We investigate the effects of memory on the stability of evolutionary selection dynamics in a simple asset pricing model with heterogeneous beliefs. Whether memory is stabilizing or destabilizing depends in general on three key factors: (1) whether or not the weights on past observations are normalized; (2) the ecology or composition of forecasting rules, in particular the average trend extrapolation factor and the spread or diversity in biased forecasts; and (3) whether or not costs for information gathering of economic fundamentals have to be incurred.
COBISS.SI-ID: 1651854
Slovenia belongs to a group of EU member states that have reduced their personal income tax burden during the late-2000s financial and economic crisis. The latest changes, introduced in the personal income tax system during the last two years, have primarily reduced the tax burden on low-income taxpayers. However, this was only the last step in a series of personal income tax reforms since 2004 that have reduced on average the tax burden on all taxpayers. Using an exclusive database of taxpayers and utilising a general-equilibrium modelling platform, an approach that is unfortunately still rare in Central and Eastern European countries, we assess the consequences of these reforms at both the micro and the macro level. From a macroeconomic point of view, the initial positive consequences of higher private consumption and welfare are declining over time due the increased budget deficit and reduced investment.
COBISS.SI-ID: 1667726
Namen članka je proučiti povezavo med lastništvom in plačami na osnovi presečnih podatkov slovenskih srednje velikih in velikih podjetij, kjer modeliramo prostorske odvisnosti in določanje plač. Prostor tukja ni mišljem v geografskem kontekstu, ampak kot množica povezav med podjetji istega lastnika. Na osnovi detajlne podatkovne baze slovenskega lastništva smo skušali s prostorsko-ekonometričnim pristopom zaznati učinke plačnega prelivanja preko koncentracije lastništva in razmerja med denarnim tokom in kontrolnimi pravicami. Naši rezultati kažejo, da je lastništvo pomemben dejavnik pri pojasnjevanju razlik v plačah. Mnogi veliki lastniki preusmerjajo denarni tok v zasebne koristi, kar ima neugoden učinek na plače in kaže na nevzdržnost tovrstnega lastniškega obnašanja.
COBISS.SI-ID: 1669262
We investigate the effect of financial constraints on the investments in Slovenian firms during the current economic crisis. By estimating an error-correction model and Euler-equation specification, we found that corporate investments are significantly affected by financial constraints. The effect of financial constraints intensified in 2009 and slightly alleviated in 2010; however, being still significantly more intense than in 2008. The results indicate that financial constraints have significant effect in more, as well as less levered firms; however corporate investments being more severely affected in firms that operate with above average leverage. Firms operating with above-average leverage have also more severe difficulties in closing the gap between desired and actual stock of capital.
COBISS.SI-ID: 266413568
We investigate the effect of corporate taxation, in particular investment tax allowances, on the corporate investment in Slovenian firms. Since, as argued by Crnigoj and Verbic (2013), Slovenian firms tend to be recently to a large extent financially constraint, we modeled the tax effects in our investment equation via two different channels; one being crucial for financial unconstrained firms and the other for financially constrained firms. For financially unconstrained firms, corporate investments are affected by taxes through the user cost of capital, while for financially unconstrained firms the effect that materializes through the cash flow effect is expected to prevail. We found only weak evidence of the tax effect that materialize through the cash flow effect on the corporate investments, but we did not find any significant effect of the cost of capital.
COBISS.SI-ID: 266414592