La tributación de las rentas de capital en los Estados miembros de la Comunidad Europea

El artículo trata sobre la tributación de las rentas de capital de los estados miembros de la Comunidad Europea en lo referente a intereses y dividendos y en lo que afecta a variaciones patrimoniales.

The determinants of capital intensity in Japan and the U.S

We estimate the determinants of capital intensity in Japan and the US, characterized by striking different paths. We augment an otherwise standard Constant Elasticity of Substitution (CES) model with demand-side considerations, which we find especially relevant in the US. In this augmented setting, the elasticity of substitution between capital and labor is placed around 0.85 in Japan, and 0.30 in the US. We also find evidence of biased technical change, which is capital-saving in Japan but labor-saving in the US. These differences help us explain the diverse experience in the capital deepening process of these economies, and lead us to conclude that demand-side drivers may also be relevant to account for different growth experiences. A close look at the nature of technological change is also needed before designing one-size-fits-all industrial, economic growth, and/or labor market policies.

Earnings quality and performance in the banking industry: a profit frontier approach

The analysis of efficiency and productivity in banking has received a great deal of attention for almost three decades now. However, most of the literature to date has not explicitly accounted for risk when measuring efficiency. We propose an analysis of profit efficiency taking into account how the inclusion of a variety of bank risk measures might bias efficiency scores. Our measures of risk are partly inspired by the literature on earnings management and earnings quality, keeping in mind that loan loss provisions, as a generally accepted proxy for risk, can be adjusted to manage earnings and regulatory capital. We also consider some variants of traditional models of profit efficiency where different regimes are stipulated so that financial institutions can be evaluated in different dimensions—i.e., prices, quantities, or prices and quantities simultaneously. We perform this analysis on the Spanish banking industry, whose institutions have been deeply affected by the current international financial crisis, and where re-regulation is taking place. Our results can be explored in multiple dimensions but, in general, they indicate that the impact of earnings management on profit efficiency is of less magnitude than what might a priori be expected, and that on the whole, savings banks have performed less well than commercial banks. However, savings banks are adapting to the new regulatory scenario and rapidly catching up with commercial banks, especially in some dimensions of performance.

Productivity, Technical eficiency and internationalisation of the Spanish chemical sector

relationship between productivity and international position of Spanish chemical firms in the period 2005-2011. The goal is to determine whether companies that follow and international strategy, either with exports or by investment in foreign countries obtain greater productivity growth than these that do not operate in global market. For this purpose a panel data set with microdata has been created. A preliminary analysis of the evolution of productivity growth in the sector is carried out. The measurement of Total Factor Productivity is performed. With the estimated TFP we analyze the differentials in productivity growth, comparing the effects of export and investment behavior with non-international firms.