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1.
This study examines the impact of a stamp tax rate increase on market behavior, using data from two stock exchanges in China. We find that when the tax rate increases from 0.3 to 0.5% (which implies that the transaction cost increases by about 1/3) trading volume decreases by 1/3. This implies an elasticity of turnover with respect to a stamp tax of −50% and an elasticity of turnover with respect to transaction cost of −100%. The markets’ volatility significantly increases after the increase in the tax rate. Furthermore, the change in the volatility structure indicates that the markets become less efficient in the sense that shocks are less quickly assimilated in the markets.
相似文献
Badi H. Baltagi (Corresponding author)Email: |
Dong LiEmail: |
Qi LiEmail: |
2.
Flora Bellone 《Journal of Evolutionary Economics》2008,18(2):183-199
This paper presents a theory of technological catching-up in which local savings plays a key complementary role to international
finance and foreign technology. Until now, the literature has primarily emphasized “outward orientation” as the key ingredient
of catching-up success. It has indeed been argued that countries which have relied intensively on foreign technologies, either
through capital goods imports or foreign direct investment inflows, have been successful while countries which have opted
for inward-oriented growth strategy relying on domestic investment and import-substitution strategies have been unsuccessful.
In this paper, we develop a sequential model of industrialization in which domestic savings is key to the success of outward-oriented
growth strategies. Indeed, internal finance helps to overcome time-to-adjustment constraints which occur in the early phases
of the catching-up process when both advanced foreign technologies and backward domestic ones co-exist. In this model, external
finance, though international borrowing, and domestic savings are complementary, not substitutable, in the course of technological
catching-up.
相似文献
Flora BelloneEmail: |
3.
Dobdinga C. Fonchamnyo 《International Advances in Economic Research》2009,15(3):322-335
For more than two decades, the majority of countries in the African continent have experienced repeated episodes of rising
external debt and debt service, which has led to numerous efforts of external debt relief. This paper provides new evidence
on the effects of the Heavily Indebted Poor Countries (HIPC) Initiative on different economic and social indicators in 60
low income countries (LICs). Results show that LICs that were included in the HIPC Initiative marginally performed better
than non-HIPC countries. There is evidence that countries that have reached the completion point of the HIPC Initiative by
2005 have experienced an average improvement in investment, health care, gross secondary education enrollment, and GDP per
capita growth.
相似文献
Dobdinga C. FonchamnyoEmail: |
4.
This paper investigates the effect of labour characteristics on the decision to adopt new technologies. As a potential endogeneity
problem might arise, we implement estimation techniques that control for endogenous covariates. The results suggest that the
share of skilled employees has a significant positive impact on the likelihood of adoption, providing an additional and interesting
insight in understanding technology adoption. We also find that firms’ nationality does not matter to the adoption process.
The transfer of technology due to foreign investment may not be a widespread phenomenon, casting doubts on the standard internalization
theory of foreign direct investment.
相似文献
Ana Paula FariaEmail: |
5.
The Portuguese economy has performed remarkably well since joining the EU in 1986. Output per worker grew at an annual rate
of 2.25%. The relative price of investment has declined. Real investment has increased compared to output, in part fuelled
by an increase in capital inflows. At the same time, resource allocation seems to have improved as well: firm-level data shows
a significant decline in the dispersion of labor productivity and size across firms. This paper argues that improvements in
outside investor rights that have taken place since Portugal joined the EU is a prime candidate to explain this set of facts.
相似文献
Gian Luca ClementiEmail: URL: http://pages.stern.nyu.edu/~gclement |
6.
This paper aims at empirically estimating the demand effects of changes in functional income distribution for Austria. Based
on a Post-Kaleckian macro model, this paper estimates the effects of a change in the wage share on the main demand aggregates.
The results for the behavioral functions for consumption, investment, prices, exports and imports are compared with the specifications
of the WIFO macro model and the IHS macro model. A reduction in the wage share has a restrictive effect on domestic demand
as consumption decreases more strongly than investment increases. Because of the strong effects on net exports the overall
effects of a decrease in the wage share are expansionary. However the latter effect operates only as far as the fall in the
wage share increases competitiveness. As wage shares were also falling in Austria’s main trading partners, the effect seems
to have been neutralized.
相似文献
Stefan EdererEmail: |
7.
We present a two-sector endogenous growth model with human and physical capital accumulation to analyze the long-run relationship
between population growth and real per capita income growth. Formal education and investment in physical capital are assumed
to be two separate components of human capital production. Along the balanced growth path equilibrium, population change may
have a positive, negative, or else neutral effect on economic growth depending on whether physical and human capital are complementary/substitutes
for each other in the formation of new human capital and on their degree of complementarity.
相似文献
Davide La TorreEmail: |
8.
We develop a simple model of sexual and domestic violence. By assumption, the potential victim’s threat to report if she is victimized is not credible, which implies that the only sequential equilibrium involves violence. However, a realistic social learning process converges to a non-sequential equilibrium without violence from all nearby states if the expected punishment for offenders whose victims report to the police is sufficiently high. A policy to increase the sentences for sexual and domestic violence convictions could therefore substantially reduce such violence in the long run, even if it is powerless to make women’s threats to report credible.
相似文献
Sue H. Mialon (Corresponding author)Email: |
9.
It is well-known that endogenous cycles can occur in Ramsey models with heterogeneous households and borrowing constraints.
In this note, we address the issue of robustness in the more general case of endogenous labor supply and we explain the occurrence
of local indeterminacy under progressive taxation.
相似文献
Thomas Seegmuller (Corresponding author)Email: |
10.
How large is liquidity risk in an automated auction market? 总被引:2,自引:0,他引:2
We introduce a new empirical methodology that models liquidity risk over short time periods for impatient traders who submit market orders. Using Value-at-Risk type measures, we quantify the liquidity risk premia for portfolios and individual stocks traded on the automated auction market Xetra. The specificity of our approach relies on the adequate econometric modelling of the potential price impact incurred by the liquidation of a portfolio. We study the sensitivity of liquidity risk towards portfolio size and traders' time horizon, and interpret its diurnal variation in the light of market microstructure theory.
相似文献
Pierre GiotEmail: Phone: +32-81-724887 |
Joachim Grammig (Corresponding author)Email: Phone: +49-7071-2976009Fax: +49-29-5546 |
11.
David B. Skarbek 《The Review of Austrian Economics》2009,22(1):109-112
F.A. Hayek’s broad research program has led some to conclude that his impact on economics has been minimal. This citation
study examines the frequency of Nobel laureates cited by other laureates in the official Prize Lectures to understand how
elite economists influence other elite economists. It finds that Hayek is the second most frequently mentioned laureate in
the Prize Lectures, and he has the second most publication citations of the laureates. Hayek’s influence on the top tier of
economists is substantial.
相似文献
David B. SkarbekEmail: |
12.
The authors welcome criticisms emanating from neoclassical critics of Austrian economics. We congratulate Laidler for transcending
the usual modes of macroeconomic analysis to take on praxeological considerations. This paper should be interpreted as a welcome
for his efforts in the hope that they will be widely emulated within the profession.
相似文献
William Barnett IIEmail: |
13.
This paper estimates a cointegrated vector autoregressive (VAR) model for UK data on consumer prices, unit labour costs, import prices and real consumption growth. The estimated VAR indicates that the nominal variables are characterised by I(2) trends, and that a linear combination of these processes cointegrate to I(1). This supports an analysis in which I(1) and I(2) restrictions are imposed. A key finding is that an increase in real import prices reduces productivity adjusted real wages, such that the change in domestic inflation is moderated. This may explain why the depreciation of sterling in 1992 left inflation unchanged.
相似文献
Christopher BowdlerEmail: |
14.
Richard H. Day 《Journal of Evolutionary Economics》2008,18(2):261-273
The natures of rational thought and rational lives are described as the basis of an adaptive economizing theory which presents
an alternative microeconomic foundation contrasting with but complementary to optimal control theory for modeling mesoeconomic
order. Contrastingly, that micro foundation seems to imply the inappropriateness of representing macro data as an optimal
economic agent. Rather, direct representation of the emergent causal order in the macroeconomic data is suggested.
相似文献
Richard H. DayEmail: |
15.
Sebastian Coll 《Constitutional Political Economy》2008,19(4):313-355
In this article the conditions for the rise and fall of representative regimes are explored. High citizen mobility and unexploited
opportunities for investment create the need of reassuring factor owners against the tax hunger of the State. This may lead
to the emergence of representative institutions of government, a process that reverts when those conditions disappear. Factors
that facilitate or restrain the mobility of citizenry are identified, mainly in the domain of military technology. Thus, a
number of interrelations between production and war technologies, political development and economic performance are revealed,
giving rise to an interpretation of historical evolution.
相似文献
Sebastian CollEmail: |
16.
While entrepreneurs benefit from unrestricted free entry into markets, they have a time-inconsistent incentive to lobby for
government entry restrictions once they become successful. Bad political institutions yield to these demands, and growing
barriers are placed on domestic and international competition. Good institutions do not, and this effort is instead channeled
toward further wealth creation. We find that productive entrepreneurship depends on both the freedom to succeed and discipline
of failure that free markets provide. Trade barriers result in fewer combinations of goods and inputs attempted, and less
productive entrepreneurial resource use. We also provide evidence on the value of business failure.
相似文献
Russell S. SobelEmail: |
17.
Sourushe Zandvakili 《Forum for Social Economics》2008,37(2):135-145
Assessment of inequality measurement is the focus for this survey. All measures of inequality must be evaluated based on a
set of desirable properties. More importantly, the usefulness of statistical inference for measures of inequality needs examination.
相似文献
Sourushe ZandvakiliEmail: |
18.
Thierry Aimar 《The Review of Austrian Economics》2009,22(3):199-207
The Austrian School has had a curious destiny: while contributing many concepts to contemporary economic theory, it is either
ignored or criticised by much of modern economic literature. This article discusses possible reasons for this institutional
sidelining and the main futures of a renewal of Austrian thought.
相似文献
Thierry AimarEmail: |
19.
Robert D. Tollison 《The Review of Austrian Economics》2009,22(2):127-130
Besley’s treatment of principled agents is a major contribution to public choice and political economy. By focusing on politics
as an agency problem, he has shown the way to a new generation of research on the interface of politics and economics.
相似文献
Robert D. TollisonEmail: |
20.
Johann Burgstaller 《Empirica》2009,36(3):229-244
This paper examines the issuance of share capital via the Vienna Stock Exchange between 1985 and 2004. Evidence is supplied
concerning the aggregate factors that help to explain the time-series variation in both the numbers of and proceeds from initial
public offerings (IPOs) and seasoned equity offerings (SEOs). Results indicate that there is no cyclical sensitivity of issues,
but that firms successfully time their offerings to take advantage of high stock market valuations and the associated low
cost of equity capital. Corporate indebtedness and interest rates are significant determinants of SEOs in statistical and
economic terms. The proceeds from IPOs, rather than funds raised by firms already listed, are used to finance subsequent investment.
相似文献
Johann BurgstallerEmail: |