Criticisms of bank stress tests continue to mount, particularly as banks continue to struggle. A new problem recently emerged: the marked shortfall between the market capitalisation of most European banks and their book values.
This should soon lead to a new stress test methodology. This (...)
In recent years the issue of how much taxes corporations pay (and how much they should) has become extremely salient in Western countries. The attention to this issue has been mainly raised by news organizations on the corporate income tax paid by the subsidiaries of some major multinational (...)
Since the financial crisis, government debt ratios have increased in many countries. Most studies indicate that there is a negative association between high medium- and long-term debt ratios and growth, although the exact magnitude of the relationship is being discussed. Since high debt ratios (...)
Economists do not regard the world as a zero-sum game, but as a positive sum game in which all voluntary participants in an interaction are winners and no one loses. Hence, people are cooperating voluntarily as buyers and sellers in markets as they are benefiting from both roles. It is not (...)
A short presentation of IREF ’Yearbook on Taxation in Europe’ Series
Among the many ways to understand the climate of opinion and the culture of a country, looking at its fiscal system is one of the most rewarding. Sure, fiscal systems almost always rhyme with complexity; each system bearing the (...)
Two years ago, prof. Vani K. Borooah published a working paper for the IREF with the warning title "When the Lights Go Out". We are pleased to announce that the working paper has been since extended into a fully fledged book, now published by Palgrage (...)