This article will be a separated into a three-part series that will appear in the July, August and September editions of Taxes – The Tax Magazine. The article will address the new reporting and withholding regime imposed upon foreign financial institutions and nonfinancial foreign entities,...

This paper uses account-level information, reported to the IRS by foreign financial institutions under the Foreign Account Tax Compliance Act (FATCA), to produce new evidence on the foreign financial wealth of U.S. households. We find that U.S. taxpayers hold around $4 trillion in foreign...

In intra‐group finance hybrid instruments allow for tailor‐made form of finance. Hence hybrid finance is often used for international tax planning in multinational groups.Due to a lack of international tax harmonization or tax coordination qualification conflict can arise. A specific hybrid...

The high international capital positions of offshore financial centers (OFCs) have led to increasing research in the area. However, many unanswered questions remain, as OFC activities are secretive by nature and data is sparse. It is, for example, not even clear whether the financial industry...

This paper studies financial service provision booked through offshore financial centers (OFCs). Based on several novel data sources and recent advances in event study methodology, I exploit the natural experiment of re-occurring hurricanes hitting small islands and compare local reactions to...

The study is devoted to the Ukrainian capital outflow analysis, finding main reasons, consequences and working out the recommendations. The purpose of the study was to research the reasons of offshoring, except tax avoidance, to estimate their impact on the state economy and develop the ways of...

This response to the 2009 UK White Paper on ‘Reforming Financial Markets' argues for stronger democratic oversight of regulators and for regulatory diversity in order to reduce ‘market herding' and the consequent systemic risks. In the context of hitherto weak democratic accountability and...

The Global Financial Crisis (GFC) threatened to bring world financial markets to a halt. It is now coming to light that in the run-up to, and at the height of, the GFC, investment banks and other participants in the financial markets acted unethically as well as imprudently. This article takes a...

The proliferation of blockchain-based cryptocurrencies, which essentially use public accounting ledgers, has two opposing effects related to the global financial system's transparency. On the one hand, governments, market regulators, and financial institutions make significant efforts to curtail...

This Article examines the cumulative welfare effect of the application of the U.S. regulatory regime on foreign private issuers (FPI) and whether the extraterritorial reach of U.S. law creates unnecessary risks deterring crosslistings. To assess the deterrence effect and optimality of...