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The Global Shadow Bank--Systemic Risk And Tax Policy Objectives: The Uncertain Case Of Foreign Hedge Fund Lending In The United States, Julie A.D. Manasfi
The Global Shadow Bank--Systemic Risk And Tax Policy Objectives: The Uncertain Case Of Foreign Hedge Fund Lending In The United States, Julie A.D. Manasfi
Julie A.D. Manasfi
ABSTRACT: THE GLOBAL SHADOW BANK-- SYSTEMIC RISK AND TAX POLICY OBJECTIVES: THE UNCERTAIN CASE OF FOREIGN HEDGE FUND LENDING IN THE UNITED STATES With the recent financial crisis in the U.S. starting in 2007, much attention has been drawn to the issue of whether and to what extent financial regulation should keep pace with financial innovation and the shadow banking system. However, often ignored is the Internal Revenue Code’s failure to adequately keep pace with this financial innovation. One example of how the tax laws lag behind financial innovation can be found in the taxation of lending into the U.S. …