Several frictions restrict the government's ability to tax assets. First, it is very costly to monitor trades on international asset markets. Second, agents can resort to nonobservable low-return assets such as cash, gold or foreign currencies if taxes on observable assets become too high. This...

Transition from socialist to capitalist economy led to enormous changes in earnings and employment. In our study a long-horizon descriptive analysis is presented about the major trends, including the last fifteen years of socialism. Education, gender, calendar time, age and vintage effects are...