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The Judgement of the EGC in the Case T-122/15 – Landeskreditbank Baden-Württemberg - Förderbank v European Central Bank is the first statement of the European judiciary on the sub-stantive law of the Banking Union. Beyond its specific holding, the decision is of great importance, because it hints at the methodological approach the EGC will take in interpreting prudential banking regulation in the appeals against supervisory measures that fall in its jurisdiction under TFEU, arts. 256(1) subpara 1 and 263(4). Specifically, the case pertained to the scope of direct ECB oversight of significant banks in the euro area and the reassignment of this competence to national competent authorities (NCAs) in individual circumstances (Single Supervisory Mechanism (SSM) Regulation, art. 6(4) subpara 2; SSM Framework Regulation, arts. 70, 71).
Der europäische Arbeitnehmerbegriff ist aus der arbeitsrechtlichen Praxis inzwischen nicht mehr wegzudenken. Das Ausmaß des Einflusses des Europarechts auf das nationale Arbeitsrecht ist insbesondere seit den Entscheidungen des EuGH in den Rechtssachen Danosa (EuGH, 11.11.2010 - C-232/09) und Balkaya (EuGH, 9.7.2015 - C-229/14) zum Arbeitnehmerstatus des Geschäftsführers einer Kapitalgesellschaft erheblich. Dieser Beitrag beleuchtet die Auswirkungen dieser Rechtsprechung auf den nationalen Arbeitnehmerbegriff.
This paper examines the relationship between oil movements and systemic risk of financial institution in major petroleum-based economies. We estimate ΔCoVaR for those institutions and observe the presence of elevated increases in its levels corresponding to the subprime and global financial crises. The results provide evidence in favor of risk measurement improvements by accounting for oil returns in the risk functions. The spread between the standard CoVaR and the CoVaR that includes oil absorbs in a time range longer than the duration of the oil shock. This indicates that the drop in the oil price has a longer effect on risk and requires more time to be discounted by the financial institutions. To support the analysis, we consider also the other major market-based systemic risk measures.
Motivated by tools for automaed deduction on functional programming languages and programs, we propose a formalism to symbolically represent $\alpha$-renamings for meta-expressions. The formalism is an extension of usual higher-order meta-syntax which allows to $\alpha$-rename all valid ground instances of a meta-expression to fulfill the distinct variable convention. The renaming mechanism may be helpful for several reasoning tasks in deduction systems. We present our approach for a meta-language which uses higher-order abstract syntax and a meta-notation for recursive let-bindings, contexts, and environments. It is used in the LRSX Tool -- a tool to reason on the correctness of program transformations in higher-order program calculi with respect to their operational semantics. Besides introducing a formalism to represent symbolic $\alpha$-renamings, we present and analyze algorithms for simplification of $\alpha$-renamings, matching, rewriting, and checking $\alpha$-equivalence of symbolically $\alpha$-renamed meta-expressions.
We introduce rewriting of meta-expressions which stem from a meta-language that uses higher-order abstract syntax augmented by meta-notation for recursive let, contexts, sets of bindings, and chain variables. Additionally, three kinds of constraints can be added to meta-expressions to express usual constraints on evaluation rules and program transformations. Rewriting of meta-expressions is required for automated reasoning on programs and their properties. A concrete application is a procedure to automatically prove correctness of program transformations in higher-order program calculi which may permit recursive let-bindings as they occur in functional programming languages. Rewriting on meta-expressions can be performed by solving the so-called letrec matching problem which we introduce. We provide a matching algorithm to solve it. We show that the letrec matching problem is NP-complete, that our matching algorithm is sound and complete, and that it runs in non-deterministic polynomial time.
For some time now, structural macroeconomic models used at central banks have been predominantly New Keynesian DSGE models featuring nominal rigidities and forwardlooking decision-making. While these features are widely deemed crucial for policy evaluation exercises, most central banks have added more detailed characterizations of the financial sector to these models following the Great Recession in order to improve their fit to the data and their forecasting performance. We employ a comparative approach to investigate the characteristics of this new generation of New Keynesian DSGE models and document an elevated degree of model uncertainty relative to earlier model generations. Policy transmission is highly heterogeneous across types of financial frictions and monetary policy causes larger effects, on average. The New Keynesian DSGE models we analyze suggest that a simple policy rule robust to model uncertainty involves a weaker response to inflation and the output gap in the presence of financial frictions as compared to earlier generations of such models. Leaning-against-the-wind policies in models of this class estimated for the Euro Area do not lead to substantial gains. With regard to forecasting performance, the inclusion of financial frictions can generate improvements, if conditioned on appropriate data. Looking forward, we argue that model-averaging and embracing alternative modelling paradigms is likely to yield a more robust framework for the conduct of monetary policy.
We study the general equilibrium implications of different fiscal policies on macroeconomic quantities, asset prices, and welfare by utilizing two endogenous growth models. The expanding variety model features only homogeneous innovations by entrants. The Schumpeterian growth model features heterogeneous innovations: "incremental" innovations by incumbents and "radical" innovations by entrants. The government levies taxes on labor income and corporate profits and supplies subsidies to consumption, capital investment, and investments in research and development by entrants and, if applicable, incumbents. With these models at hand, we provide new insights on the interplay of innovation dynamics and fiscal policy.
Exploiting NASDAQ order book data and difference-in-differences methodology, we identify the distinct effects of trading pause mechanisms introduced on U.S. stock exchanges after May 2010. We show that the mere existence of such a regulation constitutes a safeguard which makes market participants behave differently in anticipation of a pause. Pauses tend to break local price trends, make liquidity suppliers revise positions, and enhance price discovery. In contrast, pauses do not have a “cool off” effect on markets, but rather accelerate volatility and bid-ask spreads. This implies a regulatory trade-off between the protective role of trading pauses and their adverse effects on market quality.
Eine neuere Entscheidung des Bundesgerichtshofs zu den Anforderungen an die Mitteilung nach § 20 AktG über die Mitteilung eines Beteiligungserwerbs2 gibt Anlass zu Überlegungen zu den Rechtsfolgen einer Verletzung von Mitteilungspflichten durch mittelbar beteiligte Gesellschafter.
Der Bundesgerichthof hat, ohne auf abweichende Ansichten einzugehen, die h.M.3 bestätigt, nach der bei Verletzungen einer Mitteilungspflicht durch ein herrschendes Unternehmen die Rechtsfolge des Rechtsverlustes das unmittelbar beteiligte Tochterunternehmen selbst dann trifft, wenn dieses seine eigene Mitteilungspflicht ordnungsgemäß erfüllt hat.4 Im Hinblick auf den (zeitweiligen) Verlust von Dividendenansprüchen, um die es in dem vom BGH entschiedenen Fall ging, dürfte die in der Sache entscheidende Erwägung sein, dass anderenfalls dem herrschenden Unternehmen die mittelbaren Folgen der Gewinnausschüttung auch dann erhalten blieben, wenn es den eigenen Verstoß gegen die Mitteilungspflicht und den daraus folgenden temporären Wegfall des Gewinnbezugsrechts kannte oder kennen musste.