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Tax-driven regulatory drag: European financial centers in the 1990's

Author: Levich, Richard ; Walter, IngoINSEAD Area: Economics and Political Science Series: Working Paper ; 90/16/FIN Publisher: Fontainebleau : INSEAD, 1990.Language: EnglishDescription: 41 p.Type of document: INSEAD Working Paper Online Access: Click here Abstract: The overall cost of financial regulation and taxation of capital market activities -defined as the Net Regulatory Burden (NRB)- will become increasingly important as EC financial liberalisation is implemented in 1990, as the 1992-related initiatives in the real sector take hold, and as governments increasingly recognise the real costs of inefficient domestic financial markets. The magnitude and dispersion of these Net Regulatory Burdens across countries will be influenced as well by rapid growth in institutionalised savings throughout Europe as by particularly funded pension programmes, that will of necessity, be far more performance-oriented than individual savers have been in the past..
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The overall cost of financial regulation and taxation of capital market activities -defined as the Net Regulatory Burden (NRB)- will become increasingly important as EC financial liberalisation is implemented in 1990, as the 1992-related initiatives in the real sector take hold, and as governments increasingly recognise the real costs of inefficient domestic financial markets. The magnitude and dispersion of these Net Regulatory Burdens across countries will be influenced as well by rapid growth in institutionalised savings throughout Europe as by particularly funded pension programmes, that will of necessity, be far more performance-oriented than individual savers have been in the past..

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