Gunther Capelle-Blancard

Une régulation à la traîne de la finance globale

Resume Les activites bancaires et financieres ont acquis ces dernieres decennies une dimension globale et une importance systemique auxquelles la regulation ne sest pas ajustee. Celle-ci reste entravee par des Etats qui defendent jalousement leurs champions nationaux, par le pouvoir des lobbies et par la persistance de vastes zones dombre.

What is the Point of (the Hundreds of Thousands of Billions of) Stock Transactions

Since the financial crisis, several academic studies have highlighted the excessive growth of the financial sector. In this article, we focus on the sharp upward trend in stock trading since the 1980s. Globally, trading in equity markets have now hit over

The burden of bank taxation: corporate income tax vs. bank levy

100,000 billion, equivalent to nearly 150% of GDP, compared with only 5% in 1975. What is the “social utility” of all these trades? Stock market liquidity is undoubtedly a key factor in the cost of capital and, as such, a determinant of economic growth. However, the marginal effect is likely decreasing. Furthermore, many studies suggest that above a certain threshold, trading has a negative effect since: (i) companies benefit from the involvement of long-term investors; (ii) investors tend to perform too many trades; and (iii) it comes at the expense of transparency and erodes the trust vis-à-vis stock markets. A handful of measures have been taken to, if not reduce, then at least limit the growth in stock trading, but these have had only a very limited effect. Only comprehensive reforms of the architecture of stock markets could reverse this trend. Ultimately, these issues take us deeper than trading volume to question the very purpose of stock markets.

Incidence of Bank Levy and Bank Market Power

Taxing Banks Fairly offers an ethical perspective on bank taxation and financial stability to complement the traditional political economy approach. It also considers how a bank levy or financial activities tax, could be used to ensure that big banks make a ‘true and fair’ contribution to their insurance by taxpayers. Covering a range of topics on bank and financial sector taxation, this book will prove a valuable resource for academics, policy makers and financial regulators.