Improving Monetary Theory in Post-Communist Countries – Looking Back to Cantillon [03/05/2004]
Nenovsky, N.
The experience of post-communist countries has contributed little or almost none to the development of monetary theory. One of the main reasons for this is application of mainstream holistic monetary theory, which does not concentrate on the microeconomic effect of money. The Austrian Monetary School and one of its predecessors, Cantillon, is a good starting point to new approaches to monetary theory. This article attempts: (i) to extend and develop the microeconomic analysis of the effect of money on individual economic agents, or the “Cantillon effect”, by defining the basic set of categories of this effect , (ii) to link the Cantillon effect with the “theory of redistribution groups and the theory of bandits” of Mancur Olson, (iii) to seek a relationship between the Cantillon effect and some of Douglas North’s ideas of institutional change, and (iv) to underscore the analytical potential of the theory of networks in the microeconomics of money.
Reforming Tax Systems: Experience of the Baltics, Russia, and Other Countries of the Former Soviet Union [02/05/2004]
Stepanyan, V.
Starting in the early 1990s, the Baltics, Russia, and other (BRO) countries of the former Soviet Union initiated tax reforms that varied widely at the later stages. Recently, some of the BRO countries, basing decisions on the proposition that lowering of the top marginal income tax rate would significantly benefit economic development and increase tax compliance, have initiated a new stage of tax reforms. This paper reviews country experiences and suggests that (i) overall, there seems to be little evidence of a substantial improvement in income tax revenues resulting simply from a reduction in the top marginal tax rates, and (ii) in the BRO countries, the elasticity of the behavior of economic agents, in terms of labor supply, saving, and investment, with respect to income tax rates is not high, and a reduction of the existing income tax rates is unlikely to lead to a notable expansion of economic activity.
Bankruptcy as Public Institution: Origins, Development, and Peculiarities of Performance [01/05/2004]
Smolsky, A.
The paper considers essence, history, peculiarities of performance, and current state of bankruptcy institution. It shows the specificity of bankruptcy as a public institution, gives a classification of the reasons of economic insolvency of enterprises, and reviews some methodological problems of this institution.
The Expectation Theory of the Term Structure of Interest Rates: ARCH(1) and GARCH(1, 1) Models [30/04/2004]
Volchok, V.
This paper examines the U.S. term structure data for the Treasury Constant Maturity Rates for different combinations of maturities between three month and twenty years. The analysis shows up the data inconsistency with the pure expectation theory. The spread does not possess predictive power for all examined maturities. Modeling of the conditional variance presented in the data as an ARCH(1) and GARCH(1, 1) processes reveals that the slope of the yield curve carries some information concerning the future path of the short run rates if the number of observations decreases or if we analyze the interest rates with maturities under one year.
Anti-Dumping Measures Facing Non-Market Economies: Some Conceptual Problems and One Case Study [29/04/2004]
Bakanov, A., Zhuleha, L.
This paper presents a number of evidences that the non-market economy producers, which face anti-dumping measures, are the genuine low-cost producers i.e. have strong comparative advantages. Because of this, anti-dumping measures they facing should be estimated as the result of the special procedure applied in investigations against non-market economies. It does not mean, however, that such producers have not chances to counteract anti-dumping harassment effectively. Case study presented here confirms that suggestion.
Theoretical and Practical Aspects of Land Taxation Within the Present-Day Conditions [28/04/2004]
Leschilovsky, P., Mozol, A.
The paper considers the topical problem of the land taxation perfection as a basis for rational and effective land-utilization. Authors use the principles and approaches consistent with the present-day conditions of economy in transition.
Agricultural Subsidies in Belarus: Efficiency Analysis and Assessment of WTO Compatibleness [27/04/2004]
Babitsky, D.
The work is dedicated to the subsidization of agriculture in Belarusian context. It provides a short overview of theoretical approaches to measuring efficiency of agricultural subsidies. The performance of Belarusian agriculture during the last decade is examined very shortly while the analysis of the subsidization system and the efficiency assessment are given in more detail. Next the subsidies are classified according to WTO classification. WTO requirements to the structure of subsidies are discussed and the possibility of shifting Belarus’ agricultural policy towards measures envisaged by the Green Box is evaluated.
ARCHIVE: [2007] [2006] [2004-2005] [2003] [2002] [2001]
|
