Purpose – In September 2009, G20 representatives called for introducing a minimum leverage ratio as an instrument of financial regulation. It is supposed to assure a certain degree of core capital for banks, independent of the controversial procedures used to assess risk. The paper aims to...

In September 2009, G20 representatives called for introducing a minimum leverage ratio as an instrument of financial regulation. It is supposed to assure a certain degree of core capital for banks, independent of the controversial procedures used to assess risk. This paper discusses the...

This paper compares and extends the tax competition analysis of ZODROW and MIESZKOWSKI (1986) and OATES and SCHWAB (1991, 1988). In a dynamic model of a small open economy we show that the efficiency of the tax instruments used to finance productive infrastructure depends on technical properties...