This paper provides a theoretical proof that casino taxation may have great potential as a contributor to tourism efficiency under sufficient market power. We also examine empirical evidence for the economic efficiency of casino tourism in Macao even with a “high” tax owing to geographic...

This paper treats capital flows as risky growth opportunities for both investing and host countries in a standard mean-variance model. Differing optimal tradeoffs between growth and volatility on both sides of capital flows are examined on the basis of their different attitudes toward...

This paper analyzes differing optimal tradeoffs between growth and volatility by both sides of capital flows on the basis of their different considerations of capital market openness and different levels of financial sector development. Since growth and volatility are negatively correlated,...