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International Comparisons of Prices, Output and Productivity
Type: Book
ISBN: 978-1-84950-865-0

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Article
Publication date: 1 February 1991

E.A. Selvanathan and S. Selvanathan

The consumption patterns of beer, wine and spirits in the UK are analysed to find reasons for the rapid growth in recent years of wine consumption. Data are presented…

Abstract

The consumption patterns of beer, wine and spirits in the UK are analysed to find reasons for the rapid growth in recent years of wine consumption. Data are presented together with the demand model and estimation results. Consumption of the three beverages is simulated to see the effect of various levels of tax and the effects of changes of preference over time. Growth in income, changing preferences and lower tax rates are found to be possible causes for the growth in wine consumption and the corresponding fall in spirits consumption.

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International Journal of Wine Marketing, vol. 3 no. 2
Type: Research Article
ISSN: 0954-7541

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Panel Data Econometrics Theoretical Contributions and Empirical Applications
Type: Book
ISBN: 978-1-84950-836-0

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Book part
Publication date: 13 November 2014

Boqiong Yang, Stephan Brosig and Jianguo Chen

We compare environmental impacts associated with incoming foreign direct investment versus domestic capital in China. We use aggregate data on Chinese provinces’ economic…

Abstract

We compare environmental impacts associated with incoming foreign direct investment versus domestic capital in China. We use aggregate data on Chinese provinces’ economic and pollution indicators to explore the effects of the financial origin of fixed capital. Our simultaneous models consider three prime channels through which these effects work: economic scale, sectoral composition, and pollution intensity. Results show that emissions associated with foreign financed capital are lower than with domestically financed capital for some but not all of the considered types of pollution.

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Globalization and the Environment of China
Type: Book
ISBN: 978-1-78441-179-4

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Article
Publication date: 25 January 2008

David Evans

The British government takes equity issues formally into account in its appraisal of social projects and policies. However, evidence on which the measured distributional…

Abstract

Purpose

The British government takes equity issues formally into account in its appraisal of social projects and policies. However, evidence on which the measured distributional welfare weights are based is neither broad enough nor sufficiently reliable. This paper seeks to address these issues by considering a wider body of evidence.

Design/methodology/approach

An important component of the welfare weight measure advocated by HM Treasury is the elasticity of marginal utility of consumption (e). A critical review of existing evidence on e is provided with a view to establishing priority areas for further research. New measures of e are presented based on revealed social values as indicated in specific government policies relating to both foreign aid and proposed income‐related fines for offences. Behavioural evidence based on demand analysis using a co‐integration approach is also presented.

Findings

The results for e are sensitive to the estimation approach adopted. While the evidence based on a revealed social values approach including modified tax‐based results suggests that e is close to unity, the measure currently used by HM Treasury, demand analysis suggests an e value close to 1.5. The evidence based on lifetime consumption behaviour is sensitive to model specification and needs updating.

Originality/value

Modified tax‐based findings on e are presented along with new evidence based on alternative revealed social values approaches. The new evidence from demand analysis is based on an Autoregressive Distributed Lag (ARDL) approach to co‐integration. This paper will be of interest to academics specialising in welfare economics and to practitioners involved in social project appraisal.

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Journal of Economic Studies, vol. 35 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 1 February 2005

David J. Evans and Haluk Sezer

This paper sets out to estimate discount rates for EU members, on a consistent time preference basis, for application in the appraisal of social projects. The value of the…

Abstract

Purpose

This paper sets out to estimate discount rates for EU members, on a consistent time preference basis, for application in the appraisal of social projects. The value of the discount rate can have an important influence on the allocation of funds between short‐term and long‐term uses.

Design/methodology/approach

A key component of the social discount rate is the elasticity of marginal utility of consumption (e) and it is estimated from OECD data relating to marginal and average rates of income tax. A tax model based on the principle of equal absolute sacrifice of satisfaction is employed.

Findings

The estimated discount rates, based on social time preference, mostly lie in the range 3‐5.5 per cent. The main source of variation in rates is differential growth in per capita consumption. Estimates of e are reasonably consistent and for 15 of the countries they lie in the range 1.3‐1.6.

Research limitations/implications

For more comprehensive tax information, then additional data from each country's tax authority are required. The research on estimates of e and social time preference rates can be extended to cover non‐European countries.

Practical implications

In the interests of a consistent equitable treatment of future generations, member countries of the EU should employ the same methodology in estimating social discount rates.

Originality/value

This paper applies a practical tax‐based approach to the estimation of e for a large number of European countries. The paper will be of interest to academics specialising in welfare economics and to practitioners involved in social project appraisal.

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Journal of Economic Studies, vol. 32 no. 1
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 1 February 2003

Leonard Chong, Michael Drew and Madhu Veeraraghavan

This study examines the relationship between Australia's stock market and the five largest international markets for the period 1991 through 2001. Preliminary findings…

Abstract

This study examines the relationship between Australia's stock market and the five largest international markets for the period 1991 through 2001. Preliminary findings, using correlation statistics, indicated potential benefits to international diversification for the Australian investor. Further analysis, conducted in the VAR framework using the Johansen cointegration method, found that the Australian market has short and long run linkages with the United States, while tests with other markets found little evidence of interdependence. Moreover, only the US market was found to Granger‐cause the Australian market.

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Pacific Accounting Review, vol. 15 no. 2
Type: Research Article
ISSN: 0114-0582

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Article
Publication date: 29 March 2021

Rasha Qutb

Migrants’ remittances to Egypt have increased considerably in both size and importance over the past 40 years. This increase has made Egypt one of the top remittance…

Abstract

Purpose

Migrants’ remittances to Egypt have increased considerably in both size and importance over the past 40 years. This increase has made Egypt one of the top remittance recipients in the world and the leading recipient country in the Middle East. As migrant remittances are one of Egypt's main sources of foreign capital, this study aims to identify the impact of these remittances on economic growth.

Design/methodology/approach

The study collects annual data on migrant remittances sent to Egypt during the period 1980–2017. The study uses the Augmented Dickey–Fuller test and Johnsen's Co-integration test to establish long-run relationships between variables. Then, a vector error correction model (VECM) is used to combine long-run and short-run dynamics, and a Granger causality test is performed. Finally, diagnostic tests of the VECM are conducted.

Findings

Results reveal that migrants’ remittances to Egypt are countercyclical in the sense that they have a long-term negative impact on economic growth. These results are determined by the Granger causality between migrants' remittances, inflation rate and imports.

Practical implications

The study can help policymakers to develop appropriate policies to turn migrants' remittances into a reliable source of capital that could result in a stable economic growth.

Originality/value

Although various empirical studies have examined the growth effect of remittances, most of them are based on cross-country data. This study contributes to the field by attempting to close a gap in the literature by empirically analyzing the impact of remittances on a single country over a long period.

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Review of Economics and Political Science, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2356-9980

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Book part
Publication date: 29 May 2009

William A. Barnett and Apostolos Serletis

This chapter presents the differential approach to applied demand analysis. The demand systems of this approach are general, having coefficients that are not necessarily…

Abstract

This chapter presents the differential approach to applied demand analysis. The demand systems of this approach are general, having coefficients that are not necessarily constant. We consider the Rotterdam parameterization of differential demand systems and derive the absolute and relative price versions of the Rotterdam model, due to Theil (1965) and Barten (1966). We address estimation issues and point out that, unlike most parametric and semi-nonparametric demand systems, the Rotterdam model is econometrically regular.

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Quantifying Consumer Preferences
Type: Book
ISBN: 978-1-84855-313-2

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Article
Publication date: 11 September 2009

Sittiphol Viboonthanakul

In recent years, economists have begun to investigate the impact of internet shopping (e‐commerce) on smuggling and the associated loss in tax revenues. The evidence thus…

Abstract

Purpose

In recent years, economists have begun to investigate the impact of internet shopping (e‐commerce) on smuggling and the associated loss in tax revenues. The evidence thus far has been mixed, with some studies concluding that the tax loss is substantial, while others find little impact on tax revenues. The purpose of this paper is to take a new approach to analyzing the impact of internet shopping on smuggling and the associated loss in tax revenues.

Design/methodology/approach

Unlike previous studies, the paper uses disaggregated panel data and econometric methods to estimate the effect of e‐commerce on the smuggling of various types of commodities.

Findings

The paper finds that e‐commerce has led to the increased smuggling of some commodities, but not others, which may help explain the mixed tax‐loss results that have been obtained in previous studies (which use aggregate data).

Practical implications

The paper identifies those commodities that are more susceptible to smuggling via e‐commerce. This information should be useful to policy makers.

Originality/value

The paper takes a new approach to estimating the impact e‐commerce has on tax revenues. It also helps explain the mixed results obtained in previous studies.

Details

Journal of International Trade Law and Policy, vol. 8 no. 3
Type: Research Article
ISSN: 1477-0024

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