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Träfflista för sökning "L4X0:1404 3491 srt2:(1998-1999)"

Sökning: L4X0:1404 3491 > (1998-1999)

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1.
  • Forsfält, Tomas, 1964- (författare)
  • Timing options and taxation : essays on the economics of firm creation and tax evasion
  • 1999
  • Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
    • Taxation of Small Firms under Uncertainty: A Real Option View of Firm CreationThis paper addresses the impact of the tax system on the incentives to become self-employed. The new approach here is that the creation of a firm is assumed to be an opportunity but not an obligation, that is, a real option. A comprehensive income tax system and a “dual” tax system of the Nordic type are compared. The comprehensive system yields a higher threshold with respect to creating a firm than the dual system.Swedish data on disposable income for different socio-economic groups are used to evaluate the relevance of the critical assumptions in the model and to find parameter estimates. A result is that the assumptions are consistent with data for white-collar labor but not for blue-collar labor.The Effects of Risk Aversion and Age on Investments in New FirmsHow does the age of risk-averse individuals affect investments in private projects? This question is analyzed under the assumption that such individuals have to invest a large fraction of their personal wealth in order to establish a new firm. Thresholds conditional on age that trigger a switch from one asset to another are derived in a continuous-time portfolio choice model with zero-or-one choices. As the investor gets older - and depending on random events - not only wealth, but also the thresholds, might increase. Thus, there are two counteracting effects on the likelihood of becoming an entrepreneur.Tax Evasion: A Real Option ApproachA theoretical model of excise tax evasion is developed in this paper. The dynamics of a change in tax policy is derived, under the assumption that consumers benefit from a lower price when entering a “black market”. However, entry also imposes a sunk cost, which gives rise to asymmetric effects and persistence effects on both aggregate demand and on tax revenues. An increase in the tax rate instantaneously brings more entrants into the black market, whereas a tax cut has no short-run effects on the fraction of the population that has access to the black market.
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2.
  • Hallsten, Kerstin, 1963- (författare)
  • Essays on the effects of monetary policy
  • 1999
  • Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
    • This dissertation consists of three essays, each of which addresses issues that are relevant to the implementation of monetary policy.The first essay, "Bank Loans and the Transmission Mechanism of Monetary Policy," considers one of the transmission mechanisms of monetary policy, the bank lending channel. This mechanism is analysed and estimated. The theory emphasises the role of banks. Banks are important because of asymmetric information in the financial market and because banks are assumed to handle this problem better than other lenders. Banks therefore give loans to borrowers that, because they are subject to asymmetric information problems, find it costly or perhaps impossible to issue bonds in the private bond market. Loans from an intermediary and bonds issued at the bond market can therefore not be seen as perfect substitutes, which is often assumed in the macro economic literature. Further also banks find loans and bonds to be imperfect substitutes since it is assumed that it is costly for a bank to change the relation between the possession of bonds and loans in its portfolio.By changing the amount of deposits and thereby the availability of loans in the bank sector the central bank influences aggregate demand in the economy through a bank lending channel, assuming prices are temporarily sticky. Under certain conditions it follows that the bank lending channel works in line with the ordinary money channel and the effect of monetary policy on aggregate income is hence enhanced.It is then tested for the importance of this channel using Swedish data. As predicted by the bank lending channel the mix between bank loans and other sources of financing and the spread between the loan rate and the bond rate are significantly altered after a change in the stance of monetary policy. Real effects are tested for simultaneously. It follows that both the mix and the spread have real effects on the economy and that the effects of monetary policy is enhanced. A number of countries have adopted inflation targeting in various forms as the framework for monetary policy. Even if the arguments for inflation targeting have been widely accepted, many problems of how to implement such a policy in practice remain to be solved. The second essay, "Implications of Inflation Targeting," contains an analysis of how the central bank should set its operating instruments in order to control its target(s). It is also analysed for how long the actual and the targeted inflation rate can be accepted to deviate under different policy regimes and how different stabilisation goals affect the variability in inflation, output and the short term interest rate. For that purpose a simple model for the Swedish economy is estimated.The third essay is entitled "An Expectations-Augmented Phillips Curve in an Open Economy." Here an expectations-augmented Phillips curve relation in an open economy is derived and estimated. As in Rotemberg's (1982) model firms are assumed to face quadratic price adjustment costs. In addition, second-order costs of changing prices are included. Consequently the derived inflation equation incorporates not only a forward-looking component but also a backward-looking element. The model is then estimated on Swedish data. The results from this estimation shed light on the importance of inflation expectations, in comparison to past inflation rates, for the development of current inflation. This is, for example, of great importance to a central bank trying to achieve an inflation target. A common characteristic of inflation targeting models is that with a lower degree of persistence in inflation, a credible central bank can achieve its inflation target with relatively little loss in output.
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3.
  • Norbäck, Pehr-Johan, 1960- (författare)
  • Multinational Firms, Technology and Location
  • 1998
  • Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
    • This thesis consists of four essays. Its main theme is the location of production in multinational firms.Subsidizing away exports? -- A note on strategic trade policy}% , investigates how strategic trade policy arguments for R\&D subsidies are altered when firms are multinational rather than national. Using a standard model, where a home firm and a foreign firm compete in exports on an international market, it is shown that cost-reducing R\&D subsidies by the home government to the home firm indeed increase this firm's market share. However, the subsidy can also eliminate export production in the home country, as production is shifted abroad.Strategic R\&D policy, domestic unionization and multinational firms}, extends the model in the first essay to include labor market effects. Labor is unionized in the home firm and wage and employment are derived using the efficient Nash-Bargaining solution. In this environment, R\&D subsidies will also improve the firm's bargaining position against the union, as the improved technology can be used abroad in the case of a break-down of negotiations, when production is shifted abroad. Whether this effect increases the firm's market share and domestic welfare depends on union preferences.Multinational firms, technology and location} generalizes the above model into a full three-stage game where both firms choose (i) their respective technology, by deciding on a level of R\&D, (ii) whether this technology is to be used in a domestic or a in local plant and (iii) the quantity produced and sold on the market. If technology transfer costs are fixed, ``high-tech'' firms tend to produce abroad, but if such costs are associated with the level of R\&D, high-tech firms tend to export. An empirical analysis using a data set of Swedish multinational firms, confirms the latter prediction.Cumulative effects of labor market distortions in a developing country} considers a small open economy where an input-output industrial structure, scale economies and imperfect competition, create vertical linkages and multiple equilibria. In this environment, an imperfect labor market is introduced by assuming unionized labor. It is shown that if the vertical linkages are sufficiently strong, a deregulation of the labor market may trigger a large, discontinuous expansion of industrial output, as reduced wage-costs start a circular, cumulative process in which the expansions of the up-and downstream industries promote each other.
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4.
  • Oxenstierna, Gabriel C, 1955- (författare)
  • Market power in the Swedish banking oligopoly : a game-theoretic model of competition applied to the five big Swedish banks 1989-97
  • 1999
  • Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
    • This thesis aims at assessing the degree of competition among the five dominating Swedish banks during the period 1989-1997. In so doing, it also aims to develop a general oligopoly model with the specific purpose of providing a tool for an improved methodology for the evaluation of market power in oligopolistic markets, and to demonstrate the empirical application of this methodology.In the first of the three essays, An Asymmetric Oligopoly Model and a Method for Its Empirical Application, a general oligopoly model is developed that is suitable for empirical research where the data set contains firm-level data on prices, quantities and costs. This model makes it possible to gauge empirically observed prices to a range of game-theoretic equilibrium prices that are analytically deducted. It also allows for precise calculations of welfare effects from non-competitive pricing.In the second essay, Do Swedish Banks Enjoy Economies of Scale or Economies of Scope?, the extent of production economies on the cost side in the five big Swedish banks are investigated. This essay complements the empirical study of Swedish banking by, inter alia, estimating a cost function that includes not only operating costs, but also opportunity costs of equity capital. Results imply small dis-economies of scope between deposits and loans for the banks, as well as slightly negative economies of scale.In the third essay, Testing for Market Power in the Swedish Banking Oligopoly, the model in the first essay is developed into a banking context, allowing for the inherent multi-product characteristic in that industry. In the empirical part, results show that there was significant market power in both the loan market and the deposit market, although with a strongly time-varying pattern. The overall picture of conduct, is that pricing policies were less competitive in the deposit market. The economic cost level consitutes a bottom level for pricing in the loan market and attempts to establish higher spreads are not sustainable in the long run. Finally, welfare losses to the society from non-competitive pricing of loans and deposits are calculated to be ca 1.1% of GDP as a yearly average during the sampling period. The combined results of the empirical analyses in the second and third essays, indicate that there are no cost-side arguments for the many mergers and acquisitions that have taken place in the industry proper, and that small, specialised banking institutions might be competitively viable.
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