LSN: Other Law & Society: Private Law - Financial Law (Topic)最新文献

{"title":"Income and Saving Responses to Tax Incentives for Private Retirement Savings","authors":"Marc K. Chan, Todd Morris, C. Polidano, Ha Vu","doi":"10.2139/ssrn.3771436","DOIUrl":"https://doi.org/10.2139/ssrn.3771436","url":null,"abstract":"English Abstract: Many governments offer tax concessions for retirement contributions to boost retirement savings and alleviate the fiscal pressures of population aging. In this paper, we show that income responses are crucial for understanding these impacts. Using tax-register data, we study large changes in caps on tax-favored contributions to individual retirement accounts in Australia. We find that higher caps increase retirement contributions considerably, with around two-thirds of this response financed by increases in earned income. The gain in income tax revenue offsets the fiscal loss from higher tax-favored contributions, emphasizing the importance of taking income and labor supply responses into account. \u0000 \u0000German Abstract: Viele Regierungen bieten Steuervergunstigungen fur Altersvorsorgebeitrage an, um die Altersvorsorge zu fordern und den fiskalischen Druck der Bevolkerungsalterung zu mildern. In diesem Beitrag zeigen wir, dass Einkommensreaktionen entscheidend fur das Verstandnis dieser Auswirkungen sind. Anhand von Steuerregisterdaten untersuchen wir grose Veranderungen der Obergrenzen fur steuerbegunstigte Beitrage zu individuellen Altersvorsorgekonten in Australien. Wir stellen fest, dass hohere Obergrenzen die Beitrage zur Altersvorsorge erheblich erhohen, wobei etwa zwei Drittel dieser Reaktion durch einen Anstieg des Arbeitseinkommens finanziert werden. Der Gewinn an Einkommensteuereinnahmen gleicht den fiskalischen Verlust durch hohere steuerbegunstigte Beitrage aus, was die Bedeutung der Berucksichtigung von Einkommens- und Arbeitsangebotsreaktionen unterstreicht.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122930323","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Regulação dos Criptoativos (Regulation of Crypto-assets)","authors":"J.M. Vieira dos Santos","doi":"10.2139/ssrn.3793662","DOIUrl":"https://doi.org/10.2139/ssrn.3793662","url":null,"abstract":"<b>Portuguese Abstract:</b> Este trabalho estuda as Initial Coin Offerings (ICOs), instrumentos que permitem obtenção de financiamento através da emissão de criptoativos. São analisados, entre outros temas, os pressupostos subjacentes à qualificação jurídica dos criptoativos enquanto moeda em sentido jurídico e enquanto instrumento financeiro. É proposto que o regime para a regulação dos criptoativos tenha em conta a sua natureza específica.<br><br><b>English Abstract:</b> This paper studies Initial Coin Offerings (ICOs), instruments that allow obtaining financing through the issuance of crypto-assets. Among other issues, the assumptions underlying the legal qualification of crypto-assets as money in a legal sense and as financial instruments are analysed. It is proposed that the regime for the regulation of crypto-assets should take into account their specific nature.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128833972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial Regulation and Development in Kenya","authors":"Edwin Kimani","doi":"10.2139/ssrn.3772136","DOIUrl":"https://doi.org/10.2139/ssrn.3772136","url":null,"abstract":"Kenya is rapidly growing in terms of financial inclusion. Legislation and policy are becoming an important tool in realizing equity and sustainability while at the same time dealing with vices such as money laundering. With access to financial services now recognized as a means towards the achievement of social and economic development, how does legislation and policy ensure a balance in meeting the goals of development while preventing abuse of the system? <br><br>In this paper, access connotes both the physical and legal structures within Kenya. The relationship between development, gender, the role of regulatory institutions such as the Central Bank of Kenya and the legal framework shall be analysed to access their roles, the policies implemented and their successes in achieving sustainable development.<br><br>This research posits that despite the breadth in financial institutions, robust legislation and policy, the development in financial institutions over the decades, the financial sector is still ill equipped to deal with the age old challenges such as gender, financial inclusion and marginalization and the ever present challenge of money laundering. There is a need for an innovative approach that aims at resolving the unique challenges communities face in achieving inclusion into the financial sector.<br>","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"150 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-01-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122761885","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Insights from the Making Ends Meet Survey","authors":"Cfpb Office of Research","doi":"10.2139/ssrn.3786974","DOIUrl":"https://doi.org/10.2139/ssrn.3786974","url":null,"abstract":"This research brief presents results from the Bureau’s Making Ends Meet Survey, a nationally representative survey of adults with a credit record developed by the CFPB’s Office of Research. The survey results provide a deeper understanding of how often U.S. consumers have difficulty making ends meet, how they cope with these shortfalls, and the subsequent effects of financial difficulty. The Bureau conducted the survey in May 2019, before the efforts to halt the spread of COVID-19 altered many people’s lives. Yet the economic effects of COVID-19 add new urgency to the survey’s goal of understanding how prepared households are for economic hardships such as job loss or medical expenses.<br><br>U.S. consumers are frequently exposed to financial shocks which can lead to difficulty paying for bills and expenses. Consumers who experience difficulty often adjust by borrowing, cutting back on other expenses, not paying bills or expenses, or seeking additional income. Many consumers report that they are not well prepared to weather even a brief period of loss of their main income source without altering their lifestyle.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125828676","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Regulation Paradox of Initial Coin Offerings: A Case Study Approach","authors":"A. Zhang, Anujan Raveenthiran, Justin Mukai, Ramisha Naeem, Arvin Dhuna, Zoha Parveen, Henry M. Kim","doi":"10.3389/fbloc.2019.00002","DOIUrl":"https://doi.org/10.3389/fbloc.2019.00002","url":null,"abstract":"Compared to initial public offerings (IPOs) that are sales of company ownerships, and loans that are sales of debt claims, initial coin offerings (ICOs) are sales of promises of cryptocurrency appreciation. However, regulatory uncertainties continue to prohibit successful widespread adoption. This paper examines ICOs with varying levels of success, including Mastercoin (now Omni) and Kin, as well as fraudulent ICOs, like REcoin and OneCoin. The discussion of the benefits and flaws within the ICO market examines regulatory challenges concerning risks transferred to investors through information asymmetry, while questioning the ability of regulations to enhance investor protection mechanisms without undermining the fundamental value of cryptocurrencies and ICOs as a viable funding structure.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132228033","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Political Origins of Section 13(3) of the Federal Reserve Act","authors":"P. Sastry","doi":"10.2139/ssrn.3256359","DOIUrl":"https://doi.org/10.2139/ssrn.3256359","url":null,"abstract":"At the height of the financial crisis of 2007-09, the Federal Reserve conducted emergency lending under authority granted to it in the third paragraph of Section 13 of the Federal Reserve Act. This article explores the political and legislative origins of the section, focusing on why Congress chose to endow the central bank with such an authority. The author describes how in the initial passage of the act in 1913, Congress demonstrated its steadfast commitment to the ?real bills? doctrine in two interrelated ways: 1) by limiting what assets the Fed could purchase, discount, and use as collateral for advances, and 2) by ensuring that any newly created government-sponsored credit enterprises were kept separate from the Federal Reserve System. During the Great Depression, however, Congress passed legislation that blurred the line between monetary and credit policy, slowly chipping away at the real bills doctrine as it sought to combat the crisis. It was in this context that Congress added Section 13(3) to the Federal Reserve Act. In tracing this history, the author concludes that the original framers of Section 13(3) meant to sanction direct Federal Reserve lending to the real economy, rather than simply to a weakened financial sector, in emergency circumstances. This Depression-era history provides insights into the evolving role of the Federal Reserve as an emergency provider of liquidity.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"236 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127572434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Capital Commons: Digital Money and Citizens' Finance in a Productive Commercial Republic","authors":"R. Hockett","doi":"10.2139/ssrn.3715862","DOIUrl":"https://doi.org/10.2139/ssrn.3715862","url":null,"abstract":"All societies must address two questions where the organization of productive activity is concerned. The first is whether production will be mainly publicly managed, privately managed, or 'mixed.' The second is whether the financing of production will be mainly publicly managed, privately managed, or mixed. \u0000 \u0000In the American commercial republic, we seem more or less to have answered the 'who does production' question to our own satisfaction. From the founding era to the present, we have elected to leave production primarily, though not of course solely, 'in private hands.' Where the financing of production is concerned, on the other hand, we have been more ambivalent. \u0000 \u0000For the past 160 years, our financial system has operated as a public-private franchise arrangement. At the core of our franchise lie the sovereign public (the 'public' of our 'republic') and its money-modulator – the issuer and manager of its monetized full faith and credit, its 'money' – on the one hand, and the private sector financial institutions and markets we publicly license to allocate most of the resultant Wicksellian 'bank money' or 'credit-money' on the other hand. At the periphery of the franchise lie those institutions and markets that 'shadow bank' through relations with the banking core. \u0000 \u0000In recent years, developments in several distinct spaces have prompted what amounts to a broad reassessment of our hybrid financial arrangements. One such development is weariness with our system's penchant for over-generating public credit that fuels bubbles and busts rather than production, a product of leaving our public capital - by far the greater part of investment capital - to private management. This is what the author has long called poor credit modulation. \u0000 \u0000Another ground of critique is our hybrid system's poor record on what the author has long called credit allocation, from which modulation turns out to be inseparable. Our morbid fear of explicitly, rather than implicitly, ‘picking winners and losers’ is the culprit here. Finally, other sources of disenchantment are our system's long-term worsening of inequality, the scandal of commercial and financial exclusion our system permits, and the promise offered by new financial technologies where ending both that and leaky monetary policy are concerned.The current Covid pandemic and recent murder of George Floyd of course underscore these sources of disillusion. \u0000 \u0000This article embraces these critiques, which the author himself has leveled continuously over the past fifteen years, argues that privately ordered production requires publicly ordered finance, and shows how to order finance publicly on a Fed balance sheet forthrightly recognized as a Citizens’ Ledger. New public investments will make up the asset side of the upgraded Fed balance sheet, while a corresponding system of digital public banking through ‘FedWallets’ will upgrade the liability side of the same. Newly restored regional Fed functionalities ('Spreadi","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"16 12","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113934507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"In-House Regulators: Documenting the Impact of Regulation on Internal Firm Structure","authors":"Kirby M. Smith","doi":"10.2139/ssrn.3179083","DOIUrl":"https://doi.org/10.2139/ssrn.3179083","url":null,"abstract":"In a deregulatory environment, what do regulated firms do? The standard assumption is simple: firms revert to their preregulatory form. This Essay challenges that basic assumption. Increasingly, regulation is conducted through broad standards foisted on firms to implement internally. Congress articulates a policy goal; agencies enact specific standards for regulated entities; and firms are left to sort out how to comply with such standards. Recent mandates in financial, privacy, and medical regulation exemplify this approach. Despite these changes, scholars have not turned their attention to how this new form of regulation changes the structure of the regulated entity. Using case studies and theoretical insights, this paper hypothesizes that the structures firms create in a regulated environment will not immediately disappear in a deregulatory world. Rather, they will persist. Modern regulation causes firms to make department specific investments and centralize information gathering. Firms accomplish this, in part, by increasing the presence of regulatory related staff. And, once these investments are completed, they will insulate regulatory-related staff from immediate removal in a deregulatory environment. That is, in-house regulators will be sticky. This Essay aims to provide an array of theories to support this phenomenon.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-05-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131091626","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Fiduciary Law in Financial Regulation","authors":"H. Jackson, Talia B. Gillis","doi":"10.2139/ssrn.3149577","DOIUrl":"https://doi.org/10.2139/ssrn.3149577","url":null,"abstract":"This chapter explores the application of fiduciary duties to regulated financial firms and financial services. At first blush, the need for such a chapter might strike some as surprising in that fiduciary duties and systems of financial regulation can be conceptualized as governing distinctive and non-overlapping spheres: Fiduciary duties police private activity through open-ended, judicially defined standards imposed on an ex post basis, whereas financial regulations set largely mandatory, ex ante obligations for regulated entities under supervisory systems established in legislation and implemented through expert administrative agencies. Yet, as we document in this chapter, fiduciary duties often do overlap with systems of financial regulation. In many regulatory contexts, fiduciary duties arise as a complement to, or sometimes substitute for, other mechanisms of financial regulation. Moreover, the interactions between fiduciary duties and systems of financial regulation generate a host of recurring and challenging interpretative issues. \u0000 \u0000Our motivation in writing this chapter is to explore the reasons why fiduciary duties arise so frequently in the field of financial regulation, and then to provide a structured account of how the principles of fiduciary duties interact with the more rule-based legal requirements that characterize financial regulation. As grist for this undertaking we focus on a set of roughly two dozen judicial decisions and administrative rulings to illustrate our claims.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133071842","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"How Does It Feel to Be a Third Country? The Consequences of Brexit for Financial Market Law","authors":"Matthias B. Lehmann, D. Zetzsche","doi":"10.2307/j.ctt227272k.12","DOIUrl":"https://doi.org/10.2307/j.ctt227272k.12","url":null,"abstract":"This paper analyzes options in financial market law available to British issuers, credit institutions, insurance companies, securities firms, and asset and fund managers in terms of Brexit, considering that the United Kingdom will become a third country from the perspective of the European Union. Whether London will continue to be the centre for European financial transactions will depend on its access to the Single Market. British companies will achieve market access via equivalence, by setting up a European subsidiary, through bilateral agreements and by passively using the fundamental freedom of services. The way to be taken will depend on the respective line of businesses and groups of customers. \u0000Nevertheless, even after Brexit, British companies will have to obey certain European laws if they want to maintain access to the Single Market. Moreover, future autonomous British law making will not be free from coordination with the Continent in order to ensure market access. Brexit will not impact all business models to the same extent; depending on the services offered, the clients served and the countries targeted, fundamental changes to the business model are to be expected (for example, a relocation of the European hub from London to the Continent, in particular in the banking and primary insurance markets), while, in other cases, the provision of services from London to the Continent may continue to function with few additional barriers, even in the status post-Brexit.","PeriodicalId":133808,"journal":{"name":"LSN: Other Law & Society: Private Law - Financial Law (Topic)","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120961040","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}