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Author: Sangwhan Lho
Publisher:
ISBN:
Category :
Languages : en
Pages : 232
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Book Description
Author: Sangwhan Lho
Publisher:
ISBN:
Category :
Languages : en
Pages : 232
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Book Description
Author: Byong-Ju Lee
Publisher: Stanford University
ISBN:
Category :
Languages : en
Pages : 132
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Book Description
This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Author: Nathaniel P. S. Cook
Publisher:
ISBN:
Category : Commercial treaties
Languages : en
Pages : 196
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Book Description
Author: Michael J. Graetz
Publisher: Yale Law Library
ISBN: 9780692630143
Category : Double taxation
Languages : en
Pages : 536
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Book Description
Publicity about tax avoidance techniques of multinational corporations and wealthy individuals has moved discussion of international income taxation from the backrooms of law and accounting firms to the front pages of news organizations around the world. In the words of a top Australian tax official, international tax law has now become a topic of barbeque conversations. Public anger has, in turn, brought previously arcane issues of international taxation onto the agenda of heads of government around the world. Despite all the attention, however, issues of international income taxation are often not well understood. In this collection of essays, written over the past two decades, renowned tax expert Michael J. Graetz reveals how current international tax policy came into place nearly a century ago, critiques the inadequate principles still being used to make international tax policy, identifies and dissects the most prevalent tax avoidance techniques, and offers important suggestions for reform. This book is indispensable for anyone interested in international income taxation.
Author: Kun Li
Publisher:
ISBN:
Category :
Languages : en
Pages : 282
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Book Description
Author: Neil Bruce
Publisher: Routledge
ISBN: 1000385299
Category : Business & Economics
Languages : en
Pages : 138
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Book Description
This book, first published in 1984, examines the use of simple general equilibrium models in analysing the effects of taxes. The replacement of the earlier partial equilibrium approach has yielded numerous insights and conclusions, and these are examined here alongside the simple general equilibrium reasoning.
Author: United States. Department of the Treasury
Publisher:
ISBN:
Category : Corporations, Foreign
Languages : en
Pages : 316
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Book Description
The essays analyse the interactions between tax law and tax policy. The analyses evaluate changes which presuppose the foreign tax credit mechanism, the separate taxation of corporations and their shareholders, and other basic elements in US taxation of foreign income.
Author: Áron Kiss
Publisher: Peter Lang
ISBN: 9783631596760
Category : Business & Economics
Languages : en
Pages : 132
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Book Description
Coalitions and political accountability -- Divisive politics and accountability -- Minimum taxes and repeated tax competition -- Summary in German.
Author: Eric O'Neill Fisher
Publisher:
ISBN:
Category :
Languages : en
Pages : 298
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Book Description
Author: Margarita M. Kalamova
Publisher: Peter Lang Gmbh, Internationaler Verlag Der Wissenschaften
ISBN: 9783631621394
Category : Business & Economics
Languages : en
Pages : 131
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Book Description
The essays of this book are contributions to the empirical Literature in International Trade and Public Economics. They deal with the relationship between the structure and quality of the public sector and the process of economic integration. Two of the essays add to the empirical determinants of trade and foreign direct investment (FDI) and to the numerous applications of the theory of government decentralization. Decentralization tends to discourage inward FDI and domestic trade and to increase imports and exports. A third essay focuses on the effect of governments' intangible assets - such as consumer perceptions about countries and products from these countries - on FDI. A country's nation brand is shown to have a significant and large positive effect on investment flows.
