Suchergebnisse

The Tobin tax is a solution proposed by many economists for limiting the speculation in foreign exchange and stock markets and for making these markets stabler. In this paper we present a study on the effects of a transaction tax on one and on two related markets, using an artificial financial market based on heterogeneous agents. The microstructure of the market is composed of four kinds of traders: random traders, fundamentalists, momentum traders and contrarians, and the resources allocated to them are limited. In each market it is possible to levy a transaction tax. In the case of two markets, each trader can choose in which market to trade, and an attraction function is defined that drives their choice based on perceived profitability. We performed extensive simulations and found that the tax actually increases volatility and decreases trading volumes. These findings are discussed in the paper.

Δεν παρατίθεται περίληψη στα ελληνικά. ; The declaration of the establishment of the «Kingdom of Serbs, Groats and Slovenes» on the 1st of December, 1918 —which in 1929 was renamed to Yugoslavia— fulfilled the long standing desire for the political unification of all South-Slavs. However, the new State which apart from the three old kingdoms of Serbia, Montenegro and Croatia included the entities of the former Hungarian Vojvodina, the former Austrian Slovenia and Dalmatia and the Serbian Macedonia had to tackle certain problems. Its subjects were divided into several ethnic groups: Serbs, Croats and Slovenes —who constituted three quarters of its entire population— and Germans, Hungarians and Albanians as well as other ethnic minorities. The population of the new state was also divided into three religious categories: 47% were Orthodox Christians, 39% Catholics, and 11% Muslims. This paper attempts to analyze five constructive crises which came about in interwar Yugoslavia, and are characteristic of any modern state: 1) The crisis of identity of the state itself and of the various ethnic groups. The ideology of Yugoslavian unification failed to bridge the differences between the ethnic and religious groups; 2) The crisis of legitimacy. This is related with the nature of the regime. From 1918 until the dictatorship of 1929 twenty three governmental crises occured; 3) The crisis of integration, as reflected in the policies and the electoral results of the various political parties which had clear ethnic and geographical limits. During the interwar period none of the existing political parties attained to play this integrating role by securing mass support throughout the country; 4) The crisis of participation of individuals and social groups in controlling the public affairs and manning the state apparatus; 5) The crisis of distribution of goods and services. The ethnic and political contradictions between the Slovenes and Croats in the North and Serbs in the South resulted in the uneven development between these two geographical districts of the state.