The article focuses on the problems of criminal prosecution for tax crimes. The author in this context analyzes the place of judicial doctrine in the system of sources of tax law and the problems associated with its use

The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs. A government in the tradition of Ramsey (1927) may be inclined to provide transfers to the firm so as to prevent its liquidation and the associated deadweight costs. It is shown...

The termination of a representative financial firm due to excessive leverage may lead to substantial bankruptcy costs. A government in the tradition of Ramsey (1927) may be inclined to provide transfers to the firm so as to prevent its liquidation and the associated deadweight costs. It is shown...

We study optimal time-consistent distortionary taxation when the repayment of government debt is not enforceable. The government taxes labor income or issues noncontingent debt in order to finance an exogenous stream of stochastic government expenditures. The government can repudiate its debt...

Panageas' "Optimal taxation in the presence of bailouts" provides a model where labor income taxation is used to finance bailouts and bailouts are always optimal. Labor income taxes are countercyclical: they are lower in economic downturns to alleviate the stress on the financial sector and...