|
on Accounting and Auditing |
| By: | Yao, Jean-Marie |
| Abstract: | This paper presents a model of activities fragmentation in investment funds industry. We consider two strategies: the national one is similar to protectionism and the other is relative to the international market. The financial center proposes adequate combinations of these two strategies in order to attract the maximum of investment funds firms. The profit of the center is measured by the income drawn from the taxation that increases with the market share and the tax rate of the place. By a static simulation game, this paper describes the partial and the total delocalization of investment funds firm. Firstly, that helps us explain investment funds firms' fragmentation of the activity. Secondly we can show a typology of the financial centers, as size or activity is concerned. ---------------- Cet article présente un modèle de fragmentation de l’activité dans l’industrie des fonds d’investissement. Nous considérons deux stratégies: l'une nationale est assimilable à du protectionnisme et l’autre est tournée vers l’international. Les places financières proposent des combinaisons adéquates de ces deux stratégies en vue d’attirer le maximum de firmes d’investissement. Le profit des places financières est mesuré par le revenu tiré de la fiscalité qui augmente avec la part de marché et le taux d’imposition de la place. Par un jeu de simulation statique, cet article décrit la délocalisation partielle ou totale des firmes de fonds. Cela permet dans un premier temps d’expliquer la fragmentation de l’activité des fonds, puis dans un second temps de cerner la typologie des centres financiers, tant du point de vue de la taille que de l’activité. |
| Keywords: | International Financial Centers; Investment Funds; Localisation; Attractiveness; competitiveness; activities specialization ---- Centres financiers; Fonds d’investissement; Localisation; Attractivité; Fragmentation de l’activité. |
| JEL: | H3 L1 G2 |
| Date: | 2007–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:4512&r=acc |
| By: | AURAY, Nicolas |
| Abstract: | Folksonomy expands the collaborative process by allowing contributors to index content. It rests on three powerful properties: the absence of a prior taxonomy, multi-indexation and the absence of thesaurus. It concerns a more exploratory search than an entry in a search engine. Its original relationship-based structure (the three-way relationship between users, content and tags) means that folksonomy allows various modalities of curious explorations: a cultural exploration and a social exploration. The paper has two goals. Firstly, it tries to draw a general picture of the various folksonomy websites. Secundly, since labelling lacks any standardisation, folksonomies are often under threat of invasion by noise. This paper consequently tries to explore the different possible ways of regulating the self-generated indexation process. |
| Keywords: | taxonomy; indexation; innovation and user-created content. |
| JEL: | M41 K00 M49 L96 |
| Date: | 2007–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:4582&r=acc |
| By: | William Scarth |
| Abstract: | The aging population has raised at least two concerns about tax policy. First, taxes will need to be increased to cover higher public-pension and medical-care expenses when baby boomers have retired. Second, taxes can be cut in the meantime, as the government realizes the "fiscal dividend" that accompanies its debt reduction program (that has been motivated by the aging population development). This paper uses a simple endogenous growth analysis to examine these issues. It is assumed that sales tax increases are infeasible on political grounds. Two conclusions emerge: the income tax rate levied on domestic residents should be cut during the debt-reduction period, and the tax rate on foreigners whose capital is operating in Canada should be increased later on when the bulk of the baby boomers have retired. |
| Keywords: | fiscal policy, endogenous growth, open economy |
| JEL: | E10 E60 F43 H30 O40 |
| Date: | 2007–06 |
| URL: | http://d.repec.org/n?u=RePEc:mcm:sedapp:214&r=acc |