Political Economy - Development: Fiscal & Monetary Policy eJournal最新文献_第10页

The Case for Reform of the RBA's Policy and Communication Strategy 澳大利亚央行政策与沟通策略改革的案例

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-12-08 DOI: 10.2139/ssrn.3521009

Bruce Preston

引用次数: 1

Political Costs of Tax-Based Consolidations 以税收为基础的合并的政治成本

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-12-01 DOI: 10.5089/9781513521534.001

Chuling Chen, Era Dabla‐Norris, Jay Rappaport, A. Zdzienicka

引用次数: 6

A Text Mining Analysis of Central Bank Monetary Policy Communication in Nigeria 尼日利亚央行货币政策沟通的文本挖掘分析

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-12-01 DOI: 10.2139/ssrn.3545508

M. Tumala, Babatunde S. Omotosho

{"title":"A Text Mining Analysis of Central Bank Monetary Policy Communication in Nigeria","authors":"M. Tumala, Babatunde S. Omotosho","doi":"10.2139/ssrn.3545508","DOIUrl":"https://doi.org/10.2139/ssrn.3545508","url":null,"abstract":"This paper employs text-mining techniques to analyse the communication strategy of the Central Bank of Nigeria (CBN) during the period 2004-2019. Since the policy communique released after each meeting of the CBN’s monetary policy committee (MPC) represents an important tool of central bank communication, we construct a corpus based on 87 policy communiques with a total of 123, 353 words. Having processed the textual data into a form suitable for analysis, we examined the readability, sentiments, and topics of the policy documents. While the CBN’s communication has increased substantially over the years, implying increased monetary policy transparency; the computed Coleman and Liau readability index shows that the word and sentence structures of the policy communiques have become more complex, thus reducing its readability. In terms of monetary policy sentiments, we find an average net score of -10.5 per cent, reflecting the level of policy uncertainties faced by the MPC over the sample period. In addition, our results indicate that the topics driving the linguistic contents of the communiques were influenced by the Bank’s policy objectives as well as the nature of shocks hitting the economy per period.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"132 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131555918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 5

The Worldwide Network of Tax Evasion: Evidence from the Panama Papers

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-11-29 DOI: 10.2139/ssrn.3527765

Fernando Garcia Alvarado, A. Mandel

引用次数: 1

German Bond Yields and Debt Supply: Is There a 'Bund Premium'? 德国国债收益率和债券供应:是否存在“德国国债溢价”?

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-11-01 DOI: 10.5089/9781513518329.001

Anne-Charlotte Paret, A. Weber

引用次数: 5

Pricing Sovereign Debt in Resource-Rich Economies 资源丰富经济体的主权债务定价

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-11-01 DOI: 10.5089/9781513516431.001

T. Mcgregor

引用次数: 2

Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy? 利率消亡的原因:储蓄过剩、长期停滞还是央行政策?

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-10-30 DOI: 10.2139/ssrn.3478451

G. Schnabl

{"title":"Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy?","authors":"G. Schnabl","doi":"10.2139/ssrn.3478451","DOIUrl":"https://doi.org/10.2139/ssrn.3478451","url":null,"abstract":"This article compares the Keynesian, neoclassical and Austrian expla-nations for low interest rates and sluggish growth. From a Keynesian and neoclassical perspective, low interest rates are attributed to aging societies, which save more for the future (global savings glut). Low growth is linked to slowing population growth and a declining marginal efficiency of investment as well as to declining fixed capital investment due to digitalization (secular stagnation). In contrast, from the perspective of Austrian business cycle theory, interest rates were decreased step by step by central banks to stimulate growth. This paralyzed investment and lowered growth in the long term. This study shows that the ability of banks to extend credit ex nihilo and the requirement of time to produce capital goods invalidates the permanent IS identity assumed in the Keynesian theory. Furthermore, it is found that there is no empirical evidence for the hypotheses of a global savings glut and secular stagnation. Instead, low growth can be explained by the emergence of quasi “soft budget constraints” as a result of low interest rates, which reduce the incentive for banks and enterprises to strive for efficiency.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121719320","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 8

Sustainable Debt 可持续的债务

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-10-26 DOI: 10.2139/ssrn.3273449

G. Bloise, H. Polemarchakis, Yiannis Vailakis

引用次数: 6

Creditor Rights, Debt Capacity and Securities Issuance: Evidence from Anti-Recharacterization Laws 债权、债务能力与证券发行:来自反重构法的证据

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-10-24 DOI: 10.2139/ssrn.3541924

Daniel Tut

引用次数: 3

Possible Impact of Accounting Income Method (AIM) on Small and Medium Enterprises (SMEs) in New Zealand 会计收入法(AIM)对新西兰中小企业可能产生的影响

Political Economy - Development: Fiscal & Monetary Policy eJournal Pub Date : 2019-10-19 DOI: 10.2139/ssrn.3472175

Frank Tsuzuki, John Sun, Kevin Chiv

{"title":"Possible Impact of Accounting Income Method (AIM) on Small and Medium Enterprises (SMEs) in New Zealand","authors":"Frank Tsuzuki, John Sun, Kevin Chiv","doi":"10.2139/ssrn.3472175","DOIUrl":"https://doi.org/10.2139/ssrn.3472175","url":null,"abstract":"Accounting income method (AIM) has been introduced as a provisional income tax payment method in April 2018 in New Zealand. One of the concerns from the taxpayer side is that the provisional tax payment amount and timing is not necessarily consistent with that of actual income and profit of taxpayers. AIM utilises advanced technologies of accounting software, MYOB, Reckon APS or Xero, to address issues including this. The major purpose of this research was to evaluate possible impacts of AIM on New Zealand small and medium sized enterprises (SMEs) based on available information related to AIM. In addition to the publicly available information on the provisional income tax payment methods and AIM, an official information request to Inland Revenue (IR) and hearing/inquiry surveys to IR officer was conducted as well as internal communications in the authors’ affiliation accounting firms. Estimations of hypothetical cases showed there would be difference in income tax payment amounts, 0.16–0.3% of annual revenue, between the Standard method and AIM when the time value of money is considered. AIM would have significant impacts on New Zealand SMEs under such conditions that accounting software would be more proliferated, or conventional accounting software would incorporate data available from existing merchandise, EFTPOS, bank accounts and cashing systems.","PeriodicalId":119398,"journal":{"name":"Political Economy - Development: Fiscal & Monetary Policy eJournal","volume":"174 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124197560","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0