Documents Passarelli, Francesco 4 results

"Against the backdrop of the debate over the introduction of a financial transaction tax (FTT) in the European Union, this Forum is dedicated to the discussion of issues concerning the implementation and impact of such a tax on the financial sectors of the member states. Dorothea Schäfer regards as the main policy goal of an FTT to be the prospect of slowing down the mutually reinforcing and growing trends of an increasing number of derivative products and shorter holding periods. The FTT can therefore make an important contribution to preventing the decoupling of financial markets from the real economy. The paper by Stephan Schulmeister discusses the essential features of a general FTT that will ensure that the more short-term oriented and riskier a transaction is, the greater the effect of the FTT on transaction costs. John Vella identifies some commonly made claims about an FTT which are of questionable foundation and compares the FTT with some alternative taxes on the financial sector. Donato Masciandaro and Francesco Passarelli focus on how an FTT measure aimed at reducing financial systemic risk can cause political distortions, leading to inefficient and ineffective policies. Finally, the paper by Ross Buckley analyses common myths, inaccuracies and untruths about the EU's proposed FTT."

"This paper investigates whether the Covid-19 crisis has affected the way we think about (political) institutions, as well as our broader (policy) attitudes and values. We fielded large online survey experiments in Italy, Spain, Germany and the Netherlands, well into the first wave of the epidemic (May-June), and included outcome questions on trust, voting intentions, policies & taxation, and identity & values. With a randomised survey ow we vary whether respondents are given Covid-19 priming questions first, before answering the outcome questions. With this treatment design we can also disentangle the health and economic effects of the crisis, as well as a potential “rally around the ag” component. We find that the crisis has brought about severe drops in interpersonal and institutional trust, as well as lower support for the EU and social welfare spending financed by taxes. This is largely due to economic insecurity, but also because of health concerns. A rallying effect around (scientific) expertise combined with populist policies losing ground forms the other side of this coin, and suggests a rising demand for competent leadership."

"The COVID-19 shock prompted an economic collapse unrivalled in peacetime. Using a large survey conducted during the pandemic's first wave, this column measures the impact of the crisis on socio-political attitudes in Italy, Spain, Germany, and the Netherlands. The results show severe drops in interpersonal and institutional trust, as well as in support for the EU and a tax-financed welfare state. But they also suggest a rallying effect around scientific expertise and incumbent governments that – together with populist positions losing ground – hints at a growing demand for competence."

"To investigate how Covid-19 is shaping the way Europeans think about institutions, we conducted a large online survey experiment during the first wave of the epidemic (June). With a randomised survey ow we varied whether respondents are given Covid-related treatment questions first, before answering the outcome questions. We find that the crisis has severely undermined trust in politicians, the media, the EU and social welfare spending financed by taxes. This is mainly due to economic insecurity, but also because of health concerns. We also uncover a rallying effect around (scientific) expertise combined with populist policies losing ground."