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We assess, through VAR evidence, the effects of monetary policy on banks’ risk exposure and find the presence of a risk-taking channel. A model combining fragile banks prone to risk mis-incentives and credit constrained firms, whose collateral fluctuations generate a balance sheet channel, is used to rationalize the evidence. A monetary expansion increases bank leverage. With two consequences: on the one side this exacerbates risk exposure; on the other, the risk spiral depresses output, therefore dampening the conventional amplification effect of the financial accelerator.
Dieser Band enthält Kurzfassungen der Beiträge zur MKWI 2010. Die Vollversionen der Beiträge sind auf dem wissenschaftlichen Publikationenserver (GoeScholar) der Georg-August-Universität Göttingen und über die Webseite des Universitätsverlags unter http://webdoc.sub.gwdg.de/univerlag/2010/mkwi/ online verfügbar und in die Literaturnachweissysteme eingebunden.
Möglichkeiten der Evaluation von E-Learning-Arrangements. Eine Analyse am Beispiel von EverLearn
(2010)
Der Einsatz von E-Learning-Angeboten wird seit Mitte der 1990er Jahre intensiv diskutiert (Baumgartner et al. 2002, S. 13) und sowohl von der Industrie als auch von staatlichen Stellen gefördert (Kerres et al. 2005). Neben dem Wunsch nach genereller Modernisierung (Bachmann et al. 2004, S. 1) soll der Einsatz von E-Learning vor allem zu einer Verbesserung der Betreuungsintensität der Lernenden, insbesondere in Massenveranstaltungen an deutschen Hochschulen führen (Grüne et al. 2006; Hiltz 1995; Mathes 2002; Schwickert et al. 2005). E-Learning soll es ermöglichen, die Lernenden intensiver und individueller zu betreuen, und so zu einer Erhöhung des empfundenen Servicegrades beitragen (Alavi 1994; Schutte 1997).
Seit der Abschaffung der zentralen Vergabestelle für Studienplätze (ZVS) müssen Hochschulen solche vermuteten Wettbewerbsvorteile nutzen und sich aktiv um die Steigerung der Bewerberzahlen und die Zufriedenheit der Lernenden bemühen, was zu der Forderung führte, den Einsatz von E-Learning-Angeboten in der Hochschullehre auszudehnen (BLK 2002, S. 1; BMBF 2000). In der Folge wurden große Summen für die Entwicklung und die Implementierung innovativer E-Learning-Angebote bereitgestellt, ohne deren langfristigen Erfolg sicherstellen zu können (Marshall et al. 2004).
In diesem Beitrag untersuchen wir, wie eine nachhaltige Implementierung von E-Learning-Projekten in Hochschulen durch organisatorische Gestaltungsmaßnahmen gefördert werden kann. Die Untersuchung erfolgt aus dem Blickwinkel der Wirtschaftsinformatik, die sich mit dem Potenzial von Informations- und Kommunikationstechnik (IKT) für die Verbesserung von Geschäftsprozessen beschäftigt (Laudon et al. 2007; Lyytinen 1985; WKWI 1994)...
This paper explores the various personal and intellectual links between Edmund Husserl, Rudolf and Walter Eucken. Our interdisciplinary approach gives an insight into Husserl’s transcendental phenomenology, Walter Eucken’s Ordoliberalism as well as in the interdependency between phenomenology and economics for which Rudolf Eucken’s philosophy of intellectual life plays an important role. Particular affiliations between phenomenology and economics can be found in the following topics: epistemology, the idea of man, the comprehension of liberty and the importance of legal or social orders, institutional rules and frameworks of regulations.
2008/9 sees the 60th anniversary of the German economic and currency reform of June 20, 1948, and the adoption of the Grundgesetz on May 23, 1949, which committed the country to the ideals of a socially committed market economy. Both of these events are important points along the path taken by the Federal Republic of Germany to reach the system of a social market economy. Since the term, Social Market Economy is often used in several different contexts and sometimes to mean contradictory things, we must ask: what exactly does the term social market economy entail? What economic-ethical ideas and theories are behind it? This paper will trace the origins of the social market economy (chapter 2) and explain the central characteristics of the Freiburg School of Economics (chapter 3), one of the main pillars of the social market economy. Central to this paper is the oeuvre of Walter Eucken, one of the leading representatives of the ordoliberal Freiburg School. The aim is to identify socio-political factors of influence and inspiration on his theory of economic policy (chapter 4) and evaluate similarities to the works of Kant, Smith and other economic philosophers. Chapter 5 will seek to elucidate Eucken’s “Program of Liberty”. We shall also allow ourselves a slight diversion to elaborate on the parallels between this work and Kant’s understanding of freedom and autonomy. Chapter 6 deals with Eucken’s dual requirements of an economic and social order (i.e. functioning and humane socio-economic order). In chapter 7, we seek to answer – with considerable reference to Adam Smith – to what extent it can be assumed that self-interest and the common good are mutually compatible. This paper concludes with a few remarks about the topicality of ordoliberalism in relation to modern, German-speaking economic ethics (chapter 8).
The first part of the following paper deals with varying points of criticism forwarded against Ordoliberalism. Here, it is not the aim to directly falsify each argument on its own; rather, the author tries to give a precise overview of the spectrum of critique. The second section picks out one argument of critical review – namely that the ordoliberal concept of the state is somewhat elitist and grounded on intellectual experts. Based on the previous sections, the final part differentiates two kinds of genesis of norms: an evolutionary and an elitist one – both (latently) present within Ordoliberalism. In combination with the two-level differentiation between individual and regulatory ethics, the essay allows for a distinction between individual-ethical norms based on an evolutionary genesis of norms and regulatory-ethical norms based on an elitist understanding of norms. A by-product of the author’s argument is a (further) demarcation within neoliberalism.
This paper provides theory as well as empirical results for pre-averaging estimators of the daily quadratic variation of asset prices. We derive jump robust inference for pre-averaging estimators, corresponding feasible central limit theorems and an explicit test on serial dependence in microstructure noise. Using transaction data of different stocks traded at the NYSE, we analyze the estimators’ sensitivity to the choice of the pre-averaging bandwidth and suggest an optimal interval length. Moreover, we investigate the dependence of pre-averaging based inference on the sampling scheme, the sampling frequency, microstructure noise properties as well as the occurrence of jumps. As a result of a detailed empirical study we provide guidance for optimal implementation of pre-averaging estimators and discuss potential pitfalls in practice. Quadratic Variation , MarketMicrostructure Noise , Pre-averaging , Sampling Schemes , Jumps