The European Court of Justice (‘ECJ’) recently examined the statutory provisions in the context of European Value Added Tax (‘VAT’) regulations to opine upon the extent of restrictions that can be imposed upon entities which are under liquidation. This decision addresses a situation...

An important question is whether VAT exemption of financial services is a desirable property or whether it is justified only due to practical and administrative necessity. This paper singles out a number of financial services for discussion of this issue in a context allowing for other taxes and...

This paper analyzes revenue and welfare effects of implementing a FAT both from a theoretical and a quantitative perspective. The theoretical analysis allows us to derive expressions for the revenue effects and the deadweight loss in a general equilibrium setting, which can be quantified with a...

Purpose: The present paper analyzes the current situation of taxation of financial services, pointing out the main alternative taxation methods. Design/methodology/approach: It is carried out an analysis of them, through the application of all of them to the same numerical example. Originality:...

1 Introduction -- 2 Economical and Historical Context -- 3 New Technological Developments and Opportunities -- 4 Toolkit for Getting Started -- 5 Make use of Decentralized Finance -- 6 Concluding Remarks -- A Blockchain Applications -- B Token Classification Example – Bitcoin -- Index --...

We present a model of shadow banking in which financial intermediaries originate and trade loans, assemble these loans into diversified portfolios, and then finance these portfolios externally with riskless debt. In this model: i) outside investor wealth drives the demand for riskless debt and...

We provide the first empirical tests for financial protectionism, defined as a nationalistic change in banks' lending behaviour, as the result of public intervention, which leads domestic banks either to lend less or at higher interest rates to foreigners. We use a bank-level panel data set...