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 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...

Apprently, we are in an age of change. The frequency of events is increasing noticeably.The revolts in Arabian countries, the nuclear disaster in Japan, the hunger crisis in northAfrica, the financial crisis in Europe and a lot of others provide evidence that we can´t moveon we are currently....

By analysing a newly compiled database of exchange rates, this paper finds that Central European financial integration advanced in a cyclical fashion over the fifteenth century. The cycles were associated with changes in the money supply. Long-distance financial integration progressed in...

Unlike in many other transition countries, where the gender pay gap has remained stable while female employment rates have reduced, in the case of Belarus women activity rate has been practically unchanged despite an increase in the gender pay gap. This paper investigates why this is the case by...

This paper examines the impact of the Working Families Tax Credit (WFTC) on employment retention and advancement. The WFTC, which replaced Family Credit in October 1999, supplemented earnings of low paid workers living in low income families. It was designed to increase the financial incentive...

Recently, there has been a growing interest in social capital and in the difficulties related to its measurement. In this paper, we propose to measure social capital by means of principal components analysis. Then, we present the first available international social capital estimates for the...

Der vorliegende Beitrag untersucht den Zusammenhang zwischen einem Wechsel an der Unternehmensspitze und Strategiewandel in deutschen Großunternehmen ...

This report was jointly commissioned by the Neighbourhood Renewal Unit (NRU) in the Office ofthe Deputy Prime Minister (ODPM) and the Economic and Social Research Council. It containsboth full and summary reports of a literature review of neighbourhood change, undertaken withthe primary aim of...

This article examines the hypothesis that in the “Third Reich”, bureaucratic agencies engaged in economic policies competed with each other. First, a model of competition is constructed whose predictions are then compared with actual political processes in Nazi Germany. This shows that the...

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...

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...