1,001 research outputs found

    Types of Multi-Level Governance

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    The reallocation of authority upwards, downwards, and sideways from central states hasdrawn attention from a growing number of scholars in the social sciences. Yet beyondagreement that governance has become (and should be) multi-level, there is no consensusabout how it should be organized. This paper draws on several literatures to distinguish twotypes of multi-level governance. One type conceives of dispersion of authority to a limitednumber of levels. A second type of governance conceives of a large number of functionallyspecialized, intersecting, and flexible jurisdictions. We conclude by specifying the virtues ofeach type of governance.multilevel governance; multilevel governance

    Challenges of corporate income tax in the era of the digital economy

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    Treballs Finals del MĂ ster Oficial de Comptabilitat i Fiscalitat, Facultat d'Economia i Empresa, Universitat de Barcelona, Curs: 2017-2018, Tutor: Dr. Josep MÂȘ. DurĂĄn i Dr. Javier VĂĄzquezPremi Recerca Fiscal i Estudis Tributaris en la categoria Hisenda PĂșblica 2019 de la Generalitat de CatalunyaAlmost 240 years have passed since Adam Smith became famous defending free trade. He probably would have been proud to know that his economic fundamentals are so applicable today, even though a new economic paradigm has arisen: the digital economy, based on the Internet and new digital technologies, which is transforming the way we interact, consume and do business. New digital based firms are growing faster and apparently, the digital economy has enormously contributed to the economy. Nonetheless, the economic digitalisation is negatively pressuring the current international tax frameworks, concretely to the corporate income tax scheme which was originally designed for physically based businesses. These rules have become obsolete in assigning the tax authority of digital based firm’s profits because of the difficulty to identify and to locate its business value generation, which conceives a tax mismatch versus traditional businesses. Therefore, digitalized multinational enterprises are able to reduce their tax burden by shifting profits to low tax jurisdictions with tax avoidance strategies, negatively impacting on public budgets and social fairness. Accordingly, citizens, policy makers and business managers are calling for solutions, but reaching a coordinated and global agreement is likely to be challenging because it is an international problem tax with many opposed interests. Despite this, the digital economy could offer a great many opportunities for further economic development and therefore, it could bring a higher total surplus. With this in mind, the Organization for Economic Co-operation and Development and the European Union have put all hands on deck, looking to improve international tax frameworks and to set new rules for such economic revolution due to ensure a fair tax contribution among all economic agents

    RURAL FINANCE

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    Rural financial intermediation faces several challenges, including, shortcomings and systematic weaknesses of rural financial markets, urban biased policies and poorly designed interventions not based on the realities of rural markets. Against this background the purpose of this chapter is to provide an overview of some concepts of financial theory, the history of conventional approaches in rural financial markets, informal finance, the role of savings mobilization and a discussion on the new approach to rural financial markets. The aim is to present the building blocks essential to the understanding of rural financial markets. The roles of information, transaction costs and measurement of success are emphasized.Financial Economics,

    A Call for a Unified Business Organization Law

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    The authors propose a wholesale reformation of business organization law. The current regime of business organization law reflects an attempt to blend the benefits of limited liability with conduit or flow-through taxation. The result has been a haphazard development of business forms, often created to satisfy shifting federal tax law guidelines. The authors trace this development, from the traditional corporation and partnership forms through limited partnerships and Subchapter S corporations to the recent organizational forms of limited liability companies and limited liability partnerships. The authors show how the search for the ideal organizational form has failed, leaving an unwieldy morass of choice of entity issues for the business owner. The authors propose a two-tier framework to overhaul existing business organization law and classification. Traditional corporations would continue in existence. The remaining myriad of business forms would be replaced by a simplified Standard Business Organization (“SBO”) governed by a Standard Business Code (“SBC”). The hallmarks of the SBO under the SBC would be limited liability for owners, pass-through taxation, free transferability of interests, perpetual existence or continuity of life, and presumed owner management. These attributes conform to the default features most desired by business owners. Consistent with recent changes by the Treasury Department and the Internal Revenue Service in the traditional entity classification scheme for taxation purposes, the two-tier framework combines the benefits of consistency, flexibility, and simplicity. Current laws and regulations governing business organizations formed as corporations would remain intact, allowing states to continue to “race to the top” (or bottom), and affording a substantial federal entity-level tax base from these entities. The SBC would provide a flexible, owner-oriented operational structure for the SBO while avoiding entity-level taxation, except where the SBO chooses to become publicly traded. The result is a vastly simplified system of business organization law that elevates the substance of desired business organization law elements over the form of attributes necessary to satisfy federal tax guidelines

    It’s All in Marshall: The Impact of External Economies on Regional Dynamics

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    Marshall's student Pigou noted: “It’s all in Marshall.” From a static point of view, this seems rather bold in a constantly changing world. However, this statement becomes more plausible in a dynamic context, where principles are subject to change. Indeed, over time, Marshall's concept of external economies gained fresh perspective as new concepts of regional characteristics and agglomeration evolved. This paper focuses on the impact of region and industry on dynamics and growth, distinguishing between industrial districts, industrial agglomerations and urban agglomerations. Based on these three types, we use a comprehensive large dataset on German regions to test the following: (1) these regions can be characterized by given location variables describing geographic location, firm structure, and surrounding location factors and (2) every region's locational variables affects its potential for dynamics.regional and urban development, agglomeration, industrial districts, location factors, external economies

    Climate change and the economics of targeted mitigation in sectors with long-lived capital stock

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    Mitigation investments in long-lived capital stock (LLKS) differ from other types of mitigation investments in that, once established, LLKS can lock-in a stream of emissions for extended periods of time. Moreover, historical examples from industrial countries suggest that investments in LLKS projects or networks tend to be lumpy, and tend to generate significant indirect and induced emissions besides direct emissions. Looking forward, urbanization and rapid economic growth suggest that similar decisions about LLKS are being or will soon be made in many developing countries. In their current form, carbon markets do not provide correct incentives for mitigation investments in LLKS because the constraint on carbon extends only to 2012, and does not extend to many developing countries. Targeted mitigation programs in regions and sectors in which LLKS is being built at rapid rate are thus necessary to avoid getting locked into highly carbon-intensive LLKS. Even if the carbon markets were extended (geographically, sectorally, and over time), public intervention would still be required, for three main reasons. First, to ensure that indirect and induced emissions associated with LLKS are taken into account in investor’s financial cost-benefit analysis. Second, to facilitate project or network financing to bridge the gap between carbon revenues that accrue over time as the project/network unfolds and the capital needed upfront to finance lumpy investments. Third, to internalize other non-carbon externalities (e.g., local pollution) and/or to lift barriers (e.g., lack of capacity to handle new technologies) that penalize the low-carbon alternatives relative to the high-carbon ones.Transport Economics Policy&Planning,Climate Change Mitigation and Green House Gases,Climate Change Economics,Energy Production and Transportation,Energy and Environment

    Rents, Efficiency and Growth

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    Enforcing the Fundamental Premises of Partnership Taxation

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