EU financial integration: three essays on propositions, evidence and implications
Gespeichert in:
| Beteilige Person: | |
|---|---|
| Format: | Hochschulschrift/Dissertation Buch |
| Sprache: | Englisch |
| Veröffentlicht: |
2005
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| Schlagwörter: | |
| Links: | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014635462&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| Umfang: | XXII, 241, XVIII S. graph. Darst. |
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| 245 | 1 | 0 | |a EU financial integration |b three essays on propositions, evidence and implications |c Thomas Kiehlborn |
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| 943 | 1 | |a oai:aleph.bib-bvb.de:BVB01-014635462 | |
Datensatz im Suchindex
| _version_ | 1819381034756603904 |
|---|---|
| adam_text | Contents
Contents Ill
List of Figures IX
List of Tables XI
List of Variables XIV
List of Abbreviations XVII
1 Introduction and summary of results 1
2 EU financial integration: Is there a core Europe ?
Evidence from a cluster based approach 32
2.1 Introduction 33
2.1.1 Research motivation and questions 33
2.1.2 Structure of paper 38
2.2 Overview of literature on EU financial integration 39
2.2.1 Indicators for the measurement of financial integration . . 39
2.2.2 Degree of integration in EU financial market segments . . 42
2.3 Overview of research methodology 50
2.3.1 Definition of financial integration: Maximum similarity . 50
2.3.2 Choice of sample indicators, period, and countries 54
2.3.3 Stylized facts about the employed indicators 58
2.3.4 Concept and advantages of cluster analysis 62
2 4 Evidence from the application of cluster analysis 66
2.4.1 General evidence: Integration waves, similarity barriers . . 66
2.4.2 Detailed evidence: Existing, but greatly changing groups . 69
2 5 Conclusion and outlook 77
Appendix A g0
A.I Statistics of employed indicators g0
A.I.I Development of employed indicators at aggregate level ... 80
A.1.2 Development of cross sectional dispersion statistics 80
A.2 Fusion curves 1995 2002
81
A.3 Descriptive statistics of group building 1995 2002 83
3 EU financial integration and tax competition
Evidence on the validity of the agglomeration view 89
3 1 Introduction nn
9U
3.1.1 Research motivation and propositions 90
3.1.2 Structure of paper 94
3.2 The capital tax competition related debate in the EU 95
3.2.1 Historical context 95
3.2.1.1 Overview of legal and institutional foundations . 95
3.2.1.2 Overview of changing priorities and aims 96
3.2.2 Arguments pro and against EU capital tax harmonization 102
3 3 Theoretical view of tax competition 105
3.3.1 Basic tax competition model (BTCM) 105
3.3.1.1 Central logic of the BTCM 105
3.3.1.2 Key results of the BTCM 107
1.3.2 Agglomeration view of tax competition 108
3.3.2.1 Key assumptions of the model of Baldwin and
Krugman (2004) 108
3.3.2.2 Rationale behind the concept of agglomeration . 110
3.3.2.3 Bell shaped agglomeration rent curve Ill
3.3.2.4 Three stage tax game 112
3.3.2.5 Bell shaped tax gap curve 115
3.3.2.6 Harmful tax harmonization 116
3.3.3 Key results of the agglomeration view and their modifica¬
tion of BTCM predictions 117
3.4 Overview of research methodology 119
3.4.1 Assessment of macroeconomic propositions 119
3.4.1.1 Division of EU25 into four regions 119
3.4.1.1.1 Criteria of country classification 119
3.4.1.1.2 Characteristics of the four regions . . . . 119
3.4.1.2 Data sources, indicators, averaging methodologies 120
3.4.1.2.1 Data sources: OECD, Devereux, Grif¬
fith, and Klemm, EUROSTAT 120
3.4.1.2.2 Backward and forward looking indicators 121
3.4.1.2.3 Arithmetic and GDP weighed averages . 122
3.4.2 Assessment of microeconomic propositions 122
3.4.2.1 Choice of indicators 122
3.4.2.1.1 Germany as measure of large core nation 122
3.4.2.1.2 Foreign banking units as measure of for¬
eign entrepreneur 122
3.4.2.1.3 Tax , agglomeration force , and company
related commitment drivers 123
3.4.2.2 Survey design 125
3.4.2.2.1 Overview of methodology 125
3.4.2.2.2 Representativeness of database 126
3.5 Evidence on the validity of the agglomeration view 127
3.5.1 Evidence on the validity of the macroeconomic propositions 127
3.5.1.1 Introductory remarks 127
V
1
3.5.1.2 Backward looking indicators 127
3.5.1.2.1 Corporate income tax rates 127
3.5.1.2.2 Implicit tax rates on corporate income . 136
3.5.1.3 Forward looking indicators 138
3.5.1.3.1 Statutory corporate tax rates 138
3.5.1.3.2 Effective marginal and effective average
tax rates 143
3.5.2 Excursus: Methodological concerns about Baldwin and Krug
man (2004) 148
3.5.3 Evidence on the validity of the microeconomic propositions 152
3.5.3.1 Introductory remarks 152
3.5.3.2 Evidence on core governments limit pricing power
re the setting of taxes 152
3.5.3.3 Relevance of agglomeration force related commit¬
ment drivers 155
3.6 Conclusion and outlook 157
Appendix B 160
B.I Data overview: Backward looking indicators 160
B.I.I Total taxes / GDP: OECD 1965 2001 160
B.I.2 Total taxes / GDP: EUROSTAT 1995 2002 163
B.1.3 Corporate income taxes / GDP: OECD 1965 2001 164
B.I.4 Corporate income taxes / total taxes: OECD 1965 2001 . . 167
B.1.5 Corporate income taxes / GDP: EUROSTAT 1995 2002 . . 170
B.1.6 Corporate income taxes / total taxes: EUROSTAT 1995 2002171
B.I.7 Implicit tax rates on corporate income: EUROSTAT 1995 2002172
B.2 Data overview: Forward looking indicators 173
B.2.1 Top statutory corporate tax rates: Devereux, Griffith, and
Klemm (2002) 1982 1994 173
B.2.2 Top statutory corporate tax rates: EUROSTAT 1995 2004 . 174
B.2.3 Effective marginal tax rates: Devereux, Griffith, and Klemm
(2002) 1982 2002 175
B.2.4 Effective average tax rates: Devereux, Griffith, and Klemm
(2002) 1982 2002 177
B.3 Details on survey of foreign banking units 179
B.3.1 The position of foreign banking units in Germany 179
B.3.2 Descriptive sample statistics 180
B.3.3 Sample representativeness 181
B.3.4 Details on the questionnaire 182
4 Implications of EU financial integration for banking
configuration and coordination strategies
Propositions and evidence 183
4.1 Introduction 184
4.1.1 Research motivation and propositions 184
4.1.2 Structure of paper 189
4.2 Derivation of research propositions 190
4.2.1 Definition of strategy 190
4.2.2 Overview of investigated strategy related aspects 190
4.2.3 Discussion of the rationale behind the research propositions 191
4.3 Overview of research methodology 197
4.3.1 Data source and classification of results 197
4.3.2 Representativeness of database 198
4.3.3 Assignment of business foci 199
4.4 Evidence on the validity of the research propositions 202
4.4.1 Proposition 1: Centralization of value chain elements . . . 202
4.4.2 Proposition 2: Standardization of business setup areas . . 206
4.4.3 Proposition 3: Centralization of decision making power:
Static perspective 210
1
4.4.4 Proposition 4: Centralization of decision making power:
Dynamic perspective 213
4.5 Conclusion and outlook 217
Appendix C 220
C.I Sample representativeness 220
C.2 Descriptive sample statistics 221
C.3 Assignment of business foci via modified CAP model 222
C.4 English version of the questionnaire 227
C.5 German version of the questionnaire 232
C.6 English version of the cover letter 237
C.7 German version of the cover letter 238
C.8 Letter of support of VAB 239
C.9 Participants guide / Lcitfaden 240
Bibliography i
Curriculum Vitae xiv
Ehrenwdrtliche Erklarung xviii
List of Figures
Chapter 1 1
1.1 Bezugsrahmen des Untersuchungsgegenstandes 3
1.2 Briicke: Verkniipfung von Finanzmarktintegration und Business Foci 25
Chapter 2 32
2.1 Indication of the degrees of integration in EU financial market
segments 50
2.2 Maximum fusion distances and number of grouj s in each year . . 06
2.3 Evidence of group building: Dendrogram for 199.1 70
2.4 Evidence of group building: Dendrogram for 1996 7(1
2.5 Evidence of group building: Dendrogram for 1997 72
2.6 Evidence of group building: Dendrogram for 1998 73
2.7 Evidence of group building: Dendrogram for 1999 74
2.8 Evidence of group building: Dendrogram for 2000 74
2.9 Evidence of group building: Dendrogram for 2002 75
2.10 Development of interest rates: Mean rates across all countries . . 80
2.11 Development of standard deviations of interest rates 80
2.12 Development of coefficients of variation of interest rates 81
2.13 Fusion curves for 1995 1996 81
2.14 Fusion curves for 1997 2002 82
IX
1
Chapter 3 89
3.1 General EU integration and EU capital taxation milestones .... 101
3.2 Bell shaped agglomeration rent curve Ill
3.3 Illustration of the three stage tax game 113
3.4 Bell shaped tax gap curve 115
3.5 Corporate income taxes / GDP, 1965 2002: Core5 vs. Poor4, EU15
vs. NMS10 129
3.6 Corporate income taxes / total taxes, 1965 2002: Core5 vs. Poor4,
EU15 vs. NMS10 130
3.7 Implicit tax rates on corporate income, 1995 2002: Core5 vs. Poor4 137
3.8 Statutory corporate tax rates: All regions 1982 2004, break down
of country rates 140
3.9 Effective marginal and effective average corporate tax rates, 1982
2002 144
3.10 Replication of Baldwin and Krugman (2004), illustration of bias . 149
3.11 Sorting of commitment drivers according to their degree of relevancel55
3.12 Development of the number of foreign banking units in Germany . 179
Chapter 4 183
4.1 Bridge: Linking financial market integration with business foci . . 188
4.2 Modified CAP model 222
List of Tables
Chapter 1 1
1.1 Uberblick iiber die Forschungsfragen des ersten Hauptteils .... 7
1.2 Uberblick iiber die Forschungsthesen des zweiten Hauptteils ... 16
1.3 Uberblick iiber die Forschungsthesen des dritten Hauptteils .... 27
Chapter 2 32
2.1 Overview of integration indicators for different financial market
segments 40
2.2 Overview of selected studies on measuring EU financial integration 43
2.3 Classification of selected financial integration definitions 51
2.4 Definition of EU financial integration of Kiehlborn and Mietzner . 52
2.5 Overview of sample indicators, period, and countries 57
2.6 Descriptive statistics of group building in 1995 83
2.7 Descriptive statistics of group building in 1996 83
2.8 Descriptive statistics of group building in 1997 84
2.9 Descriptive statistics of group building in 1998 84
2.10 Descriptive statistics of group building in 1999 85
2.11 Descriptive statistics of group building in 2000 86
2.12 Descriptive statistics of group building in 2001 87
2.13 Descriptive statistics of group building in 2002 88
XI
Chapter 3 89
3.1 Propositions on the validity of the agglomeration view of tax com¬
petition 92
3.2 Political debate on tax competition: Selected quotes pro harmo¬
nization 103
3.3 Political debate on tax competition: Selected quotes against har¬
monization 104
3.4 Definition of tax competition and tax harmonization 105
3.5 Overview of results of the basic tax competition model (BTCM) . 108
3.6 Definition of agglomeration and agglomeration rent 109
3.7 Key results of agglomeration view and their modification of BTCM
predictions 118
3.8 Overview of research methodology for macroeconomic propositions 120
3.9 Overview of investigated commitment drivers 124
3.10 Graphic classification scheme of results 125
3.11 Evidence on the commitment drivers degree of relevance 153
3.12 Ranking of commitment drivers 154
3.13 OECD Total taxes / GDP, Part 1: 1965 1977 160
3.14 OECD Total taxes / GDP, Part 2: 1978 1989 161
3.15 OECD Total taxes / GDP, Part 3: 1990 2001 162
3.16 EUROSTAT Total taxes / GDP 1995 2002 163
3.17 OECD Corporate income taxes / GDP, Part 1: 1965 1977 .... 164
3.18 OECD Corporate income taxes / GDP, Part 2: 1978 1989 .... 165
3.19 OECD Corporate income taxes / GDP, Part 3: 1990 2001 .... 166
3.20 OECD Corporate income taxes / total taxes, Part 1: 1965 1977 . 167
3.21 OECD Corporate income taxes / total taxes, Part 2: 1978 1989 . 168
3.22 OECD Corporate income taxes / total taxes. Part 3: 1990 2001 . 169
3.23 EUROSTAT Corporate income taxes / GDP 1995 2002 170
3.24 EUROSTAT Corporate income taxes / total taxes 1995 2002 ... 171
3.25 Implicit tax rates on corporate income 1995 2002 172
3.26 Effective top statutory tax rates on corporate income: Devereux,
Griffith, and Klemm (2002) 1982 1994 173
3.27 Effective top statutory tax rates on corporate income: EUROSTAT
1995 2004 174
3.28 Effective marginal tax rates, Part 1: 1982 1992 175
3.29 Effective marginal tax rates, Part 2: 1993 2002 176
3.30 Effective average tax rates, Part 1: 1982 1992 177
3.31 Effective average tax rates, Part 2: 1993 2002 178
3.32 Development trends of foreign banks within the entire German
banking sector 179
3.33 Detailed evidence: Mean values and standard deviations 180
3.34 Sample representativeness 181
3.35 Question on the relevance of the investigated commitment drivers 182
Chapter 4 183
4.1 Overview of research propositions 189
4.2 Graphic classification scheme of results 198
4.3 Key characteristics of the investigated business foci 201
4.4 Prop. 1: Evidence on the degree of value chain centralization . . . 203
4.5 Prop. 2: Evidence on the degree of standardization 207
4.6 Prop. 3: Evidence on the degree of Power Vacuum 211
4.7 Prop. 4: Evidence on the degree of Power Depletion 213
4.8 Sample representativeness 220
4.9 Detailed evidence: Mean values and standard deviations 221
4.10 Arena: Overview of client base 223
4.11 Clients: Overview of target client groups 224
4.12 Products: Overview of offered product types 225
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