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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.
Finance, Governance and Economic Performance in Pacific and South
East Asia focuses on key aspects of government policy, financial
systems and their links to the economic miracle in Pacific and
South East Asia. It also considers the financial crises that have
affected those economies and their economic progress. The
contributors examine the success of governance in the form of
government involvement with the macroeconomy and with the
deregulation of markets. Attention is drawn not only to the need
for further liberalisation, but also the need to introduce
regulatory structures to produce orderly markets. The book includes
contributions on financial market opening in developing countries,
the impact of FDI on the economic growth of the ASEAN economies,
governance, human capital, labour and endogenous growth in Asia
Pacific and lessons from the financial crisis as well as an
overview of finance, development and growth. This book will be
welcomed by those interested in financial economics and reform, the
recent Asian crisis, and growth and development in the region.
Given the critical role played by banks and their behaviour during
the global financial and sovereign debt crises, this excellent book
on Balancing the Regulation and Taxation of Banking by Sajid M.
Chaudhry, Andrew W. Mullineux and Natasha Agarwal could not be more
timely. It provides an excellent in-depth analysis of how banks are
taxed and regulated in various countries - including financial
transaction taxes, VAT and other fiscal treatments. It also
provides thought provoking recommendations on how tax and fairness
of treatment of banks should be balanced.' - Philip Molyneux,
Bangor University, UKThis 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.
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
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 problems
implications of bank and enterprise restructuring for corporate
governance and company performance an evaluation of bank-enterprise
relationships exchange 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 transition
detailed 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.
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.
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