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  • ddc:330  (156,967)
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  • 1
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    London: Taylor and Francis | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-01-29
    Description: We introduce progressive consumption taxation into a real-business-cycle setup augmented with a detailed government sector. We calibrate the model to Bulgarian data for the period following the introduction of the currency board arrangement (1999-2016). We investigate the quantitative importance of the presence of of progressive taxation of consumption expenditures for the stabilization of cyclical fluctuations in Bulgaria. We find the quantitative effect of such a tax to be very small, and thus not important for either business cycle stabilization, or public finance issues.
    Keywords: E24 ; E32 ; ddc:330 ; business cycles ; progressive consumption taxation ; Bulgaria
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 2
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    Brussels: The Economics and Econometrics Research Institute | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-01-29
    Description: We show that in a exogenous growth model with non-market ("home") sector calibrated to Bulgarian data under the progressive taxation regime (1993-2007), the economy exhibits equilibrium indeterminacy due to the presence of non-market production. These results are in line with the findings in Benhabib and Farmer (1994, 1996) and Farmer (1999). Also, the findings in this paper are in contrast to Guo and Lansing (1988) who argue that progressive taxation works as an automatic stabilizer. Under the flat tax regime (2008-16), the economy calibrated to Bulgarian data displays saddle-path stability. The decrease in the average effective tax rate addresses the indeterminacy issue and eliminates the "stable focus" dynamics.
    Keywords: J46 ; D91 ; O41 ; ddc:330 ; Progressive taxation ; Non-market sector ; Home production ; Equilibrium (In)determinacy
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 3
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    Bernkastel-Kues: Cusanus Hochschule, Institut für Ökonomie und Institut für Philosophie
    Publication Date: 2019-01-29
    Description: Friedrich von Hayek, die wirkungsmächtigste Person im Neoliberalismus, hat insbesondere in seiner Theorie des "Wettbewerbs als Entdeckungsprozess" eine Utopie formuliert, deren Besonderheit darin besteht, dass sie versucht, jeder anderen Utopie - gleich welcher Richtung - ihre Berechtigung zu entziehen. Denn hier wird "dem Markt" bzw. "der erweiterten Ordnung" eine Übervernunft zugeschrieben, die von keinem menschlichen Wesen kognitiv zu bewältigen ist. Hayek landet folgerichtig bei dem Bild, "den Markt" wie einen Gott anzusehen und ihm gottgleiche Attribute zu verleihen.
    Keywords: A11 ; A12 ; B25 ; B53 ; ddc:330 ; Neoliberalismus ; Marktdenken ; Propaganda ; Gesellschaftstheorie ; Transformation der Gesellschaft
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 4
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    Freiburg i. Br.: Albert-Ludwigs-Universität Freiburg, Institut für Allgemeine Wirtschaftsforschung, Abteilung für Wirtschaftspolitik und Ordnungsökonomik
    Publication Date: 2019-01-29
    Description: [Einleitende Bemerkungen] Eine Reform der Grundsteuer ist unabweisbar geworden. Dies ist nicht dem politischen Willen von Bund oder Ländern geschuldet, sondern geht auf das Urteil des Bundesverfassungsgerichts vom 10. April 2018 zurück, wonach die Einheitsbewertung zur Ermittlung der Bemessungsgrundlage der Grundsteuer jedenfalls seit dem 1. Januar 2002 unvereinbar mit Art. 3 Abs. 1 Grundgesetz und somit verfassungswidrig ist. Diese Entscheidung war spätestens seit dem Jahr 2010 absehbar, als der Bundesfinanzhof feststellte, dass „[…] das weitere Unterbleiben einer allgemeinen Neubewertung des Grundvermögens […]“ für Stichtage nach dem 1.1.2007 mit der Verfassung nicht vereinbar ist (Pressemitteilung BFH vom 11. August 2010). Der Wissenschaftliche Beirat beim Bundesfinanzministerium legte im Dezember 2010 eine Stellungnahme zur Grundsteuerreform vor, die Möglichkeiten zu einer Neubewertung der Immobilien in Deutschland mit einigermaßen vertretbarem administrativem Aufwand aufzeigte. Gleichwohl haben Bund und Länder die vergangenen acht Jahre nicht für eine Reform nutzen können. Insbesondere unter den Ländern bestand keine Einigkeit, ob ein wertbasiertes Modell oder ein reines Flächenmodell zur Ermittlung der Bemessungsgrundlage der Grundsteuer herangezogen werden sollte. Diese Frontstellung besteht zwischen den beiden Lagern fort. Nur bleibt nun leider wenig Zeit, eine Reform der Grundsteuer auf den Weg zu bringen. Bis zum Ende des Jahres 2019 muss der Gesetzgeber die Grundsteuer reformiert haben und ein neues Bewertungsgesetz verabschiedet haben. Danach hat der Gesetzgeber fünf Jahre Zeit, also bis zum 31. Dezember 2024, die neuen Bewertungsregeln anzuwenden. Diese Frist ist für eine Bewertung aller Immobilien in Deutschland relativ kurz. Das Bundesfinanzministerium hat mittlerweile seine Vorschläge für eine Grundsteuerreform unterbreitet. Darin sind zwei Modelle enthalten, ein wertunabhängiges, flächenbasiertes Modell und ein wertabhängiges Modell, in das Boden- und Gebäudewertcharakteristika einfließen. Das Bundesfinanzministerium favorisiert sein wertabhängiges Grundsteuermodell. Vor diesem Hintergrund, und weil die Zeit drängt, spitzt sich die Debatte derzeit weiter zu. In diesem Beitrag soll daher das Für und Wider der unterschiedlichen Modelle beleuchtet werden. Zudem werden Weiterungen der Reform, insbesondere die Möglichkeit der formalen Überwälzung der Grundsteuer auf den Mieter diskutiert.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 5
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    Leiden: Brill | ZBW – Leibniz Information Centre for Economics Kiel, Hamburg
    Publication Date: 2019-01-29
    Description: Recognizing that identities are not static but instead forged in social interactions, this article explores how interplays of similarity and difference can stimulate identity development in organizations. Artistic interventions in organizations are conceived as opening spaces for interactions in which intercultural contention can stimulate identity development at the individual and organizational levels. The contribution draws on data generated from Webbased surveys of employees, managers, and artists who participated in artistic interventions in small and medium sized companies in Spain. Several tensions between their culturally distinct worlds emerge as drivers of a process in which the participants engage in identity development characterized by double-mirroring, coevolution, and resonance.
    Keywords: ddc:330 ; artistic interventions ; identity development ; intercultural interactions ; creative processes ; discursive perspective ; lexical analysis
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Bernkastel-Kues: Cusanus Hochschule, Institut für Ökonomie und Institut für Philosophie
    Publication Date: 2019-01-29
    Description: Wie selbstverständlich geht die heutige ökonomische Standardlehre davon aus, dass sie Studierenden eine feste und unveränderliche Sicht auf die Welt vermitteln kann. Doch woher kommt diese Annahme? Walter Lippmann, einer der Begründer des Neoliberalismus, gibt hierauf einen ersten Hinweis: Wirtschaftswissenschaft soll in der Lage sein, Bilder in Köpfen von Menschen zu verankern, die allem Denken und Handeln unbewusst zugrunde liegen, selbst aber nicht schöpferisch veränderbar sind. Anhand dreier Stationen - ausgesuchten Textpassagen von Adam Smith, John Stuart Mill und Léon Walras - zeigt der Beitrag, wie die Wirtschaftswissenschaft hierfür das Denken umformen musste: hin zu einem rein erfahrungsunabhängigen Denken, das seine Inspiration nicht aus der Begegnung mit der Wirklichkeit, sondern allein aus der reinen Mathematik und Mechanik übernimmt. Zugleich zeigt die philosophische Auseinandersetzung mit der Geschichte dieser Wissenschaft, dass diese Umformung selbst weder zwangsläufig noch alternativlos ist. Auch in der Ökonomie lässt sich die schöpferische Kraft des Denkens zurückgewinnen.
    Keywords: A11 ; A12 ; A23 ; B12 ; B13 ; B21 ; B31 ; B41 ; ddc:330 ; Wirkung ökonomischen Denkens ; Adam Smith ; John Stuart Mill ; Léon Walras ; Lehrbuchökonomie ; Objektivität ; Erfahrung ; mathematisches Denken ; Manipulation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 7
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    Bernkastel-Kues: Cusanus Hochschule, Institut für Ökonomie und Institut für Philosophie
    Publication Date: 2019-01-29
    Description: Die Geschichte des Kapitalismus ist mit der Geschichte des (naiv realistischen) Alltagsverständnisses einer "objektiven" Außen-Welt eng verwoben. Damit eine Geldorientierung und der Kapitalismus kulturdurchdringend werden konnten, musste sich die Vorstellung einer objektiven und messbaren "Außen-Welt" entwickeln und in Lebenspraktiken durchsetzen. Das Paper erläutert die These, dass die Entstehungsgeschichte des Kapitalismus (lebenswirklich und in seiner theoretischen Reflexion) parallel zur Entstehungsgeschichte von Grundkonzepten (lebenswirklich und in ihrer theoretischen Reflexion), wie Ding, Raum und Zeit verlaufen ist bzw. einen gemeinsamen Prozess ausmacht.
    Keywords: A11 ; A14 ; B25 ; B31 ; B53 ; P16 ; ddc:330 ; Geschichte des Kapitalismus ; Entstehung der Neuzeit ; Weltbild ; Objekt ; Raum ; Zeit ; Descartes ; Naturwissenschaftliches Weltbild ; Homogenisierung der Welt
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 8
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    Neubiberg: Universität der Bundeswehr München, Economic Research Group
    Publication Date: 2019-01-29
    Description: The decision over exports vs. foreign direct investment (FDI) is usually discussed in an extension of the so-called Melitz model where firms with heterogeneous costs compete in a monopolistically competitive industry. The present paper starts from a situation where a potential foreign entrant would be just indifferent between exports and FDI in such a setting. However, by assuming oligopolistic interaction, strategic considerations are also taken into account. It is shown how the strategic impact of lower marginal cost makes FDI more attractive in a Cournot setting while exports are preferable under price competition in a market with differentiated goods. Beyond that it is also explored how a strategic alliance with a local incumbent could be a superior alternative for market entry.
    Keywords: D43 ; L11 ; L41 ; ddc:330 ; Entry strategies ; Trade ; FDI ; Alliances ; Oligopoly
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 9
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    Bernkastel-Kues: Cusanus Hochschule, Institut für Ökonomie und Institut für Philosophie
    Publication Date: 2019-01-29
    Description: The article compares market fundamentalism and right-wing populism on the basis of its core patterns of thinking and reasoning. Based on an analysis of important texts in both fields we find many similarities of these two concepts in their "inner images". Thus, we develop a scheme of the similar dual social worlds of right-wing-populism and market fundamentalism and offer some recent examples of market fundamentalism and right-wing populism mutually reinforcing each other or serving as a gateway for each other. We then apply our scheme for the analysis of the recent political developments and its ideological roots in the US under Donald Trump.
    Keywords: A12 ; A14 ; B25 ; P16 ; N42 ; N44 ; P16 ; ddc:330 ; Right-wing populism ; market-fundamentalism ; inner images ; Donald Trump ; patterns of thinking
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 10
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2019-01-31
    Description: Das Urheberrecht soll allgemein einen Anreiz zur Schöpfung von Werken der Literatur, Kunst und Wissenschaft schaffen. Was aber, wenn der Künstler oder Autor eine Maschine ist? Im Zeitalter der Künstlichen Intelligenz (KI) schon lange keine Utopie mehr. Aus ökonomischer Sicht gibt es gute Gründe, warum keine Maschine Urheber sein kann und sollte. Nichtsdestotrotz stellt sich die Frage, ob es im KI-Kontext Handlungsbedarf in Form eines digitalen Updates des Urheberrechts oder ergänzender Rechtsnormen gibt.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 11
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2019-01-31
    Description: Im vergangenen Jahr verhinderte die Bundesregierung zwei Transaktionen chinesischer Investoren und verschärfte nach 2017 im zweiten Jahr in Folge die Außenwirtschaftsverordnung. Dennoch waren Investoren aus China weiterhin sehr aktiv.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 12
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2019-01-31
    Description: Ausschlaggebend für den starken Anstieg der Kinderzahlen waren eine steigende Zahl an potenziellen Müttern, mehr Geburten je potenzieller Mütter und eine substanzielle Zuwanderung von Kindern. Dadurch werden in den nächsten Jahren zusätzliche Kapazitäten in den Kitas und Grundschulen notwendig, auch wenn sich die Entwicklungen nicht fortsetzen sollten.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 13
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-01-31
    Description: It is well known that the self-employed are over-represented at the bottom as well as the top of the income distribution. This paper shifts the focus from the income situation of the self-employed to the distributive effects of a change in self-employment rates. With representative German data and unconditional quantile regression analysis we show that an increase in the proportion of self-employed individuals in the labor force increases income polarization by tearing down floors at the bottom and allowing higher earnings potentials at the very top of the hourly income distribution. Recentered influence function regression of inequality measures corroborate that self-employment is a source of income inequality in the labor market.
    Keywords: L26 ; D31 ; ddc:330 ; income ; earnings inequality ; self-employment
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 14
    Publication Date: 2019-01-31
    Description: In the shadow of homeownership and public housing, social policy through the regulation of private rental markets is a neglected and underestimated field of social policy. This paper, therefore, presents unique new data on the development of private tenancy legislation through the binary coding of rent control, the protection of tenants from eviction, and rental housing rationing laws across more than 25 countries and 100 years. This long-run perspective reveals the dynamic effects of rent control on the rise of homeownership as the dominant tenure during the 20th century. We find that both rent regulation and rationing legislation effectively increased homeownership, but only up to a certain threshold. We suggest that the short-term lure of an inexpensive social policy for tenants has led to the long-term marginalization of rental markets in many countries.
    Keywords: C23 ; O18 ; R38 ; ddc:330 ; homeownership ; rent control ; tenure security ; housing rationing ; dynamic panel data model
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 15
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-01-31
    Description: The goal of this study was to identify and empirically test variables that indicate how well partners in relationships know each other's food preferences. Participants (n = 2,854) lived in the same household and were part of a large, nationally representative panel study in Germany. Each partner independently predicted the other's preferences for several common food items. Results show that predictive accuracy was higher for likes and for extreme and stereotypical preferences as compared to dislikes and for moderate and idiosyncratic preferences. Accuracy was also higher for couples with a high similarity in preferences and with longer relationship duration but was independent of participants' age after controlling for relationship duration. The data also show that relationship duration was accompanied by higher similarity in couples' food preferences. There was a small positive correlation between partner knowledge and both partner similarity and satisfaction with family life, but no correlation between partner knowledge and general life satisfaction. The results reconcile both valence and base-rate accounts of preference prediction accuracy.
    Keywords: ddc:330 ; Socio-Economic Panel (SOEP) ; prediction accuracy ; food preferences ; romantic couples ; perspective-taking
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 16
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    Mannheim: ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
    Publication Date: 2019-01-31
    Description: This review summarizes the empirical literature on the effects of natural disasters and weather variations on international trade flows. A first result is that the body of literature is actually not as small as previously suggested. In total, I summarize 19 studies of 18 independent research teams and show that there is a large diversity in terms of motivations, data sets used, methodologies, and results. Still, some overarching conclusions can be drawn. Increases in average temperature seem to have a detrimental effect on export values (less on imports), mainly for manufactured and agricultural products. Given climate change, this is an important finding for projecting long-term developments of trade volumes. Imports seem to be less affected by temperature changes in the importing country. Findings on the effects of natural disasters are more ambiguous, but at least it can be said that exports seem to be affected negatively by occurrence and severity of disasters in the exporting country. Imports may decrease, increase, or remain unaffected by natural disasters. Regarding heterogeneous effects, small, poor, and hot countries with low degrees of institutional quality and political freedom seem to face the most detrimental effects on their trade flows. Possible directions of future research include analyzing spillover effects in-depth (in terms of time, space, and trade networks), considering adaptation, and using more granular data.
    Keywords: Q17 ; Q54 ; Q56 ; F14 ; F18 ; ddc:330 ; International Trade ; Climate Change ; Natural Disasters
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 17
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    Freiburg: Albert-Ludwigs-Universität Freiburg, Wilfried-Guth-Stiftungsprofessur für Ordnungs- und Wettbewerbspolitik
    Publication Date: 2019-01-31
    Description: In recent years, a number of major terrorist attacks in EU member states has put the fight against homegrown and international terrorism at the top of the agenda of European policy-makers. This paper analyzes the costs of terrorism in the European Union from both a theoretical and empirical perspective in order to evaluate counter-terrorism policies by comparing their costs and benefits. Two important policy implications can be derived from our exercise. First, individuals' behavioral predispositions typically result in a biased perception of the risk of terrorism leading to too high a demand for counter-terrorism measures relative to what the objective probability of terrorist events suggests. This results in a tendency to favor repressive over preventive measures against terrorism. Second, uncoordinated European policies against terrorism have the potential to undermine the effectiveness of counter-terrorism measures. If there is a justification for the existence of the European Union (which an increasing number of populist parties in Europe seems to doubt), then it is to provide supranational answers to coordination failure in European counter-terrorism policies.
    Keywords: D74 ; H56 ; N44 ; ddc:330 ; terrorism ; home-grown terrorism ; European Union ; counter-terrorism policies ; coordination failure ; behavioral responses to terrorism
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 18
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-01-31
    Description: This study analyzes the effect of fathers' parental leave-taking on the time fathers spend with their children and on mothers' and fathers' labor supply. Fathers' leave-taking is highly selective and the identification of causal effects relies on within-father differences in leave-taking for first and higher order children that were triggered by a policy reform promoting more gender equality in leave-taking. Results show that even short periods of fathers' parental leave may have long-lasting effects on fathers' involvement in childcare and housework. Effects on maternal labor supply are also significantly positive but do not persist over time.
    Keywords: H31 ; J13 ; J22 ; ddc:330 ; parental leave ; childcare ; female labor supply ; gender differences ; policy evaluation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 19
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    Gerzensee: Swiss National Bank, Study Center Gerzensee
    Publication Date: 2019-01-31
    Description: Import competition from China is pervasive in the sense that for many good categories, the competitive environment that US firms face in these markets is strongly driven by the prices of Chinese imports, and so is their pricing decision. This paper quantifies the effect of the government-controlled appreciation of the Chinese renminbi vis-à-vis the USD from 2005 to 2008 on the prices charged by US domestic producers. In a panel spanning the period from 1994 to 2010 and including up to 519 manufacturing sectors, import price changes of Chinese goods pass into US producer prices at an average rate of 0.7, while import price changes that can be traced back to exchange rate movements of other trade partners only have mild effects on US prices. Further analysis points to the importance of trade integration, variable markups, and demand complementarities on the one side, and to the importance of imported intermediate goods on the other side as drivers of these patterns. Simulations incorporating these microeconomic findings reveal that a substantial revaluation of the renminbi would result in a pronounced increase of aggregate US producer price inflation.
    Keywords: F11 ; F12 ; F14 ; F15 ; F16 ; F40 ; E31 ; E37 ; L16 ; ddc:330 ; Price Complementarities ; Exchange Rate Pass-Through ; China ; Inflation ; Monetary Policy ; Exchange Rate Pass-Through ; Außenhandelspreis ; Wettbewerb ; Mark-up Pricing ; Inflation ; Schätzung ; USA ; Renminbi ; Aufwertung ; China
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 20
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-01-31
    Description: Using the German Socioeconomic Panel (SOEP) data, this paper offers the first evidence that the 2011 news revelations about crimes committed by National Socialist Underground (NSU) network in early the 2000s resulted in an increase in worries about xenophobic hostility among NSU's targeted groups. This serves as an indication of the minority's perceived maltreatment by German institutions while investigating the NSU crimes. The results further show that the revelations significantly reinforced a feeling of estrangement among Turks, who were now less likely to self-identify as Germans and more likely to see themselves as foreigners; they, therefore, tended to bond more strongly with the ethos of their country of origin. The results also demonstrate that Turks reported a substantial decrease in their health satisfaction and subjective wellbeing. In conclusion, the paper underlines the pertinence of judicial efficacy over rightwing crimes for assimilation and welfare of immigrants.
    Keywords: D63 ; F22 ; J15 ; Z10 ; ddc:330 ; rightwing crimes ; immigration ; delayed justice ; social assimilation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 21
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-01-31
    Description: The ability-to-pay approach assesses taxes paid as a sacrifice by the taxpayers. This raises the question of how to define and how to measure it: in absolute, relative, or marginal terms? U.S. respondents prefer a tax schedule that is either a pure (absolute) Equal Sacrifice or a mixture of Equal Sacrifice and Utilitarianism [Weinzierl, 2014]. To determine whether Germans prefer absolute, relative, or marginal Equal Sacrifice principle for their income taxation, I use a question item from the German Socio-Economic Panel (SOEP) to obtain information on the level of taxes individuals consider as fair. I estimate tax and transfer schedules with regard to three Equal Sacrifice definitions and analyze which one of the three best fits the data. The absolute and the relative Equal Sacrifice principle are the dominant candidates in terms of statistical fit.
    Keywords: H21 ; D63 ; ddc:330 ; Equal Sacrifice ; Optimal Taxation ; Fair Taxation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 22
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-01-31
    Description: We propose a regression-adjusted matched difference-in-differences framework to estimate non-pecuniary returns to adult education. This approach combines kernel matching with entropy balancing to account for selection bias and sorting on gains. Using data from the German SOEP, we evaluate the effect of work-related training, which represents the largest portion of adult education in OECD countries, on individual social capital. Training increases participation in civic, political, and cultural activities while not crowding out social participation. Results are robust against a variety of potentially confounding explanations. These findings imply positive externalities from work-related training over and above the well-documented labor market effects.
    Keywords: J24 ; I21 ; M53 ; ddc:330 ; non-pecuniary returns ; social capital ; work-related training ; matched difference-in-differences approach ; entropy balancing
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  • 23
    Publication Date: 2019-01-31
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 24
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-01-31
    Description: Individuals often have to decide to which degree of risk they want to expose others, or how much risk to accept if their choice has an externality on third parties. One typical application is a household. We run an experiment in the German Socio-Economic Panel with two members from 494 households. Participants have a good estimate of each other's risk preferences, even if not explicitly informed. They do not simply match this preference when deciding on behalf of the other household member, but shy away from exposing others to risk. We model the situation, and we find four distinct types of individuals, and two distinct types of households.
    Keywords: C45 ; D13 ; D81 ; D91 ; ddc:330 ; risk preference ; household ; reticence to expose others to risk ; trade-off between individual and foreign risk preference
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 25
    Publication Date: 2019-01-31
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 26
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    Berlin: Deutsches Institut für Wirtschaftsforschung (DIW)
    Publication Date: 2019-01-31
    Description: Using data from the German Socio-Economic Panel and exploiting the staggered implementation of a compulsory schooling reform in West Germany, this article finds that an additional year of schooling lowers the probability of being very concerned about immigration to Germany by around six percentage points (20 percent). Furthermore, our findings imply significant spillovers from maternal education to immigration attitudes of her offspring. While we find no evidence for returns to education within a range of labour market outcomes, higher social trust appears to be an important mechanism behind our findings.
    Keywords: I26 ; J15 ; J62 ; ddc:330 ; attitudes towards immigration ; intergenerational effects ; schooling ; externalities ; instrumental variables estimation
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 27
    Publication Date: 2019-01-31
    Description: The paper is aimed to determine the optimality of taxation, that can be used to plan and implement effective anti-crisis measures. Objective is not to define or diagnose crisis and suggest strategies, but to offer methodologies, that can be used to determine the influence of formal and informal institutions of company’s ongoing activities. To develop recommendations for avoiding business crisis situation and support its development. The theoretical and methodological basis of the research is the main provisions of the market economy, legislative and regulatory acts of Georgia and foreign countries, statistical data of Georgia, the global risks report, government bodies and business structures in this field. In the process of analysis of the actual material, together with the general scientific method of research, is used: systemic analysis, comparative analysis of scientific literature, statistical analysis, analogy and other methods. As a result of researches it is established that developed countries emphasize the importance of fairness, while developing countries are mainly focused on mobilizing budget revenues and lesser consideration of fair taxation principles, since the tax system performs a fiscal function more effectively than developing countries. In our opinion, the main idea of tax policy should be the optimal distribution of tax literacy on the basis of a direct definition of income of taxpayers or progressive taxation. Practical implementation of the proposed proposals will facilitate further improvement of the social climate in the country, revitalize small and medium businesses, and solve the problem of employment in the country.
    Keywords: E62 ; G30 ; H30 ; ddc:330 ; Fiscal Policy ; Financial Crises ; Crisis Management ; Small Business ; Social Stimulation
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  • 28
    Publication Date: 2019-01-31
    Description: With Germany's nuclear phase-out, 23 reactors need to be dismantled in the near future. Initiated by the dire financial situation of the affected utilities in 2014, a major discourse on ensuring financial liability led to a redistribution of liabilities and finances, with the utilities remaining in charge of dismantling, while liability for interim and final storage now transferred to the public. This paper assesses whether the new regulation will ultimately be to the benefit of the public. It introduces a two-stage stochastic optimization framework which encompasses the different dismantling phases and resulting waste flows and storage levels of low- and intermediate-level waste (LLW and ILW) as well as the associated costs. Results show that storage risk - proclaimed as a major barrier to efficient decommissioning - is not a major driver for the optimal decommissioning schedule. However, a delay of ten years might now increase interim storage costs borne by the public by over 20%. By contrast, lacking knowledge and limited machinery is a major unaccounted cost driver, which might quickly eat-up the buffer currently included in utility funds in order to deal with dismantling uncertainties. Our analysis reveals the storage gate as the new crucial interface between utilities and the public storage provider.
    Keywords: C61 ; H44 ; L51 ; ddc:330 ; nuclear decommissioning ; nuclear dismantling ; financial liability ; nuclear logistics ; stochastic modeling ; regulation
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  • 29
    Publication Date: 2019-01-26
    Description: Die professionalisierte, kontinuierliche Vermietung von Wohnraum über Homesharing-Plattformen wie Airbnb kann dem Markt Wohnraum entziehen und lokal existierende Wohnraum-knappheit verschärfen. Regelungen zur Steuerung der Vermietungstätigkeit wie Zweckentfremdungsverbote sollen dem entgegenwirken. In Nordrhein-Westfalen lässt sich jedoch kein empirischer Beleg für umfangreichen Wohnraumentzug durch Airbnb feststellen.
    Description: A professional, continuous short-term letting of accommodation via home sharing platforms like Airbnb can lead to a reduction of housing space and therefore intensify housing shortages. Regulation like the ban of an exclusive use of apartments or houses for short-term accommodation (so-called ban on misuse or Zweckentfremdungsverbot) are supposed to prevent or to mitigate such developments. In the German federal state of North Rhine-Westphalia however, no empirical evidence for such reductions of housing space due to home sharing via Airbnb can be found.
    Keywords: D52 ; L14 ; L51 ; L86 ; ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 30
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-01-26
    Description: Despite the headway the world has experienced over the last couple of years in terms of a substantial increase in digital access, there are still significant challenges to overcome in ensuring women are included in the transformation to a digital society, which in turn will enhance productivity and social development. Efforts to increase internet adoption access through broadband plans and legislative reforms have yielded improvements in use and adoption. However, there is still a stark and pervasive gender inequality in terms of access, ownership of digital devices, digital fluency as well as the capacity to make meaningful use of the access to technology. Even though affordability is a key source of exclusion, there are also significant socio-cultural norms that restrict access for women. This paper brings forward the argument that access alone is not enough, women need agency and capacity to leverage access. The authors thus highlight the need to make an assessment of the global gender gap and develop meaningful indicators that contribute to the design and implementation of effective policies that drive adoption. We need effective promotion of women's digital adoption not only from the government but also from the private sector and civil society in order to lead the digital adoption of best practices for women around the world.
    Keywords: J16 ; J24 ; O30 ; ddc:330 ; digital gender gap ; digital inclusion ; digital skills
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  • 31
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2019-01-26
    Description: The introduction of a Common Consolidated Corporate Tax Base (CCCTB) in the European Union (EU) would substantially change the rules of the game in international taxation. According to the proposal by the European Commission (EC), the profits of a Multinational Enterprise (MNE) would no longer be assessed by using the arm's length principles and (hypothetical) market prices, but split based on a formulary apportionment. This implies that an allocation key consisting of sales volume, number of employees and capital invested would be applied to distribute the taxable profits of an MNE. From an economic perspective, the principle of taxing profits at source would be thereby abolished. However, due to the current difficulty for taxpayers and tax authorities to agree on adequate transfer prices, a radical change as proposed by the EC might be reasonable. Hence, the EC proposal for the CCCTB is a promising goal as it could lower the red tape burden for MNE as well as tax authorities. Furthermore, the adjustment of the debt bias and the encouragement of R&D as additional items of the EC proposal could stimulate economic growth. A main obstacle for the implementation of a CCCTB would be the expected shifts in tax revenue which make a political agreement at the EU level very difficult. The application of a CCCTB would substantially redistribute corporate profits among the EU member states as a simulation by the German Economic Institute (IW) shows. Especially, Ireland, Luxembourg and Malta would receive significantly less tax revenue since sales volume, number of employees and capital invested are relatively small in these countries. France and Italy, in contrast, would be on the winning side. Germany would also benefit even though to a rather low degree. A main reason for this result is that the strongly exporting German corporations today pay a large proportion of their corporate taxes in Germany. With the application of the CCCTB, parts of the taxable profits would be allocated to foreign countries. From a systematic point of view, the CCCTB is only convincing if there is a global commitment. A simulation of the tax revenue effects for the G20 countries when applying a CCCTB shows that the shift would also be drastic. The EU member states - even the big ones - would have to accept lower taxable corporate profits. Instead, the United States could increase the corporate tax base mainly because of the high consumption level. China and India would benefit due to the large number of employees. Thus, whether a country ranks among the winners or losers in terms of tax revenue depends foremost on the peer group.
    Keywords: H25 ; H26 ; ddc:330
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  • 32
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-01-26
    Description: A correlation curve is introduced as a tool to study the degree of intergenerational income mobility, i.e. how income status is related between parents and adult child. The method overcomes the shortcomings of the elasticity of children's income with respect to parents' income (i.e. its sensitiveness to different dispersion among the generations) and the correlation coefficient (i.e. its inability to capture nonlinearities). The method is particularly suitable for comparative studies and in this study labour earnings are compared to disposable income. The correlation between the parental income and the child's adult disposable income becomes stronger for higher percentiles in the income distribution of the parents. Above the median the correlation is found to be stronger than for labour earnings. Interestingly, the elasticity is higher for labour earnings for most part of the distribution and complementing the elasticity with correlation curves provides a much more complete picture of the intergenerational income mobility.
    Keywords: C14 ; D63 ; J62 ; ddc:330 ; intergenerational mobility ; nonlinear ; nonparametric ; correlation curve
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  • 33
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    Durham, NC: Duke University, Center for the History of Political Economy (CHOPE)
    Publication Date: 2019-01-26
    Description: Commerce changes the production of wealth in a society as well as its ethics. What is appropriate in a non-commercial society is not necessarily appropriate in a commercial one. Adam Smith criticizes Stoic self-command in commercial societies, rather than embracing it, as is often suggested. He argues that Stoicism, with its promotion of indifference to passions, is an ethic appropriate for savages. Savages live in hard conditions where expressing emotions is detrimental and reprehensible. In contrast, the ease of life brought about by commerce fosters the appropriate expressions and sharing of emotions. Imposing Stoicism on a commercial society is therefore imposing an ethic for savages onto a refined society - something to abhor. Smith's rejection of Stoicism in commercial societies can thus be seen as a defense of commerce.
    Keywords: B12 ; B15 ; D91 ; F69 ; O1 ; Z1 ; ddc:330 ; Adam Smith ; Stoicism ; Commerce ; Commercial Societies ; Savages ; Expression of Emotions ; Insensitivity
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  • 34
    Publication Date: 2019-01-26
    Description: The relationship between many G20 governments and organized civil society has become more complex, laden with tensions, and such that both have to find more optimal modes of engagement. In some instances, state-civil society relations have worsened, leading some experts and activists to speak of a 'shrinking space' for civil society. How wide-spread is this phenomenon? Are these more isolated occurrences or indeed part of a more general development? How can countries achieve and maintain an enabling environment for civil society? The authors suggest that much of the current impasse results foremost from outdated and increasingly ill-suited regulatory frameworks that fail to accommodate a much more diverse and expanded set of civil society organizations (CSO). In response, they propose a differentiated model for a regulatory framework based on functional roles. Based on quantitative profiling and expert surveys, moreover, the paper also derives initial recommendations on how governments and civil society could find ways to relate to each other in both national and multilateral contexts.
    Keywords: F5 ; L31 ; H7 ; K33 ; ddc:330 ; civil society ; NGOs ; closing civic space ; nonprofit regulation ; G20
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 35
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    Kiel: Kiel Institute for the World Economy (IfW)
    Publication Date: 2019-01-26
    Description: The authors examine the impacts of quality of institutions, border and transport efficiency, physical and communication infrastructure on overall and intra-Africa trade covering 44 African countries and their 173 trade partners for the periods 2000-2014. Aggregate indicators are derived for the quality of economic institutions, border and transport efficiency, physical and communication infrastructure using principal component analysis. The findings disclose that intra-Africa and overall Africa's trade robustly determined by the quality of institutions, border and transport efficiency, physical and communication infrastructure. The estimates also indicate that the marginal effect of the quality of institutions, physical and communication infrastructure on trade flow appears to be increasing in GDP per capita. In contrast, the marginal effect of border and transport efficiency on trade decreases in GDP per capita. The authors compute simulation of improving each indicator to the best performer in the sample. Their findings are robust to estimation method conducted to account for potential endogeneity.
    Keywords: F1 ; F14 ; ddc:330 ; trade flow ; transport and border efficiency ; quality of institutions ; physical and communication infrastructure ; gravity model ; African countries
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  • 36
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    Mannheim: ZEW - Leibniz-Zentrum für Europäische Wirtschaftsforschung
    Publication Date: 2019-01-26
    Description: Das MIP-Erhebungsdesign sieht vor, abwechselnd Kurz- und Langerhebungen durchzuführen. Die Erhebung des Jahres 2018 war eine Kurzerhebung. Das bedeutet unter anderem, dass sich das Fragenspektrum vorrangig auf Fragen zu den Kernindikatoren des Innovationsverhaltens beschränkt. Die Haupterhebungsergebnisse zu diesen Kernindikatoren sind in einem Indikatorenbericht (vgl. Rammer et al., 2019) sowie in 47 Branchenberichten1 veröffentlicht. Zusätzlich zu den Fragen zu Kernindikatoren des Innovationsverhaltens wurden in die Erhebung 2018 auch zwei Schwerpunktfragen aufgenommen: - Eine Schwerpunktfrage widmete sich der Zusammenarbeit mit der Wissenschaft. Gefragt wurde, ob Unternehmen mit Wissenschaftseinrichtungen (Hochschulen, Forschungseinrichtungen) im Zeitraum 2015-2017 zusammengearbeitet haben. Für den aus Sicht des Unternehmens wichtigsten Kooperationspartner auf Wissenschaftsseite wurde die Form der Zusammenarbeit und deren Effektivität für den Zugang zum Knowhow der Wissenschaftseinrichtung sowie die Nutzung von Förderung für diese Zusammenarbeit erhoben. - Eine zweite Schwerpunktfrage betraf das Thema Fachkräftebedarf. Erhoben wurde, wie viele offene Stellen Unternehmen im Jahr 2017 hatten, welchen Qualifikationsniveau diese offenen Stellen vorausgesetzt haben, und wie viele dieser Stellen wie geplant, nur verspätet oder nicht mit dem gewünschten Personal oder gar nicht besetzt werden konnten. Außerdem wurde erfasst, wie viele Auszubildende im Unternehmen im Jahr 2017 beschäftigt waren. Der vorliegende Bericht fasst zentrale deskriptive Ergebnisse zu diesen Schwerpunktfragen zusammen. Die vollständigen Ergebnisse differenziert nach Branchen und Größenklassen sind in Tabellenform online verfügbar. Außerdem werden methodische Aspekte der Befragung (Grundgesamtheit, Stichprobe, Datenaufbereitungs- und Hochrechnungsverfahren) dargestellt.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 37
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    Oldenburg: University of Oldenburg, Department of Economics
    Publication Date: 2019-01-26
    Description: Environmental externalities call for the use of environmental taxes to get prices right and thereby reduce environmental pressures. To date, however, the Spanish government makes only limited use of environmental taxes. One major reason for the policy reluctance are concerns on the regressive impacts of environmental taxes. We argue that policy can hedge against these concerns by means of revenue recycling. More specifically, we assess the impacts of a green tax reform where additional revenues are redistributed lump-sum to Spanish households on an equal-per-capita basis. Based on quantitative evidence from coupled microsimulation and computable equilibrium analyses we find that such a green tax reform leads to a substantial reduction in harmful emissions while having a progressive impact.
    Keywords: H23 ; Q4 ; Q53 ; Q54 ; ddc:330 ; environmental tax reform ; household incidence ; computable general equilibrium ; microsimulation
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  • 38
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    Berlin: Freie Universität Berlin, Fachbereich Wirtschaftswissenschaft
    Publication Date: 2019-01-26
    Description: Evidence suggests that people evaluate outcomes relative to expectations. I analyze this expectation-based loss aversion (Köszegi and Rabin (2006, 2009)) in the context of dynamic and static auctions, where the reference point is given by the (endogenous) equilibrium outcome. If agents update their reference point during the auction, the arrival of information crucially affects equilibrium behavior. Consequently, I show that - even with independent private values - the Vickrey auction yields strictly higher revenue than the English auction, violating the well known revenue equivalence. Thus, dynamic loss aversion offers a novel explanation for empirically observed differences between these auction formats.
    Keywords: D03 ; D44 ; ddc:330 ; Vickrey auction ; English auction ; expectation-based loss aversion ; revenue equivalence ; dynamic loss aversion ; personal equilibrium
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  • 39
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    Karlsruhe: Karlsruher Institut für Technologie (KIT)
    Publication Date: 2019-01-26
    Keywords: ddc:330
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  • 40
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    Köln: Institut der deutschen Wirtschaft (IW)
    Publication Date: 2019-01-26
    Description: Pessimism determines the experts' predictions for the first and second quarter of 2019 which can be inferred from the downward revisions of the experts' forecasts. Although the experts still expect the yield curve to become steeper, they expect long-term interest rates to increase less compared to the last survey. The lower interest rate forecasts are consistent with the experts' lower inflation and growth expectations. The experts expect 1.7 percent inflation in the Eurozone and a growth rate of real gross domestic product of 1.6 percent for 2019, which indicates a slowdown of economic growth and a failure of the European Central Bank (ECB) in meeting its inflation target. Given that, the experts expect the long-term interest rate to be 0.51 percent at the end of the first quarter of 2019, which is 0.24 percentage points lower than their prediction in the last survey. For the short rate the experts expect no change, since they expect the ECB's main refinancing rate to stay at 0.0 percent in the first half of 2019. But the experts expect the yield of US Treasury bonds to increase from 2.86 percent to 3.31 percent by the end of the first half of 2019 and thereby a growing interest rate differential between the US and Europe. Given the less accommodative monetary policy by the ECB in 2019 the experts forecast of a mild appreciation of the Euro from 1.138 US-Dollar to 1.143 US-Dollar in the first quarter and to 1.162 US-Dollar in the second quarter of 2019. Although the experts revised their stock market forecasts downwards, they expect the DAX and the Stoxx index to recover in the first half of 2019. On average, the experts predict the Stoxx index to increase from 2.807 points at the end of the fourth quarter of 2018 to 2.951 points at the end of the first quarter of 2019 and to 3.072 points at the end of the second quarter of 2019. This would correspond to increases of 5.1 percent and 9.4 percent since December 2018. Moreover, the experts expect the DAX to increase from 10.788 to 11.396 in the first quarter of 2019 and to 11.919 in the second quarter of 2019, which corresponds to increases by 5.6 and 10.5 percent since end of December 2018. Interesting is that the experts expect the Stoxx and the DAX to grow faster than the S&P 500, which we surveyed for the first time. For the S&P 500 the experts only expect increases by 0.7 and 5.3 percent. In the long-term ranking, which covers the last 16 quarters, National-Bank could defend rank one, while Commerzbank and Nord/LB could defend rank two and rank three.
    Keywords: G12 ; G17 ; ddc:330
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  • 41
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    Karlsruhe: Karlsruher Institut für Technologie (KIT)
    Publication Date: 2019-01-26
    Description: We consider the problem of testing for an omitted multiplicative long-term component in GARCH-type models. Under the alternative there is a two-component model with a short-term GARCH component that fluctuates around a smoothly time-varying long-term component which is driven by the dynamics of an explanatory variable. We suggest a Lagrange Multiplier statistic for testing the null hypothesis that the variable has no explanatory power. We derive the asymptotic theory for our test statistic and investigate its finite sample properties by Monte-Carlo simulation. Our test also covers the mixed-frequency case in which the returns are observed at a higher frequency than the explanatory variable. The usefulness of our procedure is illustrated by empirical applications to S&P 500 return data.
    Keywords: C53 ; C58 ; E32 ; G12 ; ddc:330 ; GARCH-MIDAS ; LM test ; Long-Term Volatility ; Mixed-Frequency Data ; Volatility Component Models
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  • 42
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    Karlsruhe: Karlsruher Institut für Technologie (KIT)
    Publication Date: 2019-01-26
    Description: We provide a shrinkage type methodology which allows for simultaneous model selection and estimation of vector error correction models (VECM) when the dimension is large and can increase with sample size. Model determination is treated as a joint selection problem of cointegrating rank and autoregressive lags under respective practically valid sparsity assumptions. We show consistency of the selection mechanism by the resulting Lasso-VECM estimator under very general assumptions on dimension, rank and error terms. Moreover, with computational complexity of a linear programming problem only, the procedure remains computationally tractable in high dimensions. We demonstrate the effectiveness of the proposed approach by a simulation study and an empirical application to recent CDS data after the financial crisis.
    Keywords: C32 ; C52 ; ddc:330 ; High-dimensional time series ; VECM ; Cointegration rank and lag selection ; Lasso ; Credit Default Swap
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 43
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    Karlsruhe: Karlsruher Institut für Technologie (KIT)
    Publication Date: 2019-01-26
    Description: We introduce a method for measuring default risk connectedness of euro zone sovereign states using credit default swap (CDS) and bond data. The connectedness measure is based on an out-of-sample variance decomposition of model forecast errors. Due to its predictive nature, it can respond more quickly to crisis occurrences than common in-sample techniques. We determine sovereign default risk connectedness with both CDS and bond data for a more comprehensive picture of the system. We find evidence that several observable factors drive the difference of CDS and bonds, but both data sources still contain specific information for connectedness spill-overs. Generally, we can identify countries that impose risk on the system and the respective spill-over channels. In our empirical analysis we cover the years 2009-2014, such that recovery paths of countries exiting EU and IMF financial assistance schemes and responses to the ECB's unconventional policy measures can be analyzed.
    Keywords: C58 ; G01 ; G15 ; C32 ; ddc:330 ; Variance decomposition ; Sovereign risk ; Connectedness ; Credit default swaps ; Bonds ; Eurozone crisis
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 44
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    Karlsruhe: Karlsruher Institut für Technologie (KIT)
    Publication Date: 2019-01-26
    Description: We study the impact of changes in regulations and policy interventions on systemic risk among European sovereigns measured as volatility spillovers in respective credit risk markets. Our unique intraday CDS dataset allows for precise measurement of the effectiveness of these events in a network setting. In particular, it allows discerning interventions which entail significant changes in network cross-effects with appropriate bootstrap confidence intervals. We show that it was mainly regulatory changes with the ban of trading naked sovereign CDS in 2012 as well as the new ISDA regulations in 2014 which were most effective in reducing systemic risk. In comparison, we find that the effect of policy interventions was minor and generally not sustainable. In particular, they only had a significant impact when implemented for the first time and when targeting more than one country. For the volatility spillover channels, we generally find balanced networks with no fragmentation over time.
    Keywords: G20 ; G01 ; G17 ; C32 ; C55 ; G28 ; ddc:330 ; Financial Crises ; Policy and Regulation ; Financial Stability and Systemic Risk in the Eurozone ; High-Frequency CDS ; Bootstrap Spillover-Measures
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 45
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    Karlsruhe: Karlsruher Institut für Technologie (KIT)
    Publication Date: 2019-01-26
    Description: An accurate assessment of tail inequalities and tail asymmetries of financial returns is key for risk management and portfolio allocation. We propose a new test procedure for detecting the full extent of such structural differences in the dependence of bivariate extreme returns. We decompose the testing problem into piecewise multiple comparisons of Cramér-von Mises distances of tail copulas. In this way, tail regions that cause differences in extreme dependence can be located and consequently be targeted by financial strategies. We derive the asymptotic properties of the test and provide a bootstrap approximation for finite samples. Moreover, we account for the multiplicity of the piecewise tail copula comparisons by adjusting individual p-values according to multiple testing techniques. Monte Carlo simulations demonstrate the test's superior finite-sample properties for common financial tail risk models, both in the i.i.d. and the sequentially dependent case. During the last 90 years in US stock markets, our test detects up to 20% more tail asymmetries than competing tests. This can be attributed to the presence of non-standard tail dependence structures. We also find evidence for diminishing tail asymmetries during every major financial crisis - except for the 2007-09 crisis - reflecting a risk-return trade-off for extreme returns.
    Keywords: C12 ; C53 ; C58 ; ddc:330 ; tail dependence ; tail copulas ; tail asymmetry ; tail inequality ; extreme values ; multiple testing
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  • 46
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    Karlsruhe: Karlsruher Institut für Technologie (KIT)
    Publication Date: 2019-01-26
    Description: We use administrative and survey-based micro data to study the relationship between cognitive abilities (IQ), the formation of economic expectations, and the choices of a representative male population. Men above the median IQ (high-IQ men) display 50% lower forecast errors for inflation than other men. The inflation expectations and perceptions of high-IQ men, but not others, are positively correlated over time. High-IQ men are also less likely to round and to forecast implausible values. In terms of choice, only high-IQ men increase their propensity to consume when expecting higher inflation as the consumer Euler equation prescribes. High-IQ men are also forward-looking - they are more likely to save for retirement conditional on saving. Education levels, income, socio-economic status, and employment status, although important, do not explain the variation in expectations and choice by IQ. Our results have implications for heterogeneous-beliefs models of household consumption, saving, and investment.
    Keywords: D12 ; D84 ; D91 ; E21 ; E31 ; E32 ; E52 ; E65 ; ddc:330 ; Behavioral Macroeconomics ; Heterogeneous Beliefs ; Limited Cognition ; Expectations Formation ; Household Finance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 47
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    Karlsruhe: Karlsruher Institut für Technologie (KIT)
    Publication Date: 2019-01-26
    Description: Intertemporal substitution is at the heart of modern macroeconomics and finance as well as economic policymaking, but a large fraction of a representative population of men - those below the top of the distribution by cognitive abilities (IQ) - do not change their consumption propensities with their inflation expectations. Low-IQ men are also less than half as sensitive to interest-rate changes when making borrowing decisions. Our microdata include unique administrative information on cognitive abilities, as well as economic expectations, consumption and borrowing plans, and total household debt from Finland. Heterogeneity in observables such as education, income, other expectations, and financial constraints do not drive these patterns. Costly information acquisition and the ability to form accurate forecasts are channels that cannot fully explain these results. Limited cognitive abilities could be human frictions in the transmission and effectiveness of fiscal and monetary policies that operate through household consumption and borrowing decisions.
    Keywords: D12 ; D84 ; D91 ; E21 ; E31 ; E32 ; E52 ; E65 ; ddc:330 ; Macroeconomic Beliefs ; Limited Cognition ; Heterogeneous Agents ; Fiscal and Monetary Policy ; Survey Data ; Household Finance
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 48
    Publication Date: 2019-01-28
    Description: The Global Financial Crisis (GFC) is the most serious economic crisis since the Great Depression. Many books have explored its causes, but this book systematically explores its consequences. The focus is primarily on the policy and political consequences of the GFC. This book asks how governments responded to the challenge and what the political consequences of the combination of the GFC itself and policy responses to it have been. Based on workshops held in the United States and the United Kingdom, it brings together leading academics to consider the divergent ways in which particular countries have responded in different ways to the crisis, including China, France, the United Kingdom, and the United States. Part of what is happening is a structural shift in economic power from east to west, but China has its fragilities while Germany offers an example of a largely successful Western model. The book also assesses attempts to develop global economic governance and to reform financial regulation and looks critically at the role of credit rating agencies. Unlike earlier crises, no new paradigm has emerged to challenge existing ways of thinking, meaning that neoliberalism has emerged relatively unscathed. The crisis has lacked a coherent and innovative intellectual response and has been characterized by remarkable policy stability.
    Keywords: ddc:330 ; Financial regulation ; Neoliberalism ; Global Financial Crisis ; Structural change
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 49
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    Oxford: Oxford University Press
    Publication Date: 2019-01-28
    Description: While the economic growth renaissance in sub-Saharan Africa is widely recognized, much less is known about progress in living conditions. This book comprehensively evaluates trends in living conditions in 16 major sub-Saharan African countries, corresponding to nearly 75% of the total population. A striking diversity of experience emerges. While monetary indicators improved in many countries, others are yet to succeed in channeling the benefits of economic growth into the pockets of the poor. Some countries experienced little economic growth, and saw little material progress for the poor. At the same time, the large majority of countries have made impressive progress in key non-monetary indicators of wellbeing. Overall, the African growth renaissance earns two cheers, but not three. While gains in macroeconomic and political stability are real, they are also fragile. Growth on a per capita basis is much better than in the 1980s and 1990s, yet not rapid compared with other developing regions. Importantly from a pan-African perspective, key economies-particularly Kenya, Nigeria, and South Africa-are not among the better performers. Looking forward, realistic expectations are required. The development process is, almost always, a long hard slog. Nevertheless, real and durable factors appear to be at play on the sub-continent with positive implications for growth and poverty reduction in future.
    Keywords: ddc:330 ; sub-Saharan Africa ; economic growth ; development ; poverty ; poor ; living conditions ; wellbeing
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 50
    Publication Date: 2019-01-28
    Description: The 21st Conference of the Parties (CoP21) to the United Nations Framework Convention on Climate Change (UNFCCC) shifted the nature of the political economy challenge associated with achieving a global emissions trajectory that is consistent with a climate. The shifts generated by CoP21 place country decision-making and country policies at centre stage. Under moderately optimistic assumptions concerning the vigour with which CoP21 objectives are pursued, nearly every country in the world will set about to design and implement the most promising and locally relevant policies for achieving their agreed contribution to global mitigation. These policies are virtually certain to vary dramatically across countries. In short, the world stands at the cusp of an unprecedented era of policy experimentation in driving a clean energy transition. This book steps into this new world of broad-scale and locally relevant policy experimentation. The chapters focus on the political economy of clean energy transition with an emphasis on specific issues encountered in both developed and developing countries. Lead authors contribute a broad diversity of experience drawn from all major regions of the world, representing a compendium of what has been learned from recent initiatives, mostly (but not exclusively) at country level, to reduce GHG emissions. As this new era of experimentation dawns, their contributions are both relevant and timely.
    Keywords: ddc:330 ; climate change ; clean energy transition ; political economy ; CoP21 ; UNFCCC ; global emissions ; policy experimentation ; GHG emissions
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 51
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    Oxford: Oxford University Press
    Publication Date: 2019-01-28
    Description: This book places tipping points in their scientific, economic, governmental, creative, and spiritual contexts. It seeks to offer a comprehensive set of interpretations on the meaning and application of tipping points. Its contribution focuses on the various characterisations and metaphors of tipping points, on the scope for anticipating their onset, the capacity for societal resilience in the face of their impending arrival, and for better ways of communicating and preparing societies, economies, and governments for accommodating them, and hence to turn them into responses which buffer and better human well-being. Above all, the possibility of preparing society for creative and benign "tips" is a unifying theme. The conclusion is sombre but not without hope. Thresholds of profound change can combine earth system-based relatively abrupt shifts with human-caused alterations of these disturbed patterns which, coupled together, produce more rapid onsets and greater tensions and stresses for governments and economies, as well as socially unequal societies. There is still time to predict and address these thresholds but too much delay will make the task of accommodation very difficult to achieve with relevant-scale community support. There are many examples of adaptive resilience throughout the world. These should be identified, supported, and emulated according to cultural acceptance and emerging economic realities. But there is no guarantee that the necessary adjustments can be made in time, as emerging patterns of outlook and governance do not appear to be conducive to manage the very awkward transitions of appropriate response.
    Keywords: ddc:330 ; tipping points ; abrupt change ; metaphors ; prediction ; adaptation ; resilience ; well-being
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 52
    Publication Date: 2019-01-28
    Description: The moral economy of mobile phones implies a field of shifting relations among consumers, companies and state actors, all of whom have their own ideas about what is good, fair and just. These ideas inform the ways in which, for example, consumers acquire and use mobile phones; companies promote and sell voice, SMS and data subscriptions; and state actors regulate both everyday use of mobile phones and market activity around mobile phones. Ambivalence and disagreement about who owes what to whom is thus an integral feature of the moral economy of mobile phones. This volume identifies and evaluates the stakes at play in the moral economy of mobile phones. The six main chapters consider ethnographic cases from Papua New Guinea, Fiji and Vanuatu. The volume also includes a brief introduction with background information on the recent ‘digital revolution’ in these countries and two closing commentaries that reflect on the significance of the chapters for our understanding of global capitalism and the contemporary Pacific.
    Keywords: ddc:330
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  • 53
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    Cham: Palgrave Macmillan
    Publication Date: 2019-01-28
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 54
    Publication Date: 2019-01-28
    Description: In diesem Open-Access-Buch wird das Geschäftsprozessmanagement als ein ganzheitlicher Prozess begriffen, der der Mitwirkung aller Stakeholder bedarf. Denn das traditionelle Business Process Engineering stößt heute angesichts der Digitalisierung und der dynamischen Entwicklung von Organisationen immer mehr an seine Grenzen, beispielsweise bezüglich Agilität. Um nun das Wesen von Aufgaben und Abläufen in Organisationen zu erfassen, schlagen die Autoren einen Perspektivwechsel vor: das Denken in Kommunikationsprozessen. Dieses Konzept lässt sich wirtschaftlich, organisatorisch und technisch ohne einschlägige Vorkenntnisse umsetzen. Leserinnen und Leser finden in dem Buch konkrete Handlungsanleitungen für die Digitalisierung von organisationsrelevanten Abläufen. Daneben liefern die Autoren Einblicke in die Systemtheorie und in das Design Thinking. Ihr Ziel ist, Konzepte einfach und verständlich zu erläutern, ohne dabei komplexe Zusammenhänge zu vernachlässigen. Dank ausführlicher Konzeptdarstellung und Ausflüge in die Theorie mit Beispielen aus der Praxis, eignet es sich für Studierende und für Wissenschaftler genauso wie für Praktiker. Entwickler und andere Fachkräfte aus den Bereichen Operatives Management, Geschäftsprozessmanagement, Organisationsentwicklung, Qualitätsmanagement, Wissensmanagement werden sich von der Übersichtlichkeit und dem Nutzwert angesprochen fühlen.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 55
    Publication Date: 2019-01-28
    Description: This open access book looks at how a democracy can devolve into a post-factual state. The media is being flooded by populist narratives, fake news, conspiracy theories and make-believe. Misinformation is turning into a challenge for all of us, whether politicians, journalists, or citizens. In the age of information, attention is a prime asset and may be converted into money, power, and influence - sometimes at the cost of facts. The point is to obtain exposure on the air and in print media, and to generate traffic on social media platforms. With information in abundance and attention scarce, the competition is ever fiercer with truth all too often becoming the first victim. Reality Lost: Markets of Attention, Misinformation and Manipulation is an analysis by philosophers Vincent F. Hendricks and Mads Vestergaard of the nuts and bolts of the information market, the attention economy and media eco-system which may pave way to postfactual democracy. Here misleading narratives become the basis for political opinion formation, debate, and legislation. To curb this development and the threat it poses to democratic deliberation, political self-determination and freedom, it is necessary that we first grasp the mechanisms and structural conditions that cause it.
    Keywords: ddc:330
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  • 56
    Publication Date: 2019-01-28
    Description: This open access book discusses how Norwegian shipping companies played a crucial role in global shipping markets in the 20th century, at times transporting more than ten per cent of world seaborne trade. Chapters explore how Norway managed to remain competitive, despite being a high labour-cost country in an industry with global competition. Among the features that are emphasised are market developments, business strategies and political decisions The Norwegian experience was shaped by the main breaking points in 20th century world history, such as the two world wars, and by long-term trends, such as globalization and liberalization. The shipping companies introduced technological and organizational innovations to build or maintain a competitive advantage in a rapidly changing world. The growing importance of offshore petroleum exploration in the North Sea from the 1970s was both a threat and an opportunity to the shipping companies. By adapting both business strategies and the political regime to the new circumstances, the Norwegian shipping sector managed to maintain a leading position internationally.
    Keywords: ddc:330
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  • 57
    Publication Date: 2019-01-28
    Description: This open access book asks why and how some of the developing countries have "emerged" under a set of similar global conditions, what led individual countries to choose the particular paths that led to their "emergence", and what challenges confront them. If we are to understand the nature of major risks and uncertainties in the world, we must look squarely at the political and economic dynamics of emerging states, such as China, India, Brazil, Russia, and ASEAN countries. Their rapid economic development has changed the distribution of wealth and power in the world. Yet many of them have middle income status. To global governance issues, they tend to adopt approaches that differ from those of advanced industrialized democracies. At home, rapid economic growth and social changes put pressure on their institutions to change. This volume traces the historical trajectories of two major emerging states, China and India, and two city states, Hong Kong and Singapore. It also analyzes cross-country data to find the general patterns of economic development and sociopolitical change in relation to globalization and to the middle income trap.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 58
    Publication Date: 2019-01-28
    Description: In the past, foreign shocks arrived to national economies mainly through trade channels, and transmissions of such shocks took time to come into effect. However, after capital globalization, shocks spread to markets almost immediately. Despite the increasing macroeconomic dangers that the situation generated at emerging markets in the South, nobody at the North was ready to acknowledge the pro-cyclicality of the financial system and the inner weakness of "decontrolled" financial innovations because they were enjoying from the "great moderation." Monetary policy was primarily centered on price stability objectives, without considering the mounting credit and asset price booms being generated by market liquidity and the problems generated by this glut. Mainstream economists, in turn, were not majorly attracted in integrating financial factors in their models. External pressures on emerging market economies (EMEs) were not eliminated after 2008, but even increased as international capital flows augmented in relevance thereafter. Initially economic authorities accurately responded to the challenge, but unconventional monetary policies in the US began to create important spillovers in EMEs. Furthermore, in contrast to a previous surge in liquidity, funds were now transmitted to EMEs throughout the bond market. The perspective of an increase in US interest rates by the FED is generating a reversal of expectations and a sudden flight to quality. Emerging countries' currencies began to experience higher volatility levels, and depreciation movements against a newly strong US dollar are also increasingly observed. Consequently, there are increasing doubts that the "unexpected" favorable outcome observed in most EMEs at the aftermath of the Global Financial Crisis (GFC) would remain.
    Keywords: ddc:330 ; Internationaler Finanzmarkt ; Globalisierung ; Wirtschaftslage ; Wirtschaftspolitik ; Argentinien ; Brasilien ; China ; Indien ; Südkorea
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
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  • 59
    Publication Date: 2019-01-28
    Description: By 2030 more than three quarters of the world's absolute poor are projected to live in Africa. Accelerating economic growth is key to rising incomes on the continent, and central to this challenge is establishing activities that are capable of employing large numbers of unskilled workers, that can raise productivity through innovation, and that can power growth through exports. Such structural transformation is a key driver of growth, and between 1950-1996 about half of the economic catch-up by developing countries (led by East Asia) was due to rising productivity in manufacturing combined with growing agricultural output. Africa, however, has lagged behind. In 2014, the average share of manufacturing in GDP in sub-Saharan Africa hovered around 10 per cent, unchanged from the 1970s, leading some observers to be pessimistic about Africa's potential to catch the wave of sustained rapid growth and rising incomes. Industries Without Smokestacks: Industrialization in Africa Reconsidered challenges this view. It argues that other activities sharing the characteristics of manufacturing- including tourism, ICT, and other services as well as food processing and horticulture- are beginning to play a role analogous to that played by manufacturing in East Asia. This reflects not only changes in the global organization of industries since the early era of rapid East Asian growth, but also advantages unique to Africa. These 'industries without smokestacks' offer new opportunities for Africa to grow in coming decades.
    Keywords: ddc:330
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  • 60
    Publication Date: 2019-01-28
    Description: Investitionen aus den wachstumsstarken BRIC-Staaten (Brasilien, Russland, Indien und China) haben in den vergangenen Jahren in Deutschland stark an Bedeutung gewonnen. Über das tatsächliche Ausmaß des Investitionsgeschehens und die mit den Unternehmen verbundenen Wirkungen liegen bislang aber nur sehr wenige Informationen vor. Das Buch nimmt dies zum Anlass, Strukturen, Strategien und Beschäftigungseffekte von BRIC-Direktinvestitionen sowie die Unternehmensverantwortung und Einstellung der Investoren gegenüber der Mitbestimmungspraxis zu analysieren und damit die konzeptionelle Debatte um ausländische Investoren um wichtige Aspekte zu erweitern.
    Keywords: ddc:330 ; Auslandsinvestition ; BRICS-Staaten ; Arbeitsbeziehungen ; Arbeitnehmerschutz ; Mitbestimmung ; Deutschland
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: German
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  • 61
    Publication Date: 2019-01-28
    Description: This book summarizes work being pursued in the context of the CIPRNet (Critical Infrastructure Preparedness and Resilience Research Network) research project, co-funded by the European Union under the Seventh Framework Programme (FP7). The project is intended to provide concrete and on-going support to the Critical Infrastructure Protection (CIP) research communities, enhancing their preparedness for CI-related emergencies, while also providing expertise and technologies for other stakeholders to promote their understanding and mitigation of the consequences of CI disruptions, leading to enhanced resilience. The book collects the tutorial material developed by the authors for several courses on the modelling, simulation and analysis of CIs, representing extensive and integrated CIP expertise. It will help CI stakeholders, CI operators and civil pr