Local economic growth can be spurred by casino tourism, yet this may take place at the expense of the external regions where tourists live. We show that Pigouvian taxes should be imposed on gambling activity to attenuate its external cost. The tax may boost social welfare in the local and...

Based on apprehending the conception of intensive use of woodland, 12 indices are selected from the aspects of economy, society, ecology and so on according to the principles of scientific systematization, collectible index and system inner linkage. A scientific evaluation index system for...

This paper examines whether a casino tax is good for local welfare in a tourism economy. We find that what is important for efficiency is not the tax rate itself but the tax incidence on tourists. Casino tourism in Macao engages in price discrimination via market segmentation. We prove that,...

Financial crises have been attributed to rising income inequality via its induced high household leverage as observed in the USA and similar economies. Alternatively it has been suggested this is not a general relationship since it was found that inequality had no bearing on crises in 14...

The prolonged RMB appreciation affects Macao deeply and requires a major monetary reform without further delay. What we propose for Macao reform as an optimal choice includes shifting its monetary anchor to the strong RMB, revaluing its domestic currency to the original level, and setting up a...

This paper develops a two-sided search-matching model with imperfectly observed types and learning. Since agents do not observe one another’s type accurately, they first engage in a probationary partnership to learn one another’s true type. Using the metaphor ofpremarital cohabitation and...

This article treats financial openness as a practical dimension on which two countries can negotiate for capital mobility benefit sharing. A capital-exporting country has some first-mover advantage in bargaining with its importing counterparts for their opening. Yet the former country's...