This paper investigates whether there is a different impact from changes in quot;newquot; and quot;oldquot; economy stock valuations on private investment for seven OECD economies. A vector autoregressive model is estimated for each individual country, using quarterly data over the period...

This paper investigates if there is a different impact from changes in quot;newquot; and quot;oldquot; economy stock valuations on private consumption. Estimating a reduced-form VAR for seven OECD countries for the 1990s, it is found that the impact from changes in old economy stock valuations...

This paper explores the ability of portfolio and foreign direct investment flows to track movements in the euro and the yen against the dollar. Net portfolio flows from the euro area into U.S. stocks - possibly reflecting differences in expected productivity growth - track movements in the euro...

This paper reviews the literature on the effects of capital account liberalization and stock market liberalization on economic growth. The various empirical measures used to gauge the presence of controls on capital account transactions as well as indicators of stock market liberalization are...

Recent tax reforms in the OECD area have aimed at reducing the progressivity of the labour income taxation. The present analysis seeks to evaluate the effects of such reforms both theoretically and empirically for the case of Denmark. The theoretical general equilibrium model contains a dual...