34 search hits
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Personelle Einkommensverteilung 1993 und 1998: Ergebnisse der EVS zur Ungleichheit innerhalb und zwischen sozio-ökonomischen Gruppen
(2001)
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Irene Becker
- Im folgenden Beitrag wird zunächst die Entwicklung der personellen Einkommensverteilung in Deutschland zwischen 1993 und 1998 auf der Basis der Einkommens- und Verbrauchsstichproben (EVS) dargestellt. Dabei werden - ähnlich wie in früheren Analysen auf Basis der EVS und des Sozio-ökonomischen Panels (SOEP) - hoch aggregierte Indikatoren berechnet, mit denen die Informationsfülle einer Mikrodatenquelle zu nur einer Zahl bzw. zu einer eindimensionalen relativen Häufigkeitsverteilung verdichtet wird. In einem zweiten Schritt und schwerpunktmäßig wird untersucht, welche Verteilungsstrukturen sich hinter diesen Darstellungen der Gesamtverteilung verbergen.
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Personelle Vermögensverteilung und Aktienbesitz
(2001)
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Irene Becker
- Der Text basiert auf einem Vortrag auf der Konferenz "Die Ökonomische Basis der Bürgergesellschaft" der Heinrich-Böll-Stiftung am 18.10.2001 in Berlin
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The distribution of wealth and the reform of the compulsory pension system in the Federal Republic of Germany
(2001)
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Richard Hauser
Holger Stein
- The structure of the compulsory pension system (CPS) in the Federal Republic of Germany has been changed fundamentally. The federal government has decided to introduce a private pension system on a voluntary basis. The payments to this voluntary system are to constitute a capital stock to supplement the payments of the compulsory pension system. Comprehensive fiscal subsidies will be introduced to support this change to the pension system. This paper discusses the special situation of families with children. The second section investigates the extent to which families with children were able to accumulate private wealth in the last ten years in Germany. In the third section the main features of the intended changes to the compulsory pension system are described, and an overview of the planned fiscal subsidies is provided. In the fourth and final section we attempt to evaluate the changes with particular attention to the situation of families.
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Die Vermögensverteilung und die Reform der gesetzlichen Rentenversicherung in der Bundesrepublik Deutschland
(2001)
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Richard Hauser
Holger Stein
- Die Struktur der Gesetzlichen Rentenversicherung (GRV) in der Bundesrepublik Deutschland ist grundsätzlich geändert worden. Die Bundesregierung hat die Einführung einer zusätzlichen privaten Alterssicherung auf freiwilliger Basis beschlossen. Hierdurch soll ein Kapitalstock gebildet werden, der die Leistungen der GRV ergänzt. Zur Förderung dieser Systemänderung der Alterssicherung werden umfangreiche fiskalische Unterstützungsmaßnahmen eingeführt. Im Rahmen des hier vorliegenden Beitrags wird auf die besondere Situation der Familien mit Kindern eingegangen. Im zweiten Abschnitt wird untersucht, inwieweit Familien mit Kindern in den letzten zehn Jahren in Deutschland in der Lage waren, privates Vermögen aufzubauen. Im dritten Abschnitt werden die beabsichtigten Änderungen des Systems der gesetzlichen Rentenversicherung in den Grundzügen dargestellt, und es wird ein Überblick über die geplanten fiskalischen Fördermaßnahmen gegeben. Im abschließenden vierten Abschnitt wird eine Bewertung der Änderungen vor allem in Bezug auf die Situation von Familien versucht.
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Frauenerwerbsbeteiligung und ihre Bedeutung für die Einkommenssituation im Haushaltskontext
(2001)
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Irene Becker
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Trading system competition and market-maker competition
(2001)
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Mark Wahrenburg
- Conclusion: As we have demonstrated, the introduction of alternative trading systems may have the undesired side effect of decreasing competition at the market-making level when ATSs use best price guarantees in conjunction with order-preferencing arrangements as often seen in European securities markets these days. If regulators try to intensify trading system competition by recognising or promoting ATSs, they may have to trade off the efficiency gains through intensified competition at the trading system level with a decrease of competition at the market-making level. If one tries to compare both effects in terms of practical importance, there is a clear indication that market-maker competition should be much more important than trading system competition: commissions for using a trading system are an order of magnitude lower than the bid-ask spread in most markets. This poses the question of the raison d'être of ATSs: do these systems exist because they can successfully compete against inefficient and costly trading systems of traditional exchanges? Or are they better described as vehicles to increase market-maker profits by limiting the ex post competition for orders by using order-preferencing arrangements? The model outlined here suggests that the second motive may be a valid reason for founding ATSs. This view is supported by the fact that the owners of ATSs are almost always securities trading firms or banks actively engaged in securities trading. In conversations, some representatives of European ATSs openly admitted that the spread income made by selling the order flow to securities firms is much more important than economies realised in operating a cost-efficient trading system. If the second motive of operating ATSs should be the dominant one, it is still an open question whether customers are worse off after introduction of an ATS and whether regulators should intervene in the competition between traditional exchanges and ATSs. As long as there is free entry into the market-making industry, any profits made on order-preferencing arrangements with ATSs should be competed away, presumably by the usual practice of paying the ATSs for the access to their order flow. Competition between market-makers should therefore ensure that profits are passed over to the operators of ATSs. However, there is competition between ATSs for customer order flow. This competition will ensure that the payments received by market-makers are passed over to brokers and finally reduce the commissions paid by customers for trading stocks. If one follows this view, the gains from monopolisation of the market-making process are passed back to the customer and help to lower the fixed transaction costs of placing orders. Two final remarks on this chain of reasoning are in order. First, it is questionable whether competition on all levels works smoothly and ensures that the extra fee paid by customers for market-making services will in the end flow back to them in the form of lower brokerage costs. Frictions and rigidities in the vertical chain may well leave part of the rents within the securities industry. Second and more important, the argument highlights the importance of understanding the multidimensional nature of transaction costs paid for securities trading services. The overall cost of trading includes brokerage fees, fees and commissions for settlement and related services and finally the spread paid to marketmakers. While fees are an obvious and transparent cost of transacting, many investors have only a limited understanding of the amount of money they pay for market-making services in the form of the bid-ask spread. The shift of trading volume away from traditional exchanges towards ATSs may result in a general shift of transaction costs away from transparent items such as brokerage fees towards non-transparent items such as the spread. Future regulation should ensure that customers have access to all necessary information in order to make an informed decision between trading systems.
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Konstruktion transaktionsbasierter Immobilienindizes : theoretische Grundlagen und empirische Umsetzung für den Wohnungsmarkt in Paris
(2001)
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Raimond Maurer
Martin Pitzer
Steffen Sebastian
- Der vorliegende Beitrag zeigt auf, wie hedonische Preisindizes für Immobilien auf der Basis von Transaktionen berechnet werden können. Der Heterogenität der Immobilien wird dabei durch ein ökonometrisches Modell Rechnung getragen, wobei in dieser Arbeit das Problem der Wahl einer geeigneten Funktionsform durch eine Transformation nach dem Ansatz von Box/Cox (1964) explizit berücksichtigt wird. Die Datenbasis deckt etwa 65% der Transaktionen des Wohnungsmarktes im Zeitraum 1990-1999 ab. Die Korrektur aufgrund unvollständiger Angaben führt zu einem Datensatz von 84 686 Transaktionen. Dieser Datensatz ist ein Vielfaches dessen, was bisher vergleichbaren Studien zugrunde lag und stellt damit eine international einmalige Datengrundlage dar.
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Pension systems and financial systems in Europe : a comparison from the point of view of complementarity
(2001)
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Reinhard H. Schmidt
Marcel Tyrell
- At present, the question of how national pension or retirement payment systems should be organised is being hotly debated in various countries, and opinions vary widely as to what should be regarded as the optimal design for such systems. It appears to the authors of the present paper that in this entire discussion one aspect is largely overlooked: What relationships exist between the pension system and the financial system in a given country? As such relationships might prove to be important, the present paper investigates the following questions: (1) Are there differences between the national pension systems of three major European countries – Germany, France and the U.K. – and between the financial systems of these countries? (2) And if the existence of such differences can be demonstrated, is there a correspondence between the differences with respect to the various national pension systems and the differences as regards the countries’ financial systems? (3) And if such a correspondence exists, is there any kind of interrelationship between the national financial and pension systems of the individual countries which goes beyond a mere correspondence? Looking mainly at two aspects – namely, risk allocation and the incentives to create human capital – the authors of this paper argue (1) that there are indeed considerable differences between the financial and pension systems of the three countries; (2) that in both Germany and the U.K. there are also systematic correspondences between the respective pension systems and financial systems and their economic characteristics, but that such a correspondence cannot be identified in the case of France; and (3) that these parallels are, in the final analysis, based on complementarities and are therefore likely to contribute to the efficiency of the German and the British systems. The paper concludes with a brief look at policy implications which the existence of, or the lack of, consistency between national pension systems and national financial systems might have. JEL classification: G10, G34, H55, P51
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Nobody knows ... : how do different evaluation estimators perform in a simulated labour market experiment?
(2001)
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Reinhard Hujer
Marco Caliendo
Dubravko Radic
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Tackling boundary effects in nonparametric estimation of intra-day liquidity measures
(2001)
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Joachim Grammig
Reinhard Hujer
Stefan Kokot
