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Fiscal Frameworks and Financial Systems

Fiscal Frameworks and Financial Systems

Wendy Dobson Editor
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  • Book Info
    Fiscal Frameworks and Financial Systems
    Book Description:

    This volume addresses the two key financing constraints that firms must face: taxation and finance. The taxation analysis focuses on how tax systems in selected Asian economies affect growth and the relative competitiveness of foreign and domestic enterprises. It outlines key features of the systems and provides a set of guidelines for potential foreign investors as to how these systems compare with each other (and with those in Canada and the United States) and predict future developments (including financial innovation and the internet).

    The study of financial frameworks focuses on corporate finance and analyzes the relationship between financing patterns and the level of development of securities markets and financial liberalization in the region. It focuses on the issue of how firms finance investments and the extent to which they depend on retained earnings and funding obtained through the market.

    Both studies include Japan, China, Hong Kong, Taiwan, Singapore, Korea, Indonesia, Malaysia, Thailand and Philippines. Both also consider the implications of taxation for savings and investment flows in domestic economies and across borders-and the implications of public sector demand for savings for corporate financing constraints.

    eISBN: 978-1-4426-7490-5
    Subjects: Business

Table of Contents

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  1. Front Matter
    (pp. None)
  2. Preface
    (pp. i-iv)
    Wendy Dobson
  3. Table of Contents
    (pp. v-vi)
  4. Fiscal frameworks, financial systems and the Asian crisis
    (pp. 1-20)
    Wendy Dobson

    The Asian economic crisis provides a dramatic backdrop to this, the fourth volume of the Hongkong Bank of Canada Papers on Asia. The papers in this volume focus on two elements that are key to business decisions in East Asia: fiscal frameworks and financial systems. They provide valuable information about taxation and financial systems that can affect the business decisions foreign investors make.

    The basic premise of the volume is that financial and fiscal systems can contribute to economic growth, but they can also significantly constrain growth and foreign investment if they are underdeveloped. As Professor Richard Bird and Duanjie...

  5. The fiscal framework for business in Asia
    (pp. 21-90)
    Richard M. Bird and Duanjie Chen

    Businessmen often see taxes simply as costs to be minimized. In contrast, governments view them both as a means of securing revenues and as a way to influence the level and shape of private business activities taking place within their jurisdictions. While each of these views is valid from its own perspective, it can be extremely difficult to discern how they combine in practice to affect growth and the relative competitiveness of foreign and domestic firms. Nowhere is this more true than for the economies of East and Southeast Asia, where even local businesses often find it difficult to know...

  6. How much does finance matter in East Asia?
    (pp. 91-183)
    Varouj A. Aivazian, Walid Hejazi and J.D. Han

    As the economic crisis in East Asia has unfolded, many investors have assumed that East Asian business and financial assets are becoming available at fire sale prices. One of the reasons the crisis reached such serious proportions, however, was the lack of adequate information about the financial markets of these economies. Investors with shortterm capital, attracted by the East Asian growth record, overwhelmed the financial systems of small open economies and failed to carry out due diligence on their potential investments. Ignorant of or disregarding the risks, they subsequently fled when they re-evaluated them after the crisis began in Thailand...

  7. About the authors
    (pp. 184-185)
  8. Institute for International Business
    (pp. 186-188)