Mostrando recursos 1 - 20 de 1.676

  1. Directed Technological Change in a post-Keynesian Ecological Macromodel

    Naqvi, Syed Ali Asjad; Engelbert, Stockhammer
    This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material ows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, nancial ows, and inter- and intra-sectoral behavioral interactions. The model is stock-fow consistent and introduces research and development (R&D) as a component of GDP funded by private rm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable)...

  2. Directed Technological Change in a post-Keynesian Ecological Macromodel

    Naqvi, Syed Ali Asjad; Engelbert, Stockhammer
    This paper presents a post-Keynesian ecological macro model that combines three strands of literature: the directed technological change mechanism developed in mainstream endogenous growth theory models, the ecological economic literature which highlights the role of green innovation and material flows, and the post-Keynesian school which provides a framework to deal with the demand side of the economy, financial flows, and inter- and intra-sectoral behavioral interactions. The model is stock-flow consistent and introduces research and development (R&D) as a component of GDP funded by private rm investment and public expenditure. The economy uses three complimentary inputs - Labor, Capital, and (non-renewable)...

  3. Tax Loss Offset Restrictions and Biased Perception of Risky Investments

    Mehrmann, Annika; Sureth-Sloane, Caren
    We investigate how tax loss offset restrictions affect an investor's evaluation of risky investments under bounded rationality. We analytically identify behavioral tax effects for different levels of loss offset restrictions, tax rate and prospect theoretical biases (loss aversion, probability weighting and reference dependence) and find tax loss offset restrictions significantly bias investor perception, even more heavily than the tax rate. If loss offset restrictions are rather generous, investors are very loss averse or assign a huge weight to loss probabilities, taxation is likely to increase the preference value of risky investments (behavioral tax paradox). Surprisingly, the identified significant perception biases of tax loss offset restrictions occur under...

  4. What are the Drivers of Tax Complexity for Multinational Corporations? Evidence from 108 Countries

    Hoppe, Thomas; Schanz, Deborah; Sturm, Susann; Sureth-Sloane, Caren
    All over the world, firms and governments are increasingly concerned about the rise in tax complexity. To manage it and develop effective simplification measures, detailed information on the current drivers of complexity is required. However, research on this topic is scarce. This is surprising as the latest developments - for example, triggered by the BEPS project - give rise to the conjecture that complexity drivers may have changed, thus questioning the findings of prior studies. In this paper, we shed light on this issue and provide a global picture of the current drivers of tax complexity that multinational corporations face based on a survey of 221 highly...

  5. The Rule of Law and the Effective Protection of Taxpayers' Rights in Developing Countries

    Valderrama, Irma Johanna Mosquera; Mazz, Addy; Schoueri, Luis Eduardo; Quiñones, Natalia; Roeleveld, Jennifer; Pistone, Pasquale; Zimmer, Frederik
    The overall aim of this article is to analyse the taxpayers' rights in relation to the emerging standard of transparency with specific reference to Brazil, Colombia, South Africa and Uruguay. Exchange of information between tax authorities is increasing rapidly all around the world. This global development is largely the result of the introduction of the standard of transparency by the Organization for Economic Cooperation and Development ("OECD") with the political mandate of the G20 and more recently, in 2013, the introduction of the global standard of automatic exchange of information. Governments have agreed that exchange of information is necessary to...

  6. Effectiveness of macroprudential policies under borrower heterogeneity

    Punzi, Maria Teresa; Rabitsch, Katrin
    We study the impact of macroprudential policies using a novel model which takes into account households´ ability to borrow under different loan-to-value ratios which are tied to their collateral values. Such model generates a larger amplification in real and financial variables, compared to standard models that assume homogeneity in the leveraging and deleveraging process. Conditional on this model, we consider the implications of macroprudential policies that aim to lean against an excessive credit cycle. In particular, we allow macroprudential authorities to tighten excessive lending to higher leveraged households, whose riskiness had been evaluated too optimistically. We find thata policy that targets...

  7. Effectiveness of macroprudential policies under borrower heterogeneity

    Punzi, Maria Teresa; Rabitsch, Katrin
    We study the impact of macroprudential policies using a novel model which takes into account households´ ability to borrow under different loan-to-value ratios which are tied to their collateral values. Such model generates a larger amplification in real and financial variables, compared to standard models that assume homogeneity in the leveraging and deleveraging process. Conditional on this model, we consider the implications of macroprudential policies that aim to lean against an excessive credit cycle. In particular, we allow macroprudential authorities to tighten excessive lending to higher leveraged households, whose riskiness had been evaluated too optimistically. We find thata policy that targets...

  8. The Effects of a Tax Allowance for Growth and Investment - Empirical Evidence from a Firm- Level Analysis

    Petutschnig, Matthias; Rünger, Silke
    We contribute to the empirical literature on the debt bias of corporate income taxation through a firm-level evaluation of the European Commission's recent proposal of an Allowance for Growth and Investment (AGI). We use the introduction, the application and the repeal of a similar allowance in Austria during the early 2000s to evaluate the effects of the AGI on corporate equity and profit distribution. Our analysis provides evidence that such an allowance could increase corporate equity ratios by 5.5 percentage points and reduce profit distributions by 7.6 percentage points. These effects are stronger than those the previous literature for traditional...

  9. The Effects of a Tax Allowance for Growth and Investment - Empirical Evidence from a Firm- Level Analysis

    Petutschnig, Matthias; Rünger, Silke
    We contribute to the empirical literature on the debt bias of corporate income taxation through a firm-level evaluation of the European Commission's recent proposal of an Allowance for Growth and Investment (AGI). We use the introduction, the application and the repeal of a similar allowance in Austria during the early 2000s to evaluate the effects of the AGI on corporate equity and profit distribution. Our analysis provides evidence that such an allowance could increase corporate equity ratios by 5.5 percentage points and reduce profit distributions by 7.6 percentage points. These effects are stronger than those the previous literature for traditional...

  10. One Set or Two Sets of Books: The Impact of a Strategic Tax Auditor

    Haak, Marcel; Reinecke, Rebecca; Weiskirchner-Merten, Katrin; Wielenberg, Stefan
    Using a game theoretical setting, this paper studies how a multinational company's (MNC) choice of using one set (OSB) or two sets of books (TSB) is affected by a strategically acting tax auditor (TA). First, a divisionalized MNC with a producing division in a low tax country and a selling division in a high tax country chooses either OSB or TSB. With OSB, the unique transfer price coordinates the quantity decision and determines the tax payments. With TSB, two transfer prices are used for both tasks. Second, a TA may audit the MNC's transfer prices. It turns out that the TA's bargaining power and his...

  11. Europa zwischen Globalisierung und Renationalisierung

    Aiginger, Karl
    Der Widerstand gegen die Globalisierung in den Industriestaaten wächst, populistische Bewegungen in Europa und den USA gewinnen an Bedeutung wobei rechte, linke und wachstumskritische Bewegungen mit unterschiedlichen Motiven eine Renationalisierung der Politik unterstützen. Die ökonomische Theorie betont die Vorteile der Globalisierung, durch verstärkte Arbeitsteilung, bessere Nutzung der Ressourcen und raschere Dissemination von Wissen und Technologien. Sie betont aber auch dass es Verlierer des Prozesses gibt, wenn Ungleichheiten und Ungleichgewichte sich verschärfen und Globalisierung wirtschaftspolitisch begleitet werden muss. Dieser Artikel untersucht ob die Vorteile aber auch die Ungleichgewichte in der letzten Globalisierungsphase eingetreten. Er berichtet über die fehlende politischen Begleitung, die...

  12. Human Capital in a Credit Cycle Model

    Kubin, Ingrid; Zörner, Thomas
    We augment a model of endogenous credit cycles by Matsuyama et al.(2016) with human capital to study the impact of human capital on the stability of central economic aggregates. Thus we offer a linkage between human capital formation and credit market instability on a macrolevel combined with an analysis of functional income distribution. Human capital is modelled as pure external effect of production following a learning-by-producing approach. Agents have access to two different investment projects, which differ substantially in their next generations spillover effects. Some generate pecuniary externalities and technological spillovers through human capital formation whereas others fail to do...

  13. Human Needs and the Measurement of Welfare

    Fellner, Wolfgang; Goehmann, Benedikt
    Adam Smith considered consumption the sole end and purpose of all production. Concerning the measurement of welfare, this requires a sound understanding of the connection between consumption and welfare. The consumerist conceptualization of this connection implies that the amount of consumption equals welfare and the level of production can be an indicator for welfare. The limits and problems of production measures are widely accepted. Yet, indicators like GDP remain the focus of mainstream economic theory and policy. We trace the origin of this lock-in back to the economic model of behaviour and the concept of agency in mainstream economics. The suggested alternative stems from literature about human needs in heterodox economics...

  14. To Grow or Not to Grow? That is the Question: Lessons for Social Ecological Transformation from Small-Medium Enterprises

    Leonhardt, Heidi; Jutschen, Maria; Spash, Clive L.
    While research on alternatives to growth at the level of the economy as a whole is accumulating, few studies have related the criticism of growth to the business level. This paper starts to address this gap by investigating mechanisms of growth for small and medium sized enterprises (SMEs), presenting a case study that applies Q methodology and interviews with owner-managers of both growing and non-growing SMEs in Austria. Some mechanisms stimulating growth are identified across SMEs including contributing to innovativeness and motivation of employees. Others are only of relevance for some SMEs: competition, financial stability and a desire for market power. The owner-managers of non-growing SMEs hold values...

  15. Transformative Social Innovation

    Novy, Andreas
    This paper presents transformative social innovation as a specific type of social innovation which attempts avoiding the trap of being used by the neoliberal mainstream. Unfortunately, utilizing social innovations to strengthen the "human face of neoliberalism" has become a real threat since the Barroso Commission has embraced social innovation as a panacea to solve the social crisis resulting from the financial breakdown in 2008. In this approach, social innovation has increasingly been reduced to a recipe of fostering social entrepreneurship and creating quasi-markets (Jenson, 2015, p. 101), thereby promoting an "enabling welfare state" which uses the creativity and personal commitment of its citizens (Bureau of...

  16. Price and Quantity Effects of the German Real Estate Transfer Tax

    Petkova , Kunka; Weichenrieder, Alfons
    This paper analyzes the tax effects of the German real estate transfer tax (RETT). While the vast majority of single-family houses in Germany are owner-occupied, apartments are usually held by private and incorporated investors. For this reason, we conducted a regression analysis to determine the effects of increasing RETT on the number and the prices of transactions separately for these two market segments. Our findings suggest that increasing the RETT by 1% is associated with a decline in transactions by 0.23% for single-family houses, but with no significant effect on the prices of traded houses. Conversely, for apartments, we find no significantly negative effects on the transactions, but...

  17. Price and Quantity Effects of the German Real Estate Transfer Tax

    Petkova, Kunka; Weichenrieder, Alfons
    This paper analyzes the tax effects of the German real estate transfer tax (RETT). While the vast majority of single-family houses in Germany are owner-occupied, apartments are usually held by private and incorporated investors. For this reason, we conducted a regression analysis to determine the effects of increasing RETT on the number and the prices of transactions separately for these two market segments. Our findings suggest that increasing the RETT by 1% is associated with a decline in transactions by 0.23% for single-family houses, but with no significant effect on the prices of traded houses. Conversely, for apartments, we find no significantly negative effects on the transactions, but...

  18. Cross-sector partnerships. Kooperationen integrativ & transformativ gestalten, SEC Working Paper, 1

    Christanell, Anja; Moder, Clara Maria; Millner, Reinhard

  19. GRES-IT Workshop Proceedings

    Krumay, Barbara; Brandtweiner, Roman
    Series: Working Papers on Information Systems, Information Business and Operations

  20. Threshold cointegration and adaptive shrinkage

    Huber, Florian; Zörner, Thomas
    This paper considers Bayesian estimation of the threshold vector error correction (TVECM) model in moderate to large dimensions. Using the lagged cointegrating error as a threshold variable gives rise to additional difficulties that are typically solved by relying on large sample approximations. Relying on Markov chain Monte Carlo methods we circumvent these issues by avoiding computationally prohibitive estimation strategies like the grid search. Due to the proliferation of parameters we use novel global-local shrinkage priors in the spirit of Griffin and Brown (2010). We illustrate the merits of our approach in an application to five exchange rates vis-á-vis the US...

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