I test the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt. I do this in the context of English inland bills of exchange (where all parties to the bill were in England), which were used as a medium of exchange during the Industrial...

Stamp duty is a core part of the Australian tax system, but large components of its effect on the economy are unknown. In particular, the distribution of stamp duty's costs are not well understood. This has been hampered by a lack of quantitative studies of stamp duty's costs, and by limited...

There is a saying that the traditional legal principles have been bent to facilitate the operations of the negotiable instruments such as bill of exchange or letter of credit. Most of the contenders are of the opinion that the instruments are completely contrary to the doctrine of consideration....

Property transaction taxes - also known as stamp duty - are widely viewed as an inefficient form of taxation. In this paper, we examine the welfare implications of removing stamp duty in a general equilibrium overlapping generation model with heterogeneous agents. Our model features an...

I test the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt. I do this in the context of English inland bills of exchange (where all parties to the bill were in England), which were used as a medium of exchange during the Industrial...

I test the Dang, Gorton, and Holmström (2018) (DGH) theory that the optimal design of private money is debt backed by debt. I do this in the context of English inland bills of exchange (where all parties to the bill were in England), which were used as a medium of exchange during the Industrial...

A new dimension to the determination and computation of stamp duties payable in corporate transactions has been introduced due to the Additional Conveyance Duties (“ACD”) Regime. For companies with significant residential property holdings, liability to pay ACD potentially extends to all...

This contribution deals with the conflict-of-laws principles governing Financial Instruments, Bonds & Loans, Cheques, Bills of Exchange and Guarantees. It starts with comparative and historic aspects and then goes on to deal with issues regarding the determination of the applicable law. The...

This paper describes how the economic reach of stamp duty is in practice very limited; explains why it nevertheless causes a range of problems; shows how the scope of SDRT could be expanded to cover the transactions in relation to which stamp duty currently raises revenue for the Exchequer; argues...

Alm, Annez, and Modi review the options for reform of stamp duties on immovable property transfers collected by Indian state governments. After briefly reviewing some of the many administrative difficulties experienced with the tax, they turn to an examination of its economic impacts. A review...

The purpose of this paper is to estimate how much revenue might feasibly be generated by closing loopholes in the UK Government's stamp duty tax on share transactions. We focus predominantly on preventing abuse of intermediary relief (sometimes known as the market-makers' exemption). We use...

The Promise and Peril of Credit takes an incisive look at pivotal episodes in the West's centuries-long struggle to define the place of private finance in the social and political order. It does so through the lens of a persistent legend about Jews and money that reflected the anxieties...

The bill of exchange, the promissory note and the cheque are debt instruments regulated by the bill of exchange law. The debt instruments are differentiated from other instruments used in civil and commercial relations by the inclusion of the debt in the instrument, hence the name of debt...

The authors review the options for reform of stamp duties on immovable property transfers collected by Indian state governments. After briefly reviewing some of the many administrative difficulties experienced with the tax, they turn to an examination of its economic impacts. A review of stamp...

Accounting fundamentals -- Introduction -- Financial reporting instruments -- The accounting process -- Accounting for financial instruments -- Relevant accounting standards -- Accounting treatment for financial instruments -- Bills of exchange and promissory notes -- Business and financial...

This paper presents the legal system for the bills of exchange and promissory notes, and also the similarities and differences between the bills of exchange and promissory notes in the Romanian law and private international law. This article analyzed: procedures for issuing bills of exchange and...

In his writings devoted to monetary questions, Say studies in details monetary, financial and bank innovations which he designates by the expression ?representative signs of money?. Say?s analysis on money and its representation signs is very important since it takes place in a context of major...

In long-term private health insurance contracts, aging provisions are used to flatten premium profiles. An individual would like to change insurers if she perceives a low service quality. The first-best optimum is characterized by provision transfers which are higher for high risks and may be...

The banking products and services reveal their great diversity. Some of the services are not yet launched on the financial and banking Romanian market, but others are already present in the offer of the banks, not presenting though an increased interest for clients. The financial/ banking...

A vast economic history literature suggests that medieval institutions supporting contract enforcement were necessary for impersonal exchange to emerge. Yet this literature cannot account for the bill of exchange, an important financial instrument that had positive legal standing in both the...

This study examines day-of-the-week effects in short term New Zealand bank bills with maturities of 30, 60 and 90 days. The analysis is based on a within-subject design. The spot interest rates within a week are treated as repeated measures on the same subject. These interest rates are...