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Following Ramsey, the existing literature on optimal quantity taxation only compares the pre and the post-tax market equilibriums in order to account for the efficiency losses. However, when the government imposes a quantity tax on the consumer, the buyer's price jumps to the pre-tax equilibrium price plus the amount of the tax, and the supply and the demand of the taxed commodity then adjust over time to bring the new post-tax market equilibrium. The existing literature does not take into account the efficiency losses during the adjustment process while computing the optimal quantity taxes. This paper derives an optimal quantity tax path in a dynamic setting minimizing the efficiency losses (output and/ or consumption lost) during the dynamic adjustment process as well as the post-tax market equilibrium.

Following Ramsey, the existing literature on optimal quantity taxation only compares the pre and the post-tax market equilibriums in order to account for the efficiency losses. However, when the government imposes a quantity tax on the consumer, the buyer's price jumps to the pre-tax equilibrium price plus the amount of the tax, and the supply and the demand of the taxed commodity then adjust over time to bring the new post-tax market equilibrium. The existing literature does not take into account the efficiency losses during the adjustment process while computing the optimal quantity taxes. This paper derives an optimal quantity tax path in a dynamic setting minimizing the efficiency losses (output and/ or consumption lost) during the dynamic adjustment process as well as the post-tax market equilibrium.

Mit zunehmender Kommerzialisierung kommt der Frage der Nachhaltigkeit der Mikrofinanz in jüngerer Zeit immer stärkere Bedeutung zu. Dennoch ist bisher nur wenig über die kritische Rolle, die Subventionen für den finanziellen und sozialen Erfolg und Misserfolg von Mikrofinanzinstitutionen (MFI) spielen, bekannt. Wie hoch sind die gesellschaftlichen Kosten der Subventionierung von MFI? Welche MFI mit welchen spezifischen Merkmalen (geografische Lage, Status, Leihmethodik, etc.) profitieren am stärksten von Subventionen? Was sind die Wirkungen von Subventionen auf Effizienz und Produktivität der Mikrofinanz? Basierend auf Daten der Revisionsberichte von 204 MFI wurden die Determinanten von Zinspolitik, Wirtschaftlichkeit und Produktivität der Mikrofinanz empirisch untersucht. Des Weiteren wurde die Gültigkeit des Mission Drift -Phänomens empirisch geprüft. ; With increasing commercialization, the issues in the sustainability of microfinance have drawn much attention in recent times. However, very little is known about the critical role played by the subsidies on the financial and social performance of microfinance. How much subsidization of the microfinance cost to the society? Which microfinance institutions with particular characteristics (location, status, lending methodology etc.) benefit the most from subsidies? What are its impact on the efficiency and productivity of microfinance? Based on the data taken directly from the audit reports of 204 microfinance institutions, the empirical evidence further investigates the determinants of the interest rate policy, profitability and productivity of microfinance. Furthermore, the validity of mission drift phenomena in microfinance has also been investigated.

The social nature of Microfinance Institutions (MFIs) is mainly financed by subsidies received from the donors. This paper investigates the relationship between the sustainability and the efficiency of microfinance. Using Yaron's Subsidy Dependence Index (SDI) as a measure of sustainability, a panel data set has been generated from the audit reports of the 179 MFIs worldwide. This essay empirically investigates some important relationships and phenomenons in microfinance. Even after correcting for the endogeneity bias, the results lend some support to the existence of mission drift tendency in microfinance. Notwithstanding interest rate policy, evidence is found that MFIs do charge higher interest rate to women borrowers with small loan sizes. Further, the determinants of MFIs profitability and sustainability have also been identified. Furthermore the evidence does not support the trade-off between outreach and sustainability, however, the trade-off between costs and sustainability of MFIs is well supported. While the productivity and efficiency of MFIs contributes towards sustainability. ; info:eu-repo/semantics/published