This paper employs Swedish data on households' stock holdings to investigate how consumption responds to changes in stock market returns. We instrument the actual capital gains and dividend payments with past portfolio weights. Unrealized capital gains lead to a marginal propensity to consume...

This paper employs Swedish data on households' stock holdings to investigate how consumption responds to changes in stock market returns. We instrument the actual capital gains and dividend payments with past portfolio weights. Unrealized capital gains lead to a marginal propensity to consume...

This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households' portfolio weights in previous years as an instrument for actual capital gains and dividends...

This paper employs Swedish data containing security level information on households' stock holdings to investigate how consumption responds to changes in stock market returns. We exploit households' portfolio weights in previous years as an instrument for actual capital gains and dividends...

This paper employs Swedish data on households' stock holdings to investigate how consumption responds to changes in stock market returns. We instrument the actual capital gains and dividend payments with past portfolio weights. Unrealized capital gains lead to a marginal propensity to consume...

The study is devoted to research and development of solutions of actual taxation problems in the area where a source of a taxpayer’s economic benefit is increase in value of assets. The main attention is paid to the analysis of theoretical, methodological and practical aspects of setting and...

This paper aims to investigate the dynamics of capital markets in emerging markets in a period of financial integration. It takes the case of Brazil and South Korea, two key emerging markets in the global economy, to assess the relationship between capital flows and equity prices. This is...

This paper recounts Chile’s experience with capital account policies since the 1990s. We present how two external shocks were confronted under very different macroeconomic and capital account frameworks. We show that during the 1997-98 Asian-LTCM-Russia crisis, a closed capital account and...

This paper presents a new model for studying international capital flows and debt dynamics that emphasizes the role played by expectations concerning future trade flows and returns. I use the model to estimate the drivers of the U.S. external position and capital flows between 1973 and 2008. The...

На основі побудови зведеного рейтингу видів промислової діяльності в Україні визначені тенденції та основні напрями розвитку промисловості з метою...

The Selected Issues paper on Poland underlies that as the only European Union economy to avoid outright recession during the crisis, Poland is likely to attract renewed risk appetite. Poland could become one of the main recipients of capital inflows. This could lead to excessive exchange-rate...

The purpose of this paper is to discuss the importance of incorporating asset holding and its distribution into the study of growth-equity relationship in the context of regional disparity. We have tried to discuss this issue by taking the Inclusive Growth Strategy (IGS) introduced by the Union...

This paper focuses on how the exposure to the corporate sector may impact the health of the Australian banking system. It also compares Australian banks with their international peers. Finally, it investigates banks' exposure to credit risk using the new Basel II Pillar 3 disclosure data. The...

In this article, we analyze Auerbach's (1991) proposal of a retrospective capital gains tax, which is equivalent to an accrual tax on an ex-ante basis. Using a continuous-time model with stochastic interest rates, we prove that equivalence holds even if the risk-free asset return is correlated...

The deterioration in the U.S. net external position in recent years has been much smaller than the extensive net borrowing associated with large current account deficits would have suggested. This paper examines the sources of discrepancies between net borrowing and accumulation of net...

The 2007 Article IV Consultation reports on Ghana’s recent economic and policy development. Public Financial Management (PFM) has been strengthened through improvements in fiscal reporting and deployment of the new computerized payroll management system. Executive Directors commended the...

Real estate investment trusts (REIT) in USA have been imposed a 95% required minimum dividend payout ratio. Empirical observations have proved that this limit is not sufficient to explain REIT's dividend policies. Most of them pay out more than required by tax law. Imperfect information and...

The purpose of the paper is to study the effects of taxation on dividend payments and ex-dividend price changes in Sweden during 1991-1995. Under this period, dividends and capital gains were taxed at a flat rate. Tax changes in Sweden during the 1990s thus provide an opportunity to include...

Investment-to-GDP ratios across the Caribbean tend to be relatively high. In many countries, these ratios have been trending higher since the mid-1990s, largely reflecting public investment and foreign direct investment. Private domestic investors have been less prominent. This may be one reason...

Purpose – The purpose of this paper is to investigate the relationship between dairy farmland prices and farmland rental incomes in New Zealand from 1982 to 2009. Design/methodology/approach – Using the net cash income received under a 50/50 share‐milking agreement to proxy the net cash...

Slovakia is one of the countries with the highest and fastest propensity to consume in sector of households. In the development of propensity to consume we can distinguish the period of forced increase in consumer preferencies and the period of voluntary increase. The forced increase was a...

In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

This study investigates the relationship between uncertainty and investment using U.K. data at different levels of aggregation. Motivated by a comparative econometric analysis using a firm-level panel and aggregate time-series data, we analyze the implications of aggregating nonlinear...

In this study, we test whether the behavioural bias labelled “disposition effectâ€, defined as the tendency of investors to ride losses and realize gains, leading to asymmetric return-volatility relation before and during subprime crisis periods. The study of the cross-sectional...

Recommended Reading by Warren Buffet in his March 2013 Letter to Shareholders How speculation has come to dominate investment-a hard-hitting look from the creator of the first index fund. Over the course of his sixty-year career in the mutual fund industry, Vanguard Group founder John C. Bogle...

Although short sales make an important contribution to financial markets, this transaction faces legal constraints that do not govern long positions. In evaluating these constraints, other commentators, who are virtually all economists, have not focused rigorously enough on the precise contours...

Using a panel of 16 emerging markets, the paper finds a small but statistically significant effect of stock market developments on private consumption spending. In the short run, a 10 percent decline in the annual real stock market return is associated with a reduction in real private...

Review of Studies on the Relationship between Trading Volume and Stock Returns -- Data and Methodology -- Results: Trading Volume and the Cross-Sectional Variation of Stock Returns -- Results: Time-Stability of Portfolio Returns -- Results: Economic Significance of Volume-Return Relations --...

This paper analyzes yield spreads on sovereign debt issued by emerging markets using modern data from the 1990s and newly-collected historical data on debt traded in London during 1870–1913, a previous “golden era” for international capital market integration. Applying several empirical...

Dieser Beitrag entwickelt ein Verfahren, das die Komplexität der Endvermögensberechnungvon Aktienanlagen unter Berücksichtigung der Besteuerung und regelmäßiger Portfolioumschichtungerheblich reduziert. Bisher ist eine vergleichbar präzise Berechnung wegenrekursiver Abhängigkeiten sehr...

Der vorliegende Beitrag untersucht anhand eines Wachstumsmodells die Entscheidungswirkungender privaten Veräußerungsgewinnbesteuerung in verschiedenen Steuersystemen. Im Fall des Anteilshandelszwischen privaten Investoren induziert die Veräußerungsgewinnbesteuerung neben der...

The theory of rational bubbles is, no doubt, a part of the important literature developed within the frame of neoclassical postulates of perfectly rational and informed market participants, and it aims to explain the divergences of asset prices from their fundamental value. According to this...

Zusammenfassend ist festzustellen, dass die Besteuerung von Beteiligungen nach dem EStGB nicht wie von P. Kirchhof behauptet „preisneutralisierend“92 wirkt. Sowohl die steuerliche Nichtberücksichtigung von Beteiligungsaufwendungen als auch die Veräußerungsbesteuerung in Form einer...

This paper reviews the experience with capital controls in industrial and developing countries, considers the policy issues raised when the effectiveness of capital controls diminishes, examines the medium-term benefits and costs of an open capital account, and analyzes the policy measures that...

Im Rahmen der letzten Steuerreform wurde wiederholt Reformneutralität der Besteuerung gefordert. Die vorliegende Arbeit widmet sich der Frage, ob sich die Besteuerung von Beteiligungsveräußerungen grundsätzlich sinnvoll anhand des Kriteriums der Rechtsformneutralität beurteilen läßt.(...)