Summary of February 11th and 16th meetings

On February 11th we were joined by Morten Broberg, a visiting fellow at the Lauterpacht Centre for International Law and Nikodem Szumilo, a post-doctoral researcher in the Department of Land Economy. We discussed Nikodem’s work in real estate finance and the tax implications regarding property transfers.

DSC_6143On February 16th we were visited by Rodrigo Ormeno Perez, a Lecturer in the Department of Taxation and Accounting at the Birmingham Business School. His visit was sponsored by the Cambridge Centre for Tax Law. We discussed his research on elite formation in tax policy making, the nature of tax administrations, and the qualitative work he has done on tax authorities and effective policy-making.

We welcome the inclusion of our two new members are looking forward to having Rodrigo back again soon.

Tax and financial stability

In a new discussion paper titled “Objectives and Challenges of Macroprudential Policy” (University of Glasgow Economics Discussion Paper 2016-02, available here), Professor Charles Nolan and I discuss recent developments in the institutional frameworks of central banks. In the wake of the Global Financial Crisis, central banks have taken on wider “macroprudential” regulatory roles and responsibilities including but not limited to direct restrictions on mortgage lending.

The paper describes a link between the recent introduction of macroprudential policy regulations and seemingly counteractive tax policies. In the UK and in other countries, mortgage lending subsidies have been increased at the same time as mortgage lending restrictions have been imposed. We argue that the nature of this conflict between the treasury and the macroprudential policy authority is fundamentally different than those emerging under the standard operation of monetary policy by central banks. Consequently, it is necessary to consider the joint design of macroprudential institutions and macroprudential policies.

Alfred Duncan
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Welcome

cropped-dsc_5752.jpgWelcome to the homepage for the tax scholars group University of Cambridge! We meet weekly for an hour to talk about anything loosely related to tax. We are an open and interdisciplinary group and come from both academia, private sector, and public sector. Feel free to contact the group organizer, May, at hmh46@cam.ac.uk.

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