Global financial turmoil in recent years has resulted in renewed interest in Stock Transaction Taxes (STT). Given that the existing literature on the <italic>quantitative</italic> impact of STT on turnover is limited and/or outdated, this article reinvestigates the issue, taking up the Japanese market reforms...

Japan eliminated turnover tax on stock trading through the end of the 1990's to revitalize its ailing stock market by reducing the overall transaction cost for stock trading. This paper empirically examines the effect of this exogenous, institutional change in tax policy on stock trading volume...

Japan implemented a capital gains tax reform and reduced its flat rate in 2003. This study attempts to explain how this has contributed to the recent surge of individual trading, using three different methods of analysis. First, we perform a time-series analysis with the aggregate, market-level...

This study examines the formation of the inflation expectations of Japanese households using a micro-level dataset of forecast errors of expected inflation rates. The Japanese have recently come to be interested in policies that intend to positively influence the inflation expectations of...

Using an ordered logit model on representative survey data, we study attitudes about who should provide for the livelihood of the elderly in two aging societies--Germany and Japan. We find that in both countries, those with higher income are more inclined toward the private option, whereas age...