Australia has experienced significant rises in mortgage costs and sharp declines in housing affordability in the last few decades, particularly since it implemented a new tax system of Goods and Services Tax （GST） i...Australia has experienced significant rises in mortgage costs and sharp declines in housing affordability in the last few decades, particularly since it implemented a new tax system of Goods and Services Tax （GST） in July 2000. Prior research has attempted to examine the influence of the GST on general price levels, but little research effort has been directed to investigate the impact of the GST on mortgage costs. Using proprietary data of major building societies in Australia for 36 months, this paper examines the changes of mortgage yield spreads in the pre-and post-GST periods for building societies. Results suggest that the lenders significantly increased their mortgage charges in the post-GST periods, For example, the increase is found to be, on average, 59.0 basis points which are much higher than that of banks.展开更多
The security of electronic payment is one discusses the secure mechanism and transaction process of the key problems in electronic commerce. This paper of the two electronic payment protocols SSL and SET, and presents...The security of electronic payment is one discusses the secure mechanism and transaction process of the key problems in electronic commerce. This paper of the two electronic payment protocols SSL and SET, and presents the differences between them on security, function and practicality. SSL takes an active role in current electronic payment. With high security and perfect specifications, however, SET isn＇t widely used at present because of its complexity. But it will change in the future.展开更多
文摘Australia has experienced significant rises in mortgage costs and sharp declines in housing affordability in the last few decades, particularly since it implemented a new tax system of Goods and Services Tax （GST） in July 2000. Prior research has attempted to examine the influence of the GST on general price levels, but little research effort has been directed to investigate the impact of the GST on mortgage costs. Using proprietary data of major building societies in Australia for 36 months, this paper examines the changes of mortgage yield spreads in the pre-and post-GST periods for building societies. Results suggest that the lenders significantly increased their mortgage charges in the post-GST periods, For example, the increase is found to be, on average, 59.0 basis points which are much higher than that of banks.
文摘The security of electronic payment is one discusses the secure mechanism and transaction process of the key problems in electronic commerce. This paper of the two electronic payment protocols SSL and SET, and presents the differences between them on security, function and practicality. SSL takes an active role in current electronic payment. With high security and perfect specifications, however, SET isn＇t widely used at present because of its complexity. But it will change in the future.
