Domino Effect

Interconnectedness and Systemic Risk: Lessons from the Financial Crisis and Policy Implications Complex links among financial market participants and institutions are a hallmark of the modern global financial system. Across geographic and market boundaries, agents within the financial system engage in a diverse array of transactions and relationships that connect them to other participants. Indeed, much of the financial innovation that preceded the most recent financial crisis increased both the number and types of connections that linked borrowers and lenders in the economy Two Degrees of Syststic Separation

Abstract Taxpayer compliance research has tended to focus on why people evade their taxes rather than on why the vast majority of people do willingly comply with their tax obligations. Whilst tax administrations globally seek to improve the efficiency of their revenue collections, there is growing recognition of the need to have a deeper understanding of why taxpayers comply voluntarily. A person’s internal motivations to comply are commonly characterised as his/her ‘tax morale’, the ‘key’ to the puzzle of understanding taxpayer compliance behavior. Behaviour

Seminal dispute resolution theorists Ury, Brett and Goldberg said that: ‘[D]isputes are inevitable when people with different interests deal with each other regularly.’1 Echoing this, the current Australian Commissioner of Taxation (the Commissioner), has recently said: ‘[I]n relation to the application of tax law to complex facts, some level of disputation is inevitable.’ Tax Disputes System Design