Taxation of the Spouses: A Comparison of Canadian, American, British, French and Swedish Law
In examining the treatment of families v. individual taxpayers under the tax systems of five different countries, Louise Dulude begins by tracing each system's political and historical evolution. She provides criteria for an ideal choice of tax unit against which the existing five systems are measured and reviews the political and philosophical rationales preventing adoption of this ideal. This article is available in Osgoode Hall Law Journal: http://digitalcommons.osgoode.yorku.ca/ohlj/vol23/iss1/3 TAXATION OF THE SPOUSES: A COMPARISON OF CANADIAN, AMERICAN, BRITISH, FRENCH AND SWEDISH LAW
Empirical research on European stock markets has shown that they behave differently according to the performance of the leading financial market identified as the US market. A positive sign is viewed as good news in the international financial markets, a negative sign means, conversely, bad news. As a result, we assume that European stock market returns are affected by endogenous and exogenous shocks. The former raise in the market itself, the latter come from the US market, because of its most influential role in the world. Under standard assumptions, the distribution of the European market index returns conditionally on the sign of the one-day lagged US return is skew-normal. The resulting model is denoted Skew-GARCH. We study the properties of this new model and illustrate its application to time-series data from three European financial markets.