Financial Theory and Practice最新文献

Addendum: In search of the egalitarian syndrome: cultural inertia in Croatia? 附录:寻找平等主义综合症:克罗地亚的文化惰性?

Financial Theory and Practice Pub Date : 2017-03-09 DOI: 10.3326/FINTP.40.4.1A

I. Burić, A. Štulhofer

引用次数: 0

Accumulating approach to the life-cycle pension model: practical advantages 生命周期养老模式的积累方法:实用优势

Financial Theory and Practice Pub Date : 2016-12-13 DOI: 10.3326/FINTP.40.4.3

Y. Azoulay, A. Kudryavtsev, S. Shahrabani

{"title":"Accumulating approach to the life-cycle pension model: practical advantages","authors":"Y. Azoulay, A. Kudryavtsev, S. Shahrabani","doi":"10.3326/FINTP.40.4.3","DOIUrl":"https://doi.org/10.3326/FINTP.40.4.3","url":null,"abstract":"In the present study, we make an effort to enhance the practical advantages of the life-cycle pension model. We observe that previous studies are based on a â€œswitchingâ€ approach, that is, on the assumption that when a pension fund member reaches a certain age, his accumulated savings are fully switched to another fund with a lower risk profile; we suggest an â€œaccumulatingâ€ approach, according to which, at the same age, the memberâ€™s previously accumulated wealth continues to be invested in the same fund, while his new regular pension contributions start being directed to another (less risky) fund. We consider a hypothetical (average) Israeli employee, analyze two age-dependent life-cycle investment distributions of his pension savings, and perform a comparison between the two approaches to the life-cycle model by employing an estimation-based and a simulation-based technique. The results demonstrate that the â€œaccumulatingâ€ approach provides: (i) higher estimated annualized real returns and real accumulated savings; (ii) significantly higher simulated mean and median values of real accumulated savings. Moreover, we document that, though the â€œaccumulatingâ€ approach increases the standard deviation of total savings, it does not lead to critically low pension wealth levels even for relatively unfavorable sequences of financial assetsâ€™ returns. Therefore, we conclude that the â€œaccumulatingâ€ approach to the life-cycle model has a potential significantly to increase pension fund membersâ€™ total accumulated wealth relatively to the common â€œswitchingâ€ approach, without significantly increasing the membersâ€™ risk.","PeriodicalId":30016,"journal":{"name":"Financial Theory and Practice","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79008453","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: 4

List of articles published in “Financial Theory and Practice”, vol. 40, 2016 《金融理论与实践》2016年第40期文章列表

Financial Theory and Practice Pub Date : 2016-12-13 DOI: 10.3326/FINTP.40.4.7

Martina Fabris

引用次数: 0

In search of the egalitarian syndrome: cultural inertia in Croatia? 寻找平等主义综合症:克罗地亚的文化惰性?

Financial Theory and Practice Pub Date : 2016-12-13 DOI: 10.3326/FINTP.40.4.1

I. Burić, A. Štulhofer

{"title":"In search of the egalitarian syndrome: cultural inertia in Croatia?","authors":"I. Burić, A. Štulhofer","doi":"10.3326/FINTP.40.4.1","DOIUrl":"https://doi.org/10.3326/FINTP.40.4.1","url":null,"abstract":"In 1970, Josip Zupanov presented his Egalitarian Syndrome Theory (EST) to account for the countryâ€™s suboptimal socioeconomic development. The theory was operationalized only recently (Stulhofer and Buric, 2015), which enabled an assessment of the persistence of egalitarian syndrome, as well as the testing of its hypothesized (negative) association with indicators of social development. Using data from a 2015 national probability survey, this study aimed to provide additional validation of the multidimensional measure of the egalitarian syndrome, including age and gender invariance testing, as well as to explore the hypothesized negative association with county-level development indices. The findings support Zupanovâ€™s theoretical assumptions. Rural vs. urban residence, education and occupation, but not participantsâ€™ age, were significant predictors of the support for egalitarian syndrome. Significant negative associations were observed between the acceptance of values associated with the egalitarian syndrome and county-level development and competitiveness scores, GDP and early entrepreneurial activity. Although our study was not designed to test the causal relationship between radical egalitarianism and socioeconomic development, the findings suggest that the widespread prevalence of the egalitarian syndrome may be a problem for the countryâ€™s socio-economic development.","PeriodicalId":30016,"journal":{"name":"Financial Theory and Practice","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75777238","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: 6

The impact of population aging on public finance in the European Union 人口老龄化对欧盟公共财政的影响

Financial Theory and Practice Pub Date : 2016-12-13 DOI: 10.3326/FINTP.40.4.2

Mateo Žokalj

引用次数: 18

Tax harmonization in the European Union and the eurozone: a multilateral analysis of tax systems 欧盟和欧元区的税收协调:税收制度的多边分析

Financial Theory and Practice Pub Date : 2016-12-13 DOI: 10.3326/FINTP.40.4.4

Sonja E. Pippin, M. Tosun

{"title":"Tax harmonization in the European Union and the eurozone: a multilateral analysis of tax systems","authors":"Sonja E. Pippin, M. Tosun","doi":"10.3326/FINTP.40.4.4","DOIUrl":"https://doi.org/10.3326/FINTP.40.4.4","url":null,"abstract":"This exploratory study takes a new look at the tax systems of countries in the Organisation of Economic Co-operation and Development (OECD). We measure a countryâ€™s tax system using time-series cross-sectional data on tax collection variables as well as a cross-sectional metric assessing tax administration and enforcement. More specifically, we examine the countriesâ€™ (i) overall tax burden, (ii) income tax reliance, and (iii) fiscal decentralization as well as some â€œnon-rateâ€ variables related to tax administration and enforcement. The purpose is to compare European Union (EU) member states and those countries in the eurozone with other OECD countries and over time in order to test (1) whether EU member states and eurozone countries have tax systems that are more similar to each other than to other countries, and (2) whether some tax harmonization is taking place - within the EU (eurozone) and other countries. The descriptive analysis and graphical representation, as well as first empirical tests, show that the tax systems of EU member states and eurozone countries are significantly different from other countriesâ€™tax systems. Yet, we do not find much tax harmonization in the EU (eurozone) countries over time. Future research might delve more into the question what drives harmonization with the intention of eventually formulating policy strategies.","PeriodicalId":30016,"journal":{"name":"Financial Theory and Practice","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2016-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88667707","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: 2

Book review: Limits of a Post-Soviet State: How Informality Replaces, Renegotiates, and Reshapes Governance in Contemporary Ukraine / Abel Polese 书评:《后苏联国家的限制:当代乌克兰的非正式性如何取代、重新谈判和重塑治理》/ Abel Polese

Financial Theory and Practice Pub Date : 2016-12-13 DOI: 10.3326/FINTP.40.4.5

P. Bejaković

引用次数: 1

The evolution of law under communism and post-communism: a system-theory analysis in the spirit of Luhmann 共产主义和后共产主义下法律的演变:卢曼精神下的系统理论分析

Financial Theory and Practice Pub Date : 2016-09-08 DOI: 10.3326/FINTP.40.3.1

Bruno Schönfelder

引用次数: 8

Financijske institucije i tržišta Europske unije - regulacija i supervizija

Financial Theory and Practice Pub Date : 2016-09-08 DOI: 10.3326/FINTP.40.3.4

Ana Grdović Gnip