We develop a model of the joint capital structure decisions of banks and their borrowers. Strikingly high bank leverage … that highly levered financial intermediaries can offer the lowest interest rates. Low asset volatility enables banks to … borrowers, which can paradoxically lead to riskier banks. Doubling current capital requirements would reduce the default risk of …

the experience of 34 OECD countries over 1980-2014 to assess the effects of changes in the tax structure on the long … while keeping government size constant typically lift long-term output per capita when they involve cuts in the labour tax …-income effects of revenue-neutral reductions in labour tax wedges are broadly in line with intuition: the relative position of those …

enforce collection of sales taxes on a destination basis. This has reduced state tax competition with an essentially … among policy makers and researchers. We provide a detailed discussion of state and local sales tax features and the extent … to which they have fostered sales tax competition in recent decades. We then explore the extent to which greater …

A recent controversial move by the Indian income tax authorities was the introduction of a fringe benefits tax (FBT) in … employees and are in the form of facilities and amenities that are difficult to identify, segregate and apportion and tax among … beneficiaries. Accordingly, the tax liability has been fixed on employers and not on employees. FBT collection data for the first …

banks suffered significant outflows between June and August 2011. Due to credit market frictions, these outflows have … greater exposure to Eurozone banks decrease their holdings more than other funds. We show that relationships are important in …

risks should be based on a framework that accounts for the various linkages between the banks and the other relevant … financial market actors, notably investment funds. Given that the bulk of the banks in Luxembourg are affiliates of foreign bank … groups, the authorities should seek clear procedures that govern the (cross-border) resolution of large banks in bad times …