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This master thesis explains and describes the concept of a SOPARFI (in French “Société à Participations Financières”) and specifically, the position of a SOPARFI as a Luxembourg holding entity within an international group. 

The first aim of this thesis is to determine if a Luxembourg SOPARFI is still economically and fiscally attractive for an international group even in a world under continuously changing tax regime. In order to obtain a precise picture of that, a case study of a multi-country project including a Luxembourg entity, a Dutch holding company and two Italian entities is conducted.

This thesis starts by a theoretical part in which the concepts of a SOPARFI is fully explained in order to properly understand all the specifications of this type of structure. In this part several key points of the legal environment Europe are also elaborated. Indeed, the concepts of “Base Erosion and Profit Shifting” is explained as well as the Anti-Tax Avoidance Directive (ATAD).

The theoretical part is then followed by the case that is mentioned above. The legal aspect of the structure is mainly taken into account. The analysis tries to provide possible repercussions of the ATAD, which will be implemented by January 1st 2019, and how the structure should anticipate that. The tax perspective is also taken into account through the path of repatriation of financial incomes of the entire structure.

The results of this study highlight that a SOPARFI in Luxembourg is still attractive for an international group. The ATAD is expected to bring several crucial changes (about controlled foreign companies or interest deduction for example) but the group would normally be able to respond properly to them. However, through the studied structure, it is seen that the incomes are less taxed thanks to several tax treaties within the countries in Europe. A SOPARFI also benefits from specific aspects to this type of entity which allow it to be more efficient. 

As we write these lines, we can say the analysed structure is still efficient. However, with all the changes that will occur on the world tax level, the group is highly recommended to follow and anticipate these modifications in order to remain efficient.

Sciences économiques & de gestion > Economie internationale

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In this paper we investigate the causal effect of international migration on trade flows, using
panel data on bilateral trade flows and immigrants in Belgian regions between 2005 and 2016.
After controlling for a wide set of fixed effects, we find a positive effect of immigrant stocks
on Belgian region’s bilateral trade; this effect being stronger for imports than for exports.
However, this effect is mainly due to immigrants from non-EU countries. These results are in
line with the literature. Using an instrumental variable approach based on migration enclaves,
we were able to confirm our findings and also interpret the effect of immigration on Belgian
region’s bilateral trade as a causal effect.

international migration, --- bilateral trade --- gravity --- ethnic networks --- instrumental variable --- Belgium --- Sciences économiques & de gestion > Economie internationale

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« Le système économique chinois, dans le viseur de Bruxelles », titre un article du journal « Les Échos », spécialiste de l’actualité économique et financière internationale. Ainsi, de nombreux reproches sont souvent adressés au régime communiste de Pékin concernant sa politique commerciale. Ce dernier est accusé d’intervenir de façon trop importante dans son marché, ne
laissant pas jouer la libre-concurrence, en pratiquant des prix réduits à l’exportation par rapport à son propre marché et ne permettant pas de répondre aux critères d’une concurrence
loyale et saine. Ainsi, l’Union européenne n’hésite pas à appliquer de nombreuses mesures
antidumping (AD) à l’encontre des industries chinoises qui pratiqueraient du dumping.
Parmi les divers dossiers qui posent problèmes dans les relations sino-européennes, la
qualification d’économie de marché, que la Chine veut se voir reconnaitre par l’Union
européenne (UE) représente un obstacle majeur. En effet, le 12 décembre 2016, une
disposition du Protocole d’accession de la Chine à l’OMC concernant ce statut a expiré, et les
interprétations concernant certains paragraphes demeurent toujours floues. À l’heure actuelle,
ce statut, permettant de se voir appliquer un traitement plus favorable dans l’application des
droits antidumping, n’est toujours pas reconnu par les deux partenaires commerciaux
principaux des chinois, à savoir l’UE et les États-Unis. En cas d’octroi d’un tel statut,
américains et européens devraient diminuer leurs droits antidumping à l’encontre des chinois
et risqueraient dès lors de voir les importations de produits chinois submerger leurs marchés
respectifs.

Politique antidumping européenne --- Statut d'économie de marché --- Relations bilatérales Chine-UE --- Politique commerciale européenne --- Modernisation des instruments de défense européens --- Politique antidumping dans le secteur de l'acier --- Dumping chinois --- Economies planifiées --- Sciences économiques & de gestion > Economie internationale

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Recently, students and scholars have expressed dissatisfaction with the current state of economics and have called for the reintroduction of historical perspectives into economic thinking.Supporting the idea that fruitful lessons can be drawn from the work of past economists, this volume brings together an international cross section of leading economists and historians of economic thought to reflect on the crucial role that money, crises and finance play in the economy. The book draws on the work of economists throughout history to consider afresh themes such as financial and real explanations of economic crises, the role of central banks, and the design of macroeconomic policies. These themes are all central to the work of Maria Cristina Marcuzzo, and the contributions both reflect on and further her research agenda.This book will be of interest to researchers in the history of economic thought, and those who wish to gain a deeper understanding of the variety and diversity in approaches to economic ideas throughout history.

Economic history. --- Money. --- Finance. --- Financial crises. --- Crashes, Financial --- Crises, Financial --- Financial crashes --- Financial panics --- Panics (Finance) --- Stock exchange crashes --- Stock market panics --- Crises --- Funding --- Funds --- Economics --- Currency question --- Currency --- Monetary question --- Money, Primitive --- Specie --- Standard of value --- Exchange --- Finance --- Value --- Banks and banking --- Coinage --- Gold --- Silver --- Silver question --- Wealth --- Economic conditions --- History, Economic --- Histoire économique --- Pensée économique --- Economie internationale --- Crise financière --- Crise économique --- Crise politique --- world economy --- economic recession --- political crisis --- monetary crisis --- economics --- економска рецесија --- rënie ekonomike --- ekonomikas lejupslīde --- recesiune economică --- Rezession --- икономическа рецесия --- ekonomikos nuosmukis --- ekonomska recesija --- economische recessie --- hospodářská recese --- gospodarska recesija --- økonomisk recession --- gazdasági recesszió --- recessione economica --- cúlú eacnamaíoch --- talouden taantuma --- récession économique --- reċessjoni ekonomika --- recession --- οικονομική ύφεση --- привредна рецесија --- recesión económica --- majanduslangus --- recesja gospodarcza --- recessão económica --- hospodárska recesia --- decelerazione della crescita economica --- økonomisk afmatning --- bankovna kriza --- criză economică --- hospodářská deprese --- krizë ekonomike --- ekonominės padėties blogėjimas --- deterioramento dell'economia --- desaceleración de la economía --- zhoršení hospodářství --- deterioração da economia --- détérioration de l'économie --- talouden laskusuhdanne --- crisi economica --- економска криза --- majanduse madalseis --- ekonomisk recession --- forringelse af økonomien --- wirtschaftliche Depression --- lågkonjunktur --- majanduse halvenemine --- gazdasági depresszió --- økonomisk depression --- depresion ekonomik --- hospodářská krize --- lama --- økonomisk krise --- hospodárska kríza --- economische crisis --- verval van de economie --- Verschlechterung der Wirtschaft --- konjunkturální krize --- crise économique --- përkeqësim i ekonomisë --- zastavení hospodářského růstu --- economic crisis --- Konjunkturkrise --- οικονομική καταστροφή --- depresión económica --- ekonominė krizė --- глобална финансиска криза --- deterioration of the economy --- cúlú eacnamaíochta --- hospodársky pokles --- økonomisk tilbagegang --- economische depressie --- ekonomska depresija --- κατάρρευση της οικονομίας --- majanduskriis --- crise económica --- gazdasági válság --- contracción económica --- lavkonjunktur --- ekonomisk kris --- οικονομική κρίση --- depressão económica --- financijska kriza --- dépression économique --- економска депресија --- ekonomický útlum --- depression --- a gazdaság hanyatlása --- depressione economica --- úpadok hospodárstva --- stagnace --- ekonominis nuosmukis --- talouskriisi --- pokles konjunktury --- crisis económica --- ekonomiskā krīze --- Rückgang der Konjunktur --- economic depression --- försämring av ekonomin --- ekonomisk depression --- Wirtschaftskrise --- επιδείνωση της οικονομίας --- ekonomska kriza --- hanyatló gazdaság --- konjunkturnedgång --- ekonomiskās situācijas pasliktināšanās --- international økonomi --- maailmamajandus --- svjetska ekonomija --- svetovno gospodarstvo --- ekonomi botërore --- internationell ekonomi --- internationale Wirtschaft --- διεθνής οικονομία --- svetové hospodárstvo --- economía internacional --- geilleagar an domhain --- pasaules ekonomika --- ekonomija dinjija --- economie mondială --- économie internationale --- internationale economie --- světová ekonomika --- международна икономика --- светска економија --- economia internazionale --- világgazdaság --- kansainvälinen talous --- pasaulio ekonomika --- светска привреда --- gospodarka światowa --- economia internacional --- economía mundial --- economia mundial --- economie internațională --- παγκόσμια οικονομία --- économie mondiale --- wereldeconomie --- global ekonomi --- globalna ekonomija --- ekonomi ndërkombëtare --- světové hospodářství --- глобална економија --- rahvusvaheline majandus --- starptautiskā ekonomika --- svjetsko gospodarstvo --- nemzetközi gazdaság --- mezinárodní hospodářství --- verdensøkonomi --- globální ekonomika --- economia mondiale --- tarptautinė ekonomika --- Weltwirtschaft --- världsekonomi --- medzinárodné hospodárstvo --- international economy --- меѓународна економија --- ekonomikas zinātne --- ekonomie --- xjenza ekonomika --- taloustiede --- економски науки --- ekonomija --- science économique --- Wirtschaftswissenschaft --- közgazdaságtan --- ekonomi politike --- ekonomia --- eacnamaíocht --- științe economice --- economische wetenschap --- οικονομική επιστήμη --- ciência económica --- majandusteadus --- ekonómia --- ekonomika --- ekonomska znanost --- ciencia económica --- økonomisk videnskab --- ekonomisk vetenskap --- економска наука --- икономическа наука --- scienze economiche --- οικονομική θεωρία --- hospodářská teorie --- politická ekonómia --- taloustieteellinen teoria --- teori ekonomike --- политичка економија --- teoria económica --- economic theory --- economische theorie --- politikai gazdaságtan --- ekonomska teorija --- ekonomikos mokslai --- πολιτική οικονομία --- politisk ekonomi --- economía política --- економика --- politinė ekonomija --- Wirtschaftstheorie --- politička ekonomija --- økonomisk teori --- teoria economica --- teoría económica --- politieke economie --- poliitökonoomia --- politiskā ekonomija --- economic science --- théorie économique --- teorie economică --- Volkswirtschaftslehre --- poliittinen taloustiede --- ekonomisk teori --- économie politique --- shkencë ekonomike --- political economics --- ekonomikos teorija --- ekonomická teória --- ekonomická nauka --- political economy --- ekonomická teorie --- majandusteooria --- ekonomikas teorija --- economia politica --- economie politică --- economia política --- gazdaságelmélet --- економска теорија --- národohospodářství --- Nationalökonomie --- crise monétaire --- krizë monetare --- monetaire crisis --- crisi monetaria --- měnová krize --- valuuttakriisi --- crisis monetaria --- monetarna kriza --- géarchéim airgeadaíochta --- denarna kriza --- monetáris válság --- menová kríza --- valutakrise --- valūtas krīze --- парична криза --- criză monetară --- pinigų krizė --- Währungskrise --- crise monetária --- valutakris --- valuutakriis --- kryzys walutowy --- νομισματική κρίση --- kriżi monetarja --- монетарна криза --- kriżi finanzjarja --- krize měny --- crise financière --- finanční krize --- criză financiară --- finanšu krīze --- géarchéim airgeadais --- rahanduskriis --- nemzetközi pénzügyi válság --- Schuldenkrise --- crise financeira --- monetær krise --- rahoituskriisi --- finančná kríza --- crisi finanziaria --- krizë financiare --- finansiell kris --- currency crisis --- finančna kriza --- finanskris --- finantskriis --- kryzys finansowy --- financial crisis --- финансијска криза --- internationale Finanzkrise --- pénzügyi válság --- меѓународна финансиска криза --- валутна криза --- financiële crisis --- crisis financiera --- géarchéim airgeadra --- mezinárodní finanční krize --- финансиска криза --- χρηματοοικονομική κρίση --- должничка криза --- finanskrise --- krize finančního systému --- криза на финансискиот систем --- Finanzkrise --- финансова криза --- finansinė krizė --- politieke crisis --- crise politique --- politická kríza --- crise política --- politička kriza --- politinė krizė --- krizë politike --- kriżi politika --- politiskā krīze --- politická krize --- politische Krise --- kryzys polityczny --- géarchéim pholaitiúil --- politisk kris --- crisis política --- politikai válság --- политическа криза --- poliitiline kriis --- πολιτική κρίση --- политичка криза --- politična kriza --- crisi politica --- poliittinen kriisi --- politisk krise --- criză politică --- crisi di governo --- politikai krízis --- Economic History --- Money --- Financial crises