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The Asian Development Bank and the Wharton School of the University of Pennsylvania organized a seminar in Tokyo, Japan between July 26 and 27, 2001. This seminar was held for the second time, providing a forum where academicians, officials from international financial institutions, government agencies, and members of the business community could discuss and exchange views and ideas about various aspects of financial market development in the region. The central theme of this year's seminar was 'Regulatory Differences between Banks and Securities Markets: Implications for Crisis Prevention and Management,' reflecting a strong and increasingly prevalent view that has emerged since the occurrence of the East Asian crisis, namely, that banks are no longer functional and that economic development should rely on domestic capital markets, particularly domestic bond markets.

This capacity-building seminar titled 'Seminar on International Finance: Challenges and Opportunities in Modern International Finance', was jointly organized and sponsored by the ADB Institute, the ADB and the Korea Institute for International Economic Policy (KIEP), from 17-21 September 2001, Seoul, Korea. The participants were middle- to senior level government officials from nine Asian countries of the ADB. The main objective of the seminar was to enhance participants' understanding of various issues involved in the changing international financial environment and to provide them the opportunities to discuss methods of strengthening domestic and international financial sector through countryspecific, regional and international approaches. The seminar provided an in-depth learning experience for participants and a forum to discuss various conceptual and practical policy issues in financial reform and capital market development. Comprehensive presentations by eminent resource speakers from the academia and multilateral financial institutions provided the knowledge base for the seminar. Participants were also given the opportunity to present their own analysis and opinions about issues addressed during the seminar and to exchange views with one another and with resource speakers in interactive discussions.

At a time when Asia, and indeed the entire world, is reexamining the virtue of competition, it is worthwhile to ask some basic questions. What is the relationship between soundness and competition in financial markets? Is a highly competitive system inherently unstable? How important are regulatory structures in maintaining financial market soundness? Just a week before the Asia Pacific Economic Council (APEC) ministerial meeting in Kuala Lumpur, the Asian Development Bank Institute (ADBI), the Institute for Southeast Asian Studies (ISEAS), the Pacific Economic Cooperation Council (PECC), and the Institute for Financial and Monetary Policy (IFMP) of the Ministry of Finance of Japan convened a distinguished group of policymakers, academics, and government regulators from the APEC economies for a workshop in Singapore, November 9-10. The workshop dealt with two broad issues that are deemed crucial in the context of the Asian crisis - the role of financial sector competition policy and corporate governance in the Asian recovery.

On 17-18 September 1998, the ADB Institute held at its Tokyo headquarters the first of a series of workshops on Strategic Perspectives and Governance, one of the four current research program areas of the Institute. Participants came from academe, think tanks, and other private and public institutions in Japan and overseas

This article provides the first comprehensive picture and independent estimates of both illicit cigarette consumption and the resulting government tax revenue loss in Vietnam using data from a representative survey of cigarette smokers in 12 Vietnamese provinces. The survey consisted of face-to-face interviews and on-site cigarette pack examinations. We find that more than 720 million illicit cigarette packs, or 20.7% of total cigarette consumption, circulated in Vietnam in 2012. Consequently, government tax revenue loss due to illicit trade ranged from US $223 to 295 million. Our estimates also indicate that 1) the most popular illicit brands were Jet and Hero, both were sold at higher prices than the average legal brand ; 2) the average price of illicit cigarettes was 51% higher than the average price of legal cigarettes ; and 3) majority of illicit cigarettes were sold at convenience stores, which were registered and licensed businesses. Our findings suggest that prices are not a driver of illicit cigarette consumption in Vietnam, and this illicit trade is at least partially a consequence of weak market control enforcement.

This veto message from Governor Mark Sanford vetoes H. 3773, R-405, a bill that selectively exempts the sale of gold, silver, any combination of bullion, and coins from the state sales tax.

La següent tesi investiga l'existència de la competència tributària i les interaccions entre les polítiques fiscals dels països de l'OCDE utilitzant un model de dades de panell dinàmic espacial i considerant interaccions fiscals tant temporals com retardats. A més, es prova l'existència d'interdependència entre governs per proximitat geogràfica i també per la proximitat en termes d'inversió pública. En termes teòrics, aquesta tesi cobreix l'anàlisi sobre el paper de la coordinació de les infraestructures en facilitar l'harmonització fiscal parcial dins d'una coalició de regions asimètriques. Finalment, es considera l'estratègia fiscal òptima entre la centralització fiscal, la descentralització fiscal i l'harmonització fiscal parcial en un model que permeti la competència fiscal tant horitzontal com vertical. ; La siguiente tesis investiga la existencia de la competencia tributaria y las interacciones entre las políticas fiscales de los países de la OCDE utilizando un modelo de datos de panel dinámico espacial y considerando interacciones fiscales tanto temporales como retardados. Además, se prueba la existencia de interdependencia entre gobiernos por proximidad geográfica y también por la proximidad en términos de inversión pública. En términos teóricos, esta tesis cubre el análisis sobre el papel de la coordinación de las infraestructuras en facilitar la armonización fiscal parcial dentro de una coalición de regiones asimétricas. Finalmente, se considera la estrategia fiscal óptima entre la centralización fiscal, la descentralización fiscal y la armonización fiscal parcial en un modelo que permita la competencia fiscal tanto horizontal como vertical. ; This thesis investigates the existence of tax competition and interactions between tax policies among OECD countries using a spatial dynamic panel data model and considering both contemporaneous and time-delayed tax interactions. Moreover, the existence of interdependence between governments due to geographic closeness is tested and also due to the proximity in ...

Research on the Impact of Consumer Innovation on Purchase Intention 0f New Energy Vehicles -- Regulated Intermediary Effect1 -- Tax and Fee Cuts, Investment in Innovation, and High-Quality Development of Equipment Manufacturing Enterprises -- Digital Renminbi: Impacts on Economic Integration of the Greater Bay Area -- Proposition of Development and Growth Through Economic Development Index -- Need for Economic Remedies with the Increase in Product Liability Cases in 21st Century -- A European Study on Financial Risk Attitude and Cognitive Decline in Ageing Societies -- Tax and Non-tax Policies Towards the Finance of Sustainable Economy: The Mediating Role of Eco-innovation -- Impact of Tobacco Consumption on Food and Non-Food Households Consumption Patterns: The Case of Indonesia -- The South Korean Export Benchmark: Validity of the Export-led Growth Hypothesis -- Measuring Financial Inclusion in Indonesia: Asserting the Role of Digital Financial Services -- The Use of Mobile Technologies for Shopping During the Pre-Covid-19 Pandemic Versus Covid-19 Pandemic Time; a Gender-Based Quantitative Study.

This report provides practical guidance to tax authorities on the design and implementation of a variety of solutions for digital platforms, including e-commerce marketplaces, in the effective and efficient collection of VAT/GST on the digital trade of goods, services and intangibles. In particular, it includes new measures to make digital platforms liable for the VAT/GST on sales made by online traders through these platforms, along with other measures including data sharing and enhanced co-operation between tax authorities and digital platforms. It builds on the solutions for the effective collection of VAT/GST on digital sales included in the International VAT/GST Guidelines and the 2015 BEPS Action 1 Final Report "Addressing the Tax Challenges of the Digital Economy." It is of particular relevance recognising the growing importance of the platform economy and notably the potential of digital platforms to significantly enhance the effectiveness of VAT/GST collection given their important role in generating, facilitating and/or executing online sales.

The OECD/G20 Base Erosion and Profit Shifting (BEPS) Project has, thus far, mostly been an OECD-driven project. Nevertheless, its efforts in involving representatives from developing and emerging countries in the Asia-Pacific region have been encouraging and are laudable, given the tremendous challenges of achieving global consensus in a highly technical field and the tight time frame of the BEPS Project. The Asia-Pacific region poses unique challenges in its great diversity of economic development, as well as cultural and legal traditions. Australia, Japan, New Zealand and Korea, as OECD members, are at the forefront of tax innovation and development, while China, India and Indonesia are at the table as members of the G20. However, the majority of the countries in the region are non-OECD, non-G20 developing countries. For these developing countries, the BEPS changes will bring added challenges at a time when their economies are rapidly transforming and they are in the midst of absorbing and legislating pre-existing international tax principles and modernizing their tax administration --Back cover

Why is it that government debt in the developed world has risen to world war proportions in a time of peace? This can largely be attributed to governments maintaining welfare expenditures beyond what tax revenues allow. But will these governments refrain from doing what is necessary for economic growth for fear of losing their electorate?, Why is it that government debt in the developed world has risen to world war proportions in a time of peace? This can largely be attributed to governments maintaining welfare expenditures beyond what tax revenues allow. But will these governments refrain from doing what is necessary for sustainable economic growth for fear of losing their electorate? In this book, Hannesson examines the current public debt crises of both small and large democracies in terms of the inability or unwillingness of democratic leaders to balance taxes and public spending. It explores crucial issues involved in the financing of the welfare state addressing how governments should go about balancing public service spending, alongside private sector contributions

"Government was funded in prior centuries by revenue from land and other natural resources, held by the state in trust for society. The term "commonwealth" literally meant public services were funded by the commons, value created by nature and society, not by individual effort. Taxes were special impositions in time of war, not ordinary burdens on citizens. This book describes how we have developed historical amnesia in the last two centuries and how modern economic problems could be solved by restoring key elements of capitalism originally envisioned by Adam Smith. The proposed change is radical in the sense of going to the roots of economic inequality and eliminating unfair privileges, and yet conservative in proposing to retrieve past wisdom. It is not on the political agenda today, neither with anti-tax conservatives, nor program-loving progressives. Non-tax revenue could solve many current problems, but only if we approach public issues with more imagination and a deeper appreciation of history"--

At the turn of the twentieth century, the US system of public finance underwent a dramatic transformation. The late nineteenth-century regime of indirect, hidden, partisan, and regressive taxes was eclipsed in the early twentieth century by a direct, transparent, professionally administered, and progressive tax system. This book uncovers the contested roots and paradoxical consequences of this fundamental shift in American tax law and policy. It argues that the move toward a regime of direct and graduated taxation marked the emergence of a new fiscal polity - a new form of statecraft that was guided not simply by the functional need for greater revenue but by broader social concerns about economic justice, civic identity, bureaucratic capacity, and public power. Between the end of Reconstruction and the onset of the Great Depression, the intellectual, legal, and administrative foundations of the modern fiscal state first took shape. This book explains how and why this new fiscal polity came to be

"Mehra and Prescott (1985) found the difference between average equity and debt returns puzzling because it was too large to be a premium for bearing nondiversifiable aggregate risk. Here, we re-examine this puzzle, taking into account some factors ignored by Mehra and Prescott--taxes, regulatory constraints, and diversification costs--and focusing on long-term rather than short-term savings instruments. Accounting for these factors, we find the difference between average equity and debt returns during peacetime in the last century is less than 1 percent, with the average real equity return somewhat under 5 percent, and the average real debt return almost 4 percent. As theory predicts, the real return on debt has been close to the 4 percent average after-tax real return on capital. Similarly, as theory predicts, the real return on equity is equal to the after-tax real return on capital plus a modest premium for bearing nondiversifiable aggregate risk"--Federal Reserve Bank of Minneapolis web site

Does partisanship reduce the importance of self-interest in local political decision-making? I examined the case of homeowners and their preferences for lower property taxes, as well as their evaluations of zoning and development policy, to answer this question. Relying on data from a conjoint survey experiment ( n = 2036), I found that homeowners were more likely to select a candidate who supported lower property taxes than non-homeowners, on average. However, homeowners did not express stronger preferences for lower property taxes when evaluating candidates from the opposing party, or making decisions in elections that featured two-party competition. I supplemented my experimental data with survey data from the 2016 Cooperative Congressional Election Study (CCES), which asked respondents to evaluate zoning and development in their area, as well as their mayor. I found that homeowners were more likely than non-homeowners to credit their mayor for favorable evaluations of zoning and development regardless of their mayor's partisanship.