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.

In the Main City of Gdańsk, a certificate of the city council's control over the legal guardians of children who lost one or both parents, are two books of minors from 1441-1460 and 1451-1460. The supervision of the registers of this type was exercised by the masons. These entries included entries regarding the property of minors entrusted by their guardians to the municipal council for safekeeping. These books also show the further fate of funds belonging to minors and financial operations carried out by their guardians (eg investments in the pension market). They are also an interesting source for research on Gdansk's financial policy in the times of political change, such as the Thirteen Years' War

The interpretation of 900 of Cicero's statements from the point of view of mental history, presented by Jürgen Blänsdorf, shows that the city slaves and freedmen of the late Roman republic - recently also slaves - were respected and as specialists and personalities. They were accountants with direct access to the abilities of their masters, librarians and doctors, and were involved in the political events as messengers and secretaries, and they also represented their masters in financial and legal transactions