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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.
Pierre Garrouste 《The Review of Austrian Economics》2008,21(4):251-269
This paper presents an analysis of the way the Austrian theory of institutions evolved from Menger’s main works. It also tries
to advance the idea that the economics of institutions, when it deals with the emergence and evolution of rules and norms
from interacting individuals, is inspired by Menger’s work and more generally by the Austrian analysis of the emergence and
evolution of institutions. Recent works in the economics of institutions build on this earlier Austrian work to make it more
formalized and testable.
相似文献
Pierre GarrousteEmail: |
3.
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: |
4.
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: |
5.
The study aims to examine the impact of changes in policy variables namely, monetary aggregate (M1), exchange rate and interest
rate on two monetary goal variables, namely output and price level in Fiji from 1970 to 2006 by applying the procedures of
variance decomposition and impulse response functions. We conclude that the money channel is the most effective channel of
transmission mechanism among the three channels.
相似文献
Chee-Keong Choong (Corresponding author)Email: |
6.
This paper develops a theoretical framework which can be used to examine policy implications from the learning-by-exporting
hypothesis. This work builds on previous theoretical literature by introducing a credit constraint. When credit is available,
the analysis suggests that supporting a learning sector via an export subsidy is not necessarily advised to improve social
welfare. The learning sector’s goods may be over-produced (relative to another non-tradable sector goods) when consumers can
borrow freely for their consumption. If the learning sector’s goods are over-produced, social welfare will be improved via
a tax on production.
相似文献
Akinori TomoharaEmail: |
7.
Jianpei Li 《Portuguese Economic Journal》2009,8(2):119-136
This paper analyzes the efficiency of team production when risk-neutral agents exhibit other-regarding preferences. It is
shown that full efficiency can be sustained as an equilibrium of a budget-balancing mechanism that punishes some randomly
chosen agents if output falls short of the efficient level but distributes output equally otherwise. The result depends on
agents being sufficiently inequity-averse.
相似文献
Jianpei LiEmail: |
8.
Hardy Hanappi 《Journal of Evolutionary Economics》2008,18(2):275-289
The goal of this paper is to highlight the importance of the concept of choice. To do so, a synopsis of the most important
contributions to this topic—featuring an eclectic set of scholars across disciplines—is provided. As central to the argument,
John von Neumann’s contributions, game theory and simulation techniques on von Neumann machines, are identified. Innovation
(economic and theoretic) as the driving force behind human evolution seems to head for a new scientific paradigm based on
von Neumann’s ideas.
相似文献
Hardy HanappiEmail: |
9.
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: |
10.
In the present article the time series of the decomposition of Greek real GDP are investigated for the presence of a unit
root, allowing for a maximum of two breaks which take place at an unknown point in time. This methodology is preferred to
the conventional Dickey and Fuller tests because the covered time horizon, namely from 1858 to 1938, is characterized by a
number of very important events, the nature of which is either economic or historical.
相似文献
Erotokritos VarelasEmail: |
11.
Philipp Engler Terhi Jokipii Christian Merkl Pablo Rovira Kaltwasser Lúcio Vinhas de Souza 《Empirica》2007,34(5):411-425
This paper analyzes the role of banks’ regulatory capitalization in the transmission of monetary policy. We use a confidential
dataset for Austrian banks spanning from the first quarter of 1997 to the fourth quarter of 2003. We find evidence that Austrian
banks react in an asymmetric way to monetary policy depending on their regulatory excess capitalization, i.e. low capitalized
banks react more restrictively to a monetary tightening than their highly capitalized peers.
相似文献
Lúcio Vinhas de SouzaEmail: |
12.
Thiess Buettner 《Empirica》2007,34(4):287-297
This paper provides empirical evidence on regional labor market flexibility in Europe and, in particular, in the EU-accession
countries in Central and Eastern Europe. Whereas substantial regional disparities in unemployment are found for pre-accession
EU member countries as well as for accession countries, an empirical analysis taking account of spatial effects shows that
regional wage flexibility is significantly higher for accession countries. Moreover, unemployment disparities are found to
be less persistent in the accession countries.
相似文献
Thiess BuettnerEmail: |
13.
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 |
14.
Thierry Aimar 《The Review of Austrian Economics》2008,21(1):23-43
This article argues for an extension of the Austrian paradigm of the ignorance of actors. The idea that will be defended here
is that actors are not only confronted with their lack of knowledge of the other person but also with their lack of self-knowledge.
From this perspective, the article seeks to understand the implications of this phenomenon in terms of infra-individual coordination
and to account for the mental processes mobilized by the individual mind so as to deal with that self-ignorance.
相似文献
Thierry AimarEmail: |
15.
Diego Comin 《Empirica》2009,36(2):165-176
This paper discusses several approaches to generating the observed persistence in macro models and presents evidence in favor
of models where endogenous technology adoption propagates transitory shocks into the medium term.
Prepared for the Conference on “The Interrelation of Cycles and Growth” in honor of Gunther Tichy.
相似文献
Diego CominEmail: |
16.
Mark Jackson 《Constitutional Political Economy》2008,19(2):148-157
Thomas P. M. Barnett argues that globalization’s spread presents the United States and other liberal democracies with two
unprecedented national-security problems, and proposes an ambitious military strategy for their solution. This work argues
that a successful strategy to solve one of these problems must also include rational policy, public policy that makes Adam
Smith’s simple system of natural liberty a reality. Thus, Barnett’s military strategy and rational policy become complementary
elements of a more comprehensive strategy to solve this national-security problem. Knowledge that Smith’s simple system of
natural liberty moves the world toward peace can create a need for rational policy among voters.
相似文献
Mark JacksonEmail: |
17.
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: |
18.
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: |
19.
Germán Coloma 《Empirical Economics》2006,31(3):587-599
This paper presents a version of the proportionally calibrated almost ideal demand system (PCAIDS) model, useful for merger simulations, which can be econometrically estimated using price data for two firms in a market. PCAIDS is therefore seen as a set of restrictions to be imposed in an econometric estimation, and not only as a pure calibration method. The proposed model is applied to a database of the Argentine gasoline market, and its results are compared to the ones obtained with other alternative specifications.
相似文献
Germán ColomaEmail: |
20.
This paper investigates the response of major macroeconomic variables to four different types of tax policy innovations in
Canada within a VAR framework. The positive tax multipliers documented in the previous literature are found only for corporate
tax innovations. Our results indicate that different taxes affect output differently, and imply that the composition of total
taxes may be a major factor behind cross-country variation in the sign and magnitude of total tax multipliers.
相似文献
Faik KorayEmail: |