employment 'leads to the
conclusion that an open trading economy is likely to be most
competitive, and therefore most prosperous, only when taxation is
abolished' - but government must be funded. How can this be done
without taxation? To provide an answer he refines Alfred Marshall's
distinction between the public and private value of property to
reveal an alternative, peculiarly public source of revenue. Unlike
a tax, defined by a former Labour Chancellor, Hugh Dalton, as 'a
compulsory contribution imposed by a public authority, irrespective
of the exact amount of service rendered to the taxpayer in return',
the 'public value' identified by Marshall would deliver an exact
equivalence between the benefits enjoyed and the amount paid. On
the basis of this widely accepted definition, therefore, it is not
a tax but the price for services rendered like any other
transaction - the price fixed by the market. The author shows how
reform may be introduced with a minimum of disruption, so that
politicians with an eye to re-election can achieve measurable
results during the lifetime of a parliament.
"The richness, clarity and nuances of the structure and methodology
followed by the contributors make the book a very valuable tool for
students... seeking to obtain a general understanding of the market
and how it is regulated." - Ligia Catherine Arias Barrera, Banking
& Finance Law Review The fully updated edition of this
user-friendly textbook continues to systematise the European law
governing capital markets and examines the underlying concepts from
a broadly interdisciplinary perspective. The 3rd edition deals with
3 central developments: the project of the capital markets union;
sustainable finance; and the further digitalisation of financial
instruments and securities markets. The 1st chapter deals with the
foundations of capital markets law in Europe, the 2nd explains the
basics, and the 3rd examines the regime on market abuse. Chapter 4
explores the disclosure system and chapter 5 short-selling and
high-frequency trading. The role of intermediaries, such as
financial analysts, rating agencies, and proxy advisers, is
described in chapter 6. Chapter 7 explains compliance and corporate
governance in investment firms and chapter 8 illustrates the
regulation of benchmarks. Finally, chapter 9 deals with public
takeovers. Throughout the book emphasis is placed on legal
practice, and frequent reference is made to the key decisions of
supervisory authorities and courts. This is essential reading for
students involved in the study of capital markets law and financial
law.
This book questions whether investment law influences the wider
field of general international law, and more specifically, whether
approaches adopted by tribunals in investment arbitrations have
radiated, or should radiate, into other fields of international
law. To answer this question, the book engages in a detailed
analysis of pronouncements by investment tribunals on state
responsibility, the law of treaties, and general principles of
dispute resolution, and evaluates their impact beyond the narrow
field of investment law. The perspectives provided in the book
highlight how rules of general international law are concretised,
specified, and at times moulded in investment arbitration practice.
By doing so, the book enhances our understanding of the
relationship between general international law and one its most
dynamic sub-disciplines. Combining conceptual and practical
perspectives, and offering a detailed analysis of the pertinent
case law, the book is a plea for a fuller engagement directed at
both general international lawyers and international investment
lawyers. It will help investment lawyers better understand the role
of general international law in their field of practice. General
international lawyers will benefit from paying close attention to
how investment lawyers apply and interpret rules of general
international law.
The Research Handbook on Central Banking focuses on global central
banks as institutions and not abstractions, providing historical
and practical detail about how central banks work and the
challenges they face. This Research Handbook offers the most
interdisciplinary treatment of global central banks published to
date by addressing key questions regarding where they come from,
how they have changed, and the challenges they face during
uncertain times. Divided into two parts, the Research Handbook
firstly takes readers on a global tour, covering central banks in
the US, Latin America, Europe, Eastern Europe, Japan, China,
Africa, and more. In the second part, authors delve into themes of
broad application, including transparency, independence,
unconventional monetary policy, payment systems, and crisis
response. The interdisciplinary mix of contributors include some of
the most prominent names in central banking as well as a new
generation of scholars who are shaping the conversation about
central banks and their role in global politics, economics, and
society at large. Interdisciplinary and innovative, this Research
Handbook will prove essential reading for scholars focusing on
central banks, financial regulation, global governance, and related
areas, as well as for central bankers and employees at central
banks. Contributors include: C. Adam, K. Alexander, A. Berg, R.
Bhala, D. Bholat, C. Borio, F. Capie, P. Conti-Brown, R.
Darbyshire, F. Decker, B. Geva, C. Goodhart, A.G. Haldane, L.I.
Jacome, H. James, J. Johnson, R.B. Kahn, H. Kanda, C. Kaufmann,
R.M. Lastra, X. Liu, S. McCracken, E.E. Meade, S.T. Omarova, R.
Portillo, M. Raskin, A.L. Riso, R. Smits, P. Tucker, F. Unsal, R.H.
Weber, G. Wood, T. Yamanaka, D. Yermack, A. Zabai, Z. Zhou, C.
Zilioli
Title 17 presents regulations governing commodities and securities
exchanges. It includes the rules of Commodity Futures Trading
Commission, the Securities and Exchange Commission, and the
Department of the Treasury.
The achievement of financial stability is one of the most pressing
issues today. This timely and innovative book provides an
analytical framework to assess financial (in)stability as an
equilibrium phenomenon compatible with the orderly functioning of a
modern market economy. The authors expertly show how good
regulatory policy can be implemented and that its effects on the
real as well as the nominal side of the economy can be properly
analyzed. The core of their approach is to take realistic account
of the interaction between endogenous default, agent heterogeneity
and money and liquidity, and suggest how a quantifiable metric of
financial fragility could be developed. This insightful book will
serve as a basis for future work on financial stability management
for both academics and policy makers and provide guidance on how to
undertake crisis prevention and resolution.
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