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This paper is the national report for Germany prepared for the to the 20th General Congress of the International Academy of Comparative Law 2018 and gives an overview of the regulation of crowdfunding in Germany and the typical design of crowdfunding campaigns under this legal framework. After a brief survey of market data, it delineates the classification of crowdfunding transactions in German contract law and their treatment under the applicable conflict of laws regime. It then turns to the relevant rules in prudential banking regulation and capital market law. It highlights disclosure requirements that flow from both contractual obligations of the initiators of campaigns vis-à-vis contributors and securities regulation (prospectus regime). After sketching the most important duties of the parties involved in crowdfunding, the report also looks at the key features of the respective transactions’ tax treatment.
This paper gives an account of the unmaking of Soviet workers at the Vernissage in Armenia. I argue that the unmaking of Soviet workers, first, is the irrelevance of Soviet workers as workers once they lost their jobs after the collapse of the Soviet Union and came to the Vernissage to trade. During the Soviet period, private trade was forbidden, and the Soviet government persecuted people who dared to engage in it. Consequently, many people grew up thinking of trade as a criminal activity that was non-productive and parasitic, as opposed to productive work that facilitated the modernization of the USSR. After the dissolution of the USSR, when trade was liberalized and many former Soviet workers were pushed into trade as they lost their jobs, it still retained its quality of not being “real” work, to borrow Roberman’s (2013) wording. Even 25 years after the dissolution of the USSR, former Soviet workers at the Vernissage still want to be identified with their former Soviet occupations and not with trade. However, now engaged in trade, former Soviet workers came up with a “new” way of establishing identity and hierarchy—through production. I describe this “new” way as “the identification game”; employing it, I demonstrate how former Soviet workers at the Vernissage identify and represent themselves as masters, whose work is productive and intellectual. In doing so, they single out resellers, people who resell the work of other masters, by implying that their work is parasitic and selfish. However, this “identification game” is reified only by the older generation of traders, former Soviet workers. The younger generation of traders at the Vernissage, which does not have any experience of being Soviet workers, is disengaged from it, thus undermining the Soviet view of trade as not “real” work and making it irrelevant in the postsocialist era. Thus, I contend that the unmaking of Soviet workers consists in, first, their irrelevance as workers in a postsocialist period, and second, the irrelevance of their ideas about trade as not “real” work. Furthermore, to support my depiction of a master who engages in “the identification game” and a younger-generation trader who is disengaged from it, I give two ethnographic portraits of traders at the Vernissage. I assert that the disengagement of a younger generation of traders at the Vernissage signals a change in the perception of trade as “real” work and runs parallel to the unmaking of Soviet workers.
The recent sovereign debt crisis in the Eurozone was characterized by a monetary policy, which has been constrained by the zero lower bound (ZLB) on nominal interest rates, and several countries, which faced high risk spreads on their sovereign bonds. How is the government spending multiplier affected by such an economic environment?While prominent results in the academic literature point to high government spending multipliers at the ZLB, higher public indebtedness is often associated with small government spending multipliers. I develop a DSGE model with leverage constrained banks that captures both features of this economic environment, the ZLB and fiscal stress. In this model, I analyze the effects of government spending shocks. I find that not only are multipliers large at the ZLB, the presence of fiscal stress can even increase their size. For longer durations of the ZLB,multipliers in this model can be considerably larger than one.
JEL Classification: E32, E 44, E62
Die Straßen deutscher Städte werden überwiegend vom Automobil dominiert, was nicht nur die gebaute Umwelt prägt, sondern auch die politischen Entscheidungen beeinflusst, wenn es um die Verteilung des Straßenraumes geht. Dass jedoch am Anfang der Mobilität das Zufußgehen steht und ein gut geplanter städtischer Fußverkehr nicht nur einen Beitrag zur Sicherheit der Fußgänger*innen leistet, sondern auch die Zukunft urbaner Mobilität gewährleistet, wird oft vergessen. Obwohl der Fußverkehr zahlreiche Potentiale bietet, bekommt er im öffentlichen Raum deutlich weniger Entfaltungsspielraum zur Verfügung gestellt. Die Zufußgehenden werden dort häufig kanalisiert und an den Rand gedrängt, was Einfluss auf ihr Verhalten nimmt. Diese Marginalisierung der Fußgänger*innen wird zusätzlich hervorgerufen durch eine geringe Beachtung jener in der städtischen Planung und Politik sowie in der Wissenschaft und Gesellschaft. Demnach stehen sie im Konfliktverhältnis zur persistenten und sozial konstruierten Struktur der Straße.
Die vorliegende Untersuchung überprüft, warum die Fortbewegung zu Fuß in der gebauten Straßenumwelt und ihrer Raumaufteilung im Vergleich zu anderen Verkehrsmitteln eine untergeordnete Rolle spielt und welchen Einfluss der planerische und politische Umgang und die Gestaltung des Straßenraumes darauf nimmt. Dies geschieht mittels eines Fallbeispiels in Frankfurt am Main, der Schweizer Straße. Im Rahmen der Studie werden Ergebnisse aus teilnehmenden Beobachtungen der Zufußgehenden der Schweizer Straße und deren Verhaltensweisen im öffentlichen Straßenraum sowie aus qualitativen Interviews mit Expert*innen der gebauten Straßenumwelt Frankfurts zusammengetragen. Das übergeordnete Ziel der Arbeit ist, ein Verständnis für die Wechselwirkung zwischen Raumstruktur, planerischem Einfluss und Mobilität zu entwickeln sowie die Konflikte der Raumaufteilung für die Fußgänger*innen herauszuarbeiten, um den Fußverkehr gezielter fördern zu können.
Automated deduction in higher-order program calculi, where properties of transformation rules are demanded, or confluence or other equational properties are requested, can often be done by syntactically computing overlaps (critical pairs) of reduction rules and transformation rules. Since higher-order calculi have alpha-equivalence as fundamental equivalence, the reasoning procedure must deal with it. We define ASD1-unification problems, which are higher-order equational unification problems employing variables for atoms, expressions and contexts, with additional distinct-variable constraints, and which have to be solved w.r.t. alpha-equivalence. Our proposal is to extend nominal unification to solve these unification problems. We succeeded in constructing the nominal unification algorithm NomUnifyASC. We show that NomUnifyASC is sound and complete for these problem class, and outputs a set of unifiers with constraints in nondeterministic polynomial time if the final constraints are satisfiable. We also show that solvability of the output constraints can be decided in NEXPTIME, and for a fixed number of context-variables in NP time. For terms without context-variables and atom-variables, NomUnifyASC runs in polynomial time, is unitary, and extends the classical problem by permitting distinct-variable constraints.
1998 ACM Subject Classification F.4.1 Mathematical Logic
We explore space improvements in LRP, a polymorphically typed call-by-need functional core language. A relaxed space measure is chosen for the maximal size usage during an evaluation. It Abstracts from the details of the implementation via abstract machines, but it takes garbage collection into account and thus can be seen as a realistic approximation of space usage. The results are: a context lemma for space improving translations and for space equivalences; all but one reduction rule of the calculus are shown to be space improvements, and the exceptional one, the copy-rule, is shown to increase space only moderately.
Several further program transformations are shown to be space improvements or space equivalences, in particular the translation into machine expressions is a space equivalence. These results are a step Forward in making predictions about the change in runtime space behavior of optimizing transformations in callbyneed functional languages.
Passt das deutsche Dreisäulensystem in eine zunehmend harmonisierte Bankenstruktur für Europa?
(2018)
Das deutsche Bankensystem ruht seit Jahrzehnten auf drei Säulen: den privaten Kreditbanken, einschließlich der großen Banken in Aktionärsbesitz, den öffentlichen Banken und den Genossenschaftsbanken. Fast nirgendwo anders in Europa hat ein solches Dreisäulensystem überlebt. Passt es also noch in ein Europa, in dem die Bankpolitik, die Regulierung und die Aufsicht inzwischen weitgehend in die Zuständigkeit der EU fallen? Für eine Bewahrung des Systems sprechen vor allem Gesichtspunkte der Stabilität. Angesichts ihrer Gruppenzugehörigkeit sind die deutschen "stakeholder-value-orientierten" Banken der Säulen 2 und 3 finanziell keineswegs weniger erfolgreich, sogar ein wenig erfolgreicher als die "shareholder-value-orientierten" Großbanken der Säule 1. Insbesondere schwanken ihre Geschäftszahlen deutlich weniger als jene der Großbanken, die in der Regel ein riskanteres Geschäftsmodell verfolgen. In vielen Privatbanken ist die Gewinnorientierung und damit auch die Bereitschaft, hohe Risiken einzugehen, aus ordnungspolitischer Sicht zu hoch, was die Systemstabilität tendenziell gefährdet. Zudem erfüllen die Genossenschaftsbanken und Sparkassen eine regionalpolitische Ausgleichsfunktion und haben eine gesamtwirtschaftlich stabilisierende Wirkung.
The School of Salamanca, and Iberian late Scholasticism in general, had the merit of transposing the wisdom of medieval scholasticism into the coordinates of early modernity. Due to the economic growth after the discovery of America, economic terms and moral problems become a central focus for moral theologians. In this article, I consider important key economic concepts that deliver a surprising wealth of insights into the modernization brought about by the leading scholars of the time. Social mobility, the principle of majority decision, the inviolability of property, human rights of the person, limited political power of the pope, and other key concepts that were decisive for the development of democracy and modernity are to be found in the works of the School of Salamanca in connection with economic issues.