330 Wirtschaft
Refine
Year of publication
- 2015 (237) (remove)
Document Type
- Working Paper (130)
- Book (41)
- Part of Periodical (31)
- Article (21)
- Contribution to a Periodical (8)
- Part of a Book (2)
- Doctoral Thesis (2)
- Bachelor Thesis (1)
- Report (1)
Language
- English (141)
- German (95)
- Multiple languages (1)
Has Fulltext
- yes (237) (remove)
Is part of the Bibliography
- no (237)
Keywords
- Solvency II (4)
- Währungsunion (4)
- systemic risk (4)
- human capital (3)
- insurance (3)
- Banking Union (2)
- Basel III (2)
- Finanzwirtschaft (2)
- Fiscal Union (2)
- Fiskalunion (2)
Institute
- Wirtschaftswissenschaften (135)
- Center for Financial Studies (CFS) (115)
- Sustainable Architecture for Finance in Europe (SAFE) (91)
- House of Finance (HoF) (76)
- Institut für Wirtschaft, Arbeit, und Kultur (IWAK) (43)
- E-Finance Lab e.V. (26)
- Institute for Monetary and Financial Stability (IMFS) (16)
- Institut für sozial-ökologische Forschung (ISOE) (11)
- Präsidium (11)
- Institute for Law and Finance (ILF) (5)
Greece: threatening recovery
(2015)
Despite the catastrophic phase between 2008 and the end of 2014, much of a previously unsustainable development has been corrected in Greece and there are clear signs that the deterioration came to a halt in 2014. But what is publicly known about the priorities of the newly elected Syriza government suggests that they may be going largely into the wrong direction.
This paper investigates whether a fiscal stimulus implies a different impact for flexible and rigid labour markets. The analysis is done for 11 advanced OECD economies. Using quarterly data from 1999 to 2013, I estimate a panel threshold structural VAR model in which regime switches are determined by OECD’s employment protection legislation index. My empirical results indicate significant differences between rigid and flexible labour markets regarding the impact of the fiscal stimulus on output and unemployment. While the impulse response of real GDP to a government spending shock is positive and more effective in flexible labour markets, it has less impact in the rigid ones. Moreover, it is found that a fiscal stimulus leads to higher overall unemployment in highly regulated countries.
Does exchange of information between tax authorities influence multinationals' use of tax havens?
(2015)
Since the mid-1990s, countries offering tax systems that facilitate international tax avoidance and evasion have been facing growing political pressure to comply with the internationally agreed standards of exchange of tax information. Using data of German investments in tax havens, we find evidence that the conclusion of a bilateral tax information exchange agreement (TIEA) is associated with fewer operations in tax havens and the number of German affiliates has on average decreased by 46% compared to a control group. This suggests that firms invest in tax havens not only for their low tax rates but also for the secrecy they offer.
Most recent regulations establish that resolution of global banking groups shall be done according to bail-in procedures and following a Single Point of Entry (SPE) as opposed to a Multiple Point of Entry (MPE) approach. The latter requires parent holding of global groups to put up front the equity capital needed to absorb losses possibly emerging in foreign subsidiaries-branches. No model rationalized so far such resolution regime. We build a model of optimal design of resolution regimes and compare three regimes: SPE with cooperative authorities, SPE with non-cooperative authorities and MPE (ring-fencing). We find that the costs for bondholders of bail-inable instruments is generally higher under noncooperative regimes and ring-fencing. We also find that in those cases banks have ex ante incentives to reduce their exposure in foreign assets. We also examine recent case studies that help us rationalize the model results.
We present a network model of the interbank market in which optimizing risk averse banks lend to each other and invest in non-liquid assets. Market clearing takes place through a tâtonnement process which yields the equilibrium price, while traded quantities are determined by means of a matching algorithm. We compare three alternative matching algorithms: maximum entropy, closest matching and random matching. Contagion occurs through liquidity hoarding, interbank interlinkages and fire sale externalities. The resulting network configurations exhibits a core-periphery structure, dis-assortative behavior and low clustering coefficient. We measure systemic importance by means of network centrality and input-output metrics and the contribution of systemic risk by means of Shapley values. Within this framework we analyze the effects of prudential policies on the stability/efficiency trade-off. Liquidity requirements unequivocally decrease systemic risk but at the cost of lower efficiency (measured by aggregate investment in non-liquid assets); equity requirements tend to reduce risk (hence increase stability) without reducing significantly overall investment.
Based on a sample of university students, we provide field and laboratory evidence that a small scale training intervention has a both statistically and economically significant effect on subjective and objective assessments of financial knowledge. We also show that for a large part of students whose self-assessed financial knowledge has improved we do not find an increase in their actual skills.
We set up and solve a rich life-cycle model of household decisions involving consumption of both perishable goods and housing services, stochastic and unspanned labor income, stochastic house prices, home renting and owning, stock investments, and portfolio constraints. The model features habit formation for housing consumption, which leads to optimal decisions closer in line with empirical observations. Our model can explain (i) that stock investments are low or zero for many young agents and then gradually increasing over life, (ii) that the housing expenditure share is age- and wealth-dependent, (iii) that perishable consumption is more sensitive to wealth and income shocks than housing consumption, and (iv) that non-housing consumption is hump-shaped over life.
This paper investigates whether exchanging the Social Security delayed retirement credit, currently paid as an increase in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show that people would voluntarily claim about half a year later if the lump sum were paid for claiming any time after the Early Retirement Age, and about two-thirds of a year later if the lump sum were paid only for those claiming after their Full Retirement Age. Overall, people will work one-third to one-half of the additional months, compared to the status quo. Those who would currently claim at the youngest ages are likely to be most responsive to the offer of a lump sum benefit.
Traditional least squares estimates of the responsiveness of gasoline consumption to changes in gasoline prices are biased toward zero, given the endogeneity of gasoline prices. A seemingly natural solution to this problem is to instrument for gasoline prices using gasoline taxes, but this approach tends to yield implausibly large price elasticities. We demonstrate that anticipatory behavior provides an important explanation for this result. We provide evidence that gasoline buyers increase gasoline purchases before tax increases and delay gasoline purchases before tax decreases. This intertemporal substitution renders the tax instrument endogenous, invalidating conventional IV analysis. We show that including suitable leads and lags in the regression restores the validity of the IV estimator, resulting in much lower and more plausible elasticity estimates. Our analysis has implications more broadly for the IV analysis of markets in which buyers may store purchases for future consumption.
Klimaschutz- und Anpassungsmaßnahmen : Zielkonflikte und Synergien mit dem Biodiversitätsschutz
(2015)
Der Klimawandel ist eine der größten Herausforderungen der Gegenwart und seine Auswirkungen auf Natur, Gesellschaft und Wirtschaft werden vielfach untersucht. Minderungs- wie auch Anpassungsmaßnahmen sind somit ein wichtiges Handlungsfeld geworden. Während der Einfluss des Klimawandels auf die Biodiversität bereits seit Längerem Gegenstand wissenschaftlicher Untersuchungen ist, rücken nun auch mögliche Folgen von Klimaschutz- und Anpassungsmaßnahmen auf die biologische Vielfalt in den Fokus der Forschung: So ist eine generelle Treibhausgasreduktion zwar prinzipiell förderlich, jedoch kann die Umsetzung der hierfür notwendigen Maßnahmen zu Zielkonflikten mit dem Biodiversitätsschutz führen. Gleichwohl gibt es Herangehensweisen, die Synergien beider Bereiche erkennen lassen.
Das Papier bietet einen Überblick über Maßnahmen des Klimaschutzes und der Klimawandelanpassung in den Bereichen Wald- und Forstwirtschaft, Moore, Landwirtschaft, nachwachsende Rohstoffe, Fließgewässer, Küsten und Meere. Diese werden mit Blick auf ihre möglichen (sowohl förderlichen als auch abträglichen) Auswirkungen auf die Biodiversität vorgestellt. Mit dieser problemorientierten Diskursfeldanalyse soll ein Beitrag geleistet werden, potentielle Zielkonflikte von Klima- und Biodiversitätsschutz zu erkennen und Synergien zu fördern.