Welfare Ranking of Environmental Policies in the Presence of Capital Mobility and Cross-Border Pollution

The contemporary international tax regime has been increasingly criticized over the years from varied perspectives, particularly as to the unfairness it produces for developing countries. Some commentators argue it is unjust due to the lack of participation of developing countries in the policymaking process on an equal footing. Others suggest the international tax regime was designed by affluent countries to respond to self-interested goals. Some note that its current institutional design creates opportunities for tax competition and avoidance, which more seriously affect developing economies due to their relative dependence on corporate income tax and their greater vulnerability to capital mobility. Others specifically criticize how taxing rights, that is, the entitlement of countries to tax cross-border transactions, are currently allocated between home and host countries and how they disfavour capital-importing, developing countries.

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Cross-border Savings Flows and Capital Mobility in the G7 Economies

External Imbalances and Policy Constraints in the 1990s ◽

10.1007/978-1-349-22453-1_8 ◽

1992 ◽

pp. 178-208 ◽

Cited By ~ 1

Author(s):

Shelley Cooper

Keyword(s):

Capital Mobility ◽

Cross Border

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Macroprudential ring-fencing

Journal of Financial Regulation and Compliance ◽

10.1108/jfrc-10-2019-0122 ◽

2020 ◽

Vol ahead-of-print (ahead-of-print) ◽

Author(s):

Tomáš Konečný ◽

Lukáš Pfeifer

Keyword(s):

Financial Stability ◽

Capital Mobility ◽

Financial Integration ◽

Banking Union ◽

Policy Action ◽

Content Type ◽

Cross Border ◽

Macroprudential Policies ◽

Structural Capital ◽

The Eu

Purpose This paper aims to focus on capital-related macroprudential policies in the context of recent policy discussions on the removal of barriers to the mobility of capital and liquidity of cross-border banks in the European Union (EU). Design/methodology/approach This study first discusses the link between financial stability and internal resource mobility of cross-border banks. Then, it examines past heterogeneity in structural capital buffers as key macroprudential capital instruments applied in the EU and relate them to costs of policy action, degree of foreign penetration and membership in the Banking Union. Findings Observed phase-in patterns of structural capital buffers in the EU are broadly consistent with costs of policy action, degree of foreign penetration and membership in the Banking Union as potential factors. The process of financial integration could be further enhanced through reduced uncertainty in the application of macroprudential policies that constrain capital mobility of cross-border banks. Originality/value This paper anchors macroprudential policies into a wider discussion on the mechanism and implications of ring-fencing in the EU over time. It discusses two policy areas, macroprudential policies and proposals for deeper financial integration, that share the same financial stability objective but tend to emphasize different implications of the mobility of capital and liquidity of cross-border banks in the EU. The study provides a discussion of potential implications of the recent adoption of the CRRII/CRDV legislation for future heterogeneity of macroprudential policies in the EU.

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Reforms of Environmental Policies in the Presence of Cross-Border Pollution and Two-Stage-Clean-Up

SSRN Electronic Journal ◽

10.2139/ssrn.298026 ◽

2002 ◽

Author(s):

Panagiotis (Panos) Hatzipanayotou (Xatzipanagiotou) ◽

Sajal Lahiri ◽

Michael S. Michael

Keyword(s):

Environmental Policies ◽

Two Stage ◽

Cross Border

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Regulation of Inter-Provincial Establishment in China: Learning from Europe?

Japanese Journal of Political Science ◽

10.1017/s1468109917000172 ◽

2017 ◽

Vol 18 (4) ◽

pp. 552-573

Author(s):

GUANG SHEN

Keyword(s):

Decision Making ◽

Capital Mobility ◽

Governance Structure ◽

Multilevel Governance ◽

Cross Border ◽

Legislative Authority ◽

Central Level ◽

Legislative Decision ◽

Protectionist Measure ◽

The Eu

AbstractWith a multilevel governance structure, China and the EU both face the task of preventing lower level political entities from impeding capital mobility. In China, licensing barriers, as the main protectionist measure, are sometimes created by local authorities, leading to restrictions on inter-provincial establishment of companies. Moreover, whether or not to create such barriers depends on various factors. In the EU, a major effort has been undertaken to facilitate cross-border establishment and any remaining barriers mainly arise from national regulatory autonomy in some areas. In terms of further facilitating company mobility, while the strong judicial mechanism in the EU has tackled some of the remaining barriers, China's weak administrative and judicial systems seem unable to prevent the creation of licensing barriers. This paper argues that precise rules defined by the legislative authority offer a better prospect of regulatory effectiveness for China whose administrative capacities are weak and courts are not independent. More specifically, legislative decision making in the setting of inter-provincial establishment should be taken at the central level. Moreover, national legislators should precisely and clearly prescribe which authorities are empowered to control inter-provincial establishment, and under what conditions.

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