欧盟税收管辖权的现状与趋势

欧盟有关税收问题的规定,约束了成员国的税收立法内容,并且已经超越成员国的独立税收管辖权,导致成员国税收管辖权部分转移,出现超越国家的税收管辖权现象。欧盟法律制度的主要目标之一就是消除统一市场的人为和制度障碍,促进共同市场内部的商品、劳动力、资本和服务流动。欧盟在处理与成员国之间的税收管辖权问题上已经取得了有益的进展,但是,税收管辖权由国家向国际组织行使的转变仍然任重道远。     

Factors influencing the profitability of domestic and foreign commercial banks in the European Union

Using bank level data this paper examines how bank's specific characteristics and the overall banking environment affect the profitability of commercial domestic and foreign banks operating in the 15 EU countries over the period 1995–2001. The results indicate that profitability of both domestic and foreign banks is affected not only by bank's specific characteristics but also by financial market structure and macroeconomic conditions. All the variables, with the exception of concentration in the case of domestic banks profits, are significant although their impact and relation with profits is not always the same for domestic and foreign banks.     

欧元美元汇率挑战预期

本文通过对欧元创设以前以及成功实施以后来自大西洋两岸学者们的不同观点的回顾，指出欧元／美元汇率变动并非如人们所预料的那样。原因在于经济模型不可能穷尽所有的基本因素，在于媒体以及其他未曾预料的事件实际上不可能使模型正常运作。     

IFRS in Europe – An Observer's Perspective of the Next 10 Years

Abstract

What follows is a personal reflection on the challenges that may face the International Financial Reporting Standards (IFRS) Foundation in the next 10 years, and is based on two conference presentations and the debate at those conferences. The suggestion is that the character of the members of the International Accounting Standards Board (IASB) in its second decade is different from that of the founding board, and is more pragmatic than crusading. It is mooted that the board will need to address second-order issues of the organisation and policy, and that Europe will try to take a more influential role. The article observes that existing issues of funding, complexity and differential reporting may become more urgent and will need to be addressed for the organisation to continue to evolve.     

欧洲主权债务危机的根源与出路

欧洲主权债务危机是主权问题与银行问题相互作用的结果,其根源在于欧洲银行体系和政治结构的特殊性。要化解主权债务危机需要实现财政政策的一体化和银行监管的一体化,同时进一步推动欧盟和欧元区改革。     

Bank efficiency,productivity, and convergence in EU countries: a weighted Russell directional distance model

The objective of this study is three-fold. First we estimate and analyse bank efficiency and productivity changes in the EU28 countries with the application of a novel approach, a weighted Russell directional distance model. Second, we take a disaggregated approach and analyse the contribution of the individual bank inputs on bank efficiency and productivity growth. Third, we test for convergence in EU28 bank productivity as well as in the inefficiency of individual bank inputs. We find that bank efficiency has been undermined by the financial crisis in banks notably from the EU15 countries. We also argue that bank efficiency and productivity in EU countries vary across the banking sector with banks from the ‘old’ EU showing higher efficiency levels. Nonetheless, a noticeable catching up process is observed for banks from the ‘new’ EU countries. Consequently, we do not find evidence of group convergence for bank productivity but there is evidence of convergence in bank efficiency change and technical change among the EU28 countries throughout the period 2005–2014. The driving force seems to be convergent technical change from the old EU member states’ banks. On the other hand, almost no convergence is detected for the banks’ individual inputs while the transition paths show heightened diversity during the crisis years.     

欧盟金融监管一体化的演变与发展——兼评危机后欧盟监管改革

本文依据欧盟在金融监管一体化进程中的两个重要事件——莱姆法路西框架的建立和金融危机后欧盟金融监管改革方案的推出为分界点,对监管一体化发展进行了阶段划分,明确了各阶段的一体化进展情况以及欧盟层面金融监管机构的演变,并对危机后欧盟监管改革的一体化特征进行了归纳与评价。     

Debating Proposed Reforms of the Taxation of Corporate Income in the European Union

This paper reviews the European Commission's latest proposals (European Commission, 2002) for the co-ordination of corporation taxes within the EU. It provides a brief summary of the report, and then investigates the nature of the tax obstacles identified by the Commission, the conceptual basis of the location of taxation, and the relatively novel lack of attention to the integration of corporate and personal taxes.     

The ‘Plateau‐ing’ of the European Better Regulation Agenda: An Analysis of Activities Carried out by the Barroso Commission

In this paper we examine cases commonly characterised as risk‐risk tradeoffs (i.e., creating new risks while solving existing ones), in an attempt to learn lessons that can be valuable for future regulatory decision‐making. A broad range of environmental and health literature was reviewed and numerous cases of proclaimed risk‐risk tradeoffs were analysed in order to determine: 1) why regulatory measures were initially taken, 2) why these measures caused a countervailing risk to emerge, 3) how tradeoffs could have been avoided, and 4) whether the case is a good example of a risk‐risk tradeoff. The analysis reveals that only a small number of these cases can actually be considered risk‐risk tradeoffs. In a large number of cases safer alternatives are and were available at the time decisions were made. In some cases the proclaimed risk‐risk tradeoff simply did not exist or occur, and in some cases countervailing risks were ignored for reasons unknown. In many cases, the countervailing risks could have been anticipated and avoided by proactively seeking safer alternatives, completing a tradeoff and impact assessment, or increasing stakeholder input in the decision‐making process. We conclude that concerns about risk‐risk tradeoffs are not a reasonable argument against future application of the precautionary principle. Indeed, sound decision‐making processes in the face of uncertainty should always consider and attempt to mitigate reasonable risk‐risk tradeoffs.     

The role of the european union in environmental taxation

The paper considers the extent to which environmental taxation should be coordinated by, or assigned to, the European Union (EU) rather than its member states. An economic interpretation of the principle of subsidiarity forms the main organizing principle for the discussion. Since the signing of the Maastricht Treaty in 1992, this principle has governed the boundary between the roles of member states and the Union. The paper considers the application of subsidiarity to the assignment of policy responsibility for environmental taxation between the EU and national governments, highlighting the role of both environmental and economic spillovers from uncoordinated national policy and problems of integration of environmental taxes with other areas of policy.     

Coordinating VATs Between EU Member States

The paper surveys coordination requirements for a final European VAT (short for viable integrated VAT) system. Using a set of criteria that can be identified from the EU VAT program for the single market, we analyze the potential superiority of the Commission's 1996 VAT proposal and four alternative VAT systems over the current transitional regime. We argue that the recent withdrawal of the 1996 VAT proposal is economically beneficial, as this VAT reform would have generated substantial costs for EU member states due to losses in national tax autonomy and adverse incentives in VAT collection and control. If the Commission adheres to its political desiderata, the VIVAT regime turns out to be a promising blueprint for the EU. If the Commission decides to lay aside its preference for compliance symmetry, and accepts that different treatment of domestic and cross-border supplies under the transitional VAT regime should not be regarded discriminatory in the Internal Market, then keeping and revising the transitional system should turn out to be a good VAT strategy for Europe.     

欧洲银行业联盟架构设计及建设进展

作为应对欧债危机的重要举措,2012年6月,欧盟委员会提出建立欧洲银行业联盟的设想。文章介绍了近一年多来欧洲银行业联盟的三大支柱——单一监管机制、单一处置机制和存款保险机制的架构设计和建设推进情况。目前,银行业单一监管机制建设已基本完成,欧央行发挥维护金融稳定的主导作用;对单一处置机制重要性的认识得到提升,但一些核心问题仍有待明确;存款保险机制建设仍可能保留在各国层面。     

欧盟《金融工具市场指令》修订立法建议的内涵

欧盟对《金融工具市场指令（MiFID）》进行修订是落实G20强化金融衍生产品市场监管建议的重要举措之一,有利于改进衍生产品市场的组织形式、提高透明度。文章介绍了该指令的修订背景、修订后架构和特点以及具体修订内容,并对修订后可能受到关注的问题进行了分析。     

欧洲银行联盟的设想、争论及前景

2012年以来,欧洲银行联盟作为欧洲应对欧债危机的重要举措被提出,并在几个月内取得显著进展,但目前,围绕欧洲银行联盟作用及相关制度设计还存在较多争论与分歧。文章详细回顾了欧洲银行联盟设想的细化与改进过程,以及各方对重大争议问题的相关看法,指出欧盟各国将会努力推动银行联盟建设,但由于涉及问题的复杂性和艰巨性,银行联盟建设只能分步进行,其长期作用有待观察。     

论欧盟农业国内支持制度的演进及晚近发展趋势

欧盟农业国内支持法律制度的历史演进与“共同农业政策”(CAP)密切相关.为了适应WTO农业规则及欧盟农业发展的需要,CAP已历经多次改革,“促进农业发展、提升农产品竞争力”是其改革主线.CAP改革从“价格支持”到“与生产挂钩的直接支付”,再到“与生产脱钩的直接支付”,不过是从“黄箱”转到“蓝箱”再到“绿箱”的过程,是支持方式的改变,高额国内支持并未“实质性削减”.CPA2020新一轮改革延续了历史惯性,继续向“农业、农村可持续发展”的“绿箱化”支持推进,并兼顾“可靠的粮食安全、平衡的区域发展”的政策目标,使得CAP结构更为合理,重点更为突出,效果更为明显.CAP演进与改革,对于我国优化农业补贴结构、启动亲环境型补贴项目、强化农业支持的规范化、法制化,具有重要现实意义.     

Do differences in national cultures affect cross-country conditional conservatism behavior under IFRS?

The purpose of this paper is to explore whether international differences in cultural dimensions of individualism and uncertainty avoidance affect how managers from different countries implement International Financial Reporting Standards (IFRS) and influence cross-country conditional conservatism behavior. We analyze the conditional conservatism behavior of publicly listed firms in 14-member countries of the European Union (EU) during the period 2006-2016. The results confirm the relationship between the individualism and uncertainty avoidance dimensions of national culture and conditional conservatism in the post-IFRS period. Particularly, conditional conservatism is higher in countries where individualism is lower and where uncertainty avoidance is higher.     

The Effects of Liberalisation on Market and Currency Risk in the European Union

This paper investigates the effects of liberalisation on the pricing of market and currency risk for a number of financial markets in the European Union (EU). An International Asset Pricing Model with a multivariate GARCH‐in‐Mean specification and time‐varying prices of risk is used for the four markets with the largest capitalisation in the EU. Only one price of market risk exists and international investors are rewarded for their exposure to currency risk. The evidence shows that all prices of risk are time‐varying and have been decreasing during the process of liberalisation. There is also evidence that markets react to period of uncertainty in the process toward the completion of liberalisation. In addition, the operation of the European Monetary System has generated lower covariances. As a consequence, total risk premia have declined in the last decade.