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This book examines the options for, and obstacles to, successful financial sector tax reform, both in terms of theoretical and practical aspects. Issues discussed include: the design of optimal tax schemes, the role of imperfect information and the links between taxation and saving, inflation, the income tax treatment of intermediary loan-loss reserves, deposit insurance, VAT and financial transactions taxes; as well as current practice in the industrial world and case studies of distorted national systems. This is a co-publication of the World Bank and Oxford University Press.
It is now more than fifty years since the United Nations system and the Bretton Woods institutions were created. The world has changed since then, and so have its governance needs in terms of institutions and rules. It is time to think about the contours of institutions and governance that would meet the needs of the world economy, and also polity, at least for the first quarter of the twenty-first century. This book is the first to examine the subject in depth.
This book describes an invariant, l, of oriented rational homology 3-spheres which is a generalization of work of Andrew Casson in the integer homology sphere case. Let R(X) denote the space of conjugacy classes of representations of p(X) into SU(2). Let (W,W,F) be a Heegaard splitting of a rational homology sphere M. Then l(M) is declared to be an appropriately defined intersection number of R(W) and R(W) inside R(F). The definition of this intersection number is a delicate task, as the spaces involved have singularities. A formula describing how l transforms under Dehn surgery is proved. The formula involves Alexander polynomials and Dedekind sums, and can be used to give a rather elementary proof of the existence of l. It is also shown that when M is a Z-homology sphere, l(M) determines the Rochlin invariant of M.
Provides a self-contained, authoritative and coherent treatment of the issue of loan loss provisioning by banks in an international context. Examines the issue from a number of different perspectives - accounting, regulatory, taxation, finance and economic - and demonstrates that there are wide national differences in the accounting treatment of bank loan losses.
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