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The paper empirically analyses the impact on individual municipalities of replacing the German local business tax by a local surcharge on income and corporation tax. The microsimulation models used for this and refined for the present paper originate in calculations carried out for the Federal Ministry of Finance in cooperation between the Federal Statistical Office and the Humboldt University in Berlin. The data basis is formed by the roughly 30 million individual data sets of the most up-to-date income and local business tax statistics provided by the Federal Statistical Office. A local surcharge tax which, like the BDI/VCI model analysed, assigns tax revenue incurred on profits to the municipality of permanent establishment and that on other income to the domicile municipality, affects the revenue situtation of the municipalities in highly differing ways. The losers in such a local tax reform include those municipalities in which an above-average number of industrial and commercial enterprises are resident. These are the \"core towns\" of the Old Federal Laender in particular. By contrast, the revenue situtation of the surrounding municipalities and of the municipalities with a rural character would considerably improve on average. However, the core towns in the New Federal Laender which are currently tax-weak because they have little industry would also improve their revenue situation in most cases by applying a sucharge tax. In order to maintain the financial status quo, the core towns in the Old Federal Laender in particular would have to levy relatively high local tax rates, whilst the surrounding municipalities would be able to become more attractive by applying tax rates which as a rule would be much lower. The consequence of this would be that high-income earners in the core towns would have a not inconsiderable incentive to change their place to residence for tax purposes, which would further worsen the financial situation of the core towns.

The paper empirically analyses the impact on individual municipalities of replacing the German local business tax by a local surcharge on income and corporation tax. The microsimulation models used for this and refined for the present paper originate in calculations carried out for the Federal Ministry of Finance in cooperation between the Federal Statistical Office and the Humboldt University in Berlin. The data basis is formed by the roughly 30 million individual data sets of the most up-to-date income and local business tax statistics provided by the Federal Statistical Office. A local surcharge tax which, like the BDI/VCI model analysed, assigns tax revenue incurred on profits to the municipality of permanent establishment and that on other income to the domicile municipality, affects the revenue situation of the municipalities in highly differing ways. The losers in such a local tax reform include those municipalities in which an above-average number of industrial and commercial enterprises are resident. These are the \"core towns\" of the Old Federal Laender in particular. By contrast, the revenue situation of the surrounding municipalities and of the municipalities with a rural character would considerably improve on average. However, the core towns in the New Federal Laender which are currently tax-weak because they have little industry would also improve their revenue situation in most cases by applying a surcharge tax. In order to maintain the financial status quo, the core towns in the Old Federal Laender in particular would have to levy relatively high local tax rates, whilst the surrounding municipalities would be able to become more attractive by applying tax rates which as a rule would be much lower. The consequence of this would be that highincome earners in the core towns would have a not inconsiderable incentive to change their place of residence for tax purposes, which would further worsen the financial situation of the core towns.

'Structured Finance in Latin America' explores how structured finance mechanisms can channel pension savings to support projects in underserved sectors, deepen capital markets, and contribute to investment and economic growth.

En 2001 hubo en Italia una importante reforma que modificó la parte de la Constitución relativa a la autonomía de las regiones y de los entes locales. Las nuevas disposiciones sobre la hacienda de dichos entes hicieron decir, con intención mediática por parte de algunas fuerzas políticas, que la Constitución habría introducido un sistema de federalismo fiscal. La interpretación de estas nuevas disposiciones siguió dos ideas de fondo, la del federalismo solidario y la del federalismo separatista. A pesar de que han transcurrido ya ocho años desde la reforma constitucional, el sistema actual de financiación de regiones y de entes locales es todavía el de entonces y sólo recientemente se ha aprobado una ley que atribuye al Gobierno una delegación legislativa para actuar el federalismo fiscal. Los criterios directivos establecidos por el Parlamento para el ejercicio de la delegación ponen de manifiesto una solución de compromiso entre los dos conceptos de federalismo fiscal y, al mismo tiempo, dejan sin resolver diversos problemas. In 2001 an important reform was enacted in Italy to amend part of the constitution regarding the autonomous nature of the regions and the local corporations. The new provisions on their treasuries led to statements (perhaps politically motivated to play to the media) that the Constitution had introduced a system of fiscal federalism. But the interpretation of the new provisions followed two underlying ideas: federalism for solidarity and federalism for separation. Although eight years have gone by since the constitutional reform, the current system of regional and local funding remains the same and only recently has a law been passed that empowers the government with legislative authority to activate fiscal federalism. The guidelines that the parliament established for exercise of this authority show a compromise between the two concepts of fiscal federalism yet leave various problems unsolved.

The objective of the Review of Risk Mitigation Instruments for Infrastructure Financing and Recent Trends and Developments is to provide a concise yet comprehensive guide as well as reference information for practitioners of infrastructure financing, including private sector financiers and developing country officials. The work is also intended as a reference for institutions offering (or developing) risk mitigation instruments, allowing them to learn from each other's recent practices. The book is organized into five chapters with the following objectives: Chapter 1 Type of Risk Mitigation Instruments: increases awareness of the different types and nature of risk mitigation instruments currently available for private financiers. Chapter 2 Recent Trends in Risk Mitigation: highlights areas in risk mitigation for developing country infrastructure financing receiving recent attention. Chapter 3 Characteristics of Providers and Compatibility: summarizes the characteristics of multilateral, bilateral, and private providers of risk mitigation instruments and the compatibility of those instruments. Chapter 4 Innovative Application of Risk Mitigation Instruments: presents recent developments and innovative applications of risk mitigation instruments through case transactions. Chapter 5 Challenges Ahead: summarizes areas that pose challenges to the use of risk mitigation instruments as catalysts of infrastructure development. The focus of this book is on the multilateral development banks and agencies (that is, The World Bank Group and regional development banks and affiliates) and bilateral development agencies and export credit and investment agencies of major developed countries that have supported the compilation of this information.

Today, businesses regularly seek capital from loan officers working for major banking institutions based in Charlotte or on Wall Street, while investors deposit their money into ventures about which they know little and care less. This self‐evident truth has led some to choose an alternative paradigm: community capital. Community capital circulates around a local area, supporting businesses and ventures in one's own town or city. Community capital has also led the Illinois Finance Fund to launch in 1988 and provide below‐market loans to support development projects in the most blighted areas of Chicago. Donor‐advised funds are very popular for donors looking to direct their wealth toward a charitable organization in their own community. And community capital is how Local Initiatives Support Corporation (LISC) “helps neighbors build communities.” LISC, the largest community development support organization in the country, assembles private and public resources and directs them to locally defined priorities.

A new version of capitalism, grounded in technology and science, is spawning new forms of corporate power and organization that will have major implications for the twenty-first century. Technological creativity is thereby turned into a commodity in new corporate regimes that are primarily oriented toward research and intellectual appropriation. This phenomenon is likely to have major social, economic, and political consequences, as the new corporatism becomes ever more intrusive and rapacious through its control over technology and innovation.In his provocative book Technocapitalism, Luis Suarez-Villa addresses this phenomenon from the perspective of radical political economy and social criticism. Grounded in the premise that relations of power influence how human creativity and technology are exploited by the new corporatism, the author argues that new forms of democratic participation and resistance are needed, if the social pathologies created by this new version of capitalism are to be checked.Considering the new sectors affected by technocapitalism, such as biotechnology, nanotechnology, bioinformatics, and genomics, Suarez-Villa deciphers the common threads of power and organization that drive their corporatization. These new sectors, and the corporate apparatus set up to extract profit and power through them, are imposing standards, creating business models, molding social governance, and influencing social relations at all levels. The new reality they create is likely to affect most every aspect of human existence, including work, health, life, and nature itself.

Contains papers examining issues concerning the effects of national and international institutional factors on corporate governance and performance. This volume focuses on the relevance of national business systems alongside industrial and institutional infrastructure to assess the efficacy of corporate governance regimes.

This book combines practical guidance and theoretical background for analysts using empirical techniques in competition and antitrust investigations. Peter Davis and Eliana Garcés show how to integrate empirical methods, economic theory, and broad evidence about industry in order to provide high-quality, robust empirical work that is tailored to the nature and quality of data available and that can withstand expert and judicial scrutiny. Davis and Garcés describe the toolbox of empirical techniques currently available, explain how to establish the weight of pieces of empirical work, and make some new theoretical contributions. The book consistently evaluates empirical techniques in light of the challenge faced by competition analysts and academics--to provide evidence that can stand up to the review of experts and judges. The book's integrated approach will help analysts clarify the assumptions underlying pieces of empirical work, evaluate those assumptions in light of industry knowledge, and guide future work aimed at understanding whether the assumptions are valid. Throughout, Davis and Garcés work to expand the common ground between practitioners and academics.

Using census microdata on multistate firms and their organizational forms, we estimate the impact of state taxes on business activity. For C corporations, employment and the number of establishments have short-run corporate tax elasticities of —0.4 to —0.5 and do not vary with changes in personal tax rates. Pass-through entity activities show tax elasticities of —0.2 to —0.4 with respect to personal tax rates and are invariant with respect to corporate tax rates. Capital shows similar patterns. Reallocation of productive resources to other states drives around half the effect. The responses are strongest for firms in tradable and footloose industries.