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Zinsänderungsrisiken und langfristige Zinsbindung vor dem Hintergrund der hessischen Zinsswaps
(2019)
Johannes Kasinger, Lukas Nöh und Alfons Weichenrieder nehmen die derzeitige Niedrigzinsphase und die Debatte um den Einsatz von Zinsswaps in Hessen zum Anlass, um die Fristigkeitsstruktur der Staatsschulden sowie den Einsatz von langfristigen Zinsswaps zu erörtern. Die Autoren betonen, dass im Gegensatz zu einem privaten Bauherrn der Staat nicht für sich wirtschaftet, sondern als Sachwalter der Steuerzahler agieren sollte. Den Zinserhöhungsrisiken des Staates stehen Zinserhöhungschancen der Steuerzahler in deren Funktion als Kreditgeber gegenüber. Letzteres schwächt das Argument für langfristige Verschuldung, sei es durch die Emission langfristiger Anleihen oder durch den Einsatz von Finanzderivaten. Grundsätzlich kann eine Glättung der Zinslast allerdings dabei helfen, die für den Schuldendienst notwendigen Steuern zu glätten und die Zusatzlast der Besteuerung zu mindern.
Retained earnings and foreign portfolio ownership: implications for the current account debate
(2023)
In some countries, a sizable fraction of savings is derived from corporate savings. Although larger, traded corporations are often co-owned by foreign portfolio investors, current international accounting standards allocate all corporate savings to the host country. This paper suggests a framework to correct for this misleading attribution and applies this concept to Germany. For the years 2012 to 2020, our corrections retrospectively reduce German savings and consequently the German current account surplus by, on average, €11.5bn annually. This amounts to approximately five percent of Germany’s average official current account surplus (€226.6bn) across these years.
This note argues that in a situation of an inelastic natural gas supply a restrictive monetary policy in the euro zone could reduce the energy bill and therefore has additional merits. A more hawkish monetary policy may be able to indirectly use monopsony power on the gas market. The welfare benefits of such a policy are diluted to the extent that some of the supply (approximately 10 percent) comes from within the euro zone, which may give rise to distributional concerns.
This policy letter collects elementary economic statistics and provides a very basic look on Russian public finances (i) to inform the reader’s opinion on a possible planning process behind the war against Ukraine and (ii) to discuss prospects of an energy embargo and its capability to affect the stability of the Russian economy.
Strict environmental regulation may deter foreign direct investment (FDI). The paper develops the hypothesis that regulation predominantly discourages FDI that is conducted as Greenfield investment rather than mergers and acquisitions (M&A). The hypothesis is tested with German firm-level FDI data. Empirically, stricter regulation reduces new Greenfield projects in polluting industries, but indeed has a much smaller impact on the number of M&As. This significant difference is compatible with the fact that existing operations often benefit from grandfathering rules, which provide softer regulation for pre-exisiting plants, and with the expectation that for M&As part of the regulation is capitalized in the purchase price. The heterogeneous effects help explaining mixed results in previous studies that have neglected the mode of entry.
The US Tax Cuts and Jobs Act (TCJA) led to a drastic reduction in the corporate tax and improved the treatment of C corporations compared to S corporations. We study the differential effect of the TCJA on these types of corporations using key economic variables of US banks, such as the number of employees, average salaries and benefits, profit/loss before taxes, and net income. Our analysis suggests that the TCJA increased the net-of-tax profits of C corporation banks compared to S corporations and, to a lesser extent, their pre-tax profits. At the same time, the reform triggered no significantly differential effect on the employment and average wages.
Inflation ist ein Konstrukt. Sie wird von unterschiedlichen Akteur*innen unterschiedlich wahrgenommen. Zum Teil passiert dies, weil Warenkörbe differieren, zum Teil weil Erwartungen unterschiedlich gebildet werden. Dieser Beitrag diskutiert die Heterogenität der Infl ation und ihrer Wahrnehmung und was dies für die Zielgröße der Zentralbankpolitik bedeutet.