Government regulation and international competition in the financial sector

本项目旨在将金融经济学中的重要问题更紧密地整合到公共经济学文献中。为此，我们在一般均衡环境中分析了金融部门的监管和税收政策的影响，这是公共经济学和国际贸易中现有研究的典型特征，但在金融经济学文献中仍然非常罕见。与此同时，我们纳入了金融经济学的重要元素，这些元素迄今为止在公共财政文献中基本上被忽视。这尤其涉及银行的内生冒险决策，以及政府政策（因而也包括纳税人）对这些风险的隐性或显性补贴。另一个重要因素是资本和金融服务市场的国际一体化，这使国家金融部门以及国家监管和税收政策受到国际竞争的影响。在这样一个框架中，我们分析了国家银行征税、资本要求和救助政策对不同经济主体（银行、生产者、消费者、纳税人）和国家福利的影响。我们还提出了政策协调问题。该项目包括四个具体的研究领域，其目的是得出关于管理和税收政策对银行业国际竞争的影响的可检验的假设。

This project aims to contribute to a closer integration of important issues in financial economics into the public economics literature. For this purpose, we analyze the effects of regulatory and tax policies in the financial sector in a general equilibrium setting that is typical for existing research in public economics and international trade, but that is still very rare in the financial economics literature. At the same time, we incorporate important elements from financial economics which have so far been largely neglected in the public finance literature. This concerns, in particular, the endogenous risk-taking decisions of banks and the implicit or explicit subsidization of these risks through government policies and hence taxpayers. A further important element is the international integration of capital and financial services markets, which expose national financial sectors, but also national regulatory and tax policies, to the forces of international competition. In such a framework we analyze the effects of national bank levies, capital requirements and bailout policies on different economic agents (banks, producers, consumers, taxpayers) and national welfare. We also raise issues of policy coordination. The project consists of four specific research areas, which aim to derive testable hypotheses on the effects of regulatory and tax policies for international competition in the banking sector.