Publications → Financial Markets
- (9)Stock Markets
- (20)Taxes
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- Financial crisis in Moldova: causes and consequences
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March 3, 2008 14:32
The introduction of Moldovan leu has been accompanied by a monetary stabilisation policy that proved to be one of the most successful among FSU countries until 1998. The leu showed a remarkable stability and the rate of inflation was brought down to around 10% in 1997...
- Assessment of the effects of the changes in the property transfer tax
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March 3, 2008 13:57
The Law on Property Taxes has been substantially amended in June 2007. These amendments have not only introduced some specific new articles of interest for the citizens and businesses, but have also introduced changes which will have a strong impact to revenues, and more generally financial position of local municipalities.
- Tax collecting campaign
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March 3, 2008 13:54
Observations on the Governments advertising campaign to increase the collection of tax revenue. The article raises questions about the state’s role in funding of roads, sport and culture.
- Reform of taxation system
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March 3, 2008 13:39
This detailed paper is the result of extensive research by the authors, and cooperation with colleagues at the conference on taxation reform held in late 2003 under the auspices of the Centre for Liberal Democratic Studies.
- Intergovernmental fiscal transfers in Azerbaijan: role of tax-sharing in local government financing
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February 27, 2008 15:33
In this paper, Elshad Mikayilov, assesses the role of shared taxes type of transfers as a source for municipal financing in Azerbaijan. In particular, it argues that tax sharing will improve the fiscal capacity of local self-governments and thus promote their local autonomy.
- Guidelines for cash transfer programming
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February 27, 2008 15:22
This document presents a guide to cash transfer programming. It looks to ascertain whether a cash programme is an appropriate response - and if appropriate a practical, step-by-step guide how to design and implement a cash programme is illustrated.
- Towards Measurement of Political Pressure on Central Banks in the Emerging Market Economies: The Case of the Central Bank of Egypt
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January 18, 2008 17:47
This paper assesses whether the legal independence granted to the Central Bank of Egypt (CBE) under the latest legislation is factual. I followed Fry’s methodology, which assumes that the level of independence of the central bank is determined by fiscal attributes.
- The Impact of Social and Tax Policies on Families with Children: Comparative Study of the Czech Republic, Hungary, Poland and Slovakia
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January 18, 2008 17:45
The paper focuses on the impact of government social and tax policy on families with children compared to their childless couples in the Czech Republic, Hungary, Poland and Slovakia.
- The Effects of Monetary Policy in the Czech Republic: An Empirical Study
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January 18, 2008 17:41
In this paper, we examine the effects of Czech monetary policy on the economy within VAR and the structural VAR framework. We document well-functioning transmission mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks.
- On the importance of clean accounting measures for the tests of stock market efficiency
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January 18, 2008 17:39
Tests of the semi-strong form of the efficient market hypothesis (EMH) typically use earnings and book value of equity as benchmarks of fundamental value. Accounting earnings, however, are contaminated by noise due to their transient component and book value of equity tends to be biased downwards due to accounting conservatism. We investigate whether controlling for these effects impacts on the implications concerning the information efficiency of the Swedish stock market.
- Regulation of Bank Capital and Behavior of Banks: Assessing the US and the EU-15 Region Banks in the 2000-2005 Period
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January 18, 2008 17:37
The purpose of this paper is to assess and compare how American and European banks adjust their level of capital and portfolio risk under capital regulation, whether and how they react to constraints placed by the regulators. In order to do this, we estimate a modified version of the simultaneous equations model developed by Shrieves and Dahl.
- Modeling Electronic FX Brokerage as a Fast Order-Driven Marketunder Heterogeneous Private Values and Information
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January 18, 2008 17:32
The paper develops a theoretical framework for studying price formation in brokered foreign exchange markets with very high order arrival frequency (to be followed by an application to real data on Czech koruna transactions in subsequent work).
- Credit Risk in the Czech Economy
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January 18, 2008 17:28
This paper deals with credit risk in the Czech aggregate economy. It follows structural Merton's approach. A latent factor model is employed within this framework. Estimation of this model can help to understand relation between credit risk and macroeconomic indicators.
- Foreign Banks, Foreign Lending and Cross-Border Contagion: Evidence from the BIS Data
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January 18, 2008 17:24
The article discusses the role of foreign banks and foreign lending in the CEE countries from the financial stability perspective using the data on international banking business.
- To two excepted legal measures concerning the mortgages in the CR: (1) the abolishment of tax exemption for mortgage certificates, (2) the introducing of a legal right to mortgage early repayment
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January 18, 2008 17:14
Two prepared legislative measures should be taken to mortgages in the Czech Republic are discussed: At first the abolishment of tax exemption for mortgage certificates, at second the introducing a legal right to mortgage early repayment from the initiative of European Commission. Both changes the author considers as controversial.
- A Troubled Way to an Innovative Europe
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January 18, 2008 17:10
The paper analyzes research initiatives presented by the Commission, the proposal of the 7th framework programm for research and technological development, the new financial perspective of the EU for the period 2007-2013, the report by an expert group headed by the former Finish prime minister Esko Aho (Creating an Innovative Europe) and finally the follow-up communication of the Commission presenting a broad-based innovation strategy for the EU.
- Raising Funds at Western Capital Markets: Opportunities for Belarusian Companies
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January 18, 2008 16:42
This paper discusses the pros and cons of the use of foreign equity capital in the light of the efforts by Belarusian energy companies to seek finance on Western markets in order to stay competative
- The Development of Credit Unions in Belarus
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January 18, 2008 16:36
This paper deals with the development of credit unions in Belarus. Our analysis reveals that inadequate regulation is currently the major problem hampering the development of this type of financial institution. Therefore the paper focuses especially on ways of introducing better standards for the reliable operation of credit unions, and looks at the optimal balance between prudential and non-prudential norms of regulation.
- Abolishment of Turnover Taxes in Belarus: Economic and Fiscal Implications
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January 18, 2008 14:21
This paper examines the current status of turnover taxes in Belarus and assesses the recent efforts to abolish them. It argues that the turnover taxes are distortionary and that they weaken the competitiveness of the economy.
- Fiscal deficits, monetary reform, and inflation stabilization in Romania
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January 2, 2008 15:59
The authors develop a simple framework for debt, the deficit, and inflation to study the interactions between fiscal and monetary policy in Romania's economy.
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