Comments

This paper was published as a chapter in Junji Nakagawa (ed), China and Global Economic Governance: Ideas and Concepts (Routledge, 2011), and was referenced as ISS Research Series No. 45, 2011. This paper may also be referenced as [2011]UNSWLRS 51.

Abstract

The Global Financial Crisis (GFC) sparked vigorous debate on the role of financial institutions and capital markets, and the extent to which such institutions and markets should contribute to the broader economy. Much of this debate has centred on what might be the appropriate mechanisms to enable governments to recoup taxpayer monies used to bail out failing institutions and to restimulate their economies in the aftermath of the crisis. Proposals that have been considered at an international level over the last couple of years have included financial institution levies (such as a financial stability contribution), a financial activities tax (FAT) and a financial transaction tax (FTT).This research project will therefore explore what positions China might most usefully adopt with respect to the global push, and provide an initial outline on global capital market trading and explain the general principles and concerns that underpin the need for an FTT.

Disciplines

Banking and Finance | International Trade | Tax Law

Date of this Version

November 2011