Under the context of EMU debt and financial crisis we assess the impact of EMU's legislative initiative on Tobin tax for financial regulation. Specifically we focus on its impact on bond and equity volatility for a representative basket of 7 countries: Germany, France (core EMU) and Greece,...

How can law best mitigate harm from crises like storms, epidemics, and financial meltdowns? This Article uses the law and economics framework of property rules and liability rules to analyze crisis responses across multiple areas of law, focusing particularly on the ways the Internal Revenue...

We outline the case for supporting self-insurance by imposing a tax on external borrowing in a model of an emerging market. Entrepreneurs finance tangible investments via bank intermediation of foreign borrowing, exposing the economy to negative fire-sale externalities at times of deleveraging;...

VAT reform constituted the most important tax policy action China took during the global financial crisis in 2008-9. If China had had a more typical tax structure, this specific policy instrument (as well as certain others) would not have been available. Conversely, because of the idiosyncrasies...

Chapter 1. Introduction -- Chapter 2. Trends in Growth since the GFC -- Chapter 3. Credit, Employment and the Current Account -- Chapter 4. Capital Formation and Foreign Investment -- Chapter 5. Inflation and Monetary Developments -- Chapter 6. Policy and Analyses Chapter -- 7. Reflexive, not...

A systemic risk is a cascading disaster, a multiplier of risks that spread over society and increase the existing social vulnerabilities in the community.Systemic risk - cascading disaster - originates social costs beyond the agents that cause it and are not voluntarily assumed. The participants...

Among economic reforms implemented for overcoming of world financial and economic recessions the special accent is brought to macroeconomic stabilization; strengthening of financial sphere is recognized one of imperatives of economic policy and considerable precondition of its ensuring includes...

We model a loop between sovereign and bank credit risk. A distressed financial sector induces government bailouts, whose cost leads to increased sovereign credit risk. Increased sovereign credit risk in turn weakens the financial sector by eroding the value of its government debt guarantees and...