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on Accounting and Auditing |
| By: | Andrea Albarea (Department of Economics, University Of Venice Cà Foscari); Michele Bernasconi (Department of Economics, University Of Venice Cà Foscari); Cinzia Di Novi (Department of Economics, University Of Venice Cà Foscari); Anna Marenzi (Department of Economics, University Of Venice Cà Foscari); Dino Rizzi (Department of Economics, University Of Venice Cà Foscari); Francesca Zantomio (Department of Economics, University Of Venice Cà Foscari) |
| Abstract: | The paper presents the main characteristics of BETAMOD, a static microsimulation model that reproduces the Italian personal income tax (IRPEF), as well as local income taxes, namely the regional and municipal additional income taxes, building on a detailed reconstruction of tax legislation. With respect to the vast majority of existing tax microsimulation models, the peculiarities of BETAMOD concern two aspects: the inclusion of a detailed set of tax expenditures, and the estimation of individual-specific tax evasion rates, which account for the total individual income level, its composition in terms of income sources, and the geographical area of residence. |
| Keywords: | Tax-benefit microsimulation, tax evasion, tax expenditures, SILC, Italy |
| JEL: | C15 C63 H20 H24 H26 H31 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2015:24&r=acc |
| By: | Ichiro Iwasaki (Institute of Economic Research, Hitotsubashi University) |
| Abstract: | In this paper, using panel data of industrial firms obtained from unique questionnaire surveys conducted all over the Russian Federation in 2005 and 2009, we trace structural change in corporate governance systems before and after the global financial crisis and empirically examine their determinants. We found that, during this period, Russian firms improved the quality of corporate governance across the entire industrial sector. Furthermore, our empirical evidence strongly supports a hypothesis regarding the relationship between outside ownership and board composition as well as that concerning the impact of outside directorship on the audit system. Meanwhile, our estimation results also indicate the possibility that the global financial crisis has brought about asymmetric changes, in the sense that it enhanced the independence of corporate boards, while it deteriorated the independence of the audit system, thus, partially rejecting our prediction with respect to the disciplinary effect of the crisis on the corporate governance system. |
| Keywords: | global financial crisis, ownership change, evolution of corporate governance, board composition, audit system, Russia |
| JEL: | D22 G01 G34 M42 P34 |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:kyo:wpaper:925&r=acc |
| By: | Alessandro Borin (Bank of Italy); Michele Mancini (Bank of Italy) |
| Abstract: | The diffusion of international production networks has challenged the capability of traditional trade statistics to provide an adequate representation of supply and demand linkages among the economies. To address this issue, new statistical tools (the Inter-Country Input-Output tables) and new analytical frameworks have been developed. Koopman, Wang and Wei propose an accounting methodology to decompose a country’s total gross exports by source and final destination of their embedded value added. We develop this approach further by deriving a fully consistent counterpart for bilateral trade flows, refining the original framework. Along with other contributions, our methodology completes the bridge between traditional trade statistics and the systems of national accounts and provides new tools for investigating global value chains. Here we present two empirical applications of two different versions of our decomposition of bilateral trade flows: one explores the forward linkages of Italian exports; the second derives a measure of the share of value-chain-related trade and assesses how its evolution since the mid-1990s has affected the relationship between world trade and income. |
| Keywords: | global value chains, input-output tables, trade in value added, trade elasticity |
| JEL: | F1 F14 F15 |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:wptemi:td_1026_15&r=acc |
| By: | Gulzar, Rosana; Masih, Mansur |
| Abstract: | As Islamic banking comes of age 40 years after its beginning, scholars and academics are calling for a better version 2. Regulators in Malaysia and Pakistan are pushing the industry to adopt more Islamic contracts which live up to the spirits of Shariah. Malaysia, specifically, has launched the Islamic Financial Services Act 2013 (IFSA) as a step in this direction. To facilitate the transition, this study has two objectives; to test whether conventional rates is still cointegrated with Islamic banks’ profit rates in Malaysia and a ranking of the exogeneity of the factors that affect the profit rates. It uses a range of multivariate time series techniques namely the cointegration test, vector error correction model (VECM), cumulative sum (CUSUM) and cumulative sum of squares (CUSUMSQ) tests, variance decomposition (VDC), impulse response and persistence profiles. This study contributes to the literature through its use of the latest data (up to December 2014) and its rank of less-tested variables such as the ratio of Islamic deposits to total Islamic assets. The VDC ranking can also serve as a basis for comparison for the effects of IFSA. This research finds that Islamic profit rates are still cointegrated withconventional rates such as the overnight policy rate (OPR) and fixed deposit rates. Additionally, it is also led by Islamic banks’ dependency on deposits for funding and their market shares. These findings may give urgency to policy makers and practitioners to evolutionise current Islamic banking practices towards what is likely to be a more stable financial system. |
| Keywords: | Profit rates, investment account rates, interest rates, OPR, IFSA, Time Series |
| JEL: | C22 C58 E43 |
| Date: | 2015–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:65840&r=acc |
| By: | Ludovico Bracci (Istat); Silvia Fabiani (Banca d'Italia); Alberto Felettigh (Banca d'Italia) |
| Abstract: | The new international standards for national accounts and balance of payments statistics (ESA 2010 and BPM6) introduced a new treatment of goods sent abroad for processing without changing ownership, now considered as an exchange of services. In this paper we explore to what extent this innovation affects the structural analysis of Italian trade flows, in particular along the geo-sectoral dimension. We also draw, for the first time, a detailed picture of exports and imports of processing services in order to shed light on how Italian firms participate, through this channel, in global value chains. Our findings largely validate the geo-sectoral interpretations based on the previous statistical standards. The data reveal that Italy is historically a net exporter of processing services, especially for high-technology products; flows are highly concentrated across destinations and sectors. |
| Keywords: | trade, processing services, global value chains. |
| JEL: | F10 F14 |
| Date: | 2015–07 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_284_15&r=acc |