The taxation of discrete investment choices

Traditional analysis of the taxation of income from capital has focused on the impact of tax on marginal investment decisions; the principal impact of tax on investment is through the cost of capital, and is generally measured by an effective marginal tax rate. In this paper, we consider cases in which investors face a choice between two or more mutually exclusive projects, both of which are expected to earn at least the minimum required rate of return. Examples include the location decisions of multinationals, firms' choice of technology, and the choice of investment projects in the presence of binding financial constraints. In these cases the choice depends on the effective average tax rate. We propose a measure of this rate and demonstrate its relationship to the conventional effective marginal tax rate. Estimates of both are presented and compared for domestic and international investment in Germany, Japan, the UK and USA between 1979 and 1997

Microplastic pollution in the estuarine and river environment of the River Thames, UK

Microplastic pollution is ubiquitous globally and is considered a leading threat to ecosystems. As microplastic studies increase, key areas remain understudied, such as rivers, with new areas and sources of microplastics still being discovered. The overall aim of this thesis is to investigate the abundance of microplastics within the tidal river Thames, UK and identify potential sources of microplastics. In this thesis, I assess the current literature on microplastics, identify potential research gaps within current known knowledge, and show the range of laboratory methods used in studies worldwide to identify and quantify microplastic abundance within the environment. Through surface water samples collected along the river Thames from May 2019 -May 2021, I demonstrate that microplastics are present within the river Thames and vary between sites and samples, as well as identifying potential sources. I highlight how seasonality and rainfall impact microplastic abundance within this river system. During this study, the Covid -19 pandemic occurred, proving a unique sampling opportunity. As a result, this thesis acknowledges that this pandemic may have impacted microplastic abundance and provides valuable information on the short-term impacts of the pandemic on microplastic within this time. Finally, I highlight the effects of the New Year fireworks displays on microplastic abundance within water samples collected from the river Thames at Westminster. This data is novel as it had not previously been noted or identified when this study was published. The data and results presented within this thesis provide valuable information on the abundance, possible sources and accumulation of microplastics along the river Thames that can be used as a baseline for future studies. This data and results can also be used by stakeholders such as the Environment Agency, Thames Water and non-profit organisations to inform possible decisions on the removal of microplastic pollution from the river

How has the UK corporation tax raised so much revenue?

We analyse a puzzle in the UK corporation tax: by both historic and international standards corporation tax revenues have been high while the statutory rate has been low. Possible explanations include the following: changes in tax law that may have increased effective tax rates; other factors such as higher profitability or different macro-economic conditions may have led to higher effective tax rates; and finally the size of the corporate sector may have increased. We find evidence for all three explanations, although none would be sufficient in itself. To the extent that higher profits, particularly financial sector profits may have led to high revenues, there are doubts as to whether revenues will continue to be so strong

Agglomeration, regional grants and firm location

We examine whether discretionary government grants influence the location ofnew plants, and how effective these incentives are in the presence of agglomeration andurbanisation externalities. We find evidence that regional industrial structure affects thelocation of new entrants. Firms in more agglomerated industries locate new plants near toothers in the same industry. Firms are also attracted to industrially diversified locations.Foreign multinationals locate new plants near to other foreign-owned plants in the sameindustry. Fiscal incentives in the form of grants are found to have some effect in attractingplants to specific geographic areas eligible for such aid. We examine whether discretionary government grants influence the location ofnew plants, and how effective these incentives are in the presence of agglomeration andurbanisation externalities. We find evidence that regional industrial structure affects thelocation of new entrants. Firms in more agglomerated industries locate new plants near toothers in the same industry. Firms are also attracted to industrially diversified locations.Foreign multinationals locate new plants near to other foreign-owned plants in the sameindustry. Fiscal incentives in the form of grants are found to have some effect in attractingplants to specific geographic areas eligible for such aid

Exchange rates and prices in the Netherlands and Britain over the past four centuries

This paper examines exchange-rate and price-level data for the long period 1590-2009 for the Netherlands and the United Kingdom (earlier the Dutch Republic and England), countries that at various times over this near four century span have differed substantially in terms of the pace at which their economies were developing, have operated under a variety of exchange rate regimes, and have been subjected to an extremely wide variety of real shocks. The principal conclusion of this study is the resiliency of the simple purchasing-power-parity model and of the law of one price at the microeconomic level. Both take some heavy blows during this close to four-century long sample period. In the end, however, they emerge surprisingly unscathed. Real factors at times appear to have had substantial effects on real exchange rates and hence PPP, but such effects ultimately dissipate. As a long-run equilibrium condition, PPP holds up remarkably well.

Taxing Multinationals

This paper analyzes the effects of tax policy on the strategic choices of a domestic multinational company competing with a foreign multinational company in a third country. We demonstrate the role of the effective average tax rate and the effective marginal tax rate on the company's choices. We consider the impact on national welfare of alternative tax policies for outbound investment. Our results differ from existing models. In contrast to Feldstein and Hartman (1979), in our model, taxing foreign source income on accrual with a deduction for foreign taxes is not generally optimal. However, unlike Mintz and Tulkens (1996), the optimal policy for domestic and outbound investment is linked through the strategic choices of the multinational.

Exchange Rates and Monetary Policy in Emerging Market Economies

This paper compares alternative monetary policy rules in a model of an emerging market economy that experiences external shocks to world interest rates and the terms of trade. The model is a two-sector dynamic open economy, with endogenous capital accumulation and slow price adjustment. Two key factors are highlighted in examining the response of the economy to shocks, and in the assessment of the effectiveness of monetary rules.These are: a) balance-sheet related financial frictions in capital formation; and b) delayed pass-through of changes in exchange rates to imported goods prices. We find that, while financial frictions cause a magniFcation of real and financial volatility, they have no effect on the comparison or ranking of alternative monetary policies. But the degree of exchange rate pass-through is very important for the assessment of monetary rules. With high pass-through, there is a trade-off between between real stability (in output or employment) and inflation stability. Moreover, the best monetary policy rule in this case is to stabilise non-traded goods prices. But, with delayed pass-through, the same trade off between real stability and inflation stability disappears, and the best monetary policy rule is CPI price stability Classification-Monetary Policy, Exchange Rate Pass-through, Balance Sheet Constraints

Immediate post-isometric exercise cardiovascular responses are associated with training-induced resting systolicblood pressure reductions

Purpose: The purpose of this study was twofold: (1) to investigate the effect of four-weeks of bilateral-leg isometric exercise training on the immediate isometric post-exercise cardiovascular responses, and (2) to ascertain whether any changes in immediate post-exercise cardiovascular responses may be associated with training-induced adaptations in resting blood pressure. Methods: Thirteen normotensive males completed both isometric exercise training (IET) and control conditions, which were separated by 6 weeks. Participants performed a total of twelve training sessions; 4 * 2-minute bilateral-leg isometric exercise bouts separated by 3-minute rest periods, 3 days.wk-1. Results: 4-weeks of bilateral-leg IET resulted in a reduction in resting SBP (120 ± 12 to 115 ± 12 mmHg, p = 0.01). The intercept of the 5-minute post-exercise systolic blood pressure slope was lower (p = 0.015) following the 4-week training intervention. Individual changes in immediate post-exercise response SBP were also significantly correlated with reductions in resting SBP following 4-weeks of training. There were significant differences in the slopes of the first vs. final post-exercise BRS response (p = 0.009), and the intercepts of the HRR slopes (p = 0.04) recorded during the 5-minute post-exercise periods Conclusions: Four weeks of IET altered immediate cardiovascular responses to an individual IET session. Altered immediate responses were also associated with training induced reductions in resting SBP. To our knowledge, this is the first evidence suggesting very short-term (immediate) cardiovascular responses may be important in defining chronic reductions in resting blood pressure following a period of IET

1861-06-10 S.R. Devereux writes to Governor Washburn about discharge for Senator Bridges\u27 son

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A REVIEW OF THE COMMON AGRICULTURAL POLICY AND THE IMPLICATIONS OF MODIFIED SYSTEMS FOR IRELAND. ESRI BROADSHEET No. 21, October 1983

The first chapter of this paper discusses the reasons for heavy government involvement in agricultural production and trade throughout the world and concludes that the answer is basically related to what farmers produce -- food. Food is a basic primary want and rightly or wrongly there seems to be an innate feat" that without market intervention supplies will be erratic and so sometimes scarce