Taxes and Exchange Rates in the EU by John Lorié (auth.)

By John Lorié (auth.)

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1. e. 19 2. In the world of GR there are ‘investors’, a term which embodies various roles of the economic agents as we shall see. They own given, but varying, amounts of production factors, viz. labour and physical capital. 20 Physical capital is simply an endowment, meaning that its source is not determined. 3. 21 4. Firms use labour and physical capital in the production process of an identical commodity; the outcome of that production process is random, or, more precisely, determined by the states of nature with a given probability for each state.

The choice made for the study is therefore one of emphasis on an in-depth theoretical analysis, leaving further extension into the stochastical field as well as extended empirical research explicitly for future research. The limitation of this study is justified, in my opinion. 30 This would essentially lead to an additional dimension, besides optimal allocation of physical capital, for studying the effect of international tax differences and real exchange rate changes. It would be one step too far.

Firm X demands initial shareholder Y a payment on the shares to finance this payment. Y borrows money from the bank to that end. Firm X receives the payment in the form of a deposit with the bank. The shares of firm X have (nominal) value now because they entitle to a bank deposit of €100. Firm X Initial shareholder Y Bank deposit €100 Equity €100 Shares X €100 OM Loan Bank €0 Loan Y €100 Deposit X €100 €100 Investor Z PF €100 OM €100 Then, the payment to the production factor owner Z is effectuated in exchange for the commitment of delivery of production factors (‘PF’) during the production process.

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