This paper investigates-on the basis of the Cont-Bouchaud model-whether a Tobin tax can stabilize foreign exchange markets. Compared to earlier studies, this paper explicitly recognizes that a transaction tax-induced reduction in market depth may increase the price responsiveness of a given order. We find that the imposition of a transaction tax may still achieve a triple dividend: (1) exchange...

We consider dilaton stabilization with R invariance, which insures a vanishing cosmological constant at the scale of stabilization. We construct a few models which accommodate weak gauge couplings with large or small gauge groups. Matter condensation plays a central role in the dilaton stabilization.

Kutten and Patt-Shamir have proposed a method for fast recovery of the output of a non-reactive, distributed protocol: if f < n=2 processors are corrupted from a legitimate global state, then the method recovers the output in O(f) time. The proposed method leaves open the case f n=2. This note presents a technique to handle also the case of f n=2, again recovering the output in O(f) time. The r...

A randomized uniform self-stabilizing protocol that provides each (anonymous) processor of a uniform system with a distinct identiier is presented. The protocol uses a predeened xed amount of memory and stabilizes within expected (d) time, where d is the actual diameter of the network.

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This study examines the relationship between above-market price (or overpricing), along with various housing attributes, and time on the market (TOM). The study covers nearly 4,000 transactions of marketed domestic units of different living tenures, flat sizes, price ranges, and other physical characteristics in the Hong Kong residential property market. The results show that factors such as th...

This paper examines the determinants of stock returns in a small open economy using an APT framework. The analysis is conducted for the Swiss stock market which has the particularity of including a large proportion of firms that are exposed to foreign economic conditions. Both a statistical and a macroeconomic implementation of the model are performed for the period 1986-2002 with monthly retur...

We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different financial structures. Because setting up financial markets is costly in our model, economies that emph...

Indian organisations have transformed organisational learning to face multiple challenges posed by external market conditions, legal and regulatory considerations and internal factors. The way Indian organisations have developed their learning platforms and learning delivery has been instrumental in equipping a global workforce with the required knowledge and skills. This has, in turn, reduced ...