Choice Of Regime Research Articles

E-Sport and Taxes. Selected Issues

The article presents reflections on several selected issues of tax law that occur in the area of a new and emerging field of the so-called e-sport. Firstly, the features of such activity were analyzed and the question whether it could be classified within the concept of sport was answered. Next, the affirmative conclusion allowed for the consideration of a number of dilemmas related to the choice of the correct tax regime for income obtained in the sphere of professional gaming.

No Great Convergence, but not Myth: Stabilization and Growth in East Asia, 1990-2018

Along with global economic integration through trade and financial flows, emerging market economies (EMEs) have become increasingly affected by global fluctuations and structural changes. Also, despite their apparent income convergence since the 2000s, their growth performances have become differentiated across regions. This paper overviews how EMEs in East Asia have coped with these circumstances since the 1990s, and assesses their economic performances from the aspects of both short-run macroeconomic stabilization and long-run economic growth in comparison with other regions. Scrutinizing monetary regime choices in the policy trilemma, dynamic patterns of total capital flows as well as by types of capital, saving-investment gaps and growth finance, and sources of economic growth, the exceptional income convergence of East Asian EMEs imply the following lessons, being apparently heterodox to conventional views: Given volatile global capital flows in the imperfect capital market, in small open economies such as EMEs, 1) for macroeconomic stabilization, exchange rate stability supported by managed float and capital controls is a more reasonable choice than the conventional mix of free float and open capital account, and 2) for economic growth, domestic savings are more reliable and important source of growth finance than foreign capital inflows. In fact, it turns out that 3) capital accumulation has been more important source of long-run economic growth than TFP growth throughout both advanced and emerging market economies. It should be noted, however, that 4) excessive capital accumulation could lead to relatively lower welfare levels than what income levels can attain.

A Risk-based Theory of Exchange Rate Stabilization

AbstractWe develop a novel, risk-based theory of the effects of exchange rate stabilization. In our model, the choice of exchange rate regime allows policymakers to make their currency, and by extension, the firms in their country, a safer investment for international investors. Policies that induce a country’s currency to appreciate when the marginal utility of international investors is high lower the required rate of return on the country’s currency and increase the world-market value of domestic firms. Applying this logic to exchange rate stabilizations, we find a small economy stabilizing its bilateral exchange rate relative to a larger economy can increase domestic capital accumulation, domestic wages, and even its share in world wealth. In the absence of policy coordination, small countries optimally choose to stabilize their exchange rates relative to the currency of the largest economy in the world, which endogenously emerges as the world’s “anchor currency”, Larger economies instead optimally choose to float their exchange rates. The model therefore predicts an equilibrium pattern of exchange rate arrangements that is remarkably similar to the one in the data.

Early Medieval coarse wares from northern Bactria-Tokharistan. Archaeological and archaeometric characterization

The paper focuses on the archaeological contextualization and archaeometric characterization of Early Medieval coarse wares from the town of Khosijat Tepe and the castle of Balalyk Tepe (southern Uzbekistan), located in ancient northern Bactria-Tokharistan. From the 5th to the 8th centuries CE, this territory was marked by the successive arrival of nomadic tribes (Chionites/Kidarites and Hephthalites) which interacted with the Kushano-Sasanian population and contributed to the development of regional traditions and specific cultural characteristics. The study of ceramic artifacts is fundamental to ascertaining these processes, but the research conducted to date on this issue is very limited. Thus, we aim, first, to examine the morphological and technological features of some cooking wares, storage jars, and common wares, proposing a functional and morphological classification. Second, we want to detect the changes introduced by the nomadic tribes and evaluate the extent of these changes through a comparison with coeval ceramics from nearby sites. Optical microscopy, X-ray diffraction, and X-ray fluorescence were performed on 16 specimens to evaluate the provenance and to determine the manufacturing processes (choice and working of raw materials, shaping methods, surface treatments, and firing regime). The results of the investigation revealed that all the vessels analyzed are local/regional products; however, the procurement and processing of the raw materials vary considerably depending on provenance and function. The appearance of new shapes and decorations, which have parallels in several settlements of northern Bactria, bears witness to the spread of nomadic traditions at the regional level.

About geological theory

The author’s advection-polymorphic hypothesis of deep processes in the tectonosphere is based on V.V. Belousov’s system of endogenous regimes, a certain source of energy (radioactive decay in crustal and upper mantle rocks), and the method of energy transfer (advection). Elementary volumes of transported material have been termed «quanta of tectonic action» (QTA) with the diameter of about 50―70 km. The physical reality of such objects is proved. The choice of endogenous regime is related to the type of the preceding thermal model.
 The mechanism of the tectonosphere’s «heat machine», which relies firmly established facts and quantitatively explains the main events of geological history within the energy conservation law, has been substantiated.
 For any period, from the Early Archaean to our time, it is possible to numerically justify the pattern of heat and mass transfer, to select the endogenous regimes, and construct a non-stationary heat model and variation in time of the distribution of physical properties of rocks. By using the findings and solving only direct problems, one can determine the geological manifestations of the process and the anomalies of the physical fields. The results are compared with the observed ones (without fitting), and the discrepancies do not exceed the values due to the observation and calculation errors.
 Pursuant to the advection-polymorphic hypothesis, it became possible for the first time to predict: 1. The emergence of quanta of tectonic action. 2. Stability of parameters (depth and temperature) of magma chambers in the mantle in the history of the Earth. 3. Existence of the global asthenosphere (depth about 700―1000 km). 4. Velocity distribution of longitudinal seismic waves in the upper mantle of regions with all types of endogenous regimes. 5. The difference in the nature of earthquakes at various depths in the focal zones. Successful verification of predictions transfers the hypothesis into the rank of theory.
 The theory is used to explain the following at the quantitative level: dating of active processes on all platforms of the Earth, temperature distribution in the crust and upper mantle of platforms and active regions, sediment thickness in geosynclines and post-rift depressions, changes in mass flow in geological history, heat flow and gravitational field anomalies.
 Several applications of the theory to studies of seismicity and UHP-blocks problems and prospecting for mineral deposits (hydrocarbons, hydrothermal sulfide ores, diamonds, and geothermal energy resources) have been considered.

Trade policy in a sovereign Palestinian State: What are the options in a final settlement?

AbstractThis paper quantifies the economy‐wide effects of different trade policies on the Palestinian economy, using a detailed database and a general equilibrium model adjusted to the particularities of the Palestinian economy. The findings show that a liberal and non‐discriminatory trade regime provides the highest benefits for the Palestinian economy, in terms of welfare effects, GDP growth and job creation. The choice of an exchange rate regime has a considerable influence on the effects of trade policy. Accordingly, a full control over trade and monetary policy instruments could improve the capacity of the Palestinian National Authority to address the prevailing high unemployment and sluggish economic growth.

Optimal Monetary Policy under Balance-Sheet Effects on the Non-tradable Sector in a Small Open Economy

The choice of an exchange rate regime is crucial in small open economies (SOEs) with a dollarized financial sector. While the traditional Mundell–Fleming model supports a floating exchange rate, evidence shows that central banks frequently intervene in exchange markets. One of the reasons for these interventions is the consequences of large depreciations that could trigger negative balance-sheet effects. This paper extends the literature about the optimal monetary policy in SOEs, by considering a heterogeneous hedge across tradable and non-tradable sectors. Our findings support a ‘leaning against the wind’ policy as an optimal response to negative external shocks. This result is present even if only one sector of the economy faces credit constraints. We show that the vulnerability of the economy to large negative external shocks depends not only on the overall leverage, but also on the distribution of foreign currency debt across economic sectors.

Do presumptions of negligence incentivize optimal precautions?

In most jurisdictions, the burden of producing evidence on a contested issue traditionally falls on plaintiffs. In a tort claim, this de facto creates a presumption of non-negligence in favor of injurers. Some legal systems in Europe placed renewed attention on “presumed liability” rules, which instead create a presumption of negligence against injurers. In this paper, we analyze the effects of alternative legal presumptions on parties’ care incentives in the presence of discovery errors. Differently from what was suggested in prior research, we show that legal presumptions do affect primary behavior: presuming that the injurer was (not) negligent strengthens (weakens) his care incentives in situations where the plaintiff faces probatory difficulties. We analyze how these effects should inform the choice of evidence regimes to improve the robustness of liability rules, and to minimize the dilutive effect of imperfect discovery on individuals’ care incentives.

Labor market flexibility and exchange rate regimes

Based on the optimum currency area (OCA) theory, labor market flexibility can be viewed as a key condition determining whether a geographical entity is a good candidate to become part of a currency union — or adopt any type of a fixed exchange rate regime, for that matter. It is therefore surprising that there have been no attempts so far in the literature to quantitatively investigate the relationship between labor market flexibility and currency regime choices in an in-depth manner. In this context, we investigate whether economies with more flexible labor markets are more likely to have a higher degree of exchange rate fixity. We find empirical support for our hypothesis with a global time-series cross-sectional sample. The findings are robust to different classifications of the dependent variable and instrumental variable estimation.

Effects of the business cycle on real exchange rate misalignments with respect to exchange rate regimes

This paper explores the relationship between real exchange rate (RER) misalignments and economic fundamentals with respect to the exchange rate regime choice. In a first step, using the technical inefficiency model, we measure RER misalignments and, more specifically, RER overvaluation. In a second step, we assess the effects of the main economic indicators and the choice of a country's exchange rate regime on RER overvaluation. Our empirical findings, based on nonlinear specifications and impulse response functions of Panel Vector Auto Regression (PVAR) estimations, reveal that for developing countries, and during the expansion and peak phases of the business cycle, the floating exchange rate regime may be used as a policy tool to contain the pressure in the exchange rate, and so limit overvaluation. Our findings also reveal that in the context of fixed and intermediate exchange rate regimes, an expansionary monetary policy is an effective tool to stabilize exchange rate fluctuations and mitigate overvaluation.

Impact the choice of Exchange Rate Regime on country Economic Growth: Which anchor currency leading the 21st Century

This study provides a comprehensive currencies history of the exchange rate arrangement of 195 countries; exchange rate regime impacts on countries' growth and macroeconomic stability period of 1961 to 2020. New measurements of foreign exchange regimes and under controlling the income level of high, upper-middle, middle, and lower-middle economies; This Study adopt Generalized Method of Movements (GMM) to investigate the impact of exchange rate regimes on the economies and macro-economic stability through Per Capita GDP, GDP growth, Inflation and Foreign Trade. The U.S. Dollar dominated the currency in world with a high margin. World countries desire to stabilize exchange rates, reduce exchange restrictions and currencies influence. We find that post Bretton woods transition from fixed to flexible management: Strong relations exist among the choice of exchange rate regime and countries growth. Policy implications are clear; the choice of exchange rate arrangement prevails no impact showing on the long-term countries growth, exchange rate anchor currencies of US Dollar, British Sterling Pound, Euro, Chinese Yuan, French franc, Deutschmark, and Basket currencies have a highly significant impact on countries growth of different income level. Suggest Chinese Yuan may consider alternate anchor currency for World and new measure of exchange rate controls developed. Central banks may be secure advanced country bonds, safe assets, and multi-currencies pegged systems adopted for the reserve to overcome the declining effectiveness of exchange controls.

Impact the choice of Exchange Rate Regime on Country Economic Growth: Which anchor Currency leading the 21st Century

Impact the choice of Exchange Rate Regime on Country Economic Growth: Which anchor Currency leading the 21st Century

Corruption, regulation, and investment incentives

We study the optimal design of regulation for innovative activities which can have negative social repercussions. We compare two alternative regimes which may provide firms with different incentives to innovate and produce: lenient authorization and strict authorization. We find that corruption plays a critical role in the choice of the authorization regime. Corruption exacerbates the costs of using lenient authorization, under which production of socially harmful goods is always authorized. In contrast, corruption can be socially beneficial under strict authorization, since it can mitigate an over-investment problem. Hence, more pervasive corruption favors the adoption of a strict authorization regime and may increase welfare.

Tax systems and public borrowing limits in a fiscal union.

This paper compares the implications of tax system and public borrowing limit asymmetries for the welfare cost of business cycles and interregional consumption risk sharing in a two-region fiscal union. We identify the welfare-improving and risk-sharing-improving designs of the regional tax systems and borrowing limits. We find that the choice of public borrowing limits is more consequential than is the choice of a tax regime for union welfare. It also serves as an argument for the harmonization of fiscal policies adopted in the fiscal union, as it would internalize fiscal externalities and improve consumption risk-sharing across the union regions. The key parameter determining the merits of alternative regional tax systems and possible limits to public borrowing in the fiscal union is the productivity of public good. Other aspects of the economy, such as the type of technology process, or the nature of the productivity shock do not affect the union public finance system design significantly. Extensive simulations suggest that if the productivity of public capital lies within the range of plausible empirical estimates, allowing both regions to have flexible borrowing limits and to choose whatever tax system they prefer will reduce the overall welfare costs of business fluctuations. However, for very low productivity of public capital, the welfare-improving regional public finance reforms that would prohibit public borrowing and tax labor income can produce limited benefits.

How Economic, Political and Institutional Factors Influence the Choice of Exchange Rate Regimes? New Evidence from Selected Countries of the MENA Region

In this paper, we investigate how economic, political, and institutional factors affect the choice of exchange rate regimes using data on eight Middle East and North Africa (MENA) countries over the 1984-2016 period. Specifically, we run random-effects ordered probit regressions of the likelihood of exchange rate regimes on the potential determinants of exchange rate regimes. Three important findings emerge from the analysis. The first finding is that political and institutional factors play an important role in determining the exchange rate regime in MENA countries, where a democratic political regime and a low level of corruption increase the probability of opting for a fixed regime, while strong governments, political stability (such as less internal conflicts and more government stability), more law and order enforcement, and a left-wing government decrease the probability of opting for a fixed regime. The second finding is that bureaucracy, independent central banks, elections, terms of trade, and monetary independence have no effect on the choice of exchange rate regimes. The third finding is that financial development is not a robust determinant of the choice of exchange rate regimes. Our results still hold when considering alternative specifications, and they have important implications for policymakers in MENA countries

ВНУТРЕННИЙ НАЛОГОВЫЙ АУДИТ В СИСТЕМЕ ФИНАНСОВОГО УПРАВЛЕНИЯ ОРГАНИЗАЦИЕЙ

In modern conditions, under the influence of various internal and external factors, large-scale changes are taking place in information requests on tax issues from the management of organizations. The article discusses the methodology of internal audit of taxation, consistently describes organizational and control procedures. The issues of information support of management decisions on the choice of the optimal taxation regime in organizations are considered.

Two cases of uneventful pregnancies following the treatment of choriocarcinoma

Introduction. Gestational trophoblastic disease represents a distinguished group of disorders that are derived from placental trophoblastic tissue aroused from abnormal fertilization. Choriocarcinoma is a malignant human chorionic gonadotropin-producing epithelial tumor arising from villous trophoblast. The choice of the chemotherapy regime is based on the International Federation of Gynecology and Obstetrics stage and World Health Organization score of the disease. The objective of this article is to show that successful pregnancy is possible even after treatment of highrisk gestational trophoblastic neoplasia. Outlines of cases. We present two successfully treated patients who achieved pregnancy and delivered healthy babies in term. Conclusion. Gestational trophoblastic neoplasia has become the most curable malignant disease since the introduction of chemotherapy, which is effective and well-tolerated, and allows fertility preservation in high-proportion of women.

How Economic, Political and Institutional Factors Influence the Choice of Exchange Rate Regimes? New Evidence from Selected Countries of the MENA Region

How Economic, Political and Institutional Factors Influence the Choice of Exchange Rate Regimes? New Evidence from Selected Countries of the MENA Region

THE CURRENCY CONUNDRUM FOR AN INDEPENDENT SCOTLAND

AbstractIn this paper we revisit the issue of currency regime choice for an independent Scotland using an international macroeconomic/ finance framework. Specifically, we consider the main competing proposals for currency choice with an emphasis on the SNP’s official policy of the informal use of sterling post-independence. We conclude that from a macroeconomic perspective this option is unlikley to be credible to international capital markets. The option that would be credible, and avoids the austerity associated with the choice of a fixed exchange rate option, would be a free float at least during the transition period of independence.

Pricing Regime Choices for International Airports: Per-Flight Versus Per-Passenger Charges

Pricing Regime Choices for International Airports: Per-Flight Versus Per-Passenger Charges