Working Abroad: An Analysis of the Impact of the Finance Act 2008 on Non-Domiciled Workers in the United Kingdom

The purpose of this article is to outline some of the fundamental principles of U.K. taxation concerning individuals who divide their time in between the U.K. and other countries, and specifically, with reference to the changes in the Finance Act 2008. An individual\u27s status of residence within the U.K. will have an impact on their tax burden, which needs to be taken into consideration when tax planning. It is important to note that the legislation found in the Finance Act 2008 can affect individuals irrespective of nationality. This article will focus on three main areas of taxation: firstly; a discussion of some of the nomenclature concerning domicile, secondly, an outline of the recent changes in tax law found in the Finance Act 2008, and thirdly, a critical analysis of the potential impact of these changes on non-domiciled individuals

Financial Anxieties of Large, Medium and Small Enterprises in japan

In our previous article (2005), we investigated financial anxieties over the economy of Japan by treating the conditional variances of TARCH model as the financial anxieties. However we did not distinguish between large enterprises and small enterprises, though we differentiated the financial anxieties between all enterprises and small enterprises. The reason was that we implicitly assumed that the financial anxieties of large firms were smaller than those of small firms in the period of financial distrss, since lerge firms could access the credit markets directly through stock and bond market. Small firms which were more dependent of bank loans were supposed to have much more finanncial anxieties in the finanncial panic than large firms.In this article, we have quantified the financial anxieties for four different catedories of enterprises:large enterprises, medium enterprises, small enterprises and adding altogether (viz., large + medium + small) as all enterprises. Also another new aspest is that we have used EGARCH model instesd of TARCH, because in this model there is no need for non-negative constraints on the parameters and more importantly, it also allows for asymmetries in the variance equation. Then we have compared and explained financial anxieties for all categories through the line of history of the deflationary economy of Japan.Our findings show the opposite results that was expected. That is to say, large firms respond to financial distress more strongly than small firms

Financial Anxieties in Japanese Economy

In this article, financial anxieties over the economy of Japan have been investigated. Some researchers analyzedthis anxiety using the level economic variables in TARCH model without showing time series properties. If the time series involved are nonstationary, naive application of time series analysis may yieldspurious correlation. So, an attempt has been made to recalculate the anxieties in a more optimum way over the period1976-2005. Our results are able to capture the anxieties consistent with the economic point of views. Further discussions are given for the difference of financial anxieties between all enterprises andsmall ones, focusing our attention on the public financial institutions that played the special role for small enterprises

Monetary Policy under the Zero Lower Bound Interest : Japan\u27s Experience

This paper quantifies the effect of non-traditional monetary easing at the zero lower bound on interest rate, so called “quantitative easing monetary policy” which the BOJ adopted from March 2001 through June 2006, by changing operating target for money market from the uncollateralized call rate to the outstanding current account balances held by financial institutes at the BOJ. The paper confirms that the monetary policy has contributed to the recovery of the prolonged deflation.First we estimate a minimal VAR model, which consists of the current account balances at the BOJ (CABs) as a policy variable, real GDP, and inflation rate. Next we decompose money stock into transaction money and precautionary money to evaluate the transmission mechanism of the effect of CABs on the real economy by taking into account the financial anxiety. We have found a quantitative easing shock firstly increases transaction money and then raises output and price, which dispels the anxiety. We also confirm that a liquidity trap did not exist during the period of quantitative easing monetary policy

Culturally Responsive Teaching in the Japanese Classroom : A Comparative Analysis of Cultural Teaching and Learning Styles in Japan and the United States

This paper aims to highlight some of the differences between Japanese and American school cultures and cultural learning styles, and to show how some of these differences might pose challenges in the Japanese classroom for foreign teachers familiar with an American-style approach to teaching and learning. There is an examination of characteristics of school culture and teaching and learning styles often found in Japan. There is also a comparison of conversation styles between Japanese and English as it is frequently spoken in America, as well as a section highlighting the impact is culturally influenced habits of foreign teachers on Japanese students. Finally, there is an attempt to offer some solutions to meet these challenges and bridge the gaps between cultures to best facilitate effective language learning. These solutions range from culturally responsive teaching practices that are applicable generally to strategies catered specifically to Japanese learners

Struggle and Fear : a Study of Experience and Identity in Four Short Stories by Chester Hims

Chester Himes was a black American writer who began publishing his short stories while remanded in prison for armed robbery. This paper is a study of the central characters in four of his short stories: ‘His Last Day’, ‘Looking Down the Street’, ‘Head Waiter’ and ‘Heaven Has Changed’. The focus is upon Himes’s representation of black American protagonists in relation to his own actual experience as a black American, and also within the social context of racial segregation in depression era America in the 1930s

Hard-Boiled Detective Fiction as a Vehicle of Social Commentary in Raymond Chandler\u27s The Big Sleep and Walter Mosley\u27s Devil In A Blue Dress.

The purpose of this essay is to explore whether popular detective fiction can function as a social commentary. The authors studied are Raymond Chandler and Walter Mosley, and the selected novels are The Big Sleep, published in 1939, and Devil In A Blue Dress, published in 1990. Key themes which will be analysed are: literary conventions of the hard-boiled fiction, which is to say how the protagonists and setting are depicted, race, particularly concerning Mosley, and additionally, how the nature of these experiences may affect the author\u27s ability to use narratives as a social commentary

Japan\u27s Prolonged Recession and Monetary Policy

This paper examines how over a period of more than ten years, Japan\u27s economy experienced prolonged recession of a kind which had never been observed before. It focuses on the events in Japan\u27s economy since 1985, tracing how asset prices in flated and collapsed, and how the Bank of Japan responded to the deteriorating economy. We will learn from Japan\u27s experience that it is very difficult to reactivate an economy with monetary policy, once it has fallen into deflation. We will conclude that the BOJ should notignore the role of money stock, citing statistical evidence of the relationship between money stock and the economic activity

Estimation of Precautionary Demand Caused by Financial Anxieties

Pioneering work of modelling financial anxieties was given by Kimura et al. (1999) as psychological change of people due to financial shocks. Since they regressed financial position (easy or tight) by nonstationary interest rate, their results exhibit high peaks not only in financial crisis period of 1997 and 1998, but also in the bubble economy period of 1987 to 1989, which seems to be a spurious regression. Furthermore, defining financial anxieties as the conditional variance in TARCH model, one of estimated coefficients does not satisfy sign condition. We got rid of these difficulties by introducing a growth rate model, where a change of financial position (toward ’tight’) under a change of interest rate (toward ’fall’) is regarded as financial anxieties. Such anxieties are quantified by conditional variance of EGARCH model and shown to be stationary. Precautionary demand caused by financial anxieties is estimated in VEC model and it is shown that money adjusted by precautionary demand satisfies a long-run equilibrium relationship in the system (adjusted money, real GDP, interest rate) even in the interval 1980q1 to 2003q2

Monetary Policy in the Deflationary Economy; Japan\u27s Experience

The paper addresses the effectiveness of monetary policy in the prolonged Japan’s recession. A large amount of research has been aimed at the topic. A majority of the previous paper denies the effectiveness of monetary policy in the deflation. The Bank of Japan always insists that monetary policy does not work well especially in the severe deflation. However the role of money should not be ignored when we considers M. Friedman’s word “Both inflation and deflation are monetary phenomenon.”The paper will apply the Vector Error Correction Model into Japan’s economy over the period from 1980q1 through 2009q1. The model examines whether or not there exists a long-run equilibrium relationship between the monetary base and economic activity, paying a close attention to the precautionary money demand caused by the financial anxiety. People are expected to increase the precautionary demand, facing the financial crisis. The survey data is used to quantify the financial anxieties. The result shows that the cointegration property among monetary base and economic acclivity still hold even after Japan’s economy fallen into the deflation in 1997, when people’s financial anxiety is taken into account.The paper also analyzes the existence of the liquidity trap by the same model. The data analysis demonstrates the non-existence of the trap. Thus, we conclude that monetary policy is still effective and the BOJ’s role is crucially important to combat against the prolonged recession