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The Economic Costs of Tax Policy Uncertainty: Implications for Fundamental Tax Reform 税收政策不确定性的经济成本:对基本税收改革的启示
Pub Date : 2012-11-27 DOI: 10.2139/ssrn.2182161
Seth H. Giertz, J. Feldman
The U.S. faces tremendous short-term policy uncertainty, including about $5.4 trillion in tax increases over the next decade. These changes are set to take effect on January 1, 2013. It is unlikely that these changes will fully materialize, but what will happen is anyone’s guess. Over the long term, uncertainty also looms large since the U.S. federal tax system is expected to bring in far less revenue than Congress is projected to spend. In this paper, we detail the tax policy uncertainty that the U.S. faces and the economic literature to assess how this uncertainty may be affecting the economy. We then build on this literature by posing an additional avenue through which policy uncertainty may harm the economy. We argue that uncertainty fosters rent-seeking, which represents a shift between productive and unproductive or destructive entrepreneurship. We present a simple empirical model that lends support to our hypothesis. We then discuss principles for tax reform that could result in more stable tax policy.
美国面临着巨大的短期政策不确定性,包括未来十年约5.4万亿美元的增税。这些变化将于2013年1月1日生效。这些变化不太可能完全实现,但谁也说不准会发生什么。长期来看,不确定性也很大,因为预计美国联邦税收系统带来的收入将远远低于国会预计的支出。在本文中,我们详细介绍了美国面临的税收政策不确定性和经济文献,以评估这种不确定性如何影响经济。然后,我们在这些文献的基础上,提出了政策不确定性可能损害经济的另一种途径。我们认为,不确定性助长了寻租行为,这代表了生产性和非生产性或破坏性企业家精神之间的转变。我们提出了一个简单的实证模型来支持我们的假设。然后,我们讨论税收改革的原则,这可能导致更稳定的税收政策。
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引用次数: 6
Trade Policy, Economic Interests and Party Politics in a Developing Country: The Political Economy of CAFTA 发展中国家的贸易政策、经济利益与政党政治:CAFTA的政治经济学
Pub Date : 2012-11-26 DOI: 10.1111/ISQU.12057
Raymond Hicks, H. Milner, D. Tingley
Developing countries have increasingly opened their economies to trade. Research about trade policy in developed countries focuses on a bottom-up process by identifying economic preferences of domestic groups. We know less about developing countries. We analyze how economic and political variables influenced Costa Rican voters in a referendum on CAFTA-DR, an international trade agreement. We find little support for Stolper–Samuelson models of economic preferences, but more support for specific factor models. We also isolate the effects of political parties on the referendum, controlling for many economic factors; we document how at least one party influenced voters and this made the difference for CAFTA-DR passage. Politics, namely parties using their organizational strength to cue and frame messages for voters, influenced this important trade policy decision. Theories about trade policy need to take into account top-down political factors along with economic interests.
发展中国家日益向贸易开放其经济。关于发达国家贸易政策的研究侧重于自下而上的过程,通过确定国内群体的经济偏好。我们对发展中国家了解较少。我们分析了经济和政治变量如何影响哥斯达黎加选民对CAFTA-DR(一项国际贸易协定)的公投。我们发现对经济偏好的Stolper-Samuelson模型的支持很少,但对特定因素模型的支持更多。我们还孤立了政党对公投的影响,控制了许多经济因素;我们记录了至少一个政党是如何影响选民的,这对CAFTA-DR的通过产生了影响。政治影响了这一重要的贸易政策决定,即政党利用其组织力量向选民发出暗示和框架信息。贸易政策理论在考虑经济利益的同时,也需要考虑自上而下的政治因素。
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引用次数: 67
Innovation and Competition Policy, Ch. 5 (2d ed): Competition and Innovation in Copyright and the DMCA 创新与竞争政策,第5章(2版):版权与DMCA中的竞争与创新
Pub Date : 2012-11-25 DOI: 10.2139/SSRN.1940685
Herbert Hovenkamp
This book of CASES AND MATERIALS ON INNOVATION AND COMPETITION POLICY is intended for educational use. The book is free for all to use subject to an open source license agreement. It differs from IP/antitrust casebooks in that it considers numerous sources of competition policy in addition to antitrust, including those that emanate from the intellectual property laws themselves, and also related issues such as the relationship between market structure and innovation, the competitive consequences of regulatory rules governing technology competition such as net neutrality and interconnection, misuse, the first sale doctrine, and the Digital Millennium Copyright Act (DMCA). Chapters will be updated frequently. The author uses this casebook for a three-unit class in Innovation and Competition Policy taught at the University of Iowa College of Law and available to first year law students as an elective. This document is Chapter 5, second edition, on competition policy and the Copyright Act and DMCA.
这本书的案例和材料的创新和竞争政策是为教育用途。根据开源许可协议,本书对所有人免费使用。它与知识产权/反垄断案例书的不同之处是,除了反垄断之外,它还考虑了竞争政策的众多来源,包括那些来自知识产权法本身的竞争政策,以及相关问题,如市场结构与创新之间的关系,管理技术竞争的监管规则的竞争后果,如网络中立性和互连,滥用,首次销售原则,以及数字千年版权法(DMCA)。章节将经常更新。作者将本案例书用于爱荷华大学法学院的创新与竞争政策三单元课程,该课程作为选修课提供给一年级的法学院学生。本文档是第5章,第二版,关于竞争政策、版权法和DMCA。
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引用次数: 0
Border Effects of Overlapping Regional Trade Blocs in Africa 非洲重叠区域贸易集团的边界效应
Pub Date : 2012-11-23 DOI: 10.2139/ssrn.2173806
Hezekiah Agwara
This paper tests the hypothesis that overlapping and competing regional trade blocs undermine trade in Africa. Using the proposed merger of three trade blocs in the Eastern and Southern Africa region into a Free Trade Area and estimating gravity equations of bilateral trade flows, the hypothesis finds no support in the data. Instead, regional trade is a product of distance, adjacency, size dispersion and dual membership. I conclude that perceived negative effect of interregional borders may be exaggerated and hence a weak argument for merging the trade blocs.
本文检验了重叠和竞争的区域贸易集团破坏非洲贸易的假设。将东非和南部非洲地区的三个贸易集团合并为一个自由贸易区,并估计双边贸易流动的重力方程,该假设在数据中找不到支持。相反,区域贸易是距离、邻接、规模分散和双重成员关系的产物。我的结论是,区域间边界的负面影响可能被夸大了,因此,合并贸易集团的理由不充分。
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引用次数: 0
New Governance as Regulatory Governance 新管治作为规管管治
Pub Date : 2012-11-21 DOI: 10.1093/OXFORDHB/9780199560530.013.0005
Orly Lobel
New governance has emerged as a school of thought focusing on the significance of institutional design and culture for effective and legitimate regulation. This chapter analyzes the field of new governance from a regulatory perspective and examines the ways in which governments can effectively regulate markets from both a theoretical and practical lens. New governance as regulatory governance focuses on the ways that government and the private sector can successfully operate together - a distinct departure from traditional command-and-control regulation. The chapter explains the reasons for this shift away from traditional regulation toward regulatory governance and provides examples of the benefits of new governance’s approach as applied in environmental law, occupational safety, discrimination law, financial regulation, and organizational sentencing guidelines. In these contexts, the self-regulation structure of new governance relies on internal reporting, and the chapter therefore stresses the importance of private reporting to support the regulatory process. The chapter concludes by recognizing some of the limitations of regulatory governance and identifying directions for further research.
新治理作为一种关注制度设计和文化对有效和合法监管的重要性的思想流派而出现。本章从监管的角度分析了新治理领域,并从理论和实践的角度考察了政府有效监管市场的方式。作为监管治理的新治理侧重于政府和私营部门能够成功地共同运作的方式——这与传统的命令和控制监管截然不同。本章解释了从传统监管转向监管治理的原因,并举例说明了新治理方法在环境法、职业安全、反歧视法、金融监管和组织量刑指南中应用的好处。在这些背景下,新治理的自我监管结构依赖于内部报告,因此本章强调了私人报告对支持监管过程的重要性。本章最后承认了监管治理的一些局限性,并确定了进一步研究的方向。
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引用次数: 59
Privatisation: The New Zealand Experiment of the 1980’s: How Did Mom and Pop Fare? 私有化:20世纪80年代的新西兰实验:夫妻店如何发展?
Pub Date : 2012-11-20 DOI: 10.2139/SSRN.2178696
Andrew Cardow, W. Wilson
Many would judge the privatisation program which was a significant feature of the New Zealand Experiment of the 1980’s and 90’s, in which both Labour and National governments adopted extreme right wing policies, a failure. In looking at the privatisation of state assets we find they were, at least from an investors’ perspective reasonably successful. Returns to investors who held a portfolio of privatised assets outperformed the NZ share market as a whole. An investment strategy of buying each privatisation, on the market on day one, would have yielded a return of 12.71%, while a similar investment in the entire NZ market would have returned only 7.01%. Also there can be little doubt; the nine privatisations in this sample have had a considerable impact on the NZ stock market, following the listing of Telecom in 1991 total privatised assets comprising 49% of the NZ total market and for twenty years the capitalisation of the privatisation sample has averaged 37% of the NZ total market. Analysis of government papers of the day reveals the government’s overall objective was increased efficiency, flowing from a fundamental belief that government couldn’t and shouldn’t run commercial businesses. In this they were successful, but at what cost?
许多人会认为私有化计划是失败的。私有化计划是20世纪80年代和90年代新西兰实验的一个重要特征,工党和国家党政府都采取了极右翼政策。在审视国有资产私有化的过程中,我们发现,至少从投资者的角度来看,它们相当成功。持有私有化资产组合的投资者的回报优于新西兰股市整体表现。在第一天就在市场上购买每个私有化的投资策略将产生12.71%的回报,而在整个新西兰市场进行类似的投资将只会产生7.01%的回报。而且,毫无疑问;该样本中的九次私有化对新西兰股票市场产生了相当大的影响,1991年电信上市后,私有化总资产占新西兰总市场的49%,20年来私有化样本的资本化平均占新西兰总市场的37%。对当日政府文件的分析显示,政府的总体目标是提高效率,这源于一个基本信念,即政府不能也不应该经营商业企业。在这方面,他们是成功的,但代价是什么?
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引用次数: 1
Fiscal Rules in Latin America: A Survey 拉丁美洲财政规则:一项调查
Pub Date : 2012-11-12 DOI: 10.2139/ssrn.2174415
Juan Carlos Berganza
This survey first discusses general characteristics, advantages and disadvantages of different types of fiscal rules. The criterion for classifying them is based on the emphasis given: long-term sustainability (reducing the deficit bias and controlling the growth in public debt) or reducing the procyclicality of fiscal policy (short-term stabilisation). It then reviews the experience with fiscal rules in seven Latin American countries, as their use has become more widespread since the early 2000s. Only Chile targets cyclically adjusted indicators, although Colombia is also taking that approach and the Mexican rule offers some stabilisation properties. Argentina, Brazil and Peru apply numerical rules targeting the overall/primary public balance and/or public spending. The Venezuelan framework has, in practice, been diluted after its introduction. The coverage of the rule depends on the degree of decentralisation of fiscal systems, with many countries including debt limits on the sub-national governments as a key tool to face the common pool problem that emerges in federal states. All in all, fiscal rules in Latin America have been more effective in helping to strengthen long-term sustainability than in responding to shocks, as proved by the recent financial crisis. Fiscal rules have had to be fine-tuned over the years and a “second generation” of fiscal rules – combining the sustainability objective with greater flexibility to accommodate economic shocks – appears to be necessary in order to increase their efficiency.
本文首先讨论了不同类型的财政规则的一般特征、优缺点。对它们进行分类的标准是基于所强调的重点:长期可持续性(减少赤字偏见和控制公共债务增长),还是减少财政政策的顺周期性(短期稳定)。随后,报告回顾了7个拉美国家实施财政规则的经验,这些国家的财政规则自本世纪初以来得到了更广泛的应用。只有智利以周期调整指标为目标,尽管哥伦比亚也在采取这种方法,墨西哥的规则也提供了一些稳定的特性。阿根廷、巴西和秘鲁采用针对总体/基本公共平衡和/或公共支出的数字规则。实际上,委内瑞拉的框架在推出后就被削弱了。该规则的覆盖范围取决于财政体系的分权程度,许多国家将限制地方政府的债务作为应对联邦制各州出现的共同基金问题的关键工具。总而言之,正如最近的金融危机所证明的那样,拉丁美洲的财政规则在帮助加强长期可持续性方面比在应对冲击方面更为有效。多年来,财政规则必须进行微调,“第二代”财政规则——将可持续性目标与更大的灵活性结合起来,以适应经济冲击——似乎是提高其效率所必需的。
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引用次数: 30
Ethical and Socially Responsible Investment 道德和社会责任投资
Pub Date : 2012-11-12 DOI: 10.2139/ssrn.2174259
Julia M. Puaschunder
Financial social responsibility (FSR) bridges the financial world with society in socially responsible investment (SRI). In socially conscientious screenings, shareholder advocacy, community investing and social venture capital funding, private investors choose SRI for efficiency and long-term competitive considerations coupled with altruistic and personal social responsibility, entrepreneurial endeavors and self-expression. FSR evolved due to historical incidents, legislative compulsion, and stakeholder pressure in response to social, environmental, and political deficiencies as well as humanitarian crises. Originally stemming from a small number of specialist ethical investment funds, SRI emerged into an investment philosophy adopted by a growing proportion of Western investment houses around the globe. International organizations define FSR standards from a global governance perspective. Portraying SRI as a panacea to avert future financial crises and means to bestow market actors with trust in globalized economies fosters financial market stability and societal progress.
金融社会责任(FSR)在社会责任投资(SRI)中架起了金融世界与社会的桥梁。在社会责任筛选、股东倡导、社区投资和社会风险投资融资中,私人投资者选择社会责任投资是出于效率和长期竞争考虑,以及利他主义和个人社会责任、创业努力和自我表达。FSR的发展是由于历史事件、立法强制和利益相关者的压力,以应对社会、环境和政治缺陷以及人道主义危机。SRI最初起源于少数专业道德投资基金,后来逐渐成为一种投资理念,被全球越来越多的西方投资公司所采用。国际组织从全球治理的角度定义FSR标准。将社会责任投资描述为避免未来金融危机的灵丹妙药,以及赋予市场参与者对全球化经济的信任,有助于金融市场稳定和社会进步。
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引用次数: 0
Intellectual Capital Transformation Evaluating Model 智力资本转化评价模型
Pub Date : 2012-11-11 DOI: 10.2139/ssrn.2001345
M. Molodchik, A. Bykova, E. Shakina
Purpose – This paper presents the framework that is developed for analysis of intellectual capital transformation into companies’ value, including an identification of the key factors of this process. Design/methodology/approach – The paper employs intellectual capital on the intersection of the value-based management (VBM) and resource-based view (RBV). Starting from a review of the results provided in the literature regarding intellectual capital evaluation and its link with firm performance, the system of proxy indicators related to IC transformation in both concepts was designed. The evaluation ability of the developed model was justified with the regression analyses. Findings – The detailed algorithm for intellectual capital evaluation in terms of the input-outcomes transformation. The Intellectual Capital Transformation Evaluating Model (ICTEM) provides a holistic view of intellectual resources as companies’ strategic investments. Research limitations/implications – The paper emphasizes that the ICTEM framework could be mostly applied for the analysis of a firm as a typical representative of the industry or the country. In that sense it is not applicable for specific features analysis of a company. Practical implications – The paper highlights the ICTEM as a tool of investments decision making mostly taking into account common trends, the prospects of industries and economies’ development. Originality/value – The ICTEM provides the ostensive framework of intellectual capital transformation analysis using a statistical approach.
目的-本文提出了用于分析智力资本转化为公司价值的框架,包括识别这一过程的关键因素。设计/方法论/方法-本文在基于价值的管理(VBM)和基于资源的观点(RBV)的交叉点上使用了智力资本。从回顾文献中关于智力资本评估及其与企业绩效的联系的结果开始,设计了两个概念中与集成电路转型相关的代理指标体系。通过回归分析验证了所建立模型的评价能力。研究结果-根据投入-产出转换的智力资本评估的详细算法。智力资本转化评估模型(ICTEM)提供了将智力资源作为企业战略投资的整体观点。研究局限性/影响-本文强调,ICTEM框架可以主要应用于作为行业或国家的典型代表的公司的分析。从这个意义上说,它不适用于公司的具体特征分析。实际意义-本文强调了ICTEM作为投资决策的工具,主要考虑到共同趋势,行业和经济发展的前景。独创性/价值- ICTEM使用统计方法提供了智力资本转化分析的显性框架。
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引用次数: 70
Does Tourism Eco-Certification Pay? Costa Rica's Blue Flag Program 旅游生态认证有好处吗?哥斯达黎加的蓝旗计划
Pub Date : 2012-11-08 DOI: 10.2139/ssrn.2188931
A. Blackman, María A. Naranjo, J. Robalino, F. Alpízar, Jorge Rivera
According to advocates, eco-certification can stem environmental damages from tourism in developing countries. Yet we know little about tourism operators’ economic incentives to get certified. To help fill that gap, we use detailed panel data to analyze the Blue Flag beach certification program in Costa Rica where nature-based tourism has caused significant environmental damage. We use new hotel investment to proxy for private benefits, and fixed effects and propensity score matching to control for self-selection bias. We find that Blue Flag certification spurs significant new hotel investment, particularly in luxury hotels and in economically advantaged communities.
倡导者认为,生态认证可以阻止发展中国家旅游业对环境造成的破坏。然而,我们对旅游经营者获得认证的经济动机知之甚少。为了帮助填补这一空白,我们使用详细的面板数据来分析哥斯达黎加的蓝旗海滩认证计划,在那里,自然旅游造成了重大的环境破坏。我们使用新酒店投资来代表私人利益,并使用固定效应和倾向得分匹配来控制自我选择偏差。我们发现蓝旗认证刺激了大量新的酒店投资,特别是在豪华酒店和经济优势社区。
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引用次数: 97
期刊
政治经济学季刊
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