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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.
The recent period of intensive and extensive development of global economic integration, or globalization, has reached a crossroads.
The regime of the neoliberal Great Capitalist Restoration is not sustainable and fundamental governance changes must be made.
This paper adds perspective to the choices that must be made at this critical juncture of the global social economy by applying
the master concepts of Schumpeter’s Creative Destruction and Polanyi’s Protective Response.
相似文献
James Ronald StanfieldEmail: |
3.
Nathan D. Griffith 《Constitutional Political Economy》2006,17(1):15-29
Existing theories of regional integration do not satisfactorily explain European legal integration. Like the bears’ porridge,
one explains too much, another too little, and yet another requires unnecessary information. Constitutional economics, viewing
regional integration as a process producing a constitution, is able to explain both momentum toward and resistance to legal
integration in a parsimonious fashion. Further, it produces a unique analysis of the current circumstances of European legal
integration, revealing that the Kompetenz–Kompetenz debate addresses the fundamental dilemma of compound republics. This also discloses that European integration has produced
a novel answer to this old question.
相似文献
Nathan D. GriffithEmail: |
4.
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: |
5.
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: |
6.
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: |
7.
We analyze the role of vertical innovation in trade patterns for developing economies trading with technologically advanced
countries. A model is presented where the international diffusion of knowledge, promoted by economic integration, is the source
of a technological catching up and leads to a convergence in the quality of traded goods, with a positive effect on exports.
We then turn our attention on the evolution of trade between the Central and Eastern European countries (CEECs-5) and their
European Union partner countries, assessing whether economic integration has increase the quality of the goods produced. For
the period 1995–2005, we find evidence of the increasing role of intra-industry trade and vertical differentiation and a process
of specialization in higher quality products, especially in the medium- and high-skill sectors.
相似文献
Marcella Mulino (Corresponding author)Email: |
8.
The paper examines the processes underlying economic fluctuations by investigating the volatility moderation of U.S. economy
in the early 1980s. We decompose the volatility decline using a dynamic factor framework into a common stochastic trend, common
transitory component and idiosyncratic components. We find that the moderation of business cycle was a result of the moderation
in transitory and idiosyncratic components. Our results suggest that important part of stochastic process that drives economy
is transitory. The paper investigates the role of oil prices, monetary and financial market factors. Proposed economic factors
do not have a significant relationship to either transitory or permanent components. In addition, we find that transitory
shocks are as common during the 1980s and 1990s as they were during the 1960s and 1970s.
相似文献
Stanislav Radchenko (Corresponding author)Email: |
9.
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 |
10.
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: |
11.
Gianandrea Goisis Maria Letizia Giorgetti Paola Parravicini Francesco Salsano Giovanna Tagliabue 《International Review of Economics》2009,56(3):227-242
In this article, using the data of 2008, we try to describe the impact of scale and product differentiation in 282 European
banks. While evidence of the economies of scale is less clear, the results obtained using a translogarithmic function system
show that significant economies of scope do exist even for new banking products like derivatives.
相似文献
Giovanna TagliabueEmail: |
12.
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: |
13.
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: |
14.
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: |
15.
Put me in,Coach, I’m ready to play 总被引:1,自引:0,他引:1
Christopher J. Coyne Justin P. Isaacs Jeremy T. Schwartz Anthony M. Carilli 《The Review of Austrian Economics》2007,20(4):237-246
This paper explores the connection between discrimination and entrepreneurship. To pursue this inquiry we focus on the integration
of black players in Major League Baseball (MLB). MLB team owners, acting as entrepreneurs, had to weigh the benefits of integrating
versus the costs of alienating consumers who had a taste for discrimination against hiring blacks. We find that the owners
whose teams could profit by contending for the league pennant with the addition of black players were the ones who were willing
to take the risk of integrating, although integration often stood in contrast to revealed consumer preferences. In addition
to illuminating the mechanism through which integration took place, we offer a general understanding of how the costs and
benefits associated with consumers’ taste for discrimination can change via entrepreneurial activities.
相似文献
Anthony M. CarilliEmail: |
16.
Corrado Andini 《Portuguese Economic Journal》2009,8(1):15-22
In a seminal paper, Levine et al. (J Monet Econ 46:31–77, 2000) provide cross-sectional evidence showing that financial development has positive average impact on long-run growth, using
a sample of 71 countries. We argue that the evidence is sensitive to the presence of outliers.
相似文献
Corrado AndiniEmail: |
17.
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: |
18.
We test the hypothesis that the sector bias of skill biased technical change is important in explaining the rising relative
wage of skilled workers in the manufacturing sector in three Central and Eastern European transition countries. The econometric
results broadly confirm that the concentration of skill biased technical change in the skill intensive sectors had a significant
effect on the skill premium in these transition countries.
相似文献
Robert Stehrer (Corresponding author)Email: |
19.
The paper explores the complex relationship between technical and service characteristics discussed by the Saviotti–Metcalfe
model of innovation. It is proposed that principal components analysis (PCA) is a more appropriate method of analysing this
relationship than approaches previously used. A PCA is performed on a dataset of mobile phone handsets for the period 2003
to 2008. In addition to the relationship between technical and service characteristics, the analysis explores the existence
of clusters of ergonomic characteristics within mobile phone handsets. The findings indicate that a limited set of core technology
components underpin the large set of service characteristics offered by mobile phone handsets, and that the mapping between
technical and service characteristics can be highly complex.
相似文献
Despoina FiliouEmail: |
20.
This paper puts together the non-distortionary liquidity effect of unemployment insurance and job match quality. We identify
a big impact on subsidized unemployment duration and a small impact on wages on the job that follows the unemployment spell.
Wage gains are heterogeneous and concentrated on individuals at the bottom of the pre-unemployment income distribution. The
non-distortionary nature of the liquidity effect reduces the pressure on low-income workers to accept lower productivity jobs.
相似文献
álvaro A. Novo (Corresponding author)Email: |