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"Chavagneux, Christian"
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Tax Havens
From the Cayman Islands and the Isle of Man to the Principality of Liechtenstein and the state of Delaware, tax havens offer lower tax rates, less stringent regulations and enforcement, and promises of strict secrecy to individuals and corporations alike. In recent years government regulators, hoping to remedy economic crisis by diverting capital from hidden channels back into taxable view, have undertaken sustained and serious efforts to force tax havens into compliance.
InTax Havens, Ronen Palan, Richard Murphy, and Christian Chavagneux provide an up-to-date evaluation of the role and function of tax havens in the global financial system-their history, inner workings, impact, extent, and enforcement. They make clear that while, individually, tax havens may appear insignificant, together they have a major impact on the global economy. Holding up to $13 trillion of personal wealth-the equivalent of the annual U.S. Gross National Product-and serving as the legal home of two million corporate entities and half of all international lending banks, tax havens also skew the distribution of globalization's costs and benefits to the detriment of developing economies.
The first comprehensive account of these entities, this book challenges much of the conventional wisdom about tax havens. The authors reveal that, rather than operating at the margins of the world economy, tax havens are integral to it. More than simple conduits for tax avoidance and evasion, tax havens actually belong to the broad world of finance, to the business of managing the monetary resources of individuals, organizations, and countries. They have become among the most powerful instruments of globalization, one of the principal causes of global financial instability, and one of the large political issues of our times.
eBook
Getting Banks Out of Tax Havens
The repeated tax scandals (Panama and Paradise papers, etc.), the information they have to disclose as well as recent academic studies show how closely banks are tied to tax havens. They use them for themselves and play the role of intermediaries for the users of these territories. Beyond tax aspects, the activities they develop there feed international financial instability. Serving the most powerful players (individuals and companies), they contribute to the reinforcement of inequalities.JEL Codes: D3, G21, F65, H26.
Journal Article
Sortir les banques des paradis fiscaux
Les scandales fiscaux à répétition (Panama et Paradise Papers, etc.), les informations qu’elles doivent publier ainsi que de récentes études académiques démontrent combien les banques entretiennent une relation étroite avec les paradis fiscaux. Elles les utilisent pour elles-mêmes et s’y inscrivent comme intermédiaires au service des utilisateurs de ces territoires. Au-delà des aspects fiscaux, les activités qu’elles y développent nourrissent l’instabilité financière internationale. Au service des acteurs les plus puissants (particuliers et entreprises), elles contribuent au renforcement des inégalités. Classification JEL : D3, G21, F65, H26. The repeated tax scandals (Panama and Paradise papers, etc.), the information they have to disclose as well as recent academic studies show how closely banks are tied to tax havens. They use them for themselves and play the role of intermediaries for the users of these territories. Beyond tax aspects, the activities they develop there feed international financial instability. Serving the most powerful players (individuals and companies), they contribute to the reinforcement of inequalities.Classification JEL: D3, G21, F65, H26.
Journal Article
Sortir les banques des paradis fiscaux
Les scandales fiscaux à répétition (Panama et Paradise Papers, etc.), les informations qu'elles doivent publier ainsi que de récentes études académiques démontrent combien les banques entretiennent une relation étroite avec les paradis fiscaux. Elles les utilisent pour elles-mêmes et s'y inscrivent comme intermédiaires au service des utilisateurs de ces territoires. Au-delà des aspects fiscaux, les activités qu'elles y développent nourrissent l'instabilité financière internationale. Au service des acteurs les plus puissants (particuliers et entreprises), elles contribuent au renforcement des inégalités. The repeated tax scandals (Panama and Paradise papers, etc.), the information they have to disclose as well as recent academic studies show how closely banks are tied to tax havens. They use them for themselves and play the role of intermediaries for the users of these territories. Beyond tax aspects, the activities they develop there feed international financial instability. Serving the most powerful players (individuals and companies), they contribute to the reinforcement of inequalities.
Journal Article
Economics and politics: some bad reasons for a divorce
The article goes through the works of a dozen of the founding fathers of economic science as well as current renown economists. It tries to show that the separation between economic and political analysis is not as obvious as economists often believe. It underlines that the arguments put forward by the economic literature to justify this divorce are far from convincing and sometimes contradictory.
Journal Article
Do Multinational Companies Set the Rules of Globalization?
Are States still at the center of international economic relations? They have to put up with the rise of private actors, including productive & financial multinationals, especially in the key area of setting rules. Large accounting firms, cross-border trade associations, international cartels all strive to ensure that the political standards of globalization respect & foster their interests. Adapted from the source document.
Journal Article
A new financial crisis?
Systemic risk has not vanished from international finance. But regulatory bodies’ vigilance and lasting low interest rates rule out the perspective of a crisis.
Journal Article
À quoi servent les paradis fiscaux 1
Tax havens play a central role in globalization: more than 1/2 of financial flows go through there, 85% of hedge funds are domiciled there. Not only do they deprive the states from significant income, but they are also at the heart of global financial instability. Born in the 19th century when New Jersey and Delaware (where many large US companies are still domiciled) granted preferential tax conditions to enterprises, they expanded from London in the 1960s, as the states competed to offer optimal conditions. Following the latest crisis, the OECD, the EU, the US government and the G20 decided to put some order there. For the time being, most of the actions aim at individual frauds, while multinationals take advantage of most of the tax avoidance - the fight is just starting. [PUB ABSTRACT]
Trade Publication Article