This paper studies the empirical and theoretical association between the duration of a pegged exchange rate and the cost experienced upon exiting the regime. It confirms empirically that exits from pegged exchange rate regimes during the past two decades have often been accompanied by crises, the cost of which increases...
The application of the value-added tax to public sector bodies, non-profit organizations and charitable organizations substantially departs from full taxation in most VAT regimes around the world. The problems with the mostly exempt regime for those organizations are reviewed. Options to modify or replace the regime are reviewed and assessed...
This paper discusses the processes of individualization and organizing being carried out under what one might see as an emerging regime of change. The underlying argumentation is that in certain processes of change, competence becomes questionable at all times. The hazy characteristics of this regime of change are pursued through...
Over the past five years, the Swiss air transport sector has witnessed an unprecedented number of accidents and incidents, leading to an independent analysis ordered by the government. The resulting report of 2003 identified significant regulatory and institutional deficiencies with direct implications for safety. The challenges to Switzerland's institutional regulatory...
The negotiation of the UN Framework Convention on Climate Change and the Kyoto Protocol constitutes a major political achievement. The key weakness of the international regime lies in its inability to gain traction: governments have so far failed to ensure that climate objectives are integrated in key policy areas, such...
The key analytical and policy question examined in this paper is whether multinational companies and their overseas investment need to be regulated at the national or the international level, in order to address market failures, and to enhance their potential contribution to world welfare. This paper examines two kinds of...
This paper proposes a new taxonomy of monetary regimes defined by the choice and clarity of the nominal anchor. The regimes are as follows: monetary nonautonomy, weak anchor, money anchor, exchange rate peg, full-fledged inflation targeting, implicit price stability anchor, and inflation targeting lite. This taxonomy captures the commitment-discretion tradeoffs...
The purpose of this paper is to derive an asset pricing model based on a growth optimal portfolio, in a market where there are multiple regimes, and to estimate the risk premiums of J-REITs based on this theory. In an asset pricing model employing a regime switching model, two equations...
In this paper, the first cut information about an exploratory agent-based modeling project is presented where the aim is to develop a tool for intelligence analysts to employ in studying decision-making processes in closed political regimes such as Iraq, North Korea and Syria. The hybrid of the landscape metaphor (Kollman,...
Using recent advances in the classification of exchange rate regimes, this paper finds no support for the popular bipolar view that countries will tend over time to move to the polar extremes of free float or rigid peg. Rather, intermediate regimes have shown remarkable durability. The analysis suggests that as...
This paper surveys the issue of exchange rate regime choice from the perspective of both the industrial and emerging economies taking an historical perspective. The paper first surveys the theoretical issues beginning with taxonomy of regimes. It then examines the empirical evidence on the delineation of regimes and their macroeconomic...
When innovations are both sequential and complementary as in the software or the semi-conductor industries, James Bessen and Eric Maskin (2002) argue that patents are likely to reduce firms' incentives to innovate as compared to a regime with no protection. A model is developed close to that of Bessen and...
This article investigates the abnormal return generated through a dynamic equity indexing strategy and the extent to which this can be considered evidence against the efficient markets hypothesis. It introduces a measure of stock prices dispersion and show that it is a leading indicator for the abnormal return, where their...
In this study a regime switching approach is applied to estimate the chartist and fundamentalist (c&f) exchange rate model originally proposed by Frankel and Froot (1986). The c&f model is tested against alternative regime switching specifications applying likelihood ratio tests. Nested theoretical models like the popular segmented trends model suggested...
The Sarbanes-Oxley Act follows the standard regulatory strategy of delegating the most of the task of devising a new regulatory regime's terms to an administrative agency, in this case the accounting profession's new Public Oversight Board POB. In so doing it less establishes a new regulatory regime than it triggers...
The clear evidence on an environmental problem and a solution that yield high environmental benefits are present in the ozone regime (phasing-out of ODSs) and to a certain extent in the Basel regime minimising the production of HWs. The ozone-regime contains detailed norms and rules to implement its objective. In...
New Zealand's Personal Properties Securities Act 1999 PPSA creates a new online registration regime which captures a wide range of transactions, some of which have not needed to be registered in the past, for example, chattel leases, reservation of title clauses and assignments. Registration is not compulsory but is useful...
The purpose of this paper is to investigate the choice between the current exchange rate and monetary regime, a flexible exchange rate with an inflation target, and a permanently fixed rate under a monetary union, by analyzing the economic and welfare implications for Canada, using a well-specified dynamic general-equilibrium DGE...
This paper investigates the welfare implications of an existence of a free trade agreement FTA and a customs union CU within the GATT. Two types of GATT regimes are considered in a completely symmetric world: a pure GATT regime, and a modified GATT regime. The main results are for a...
There is little doubt that the recent “price tests” conducted by Amazon signal the eventual arrival of online dynamic pricing. It provides the full theory on dynamic pricing. The historical lessons of the airline industry, the innovations of technology, and the logic of economic efficiency all suggest on the cusp...
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