Household Tax Compliance and the Shadow Economy in Central and Southeastern Europe

This paper presents and applies a new indicator of the size of the shadow economy based on the estimation of tax compliance in the household sector. These estimates are performed for the countries of Central, Eastern and Southeastern Europe using 2001 data. Estimates of income declaration rates and of corresponding undeclared household income are computed using household consumption data as well as detailed data on household taxation. Specific aspects such as remittances, the role of agriculture and the impact of tourism are explicitly taken into account and discussed.

The Missing Link - Economic Exposure and Pension Plan Risk

The funding position of a defined benefit pension plan is often closely linked to the performance of the sponsoring company's business. For example, a plan sponsor whose financial health is dependent on high oil prices may struggle during periods of oil price weakness. If the pension plan’s assets perform poorly at this time, the ability of the sponsor to address any funding requirement could be restricted precisely when the need for funding is heightened. In this paper, we propose an approach to dealing with joint plan and sponsor risk that can provide protection against extreme adverse events for the sponsor. In particular, adopt a strategy of minimising a portfolio’s expected losses in the event of an assumed drop of x% in the oil price. Our methodology relies on an asset allocation framework which takes into account the impact of serial correlation in asset returns, as well as the negative skewness and leptokurtosis resulting from the non-normal shape of marginal distributions of historical asset returns. We also make use of copulas to measure the dependence between asset class returns

Signifying nothing : plenitude and vacancy in T.S. Eliot's Four Quartets and The Waste Land : a thesis presented in partial fulfilment of the requirements for the degree of Master of Arts in English at Massey University

This thesis focuses on nothingness (vacancy) in T.S. Eliot's Four Quartets and The Waste Land. Nothingness is both a theme and a technique of Eliot's poetry. As a theme nothingness may be elucidated by both existential and mystical models since both theories have nothingness as a central theoretical concept. As a technique nothingness invites the reader's response by suggesting the possibility of final meaning, simultaneously demanding and undermining interpretation. Existing in a mutually exclusive and mutually defining relationship with nothingness is the "plenitude" of signification. An underlying aim of Eliot's poems becomes to capture in language the paradoxical combination of vacancy and plenitude which will allow a subject to transcend the relativity of signification and, in the case of Four Quartets, know God and Self directly, or in the case of The Waste Land, to finalise meaning

The Wisdom of Exeter: Anglo-Saxon Studies in Honor of Patrick W. Conner

This interdisciplinary volume collects original essays in literary criticism and literary theory, philology, codicology, metrics, and art history. Composed by prominent scholars in Anglo-Saxon studies, these essays honor the depth and breadth of Patrick W. Conner’s influence in our discipline. As a scholar, teacher, editor, administrator and innovator, Pat has contributed to Anglo-Saxon studies for four decades. It is hard to say which of his legacies is most profound.https://scholarworks.wmich.edu/mip_rrc/1003/thumbnail.jp

Trade Flows in Southeast Europe

This paper seeks to give an overview of the major issues connected to international trade for the countries of Southeast Europe. In its first part the paper revisits the issues of bilateral trade patterns and trade composition in Southeast Europe and looks at recent developments in terms of trade agreements and trade facilitation within the region and between the region and the European Union. The second part of the paper deals with the specific issue of trade in services. A gravity model for trade is estimated on European bilateral services trade flows. The estimation results are then used to produce forecasts for bilateral services trade flows for the countries of Southeast Europe.International trade, trade in services, gravity models, Southeast Europe

Vulnerability and Bargaining Power in EU-Russia Gas Relations

This report contains three separate papers, each addressing selected issues concerning natural gas policy and security of gas supply in Europe. The over-arching themes are vulnerability (to supply disruptions, to supplier pricing power) and fragmentation; and measures designed to overcome them, namely interconnection and consolidation of bargaining power. The first paper contains a review of some of the economic effects of, and subsequent policy reactions to, the January 2009 cut of Russian gas supplies through the Ukraine Corridor, with a particular focus on Bulgaria and on EU policy. The second paper provides an analysis of the current state of gas relations between Ukraine and the Russian Federation, with a focus on the Ukrainian perspective and on recent political developments in that country. The third paper provides an analysis of the case for consolidating buyer power in line with the concept of an EU Gas Purchasing Agency.Natural gas, security of supply, supply disruption, interconnector, Russia, Ukraine, Bulgaria, European Union, energy policy, fragmentation, bargaining power, countervailing power, gas purchasing agency

China’s foreign oil policy: genesis, deployment and selected effects

China is a rising global power with a growing role and impact on the world’s energy markets as well as on the Earth’s climate system. China pursues its development in an essentially non-confrontational manner, a vision encapsulated by the notion of peaceful rise which is viewed positively in the world’s major capitals. Nevertheless, China’s rapid growth represents a genuine global challenge and raises many questions. How is China dealing with its growing need for imported crude oil? What is the impact of China’s rise on the global oil market, notably in terms of oil price developments? Are Chinese actions on oil markets different from those of other major importers? What opportunities and risks arise as a result of china’s growing role on the global oil market from the viewpoint of other global players? In this report we seek to offer some answers to those questions with a review of China’s developing energy policy, of the actions and revealed preferences of its national oil companies, and of broader economic and geopolitical analyses of the impact of China’s growing oil consumption on other global players.Crude oil, energy security, oil security, China, foreign oil policy

AUSTRIA 2020: The impact of medium-term global trends on the Austrian economy

This study quantifies possible impacts of medium-term structural changes in the global economy on the Austrian economy. Emphasis is placed on the effects of continued medium term growth in emerging markets, especially in Asia and Latin America, on the structure of the Austrian economy. The issues here include the identification of price effects (due to increased demand for raw materials) that can be expected, as well as how these may impact the commodity composition of both exports and imports. Underlying global trends also involve both investment patterns and total factor productivity trends at a more regional level, also impacting on the Austrian economy. Finally, these structural changes at the global level also lead to changes in household incomes and the cost of living in Austria, impacting on patterns of inequality in Austria at the household level.CGE models, GTAP applications, household inequality

Why Does the SEC Hate Lawyers and Will the Bitterness Ever Go Away: A Review of the Reasons for the Current State of this Relationship and a Proposed Path Forward

The United States Securities and Exchange Commission (“SEC” or “Commission”) and its staff (“Staff”) have brought numerous actions against lawyers in a variety of contexts over the last several years. These enforcement actions have arguably prevented zealous advocacy as well as potentially leaving lawyers reluctant to make certain arguments on behalf of their clients so as to avoid potential disciplinary actions against them. While it is important for the Commission and its Staff to ensure that lawyers do not engage in violative conduct, this Article notes that the SEC and its Staff’s actions should be limited to only those occasions where the conduct is notorious and obvious. To avoid unwarranted interference in the right to counsel, this Article argues, at the very least, that the SEC should instead of bringing circumspect actions: (1) clarify the SEC’s approach to its use of Rule 102(e); (2) make mandatory referrals to state bar associations; and (3) create an independent board to review potential SEC actions against lawyers to ensure the good faith nature of the proposed action