The Cost of War: A Comment and a Reply

Intereconomics - In the July/August issue of Intereconomics, Ilona Sologoub argued that increasing the cost of war would limit the ability of an authoritarian state to wage a war. Here, Charles D....     

欧盟视阈下在线平台中个人数据的增值税处理

近年来,在线平台的迅猛发展推动了全球经济数字化加速转型,但同时也引发了包括增值税政策适用在内的诸多挑战.通过研究《欧盟增值税指令》和欧州法院的判例法,以及分析个人数据与在线平台运行之间的关系可以推断出,个人数据是在线平台提供访问服务构成的增值税应税范围内的供应,且与消费者是否向在线平台支付金钱形式的对价无关.在实践中,使用客观价值方法来确定在线服务供应的应税金额存在实际困难,而使用直接联系标准解决易货交易问题,会导致增值税税基在本质上得到扩张.因此,建议当前不要将在线平台访问服务的供应视为一项应税交易.此外,对于商家为获得消费者数据而向平台付款的情形,因其不符合直接联系标准,也不应被视为服务对价.     

A NOTE ON ARBITRAGE AND CLOSED CONVEX CONES

We give an example of a subspace K of     such that     , where     denotes the closure with respect to convergence in probablity. On the other hand, the cone   C ≔ K − L ^∞₊  is dense in   L ^∞  with respect to the weak-star topology  σ( L ^∞, L ¹)  . This example answers a question raised by I. Evstigneev. The topic is motivated by the relation of the notion of no arbitrage and the existence of martingale measures in Mathematical Finance.     

The Asset Management Industry in Asia: Dynamics of Growth,Structure, and Performance

We examine the industrial organization and institutional development of the asset management industry in Asian developing economies—specifically in China, Indonesia, Korea, Malaysia, Singapore, Philippines, and Thailand. We focus on the size and growth of the buy‐side of the respective financial markets, asset allocation, the regulatory environment, and the state of internationalization of the fund management industry in its key components—mutual funds, pension funds, and asset management for high net worth individuals. We link the evolution of professional asset management in these environments to the development of the respective capital markets and to the evolution of corporate governance. We find that the fund management industry occupies a very small niche in domestic financial systems that are dominated by banks. At the same time, we find that its growth has been very rapid in the early 2000s and we suggest that this is likely to persist as the demand for professional management of financial wealth in the region develops and as the pension fund sectors of the respective economies are liberalized to allow larger portions of assets to be invested in collective investment schemes.     

Managing Price Risk in the Pakistan Wheat Market

The government intervenes in the wheat market in Pakistan toensure food security for consumers and to provide adequate andstable incomes for producers. The cost of this interventionis high, and its impact on the performance of agriculture hasbeen significantly negative. The World Bank is urging policychanges such as removing agricultural trade restrictions, pricesupports, and subsidies. However, policymakers often resistsuch reforms, fearing that they will expose the domestic marketto fluctuating international commodity prices. This article assesses the risk management needs of the sectorand evaluates whether using financial instruments—suchas commodity hedging using futures, options, or swaps—wouldimprove risk management. Simulations based on monthly data for1994 show that market-based methods of risk management couldreduce the impact of international price volatility on the domesticmarket without incurring high government cost or distortingprice signals.     

Building Small City and Town Sams and CGE Models

In this paper we attempt to describe both the data sources and organizational methods that allow for effective and easily created SAMs and regional computable general equilibrium (CGE) models. Small cities of around 100,000 people will face very different constraints than a town of 2000 people. Unfortunately, most CGE models typically describe relatively large geographical areas and are therefore not able to capture the uniqueness of individual cities within the region. An illustrative example using these methods demonstrates that the economic impacts vary substantially over different municipalities to the same economic shock.     

Habilitation von Ralf Hohlfeld

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