Eine allgemeine kommunale Wohnungsteuer als Alternative zu kommunalen Bagatellsteuern

Die Kommunen leiden nicht erst seit der Wirtschafts- und Finanzkrise unter zunehmenden Finanzierungsproblemen. Sie versuchen, diese durch die Erhebung von Bagatellsteuern zu l?sen. Erfolgversprechender w?re eine Steuer, die beitrags?hnlichen Charakter hat und an Konsumausgaben mit hoher Einkommenselastizit?t ansetzt. Deshalb schlagen die Autoren eine Steuer auf die Bruttokaltmiete vor.     

The Role of Alternative Methodology on the Relation Between Portfolio Size and Diversification

An important concern in portfolio management is the number of securities needed to create a well-diversified portfolio. The number of securities that constitute a welldiversified portfolio, however, varies widely among studies. It is demonstrated that past conclusions are highly sensitive to the methodology used in quantifying diversification. This finding motivates the development of alternative methods that reduce the effect of repeated replications on test results. The first approach exploits the power curves of statistical tests, whereas the second approach suggests the use of more robust statistics. Both approaches provide researchers with guidance in the design of future diversification studies.     

A FARM GROWTH MODEL FOR POLICY ANALYSIS IN AN EXTENSIVE PASTORAL PRODUCTION SYSTEM

The development of a simulation model of an extensive pastoral farming system to assist analysts in their assessment of government policy measures is described. The model was designed to simulate, over a number of years, the physical and financial operation of a sheep and beef production system typically found in the North Island hill country of New Zealand. By manipulating model parameters and data related to prices, costs, taxation and credit, a range of policies can be represented and their effects simulated. The model is used to undertake an ex post analysis of the farm-level impact of the supplementary minimum price scheme in New Zealand and to project farm performance following the abolition of the scheme. Consideration is given to the use of the model to represent sheep and beef production systems elsewhere.     

New Tools in Comparative Political Economy: The Database of Political Institutions

This article introduces a large new cross-country database,the Database of Political Institutions. It covers 177 countriesover 21 years, 1975–95. The article presents the intuition,construction, and definitions of the different variables. Amongthe novel variables introduced are several measures of checksand balances, tenure and stability, identification of partyaffiliation with government or opposition, and fragmentationof opposition and government parties in the legislature.     

Will Open Supply Lower Retail Gasoline Prices?

Retail gasoline lessee-dealers have lobbied for the right to purchase their gasoline supplies from sources other than the lessor-refiners with whom they have contracted. This article examines a unique data set of gasoline prices in Los Angeles, along with corresponding market- and station-level characteristics, to gain some insights into whether the proposed "open-supply" legislation would likely lower the prices charged to consumers. Controlling for market- and station-level characteristics, the authors find that stations with the most alternative sources of gasoline supplies have significantly higher retail prices, casting serious doubt on the claims made by open-supply proponents. (JEL L0 , L1 , L4 )     

A New Database on the Structure and Development of the Financial Sector

This article introduces a new database of indicators of financialstructure and financial development across countries and overtime. The database is unique in that it combines a wide varietyof indicators that measure the size, activity, and efficiencyof financial intermediaries and markets. It improves on previousefforts by presenting data on the public share of commercialbanks, introducing indicators of the size and activity of nonbankfinancial institutions, and constructing measures of the sizeof bond and primary equity markets.     

What Determines Collection Rates of Debt Collection Agencies?

We contribute to the literature on debt collection agencies in two ways: First, we present an estimation of the collection rates. The distribution of collection rates exhibits a mean of about 65% and a strong bimodality with peaks at the very ends of the distribution. Second, we investigate potential determinants of the collection success. We find that collection rates are positively related to the exposure at default and to prior debtor‐specific collection rates. In contrast, the age of the account and—if applicable—prior experience with the debtor have a negative impact on collection rates.