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Offshore finance and global governance : disciplining the tax nomad
\"This book analyses shifting international taxation strategies in pursuit of tax nomads, individuals and companies who minimize their tax obligations among multiple countries. Focusing on the efforts of the United States, the collective endeavours of the European Union and the global initiative of the OECD under G20 guidance, it investigates their attempts to understand and control the mechanisms employed by such nomads. The author directs particular attention to intellectual property, used by multinational corporations to move income from high-tax to low-tax locations. Contrary to claims that globalization hinders tax collection, he argues that state sovereignty and state power remain the defining characteristic of international taxation. The EU and OECD in turn, he concludes, are leveraging cooperation with the US to force other countries to share taxpayer information with them.\"--Back cover.
Book
Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession
Foreign banks pulled significant funding from their US branches during the Great Recession. We estimate that the average-sized branch experienced a twelve percent net internal fund “withdrawal,” with the fund transfer disproportionately bigger for larger branches. This internal shock to the balance sheet of US branches of foreign banks had sizable effects on their lending. On average, for each dollar of funds transferred internally to the parent, branches decreased lending supply by about forty to fifty cents. However, the extent of the lending effects was very different across branches depending on their pre-crisis modes of operation in the United States.
Journal Article
Performance Challenges of Development Financial Institutions
Originality/value: This paper studies the challenges of DFIs, which could relate to their internal and external risks, hence contributing to input for the DFIs' strategic plan and organizational performance improvement.
Journal Article
Banking on global markets : Deutsche Bank and the United States, 1870 to the present
\"Banking on Global Markets uses the story of the U.S. business and political dealings of Germany's largest bank to illuminate important developments in the ongoing globalization of major financial institutions. Throughout its nearly 140-year-long history, Deutsche Bank served as one of Germany's principal vehicles for forging economic and other links with the rest of the world.\"--Jacket.
BOOK
Foreign bank presence and income inequality in Africa: What role does economic freedom play?
This study contributes to income equality (IE) literature by examining four important issues. First, the study examines the effects of foreign bank presence (FBP) on IE. Second, the paper identifies the minimum threshold level of FBP which can lead to IE. Third, the effect of economic freedom on IE was investigated. Fourth, the paper determines whether economic freedom interacts with FBP to minimise IE. The findings are based on macro data for 33 African countries from 1995 to 2020. The findings from the two-stage system generalised method of moment indicate that unconditionally, FBP reduces income inequality. Also, results from the threshold effect reveal that whilst FBP reduces income inequality, if it exceeds 52%, it may contribute to it. Additionally, the study reveals that economic freedom dampens IIE. Furthermore, economic freedom conditions FBP to reduce IE. Based on these findings, policymakers are advised to exercise caution in attracting foreign banks and to promote local financial institutions. Policymakers are also advised to implement policies to promote economic freedom.
Journal Article
Flooded with Corruption: Pakistan's Relief Effort
As the monsoon clouds congregated over Pakistan, people barely batted an eyelid. A country born out of conflict has grown accustomed to being tested in various ways and often without warning. Pakistanis are enduring a plummeting economy, skyrocketing inflation and serious political upheaval with the popular Prime Minister Imran Khan having been ousted in a controversial move in April 2022. So when the skies turned grey and the clouds rained down mercilessly, the Pakistanis just took it in stride. But as the days went by and the rain failed to relent, the water levels rose and the battle-hardened Pakistanis knew what was coming. Neglected infrastructure eventually relented and people, homes and everything in between were washed away in another blow to an exhausted society. Visiting Pakistan in October 2022, I met and spoke with individuals representing various associations who are playing an active role in the flood relief and who spoke on condition of anonymity.
Journal Article
When do foreign banks 'cut and run'? Evidence from west European bailouts and east European markets
Very high levels of foreign bank ownership in central and eastern Europe (CEE) gave rise to fears that the region would be vulnerable to 'cutting and running' during a financial crisis, whereby western parent banks would repatriate capital and liquidity to their home markets and abandon their CEE clients. Such fears were compounded by the economic nationalism of late 2008 and early 2009 in western Europe, as well as by west European bank bailout programmes that privileged home markets over foreign ones. Although CEE experienced a severe credit crunch in late 2008, compared to other financial and economic crises, western bank behaviour in CEE has not amounted to 'cutting and running'. While many experts credit the 'Vienna Initiative' for maintaining foreign bank exposures in the region, this paper argues instead that it was the deep form of financial integration to which CEE was subject that kept banks committed. Specifically, western banks' 'second home market' business model, in which capital moved east via foreign-owned bank subsidiaries as opposed to primarily via branches or cross-border lending, led to only moderate retrenchment from CEE.
Journal Article