International Tax Competition in the Global Economy
The study uses a Keynesian-type model of the global economy to investigate the impact of the rate of savings, the level of openness and population size on equilibrium tax rates and tax revenues in the world economy with direct and indirect taxation respectively. Within the model, the marginal propensity to consume is represented by a matrix specifying each country’s income distribution between internal consumption, exports and savings. The paper shows that equilibrium tax rates are higher in countries with a higher rate of savings, a greater level of openness and a smaller population size. If there is an infinitely large number of identical and highly-integrated competing countries, then the system with indirect taxation has a lower equilibrium tax rate and a higher tax revenue than the system with direct taxation. If a country with direct taxation and a country with indirect taxation compete, the latter gets a similar advantage.
In this article the author performs the comparative analysis of the provisions of international treaties forming the Eurasian Economic Union and its predecessors and of the documents containing national tax policies of EAEU Member States. While author’s previous research suggested a number of similar features of EAEU Member States’ tax systems and partial harmonization, this time it is supplemented with conclusion of open tax competition waged by certain EAEU Member States.
The article deals with approaches to assessing the effectiveness of tax policy in the region. The problem of regional budgets formation is the restrictions on the provision of tax benefits and reduced tax rates, which are fixed in the Tax Code of the Russian Federation. In this regard, many regions have a deficit budget. As one of the methods of improving the quality of tax policy in the region should be considered the registration of Territories of Advanced Socio-Economic Development. The study showed that the presence of the TASED can reduce the deficit of the regional budget.
Describes the potential growth poles of the modern global economy and substantiates their advantages compared to the current growth poles Includes fundamental substantiation and practical recommendations Discusses the process of overcoming the consequences of the global financial crisis The book
It is now widely accepted that modern economic science failed to foresee the financial and economic crisis of 2008-2009. However it is appear that there is still a lack of understanding fundamental causes of this crush and its aftermath. The available standard forecasting models and theories for the growth of the global economy are barely able to make correct forecasts in a crisis period and treat this crisis as a cyclical one. Moreover the nature of this crisis and its long-run effect on the global economy cannot be grasped within Keynesianism and neoliberalism, which prevail in economics and policy makers` discourses. The authors argue that today`s crisis is not a regular cyclical one. It is of systemic nature and in fact has been provoked by a surplus of financial rather than productive capital. The current conditions of the global economy development deeply impacted by the crisis of 2008-2009 have the character of restructuring the entire economic system and economic relations. Actually, this crisis has to form a new the 21st century global economy and to destroy the old economic, financial and technological relations. It is very likely that period from 2014 to 2016 will be marked by a new phase of the global economy transformation towards the building of new types of financial and economic relations, as well next wave of crisis phenomena will occur.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.