Financial centres in europe: Post-crisis risks, challenges and opportunities
Gespeichert in:
| 1. Verfasser: | |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Hampshire
Palgrave Macmillan
2014
|
| Ausgabe: | 1. publ. |
| Schriftenreihe: | Palgrave Macmillan studies in banking and financial institutions
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis Klappentext |
| Beschreibung: | IX, 185 S. graph. Darst. |
| ISBN: | 9781137275035 |
Internformat
MARC
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Datensatz im Suchindex
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|---|---|
| adam_text | Contents
List of Boxes
vii
List of Figures
viii
List of Tables
ix
1
Introduction
1
2
Evolving Nature and Scope of Activities
5
2.1
Legal advantages
7
2.2
Regulatory advantages
11
23
Tax advantages
13
2.4
Evolving scope of activities
17
Banking services
18
Retail funds
20
Alternative funds
22
Insurance
26
Structured finance
27
Trusts, fiduciary services
27
3
Compelling International Initiatives
30
3.1
OECD s tax initiatives
31
3.2
EU s Code of Conduct on Business Taxation
40
3.3
EU s Taxation of Savings Directive (EUSD)
41
3.4
EU s State Aid rules
44
3.5
FATF s
initiatives
46
3.6
Financial Stability Forum (FSF) and the
Financial Stability Board (FSB)
54
3.7
IMF s Financial Services Assessment Program (FSAP)
56
4
Risks and Opportunities
62
4.1
Macroeconomic impact of the financial crisis on
large economies
63
4.2
Macroeconomic impact of the financial crisis on
small economies
67
4.3
Impact of the crisis on the financial sector
72
vi
Contents
4.4
Changes in global
regulatory frameworks
77
Alternative Investment Fund Managers (AIFM) Directive
82
иСГГЅ
amendments and revision of depositary functions
85
Solvency II
87
4.5
Enhancing global tax coordination
90
Amendment of European Savings Tax Directive
(2003/48/EC)
90
Amendment of Mutual Assistance Directive
(77/799/EEC)
91
Proposed US Stop Tax Haven Abuse Act
93
4.6
Global coordination on regulatory and tax matters
94
4.7
Challenges to attract new skills
95
4.8
Competition from emerging financial centres
96
5
Conclusions and the Way Forward
103
6
Appendix I: Survey of Selected Financial Centres
108
6.1
Levels of activity
108
6.2
Key aspects of sampled jurisdictions
112
Andorra
113
Bermuda
115
Cayman Islands
118
Cyprus
121
Gibraltar
124
Guernsey
126
Hong Kong
129
Ireland
132
Isle of Man
134
Jersey
137
Liechtenstein
139
Luxembourg
142
Malta
144
Singapore
146
Switzerland
147
United Kingdom
149
7
Data Annex
151
Notes
152
References
170
Index
179
Financial centres are evolving to accommodate an increasingly integrated global
economy and an equally challenging environment post-financial crisis. They are
host to a range of financial services and serve as intermediaries between mostly
non-resident clients and international and local financial institutions. Financial
centres have grown over recent decades as a direct result of the increasing importance
of financial markets across the globe. Using analysis from a representative sample
of financial centres in Europe and elsewhere, face-to-face surveys
pre-
and post-crisis
and systematic comparisons, Financial Centres in Europe provides a comprehensive
assessment of the extent to which increased international cooperation in regulation
and taxation could allow financial centres to better respond to threats and
opportunities facing them in the future. At the same time, it identifies the geopolitical
and
macroeconomic
challenges that financial centres face in the coming years.
Rym
Ayadi is Senior Research Fellow and Head of Research at the Financial
Institutions, Prudential Policy and Tax Unit at the Centre for European Policy Studies
(CEPS), a
leading Brussels think tank. She is Visiting Professor at
НЕС
Montreal,
Canada. She has published several books, scholarly articles and policy papers on
financial economics, financial development and regulation and serves on several
editorial boards for scientific journals.
Dr
Ayadi is a member of several high-level
expert groups in international organizations, Vice President of the European Financial
Inclusion Network (EFIN) that promotes mutual learning on financial inclusion, and
President of the Euro-Mediterranean Economists Association. She holds a PhD in
Economics and Finance from University Paris
Dauphine.
Emrah Arbak is a researcher at CEP5, chiefly specializing in financial regulation,
taxation, and corporate governance.
Dr
Arbak previously worked as an economics
and finance consultant for the Corporate and Public Strategy Advisory Group (CPS),
Brussels. Between
2004
and
2006
he was a post-doctoral researcher at the French
research agency, Centre National
de la
Recherche
Scientifique (CNRS).
He has also
worked as a senior research aide at the Fiscal Affairs Program of the Rockefeller
Institute of Government, New York and has taught an undergraduate level course
at the State University of New York at Albany.
Dr
Arbak holds a PhD degree in
Economics from State University of New York at Albany.
pa I g rave
macmillan
Cover ¡mage
©
Mopic.řotolia.com
|
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| id | DE-604.BV041410991 |
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| institution | BVB |
| isbn | 9781137275035 |
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| title | Financial centres in europe Post-crisis risks, challenges and opportunities |
| title_auth | Financial centres in europe Post-crisis risks, challenges and opportunities |
| title_exact_search | Financial centres in europe Post-crisis risks, challenges and opportunities |
| title_full | Financial centres in europe Post-crisis risks, challenges and opportunities Rym Ayadi ; Emrah Arbak |
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| title_short | Financial centres in europe |
| title_sort | financial centres in europe post crisis risks challenges and opportunities |
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