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...

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...

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...

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...

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 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 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 article examines the preference issues that can confront a creditor that held a standby letter of credit to secure a debtor's obligations where the debtor performed its obligations in the 90-day preference period prior to bankruptcy. The article discusses the decision in In re Powerine, 59...

"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...