摘要:

SUMMARYThis paper deals with the occurrence of fiscal illusion and its effect on public expenditures. Fiscal illusion is here taken to be a systematic misperception by individuals of both the public revenue burden borne by them and the amount of benefit they derive from public expenditures. Taking the revenue structure and public outlays of the 110 largest Swiss cities as an example, it is shown that there is in fact empirical evidence for the existence of fiscal illusion (presently defined for the most part in the literature as a systematic underestimation of fiscal burden) and, as a result, for higher public expenditures when it occurs than when it is absent. By dividing the Swiss cities according to the degree of citizen participation in the making of public decisions, we were able to formulate hypotheses predicting to what degree fiscal burden illusion (understood as systematic underestimation) will occur under each system. These hypotheses have been empirically confirmed. Further analysis of the results has indicated that in cities in which the citizens can only indirectly participate in public decision‐making, the government and public bureaucracy have more freedom to act independent of the wishes of the voters with respect to expenditures, though these are taken more and more into consideration as elections approach. This expenditure behavior and particularly the concrete manner in which expenditures are adjusted to approaching general elections leads us to the conclusion that illusion with respect to the benefit derived from public expenditures also exist

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00648.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

SUMMARYIt comes perhaps as no surprise that approximately 70% of all outlays for military procurement in the United States were accounted for by the 100 largest military contractors in each year during 1965–1974. This clear dominance can be primarily explained by the non‐market character of the defense market where the bulk of contracts is negotiated rather than competitive in terms of sealed bids. Long‐term procurement contracts as a steady and secure source of income may also serve as an incentive for conglomerates to acquire defense contractors in order to enter the defense market via toehold acquisitions. The penetration of the so‐called ‘new conglomerates’ during the 1960s into the defense market is a case in point. It can be safely assumed that the procurement incentive was the prime motivation in the merger decision among these pure‐conglomerate mergers. Furthermore, the majority of mergers benefited greatly from a generous implicit grant for mergers, viz. the provision of a tax‐free reorganization according

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00649.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

SUMMARYThis paper uses both single‐equation and multi‐equation systems to examine whether fiscal policy ‘crowds out’ private investment. It is found that, for both the United States and Canada, this is in fact the case. In addition, it is shown that this crowding out leads to long term in

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00650.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

SUMMARYThe objective of this paper is to present the empirical results of an investigation into the links between investment stability and industrial structure in U.K. manufacturing industry. First, the alternative theoretical propositions concerning the influence of industrial structure on the stability of capital investment over the business cycle are discussed. This is followed by a description of the data and the specification of the variables used. Subsequently, the empirical results obtained from multivariate regression equations are analysed. The influence of industrial structure and diversification on the adjustment of capital stock and on the convergence of dynamic systems to equilibrium is then examined. Finally, the main conclusions drawn from the analysis are discussed.

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00651.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

SUMMARYThe paper contains empirical tests of the monetary approach to exchange rate determination for the price of Italian banknotes in terms of Swiss francs quoted in Zürich. The exchange rate was chosen because it is less influenced by government intervention than the official rate. In addition, there is little reverse causation between the chosen exchange rate and its explanatory variables due to the small size of the market analyzed. The tests indicate that the exchange rate analyzed adjusted in only two months to relative rates of monetary expansion between Italy and Switzerland. This fast adjustment is not implausible considering that the market involves to a large extent illegal capital outflows from Italy. Since data on monetary aggregates are published on average with a lag of about two months, he tests do not exclude that the market considered was efficient in a semi‐strong form. The price of Italian banknotes in Zürich was also significantly affected by relative inflationary expectations and by seasonal factors connected with the inflow of foreign tourists to It

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00652.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

SUMMARYThe present paper attempts a more direct test of the growth and profit maximizing theories of the firm, than previously presented. The approach is to estimate directly the marginal rates of return on investment for individual firms and individual years, over time, for a sample of large U.S. industrial corporations. The marginal rate of return estimates are then statistically compared to several cost of capital series, on a year‐by‐year basis. Substantial, prolonged, and statistically significant overinvestment is discovered, casting doubt on the profit maximizing conditions but supporting the growth theory of the f

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00653.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00654.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00655.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00656.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY

摘要:

AlchianArmen:Economic Forces at Work.AllaisMaurice:L'impǒt sur le capital et la réforme monétaire.AndersonLeeG.:The Economics of Fisheries Management.BensonCharlesS.:The Economics of Public Education.DinkelReiner:Der Zusammenhang zwischen der ökonomischen und politischen Entwicklung in einer Demokratie.DrulovićMilojko:Arbeiterselbstverwaltung auf dem Prüfstand.FreyBrunoS.:Moderne Politische Ökonomie.FurnissNormanand TiltonTimothy:The Case for the Welfare State.JungnickelRolf, KrägenauHenry, LefeldtMattftiasund HolthusManfred:Einfluss multinationaler Unternehmen auf Aussenwirtschaft und Branchenstruktur der Bundesrepublik Deutschland.KantowskyDetlef(Hrsg.):Evaluierungsforschung and ‐Praxis in der Entwicklungshilfe.KlausJoachim:Stadtentwicklungspolitik.BarnbrockJörn(Hrsg.):Materialien zur Ökonomie der Stadtplanung.FürstDietrich(Hrsg.):Stadtökonomie.KrauseLawrenceB. and SalantWalterS. (Eds.):Worldwide Inflation.LoweAdolph:The Path of Economic Growth.MarglinStephenA.:Value and Price in the Labour‐Surplus Economy.MichaelyMichael:Theory of Commercial Policy.MitraAshok:Terms of Trade and Class Relations.MooreMarkHarrison:Buy and Bust.NoveAlec:The Soviet Economic System.O'DriscollGeraldP., Jr.:Economics as a Coordination Problem: The Contributions of Friedrich A. Hayek.OttClaus:Recht and Realität der Unternehmenskorporation.PasinettiL.L.:Lectures on the Theory of Production.Persell, CarolineH.:Education and Inequality New York.RichardsonH.W.:The New Urban Economics: and Alternatives.SauvantKarlP. and HasenpflugHajo(Eds.):The New International Economic Order.StolzPeter:Basler Wirtschaft in vor‐ and frühindustrieller Zeit.VajnaThomas:Prognosen für die Politik.ZellerWilly:Die unuollendete Union, Qualitätsmängel der Europäischen Gemeinschaft.ZeppernickRalf:Staat an

ISSN:0023-5962    

DOI:10.1111/j.1467-6435.1978.tb00657.x

出版商:Blackwell Publishing Ltd    

年代:1978

数据来源: WILEY