Tax distortions to cross-border portfolio investment via mutual funds

Article Abstract:

The taxation of collective investment institutions (CIIs) in an international setting was investigated. Focus is made on the general rather than the more specialized vehicles for collective investment. Results include the finding that there may be problems in the operation of double tax relief mechanisms in the domestic CII case, and the possibility that foreign funds may be characterized differently from domestic funds either because a different legal structure is employed in a foreign country or because the special rules for transparent tax treatment that apply in the purely domestic case cannot be satisfied by foreign funds.

Tax Law, Portfolio Management, Investment Offices, Investment Companies, Open-End Investment Funds, Taxation, International aspects, Mutual funds

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The development of capital markets in Central Asia

Article Abstract:

Azerbaijan and Uzbekistan are two countries in Central Asia with emerging capital markets. There are five developments affecting the emerging capital market of Azerbaijan: Treasury Bills market for debt securities, a privatization program by the State Property Committee, operation of the Baku International Currency Exchange, governmental laws and regulations and issues related to corruption. Uzbekistan has the same issues ruling its capital markets except the currency exchange and government regulations, but with the addition of four primary institutions operating its markets.

Capital Management-Internal Funds NEC, Economic aspects, Capital market, Capital markets, Azerbaijan, Uzbekistan

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Financial market implications of shrinking a government bond market

Article Abstract:

The implications of reducing the stock of New Zealand government debt to the financial markets were explored and projections show that a zero debt stock could be reached by June 2006. Stock reduction reduces the liquidity of the market and this encourages existing substitutes to grow. Also, there are three phases by which the government bond market decline could be divided. These phases could even cause domestic investors to hold more corporate bonds.

National Government Liabilities & Debt, Financial Mgmt NEC, Marketing, National debt, Bonds, Bonds (Securities), Public debts, Financial management

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