...The Tobin Tax And Its Effects On The Foreign Exchange Market International Business Thesis By Mark Hansen 290587-1563 & Nina Johansen 140988-1838 Advisor Niels Blomgren-Hansen 17.05.2010 Executive summary In this thesis a financial transaction tax in the form of the Tobin Tax is examined as a means to reduce volatility on the foreign exchange market. James Tobin original proposal is presented followed by his 1995 paper and Frankel’s contribution to the discussion. Frankel gives merit to Tobin’s line of reasoning on reducing stability by dividing investors into short-term speculators and long-term fundamentalists and defines the former’s activities as destabilizing and the latter as stabilizing. However, we find this segmentation problematic since it is not possible to divide the market participants into these categories in the foreign exchange market. Many of the short-term investors do not necessarily speculate or disregard fundamentals, but rather try to avoid risk. Accordingly, many of the short term market movements are instead stabilizing. Therefore, the Tobin Tax would not only deter the destabilizing transactions, but also the stabilizing ones. If the foreign exchange market is in fact excessively volatile as Tobin argues then the tax could possibly have a positive effect by throwing sand in the wheels and thereby slowing short-term reactions. Our findings suggest that the foreign exchange market is in fact highly volatile, but we find no convincing...
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...Unfortunately James Tobin is no longer with us, passing away in 2002 at the tender age of 84 he lived a full and prestigious life. James Tobin was born in Champaign, Illinois to a social worker and journalist in 1918. In 1935, he enrolled into Harvard College with one of the earliest Conant Prize Fellowships presented to an incoming student. Graduating summa cum laude in 1939 he continued doing graduate work for two more years. Afterwards he started work with the Office of Price Administration and Civil Supply and the War Production Board in Washington, D.C.; then, when the United States entered WWII he served as an officer on a destroyer. In 1946 he managed to find work again writing a dissertation at Harvard and as a Junior Fellow in Harvard’s...
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...Abstract The global community faces a number of critical challenges ranging from climate change to crossborder health risks to natural-resource scarcities. Many of these so-called global commons problems carry grave risks to economic growth in the developing world and to the livelihoods and welfare of their people. Climate change is the classic example. Despite the risks involved, donor governments have funded programs addressing global challenges such as climate change at far lower levels than traditional programs of country-based development assistance. The prospects for dealing with such global challenges will depend at least in part on new collective financing mechanisms. In this paper, we examine four categories of existing resource-mobilization options, including (1) transportation levies; (2) currency and financial transaction taxes; (3) capitalization of IMF Special Drawing Rights (SDRs); and (4) the sale, mobilization, or capitalization of IMF gold. In the end, we recommend that willing governments utilize a modest portion of their existing SDR allocations to capitalize a third-party financing entity. This entity would offer bonds on international capital markets backed by its SDR reserves. The proceeds would back private investment in climate-mitigation projects in developing countries that might otherwise lack adequate financing. This approach could mobilize up to $75 billion at little or no budgetary cost for contributing governments. Any limited budgetary costs...
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...Name Lecturer Course Date Summary The boy was shy and weeping as he attended his mother’s funeral and was greeted by Siddhartha as his son as he entered Vasudeva’s hut. As the days progressed, he sat beside the dead woman’s corpse refusing to eat or sleep. Siddhartha honored the boy's grief by letting him do whatever he wanted, and letter learned that the boy was spoiled by the city life. As time passed, the boy remained a stranger to Siddhartha when he refused to work, displayed a proud and stubborn heart and lack respect for his elders. Siddhartha waited for a long time for his son to understand, accept, and even return his love. Vasudeva advised Siddhartha to return the boy to the city and with one of the servants or even his teacher but be in an environment he was used to. However, Siddhartha could not follow his friend's advice to give up his son. He, therefore, let his son order him around and do his chores. One day, Siddhartha lost his patience when the boy turned openly against him. He had given the boy a task of collecting brushwood, but the boy refused and instead shouted his hatred and contempt to his father’s face. The boy later ran off and did not return until tale in the evening. The following morning the boy was gone and stolen the money and the boat. Siddhartha saw the boat on the opposite side of the shore, and he knew the boy had run away. Siddhartha and Vasudeva built a raft and crossed the river, and Siddhartha went after the boy. On reaching the main gate...
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...A constant theme in many horror movies and poems is the presence of psychological torture. The most sadistic and cruel inflictor of pain is often our own mind, and when someone manages to manipulate us on a mental level, we are at our most vulnerable. Edgar Allen Poe was a master at painting vivid storylines of people going insane with the prospect of their own doom. Hollywood has combined classic fear-inducing plots with gruesome special effects to bring that same mentality to audiences. In the short story by Poe, “The Cask of Amontillado”, the main antagonist effortlessly manipulates and traps his victim. In much of the same way, the gory “Saw” franchise focuses on a madman who sees himself as a vigilante and takes justice into his own hands by torturing his victims on both a mental and psychological level. “The Cask of Amontillado” and the “Saw” movies share the combined use of entrapment, manipulation, and psychological and physical infliction of pain while being at polar extremes in the methods used upon their victims. Entrapment plays an important role in both horror sagas. In the story of the Amontillado, Fortunado is taken deep into the vault. As the two walked deeper down, Fortunado was repeatedly asked if he wanted to turn back “We will go back; you will be ill and I cannot be responsible. Besides there is Luchesi” (Poe), but his pride and vanity drove him on farther into the catacombs in search of the Amontillado. Fortunato was led into a niche where instead of...
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...Jim Bowie James “Jim” Bowie was a real life Jack of all trades. He was a pioneer, soldier, a smuggler, slave trader, and a notorious land speculator. Most importantly, he was an prime figure in the Texas Revolution in his defending of the Alamo. Many stories have been told about Bowie, some true and some slightly stretched, but it is these stories that have made in such a legend in Texas and a hero to American history. Jim Bowie was born in Kentucky on March 10, 1796. He was the ninth of ten children that were born to his mother and father. From a very young age, his family moved several times, usually far distances from each place preceding the next. They finally settled in Louisiana, where Jim spent most of his following years. The Bowies all learned how to fish, plant crops, and run a plantation, the good qualities of frontiersmen. This is also when Jim became very skilled with weapons of all sorts. Their parents were very adamant about giving their children a good education as well. All of the Bowie children could read and write. Yet, Jim could read, write, and fluently speak both Spanish and French. In 1814, Bowie and his brother Rezin enlisted in the Louisiana militia in accordance to President Jackson’s pleading for more fighters to participate in the War of 1812. By the time the Bowie brother reached New Orleans, it was too late to join in on any of the fighting. That December a treaty was signed and the war was over. After finishing his short service in the...
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...Kelsie Folden Extra credit For this extra credit I went to the circ for the radical beauty display. I loved it! It showed things from what we think are beautiful like in the media. For example how magazines computerize faces and hair and everything! When really behind famous peoples pictures it’s just normal acne wrinkled women like everyone else. This is so sad causing younger women to feel ugly, even not normal. They also had a section where people we naked and all shapes and sizes, but happy and proud. For example I love the picture of two naked woman one skinny, one larger. They were both so happy and smiling. They were both beautiful. I also saw a picture of an overweight woman with words all over here like stereotype words such as lazy, careless, passive, undisciplined, insecure, giving, ect. Then the skinny woman next to her also had words like superficial, confident, mean, vain, ambitious, ect.... my favorite picture that I thought nailed this whole display on the head was the one where a girl asks "which bit would you alter first?" (As she is standing in front of mirror naked asking her mom). Then the mother says "the culture." loved it just shows how we are brain washed into what beauty really is. Not only brain washed about that but also the last picture that intrigued me was a naked picture of a transsexual person. First thought was wow he looks so normal to me. Then I stopped myself and said wait Kelsie why isn’t he normal?! Made me feel bad and like I was brain...
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...a) No or low taxes on all or certain types of income and capital. The main purpose of an operation involving tax haven is to obtain benefits in taxation, taking advantage of its no or lower taxation. Thus, there may be extremely low or no capital gains or transfer tax, gift, death or estate duties. The difference in the level of taxation between jurisdictions is determinant to decide whether a tax haven should be used and, if so, which one. The no or nominal tax criterion is not sufficient, by itself, to result in characterization as a tax haven. The OECD recognized that very jurisdiction has a right to determinate whether to impose direct taxes and, if so, to determinate the appropriate tax rate b) Bank and commercial secrecy. Tax havens generally allow secrecy or confidentiality to operations in or through them. Many jurisdictions offer protection to banking affairs and other financial transactions from divulgence to foreign tax authorities, and some of them have also enacted secrecy or confidentiality provisions. Generally, classical tax havens do not require the production of companies’ annual accounts. Transparency ensures that there is an open and consistent application of tax laws among similarly situated taxpayers and that information needed by tax authorities to determine taxpayer’s correct tax liability is available. c) Lack of exchange controls. Many tax havens developed a dual currency control system, under which residents are subjected to both local and foreign...
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...Исследовательская работа по макроэкономике на тему: «Q-Тобина и инвестиции». Москва 2012 Оглавление Введение 3 Обзор литературы 4 Теоретический аспект исследования 8 Цель работы. 10 Описание выборки. 10 Описание модели. 11 Выводы. 15 Выводы оппонентов……………………………………………………….…….17 Введение Данная работа посвящена эмпирической проверке теории Q-Тобина на примере компаний энергетического сектора по квартальным данным за период 2006 – 2011 гг., включающий в себя шоки мирового финансового кризиса, что существенно повлияло на определяющие переменные. Существуют две основные теории инвестиций: Неоклассическая теория - инвестиции рассматриваются с точки зрения максимизации чистого дисконтированного денежного потока, спрос фирмы на капитал определяется функцией от экзогенных переменных. Однако ранняя неоклассическая теория не учитывает ожидания агентов. Помимо этого, скачкообразное изменение экзогенной переменной может привести к скачкообразному изменению величины капитала. Эти два недостатка позволяют поставить под сомнение состоятельность данной теории. Неоклассическая теория была модифицирована (авторы: Лукас, Голд и др.). В модель ввели внутренние издержки регулирования капитала – затраты, возникающие при введении капитала в эксплуатацию, которые фирма несет в период между вложением средств и началом его полезной работы капитала, например, издержки на отладку оборудования или обучение персонала. Так, данная модель позволила фирмам регулировать норму инвестирования...
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...BY 130 Study Sheet for exam #1 Environmental Science -What is it The study of interactions between organisms and their environment. Scientists from many fields provide data to help citezens understand how the world works. -depends on scientific data: Science provides data for citezens so that they can make an informed decision. -scientific method used to collect unbiased data – know the steps – -observations -further observation -hypothesis -experiment if experiment agrees with hypotheseis it becomes a theory, if not it goes back to observation step Environmental movement -Impact of Silent Spring on the environmental movement Silent Spring, written by Rachel carson, a marine biologists, brought about the idea of harmfull pesticided to the public. She initiated environmental awareness which started the modern environmental movment. DDT was banned also. -know what the Environmentalist's Paradox is Over the past 40 years, human well-being has improved, BUT, Natural Ecosystems that provide us with goods and services have declined. -what types of environmental degradation were citizen becoming aware of in the 1950s Citizens were becoming aware of air and water pollution in the 50’s. Also the loss of soil was a concern in the 50’s. -what impact did the Great Depression have on conservation Durring the great depression, conservation provided environmental protection jobs. The CCC was created. Surring the great depression, factories were created...
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...born to mothers who have HIV do not become infected with this virus. In the case that they do become infected, their response to treatment varies depending upon the timing and potentially the route of their infection. (Tobin & Aldrovandi, 2013) The majority of pediatric HIV infection occurs via mother-to-child transmission at three points: in utero, intrapartum, or through breast milk. Most children born to women with high levels of HIV and low numbers of CD4+ T-cells do not become infected. Even when primary HIV infection occurs during pregnancy, 80% of children escape infection. (Tobin & Aldrovandi, 2013) Utero transmission is mother to baby transmission of HIV during pregnancy. This transmission may occur if there is damage to the placenta and blood from the mother contact the fetus. During the third trimester of pregnancy, maternal immunoglobulin G (IgG) antibodies are transplacentally transferred. The antibodies are associated with infant safeguard against a variety of microbes. Most utero transmission infections occur a few weeks before the delivery. The HIV in these infants is different from infants infected at the time of birth. Those infected before birth have a survival time of 208 as opposed to those at birth with a 380 survival time. (Tobin & Aldrovandi, 2013) Breastfeeding is another way of mother to baby HIV transmission. There is evidence to imply that HIV-infected CD4 cells have a higher ability to replicate themselves in breast milk than in blood...
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...Portland Thorns is a professional women’s soccer team in Portland, Oregon. They play in the National Women’s Soccer League (NWSL). Some major players on the team are Christine Sinclair, Meghan Klingenberg, Tobin Heath. Most of the these players have been top scorers for the team. My favorite player on the team is Tobin Heath. She’s a midfielder that plays for both Portland Thorns FC and the United States Women’s National Soccer team. One of her major achievements is being a FIFA Women’s world Cup medalist. I think she is a very valuable and skillful player and has a great personality on and off the field. Even the United States Soccer Federation said that she was perhaps the most skillful player in the US women’s team. To add on to that, she...
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...The only character who is able to somewhat understand the judge’s role is Tobin (discussed later). The True God’s role is significant in the novel, however the False God has a much larger and more enigmatic presence. The False God intervenes in human life and is manifested as the judge. Like the False God, the judge holds vast knowledge of the physical and spiritual human world that he has control of. Tobin, an expriest and member of the Glanton party, imparts his knowledge of the judge onto the kid. He explains how God manifests Himself in other beings: “[...] godly wisdom resides in the least of things so that it may well be that the voice of the Almighty speaks most profoundly in such beings as lives in silence themselves.” [...] The kid thought him to mean birds or things that crawl but the expriest, watching, his head slightly cocked, said: “No man is give leave of that voice” (123-124). In this passage, Tobin claims that God manifests Himself in the least expected, most regular of people. Moreover, Tobin is saying that God’s voice holds most of its power when it is manifested in other beings. The implication in this passage is that Tobin believes that God’s voice has manifested itself in the judge, though this is not explicitly stated. Based on the series of events that occur within this text, it is again appropriate to assert that the judge is a representation of the False God. Tobin does, in fact, only refer to one God in his explanation of how God communicates...
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...it is good to show China is “one of the most equal countries in the world”(Naughton, 2007, p.217), the truth is that everyone is equally poor at the same time. In order to decline poverty and connect the new republic to the world, the Chinese leader Deng Xiaoping institute market reform and said “let some people get rich first”(The economist, 2001). Since then, China has maintained rapid growth economies in the world and has a large decline in poverty; however, it brings a big threat that income inequality increase significantly between urban and rural people. As Naughton records in his book in 2001, the China’s Gini coefficient has reached to 0.447 (Naughton, 2007, p.217)，which exceeded the international recognized danger level of 0.4 (Tobin, 2011). The Gini degree, however, is...
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...Queensland University of Technology, Australia Copyright 1998 Taylor & Francis Published in: International Journal of Science Education 20 (6) p 737-753 This is the author's version of the work. It is posted here with permission of the publisher for your personal use. Not for redistribution. See publisher’s website for the definitive published version. http://www.tandf.co.uk/journals/titles/09500693.asp Abstract This paper reports a qualitative study of the learning environment of a Year 11 Biology class. The research was originally framed in a constructivist epistemology, but was also informed by an emancipatory interest. The main methods used for data gathering were participant observation, interviewing, and a written response survey (CES, Tobin, 1993a). It was found that, even though the students viewed the class positively, and described themselves as highly motivated to learn, the level of cognitive engagement was affected by two interrelated factors: the control the teacher had over almost all activities, and student beliefs about learning in this context. The data suggests that both intrinsic and extrinsic motivation which could lead to deep involvement in learning are constrained by a preponderance of teacher-centred methods of instruction. A model is proposed relating intrinsic and extrinsic interest to cognitive engagement. It is concluded that more activities should be used which either implicitly or explicitly reinforce positive beliefs about the need for self-direction...
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