Assessing Applied Protection across the World*

This paper presents MAcMap–HS‐6, a database providing a consistent, ad valorem equivalent measure of tariff duties and tariff rate quotas for 163 countries and 208 partners, at the six‐digit level of the Harmonized System (5111 products), accounting for all preferential agreements. We describe the methodology used to compute and aggregate an ad valorem equivalent of applied protection. Emphasis is placed on minimizing the endogeneity bias in the aggregation procedure, while acknowledging structural differences in export specialization. The resulting quantitative assessment is illustrated by giving an overview of applied protection across the world in 2001, in terms of average as well as distribution.     

Dynamic scoring: Alternative financing schemes

Neoclassical growth models predict that reductions in capital or labor income tax rates are expansionary when lump-sum transfers are used to balance the government budget. This paper explores the consequences of bond-financed tax reductions that bring forth a range of possible offsetting policies, including future government consumption, capital tax rates, or labor tax rates. Through the resulting intertemporal distortions, current tax cuts can be expansionary or contractionary. The paper also finds that more aggressive responses of offsetting policies to debt engender less debt accumulation and less costly tax cuts.     

Predicting the budgetary funding need of education in the three-year budget for 2008–2010

The paper presents a technique developed by the authors, which makes it possible to determine the necessary amount of financing for education at all the budget system levels for 2008-2010, based on the Russian average value of financing, taking into account the budget expenditures index for two variants of student population, i.e. the actual number of on-budget students and the number of students required to meet the economy’s need for trained workers. The technique was developed and the calculations were made on the basis of Russian long-term forecasts and the Russian three-year federal budget for 2008–2010.     

Issues Facing Small Accounting Practices in Regional North Queensland: An Exploratory Study

Small accounting practices (SAP), most of which are sole principals, are an important part of the accounting profession and the Australian economy. This exploratory study identifies issues and challenges experienced by small accounting principals in Far North Queensland, Australia. The findings generally correspond with previous research, ranking staffing and keeping up to date through professional development as key areas of concern, and also highlighting the expectation gap between SAP principals and their clients. Stress emerged as a major concern for principals, and new areas of possible conflict of interests were uncovered. A number of potential areas for future research, including comparative studies in city and suburban areas, have been identified.     

Financial Development and Economic Growth: Empirical Evidence from Six MENA Countries

This paper examines the causal relationship between financial development and economic growth for six Middle Eastern and North African countries (Algeria, Egypt, Israel, Morocco, Syria, and Tunisia), within a quadvariate vector autoregressive framework. We employ four different measures of financial development and apply the augmented vector autoregression vector (VAR) methodology of Toda and Yamamoto to test for Granger causality. Our empirical results strongly support the hypothesis that finance leads to growth in five out of the six countries. Only in Israel could weak support be found for causality running from economic growth to financial development but no causality in the other direction. These findings suggest the need to accelerate the financial reforms that have been launched since the mid 1980s and to improve the efficiency of these countries’ financial systems to stimulate saving/investment and, consequently, long‐term economic growth.     

石油价格进入更加波动的新时期

通过对油价波动的历史原因、市场内在因素和人为因素的分析可以看出，石油市场已进入一个新时期，油价将变得更加动荡，而且在波动中呈上升趋势。预计新的平均价位大体为每桶20美元。为此，石油公司应积极研究贸易策略，一方面设法使自身免受损失，另一方面还要寻求从价格波动中赢利。只有准备充分，才能够抗御油价的剧烈波动和周期性变化，进而获得生存与发展。