The paper sets up an analytical framework within which the arguments for centralized vs. decentralized tax policy can be represented and weighed against each other. Two aspects of the debate are considered: first, the global welfare effects of 'harmonizing' tax reforms are discussed when...

The paper analyzes the effects of general consumption taxes levied under alternative tax principles. It is shown that different national tax rates imposed under a general destination principle or a general origin principle create no relative price distortions and no redistributional effects in a...

Using simple benchmark models, this paper gives an introductory analysis of three separate policy issues that relate to the taxation of multinational firms: (i) the spread of tax measures that provide discriminatory tax relief to multinational firms; (ii) the switch from the current separate...

We model a banking union of two countries whose banking sectors differ in their average probability of failure and externalities between the two countries arise from cross-border bank ownership. The two countries face (i) a regulatory decision of which banks are to be shut down before they can...

We model a banking union of two countries whose banking sectors differ in their average probability of failure and externalities between the two countries arise from cross-border bank ownership. The two countries face (i) a regulatory (super- visory) decision of which banks are to be shut down...