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Accounting discretion of banks during a financial crisis
  • Language: en
  • Pages: 43

Accounting discretion of banks during a financial crisis

This paper shows that banks use accounting discretion to overstate the value of distressed assets. Banks' balance sheets overvalue real estate-related assets compared to the market value of these assets, especially during the U.S. mortgage crisis. Share prices of banks with large exposure to mortgage-backed securities also react favorably to recent changes in accounting rules that relax fair-value accounting, and these banks provision less for bad loans. Furthermore, distressed banks use discretion in the classification of mortgage-backed securities to inflate their books. Our results indicate that banks' balance sheets offer a distorted view of the financial health of the banks.

Imperialism and the Developing World
  • Language: en
  • Pages: 561

Imperialism and the Developing World

How did Western imperialism shape the developing world? In Imperialism and the Developing World, Atul Kohli tackles this question by analyzing British and American influence on Asia, Africa, the Middle East, and Latin America from the age of the British East India Company to the most recent U.S. war in Iraq. He argues that both Britain and the U.S. expanded to enhance their national economic prosperity, and shows how Anglo-American expansionism hurt economic development in poor parts of the world. To clarify the causes and consequences of modern imperialism, Kohli first explains that there are two kinds of empires and analyzes the dynamics of both. Imperialism can refer to a formal, colonial...

At A Cost: The Real Effects of Thin Capitalization Rules
  • Language: en
  • Pages: 17

At A Cost: The Real Effects of Thin Capitalization Rules

Thin capitalization rules (TCRs) aim to mitigate profit shifting by multinational corporations (MNCs) but, by raising the cost of capital for affected affiliates, can also negatively affect real investment. Exploiting unique panel data on multinational companies in 34 countries during 2006-2014, we estimate that the size of this adverse investment effect can be large, and dependent on the statutory corporate tax rate and the tightness of the safe-haven ratio. Negative investment effects are more pronounced for highly-levered firms for which TCRs are more likely to be binding.

Credibility Without Rules
  • Language: en
  • Pages: 108

Credibility Without Rules

During the last 25 years, monetary practice in most countries has increasingly been characterized by the attempt to achieve credibility of purpose while expanding the freedom of monetary authorities in controlling policy instruments. Thus, the world has moved toward monetary frameworks in which, through appropriate institutional devices, a better trade-off between credibility of goals and flexibility of instruments could be achieved. This attempt, surveyed in this paper, has taken many forms, depending on the countries economic, institutional, and cultural specificities.

Revenue-productive Income Tax Structures and Tax Reforms in Emerging Market Economies
  • Language: en
  • Pages: 30
International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots
  • Language: en
  • Pages: 45

International Corporate Tax Avoidance: A Review of the Channels, Magnitudes, and Blind Spots

This paper reviews the rapidly growing empirical literature on international tax avoidance by multinational corporations. It surveys evidence on main channels of corporate tax avoidance including transfer mispricing, international debt shifting, treaty shopping, tax deferral and corporate inversions. Moreover, it performs a meta analysis of the extensive literature that estimates the overall size of profit shifting. We find that the literature suggests that, on average, a 1 percentage-point lower corporate tax rate will expand before-tax income by 1 percent—an effect that is larger than reported as the consensus estimate in previous surveys and tends to be increasing over time. The literature on tax avoidance still has several unresolved puzzles and blind spots that require further research.

US Congress Joint Committee on Taxation Handbook - Strategic Information and Regulations
  • Language: en
  • Pages: 272

US Congress Joint Committee on Taxation Handbook - Strategic Information and Regulations

  • Type: Book
  • -
  • Published: 2013-08
  • -
  • Publisher: Lulu.com

US Congress Joint Committee on Taxation Handbook

Making Voice Work
  • Language: en
  • Pages: 29

Making Voice Work

May 1998 A citizen's assessment of public services provided evidence of inefficiency and corruption and stimulated public service providers to be more responsive to customers. So, public feedback can change behavior. Paul reports how a report card on public services in the Indian city of Bangalore was used by citizen groups to create greater public awareness about the poor performance of public service providers and to challenge them to be more efficient and responsive to their customers. The report card was the result of a survey of a sample of users (both rich and poor) of the city's services and rated public agencies in terms of public satisfaction with different dimensions of their servi...

The Cost and Performance of Paid Agricultural Extension Services
  • Language: en
  • Pages: 39

The Cost and Performance of Paid Agricultural Extension Services

Experience in Nicaragua with paid extension services-also known as private, commercial, or cofinanced extension services-shows that even poor farmers are willing to pay for a service that improves their economic efficiency and ability to earn a living. Budgets for extension services have been reduced in many countries. One response to these reductions in public services in some countries has been to privatize extension services-with extension services provided, for a fee, by either public agencies or private companies. Under the new approach, producers become clients instead of beneficiaries. Dinar and Keynan examine ways to measure the cost of providing paid-extension services and its perfo...