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Fünf Jahre nach dem “Arabischen Frühling” ist von Aufbruchstimmung im Vorderen Orient und Nordafrika nicht mehr viel geblieben. Woran liegt das? Welchen Anteil haben die Europäer daran? Und was sollte die Europäische Union nun tun? Darüber sprachen wir mit Niklas Bremberg, Experte des Schwedischen Instituts für Internationale Beziehungen für die EU-Politik im Mittelmeerraum.
We present an empirical study focusing on the estimation of a fundamental multi-factor model for a universe of European stocks. Following the approach of the BARRA model, we have adopted a cross-sectional methodology. The proportion of explained variance ranges from 7.3% to 66.3% in the weekly regressions with a mean of 32.9%. For the individual factors we give the percentage of the weeks when they yielded statistically significant influence on stock returns. The best explanatory power – apart from the dominant country factors – was found among the statistical constructs „success“ and „variability in markets“.
In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor (1980)and three different versions of the relative real wage contracting model proposed by Buiter and Jewitt (1981)and estimated by Fuhrer and Moore (1995a) for the United States. While Fuhrer and Moore reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we find that both models fit euro area data reasonably well. When considering France, Germany and Italy separately, however, we find that the nominal contracting model fits German data better, while the relative contracting model does quite well in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating an aggregate demand relationship and investigate the consequences of the different wage contracting specifications for the inflation-output variability tradeoff, when interest rates are set according to Taylor 's rule.
Aus dem weiten Spektrum ökonomisch relevanter Fragen, die die europäische Integration und das Gesellschaftsrecht verbinden, soll hier diejenige herausgegriffen werden, ob sich die nationalen Corporate-Governance-Systeme in den großen europäischen Volkswirtschaften Deutschlands, Frankreichs und Großbritanniens unter dem Einfluß der europäischen Integration bereits aneinander angeglichen haben und ob es demnächst zu einer solchen Angleichung kommen wird. Unser Thema deckt nur einen Teil des Gesellschaftsrechts ab und geht zugleich hinsichtlich der angesprochenen rechtlichen Materie über das Gesellschaftsrecht hinaus, denn die Corporate Governance fügt sich nicht einfach in herkömmliche juristische Klassifikationen ein. Unser Vorhaben unterscheidet sich aber vor allem dadurch von einer juristischen Behandlung des Themas, daß primär ökonomische Mechanismen und Zusammenhänge angesprochen werden. Ökonomen betrachten die Corporate Governance im weiteren Kontext des Finanzsystems, denn das Corporate-Governance-System ist ein Teil des Finanzsystems eines Landes. Die Fragen, wie unterschiedlich die nationalen Systeme der Corporate Governance waren, ehe zu Beginn der 80er Jahre der Prozeß der Angleichung in Europa einsetzte, wie unterschiedlich sie heute noch sind, wie sehr sie sich somit bereits angeglichen haben und wie ein möglicher Angleichungsprozeß weitergehen könnte, sind deshalb ein Teil der weiteren Frage nach der Angleichung der Finanzsysteme in Europa. In diesem Beitrag konzentrieren wir uns aber nur auf Entwicklungen der 90er Jahre.
Son yıllarda Avrupa’daki toplumsal ve siyasal gelişmeler her alanda olduğu gibi eğitim alanında da köklü değişimleri beraberinde getirmiştir. Avrupa Birliğindeki bu gelişmeler, aynı zamanda birden çok yabancı dil öğrenme gereksiniminin artmasına da yol açmıştır. Böylece, yabancı dil öğretimi ve izlenecek yabancı dil politikası gittikçe önem kazanmaya başlamıştır. Bu bağlamda Avrupa Konseyi, yabancı dil öğretiminin daha etkin ve verimli olmasını sağlayacak yeni düzenlemeler yapmayı öncelikli görevleri arasına almıştır. Avrupa Birliği ülkelerinde dil ve kültür çeşitliliği korunması ve geliştirilmesi gereken bir zenginlik olarak değerlendirilmektedir. Bu düşünceye uygun olarak tüm Avrupa Birliği ülkelerinde “Avrupa Konseyi Yabancı Diller Eğitimi Ortak Kriterleri” çerçevesinde yabancı dil eğitim-öğretim izlencelerinin oluşturulmasına, ders araç-gereçleri geliştirilmesine, aynı zamanda bireylerin yabancı dil düzeylerinin saptanması ve belgelendirilmesinde ortak ölçütlerin belirlenmesine ve böylece bireylerde yaşam boyu yabancı dil öğrenme bilinci oluşturmaya çalışılmaktadır. Ne var ki, bu durum Avrupa Birliğine aday ülkeler arasında yer alan ülkemiz için geçerli değildir. Oysa, Avrupa Birliğine tam üyelik sürecinde değişen koşullarına uygun olarak yabancı dil eğitim politikamızın yeniden gözden geçirilmesi ve “Avrupa Konseyi Yabancı Diller Ortak Kriterleri”ne uygun izlencelerin geliştirilmesi kaçınılmaz görünmektedir. Bu bağlamda, ülkemizde yabancı dil olarak tek bir dilin egemenliğine dayalı yabancı dil öğretimi yerine, öğretim programlarında farklı dil seçeneklerine yer verilerek, her yaş grubuna ve toplumun her kesimine uygun programlarla yabancı dil öğretimi yaygınlaştırılmalı ve buna uygun yabancı dil politikaları geliştirilmelidir.
Over the past few decades, changes in market conditions such as globalisation and deregulation of financial markets as well as product innovation and technical advancements have induced financial institutions to expand their business activities beyond their traditional boundaries and to engage in cross-sectoral operations. As combining different sectoral businesses offers opportunities for operational synergies and diversification benefits, financial groups comprising banks, insurance undertakings and/or investment firms, usually referred to as financial conglomerates, have rapidly emerged, providing a wide range of services and products in distinct financial sectors and oftentimes in different geographic locations. In the European Union (EU), financial conglomerates have become part of the biggest and most active financial market participants in recent years. Financial conglomerates generally pose new problems for financial authorities as they can raise new risks and exacerbate existing ones. In particular, their cross-sectoral business activities can involve prudentially substantial risks such as the risk of regulatory arbitrage and contagion risk arising from intra-group transactions. Moreover, the generally large size of financial conglomerates as well as the high complexity and interconnectedness of their corporate structures and risk exposures can entail substantial systemic risk and can therefore threaten the stability of the financial system as a whole. Until a few years ago, there was no supervisory framework in place which addressed a financial conglomerate in its entirety as a group. Instead, each group entity within a financial conglomerate was subject to the supervisory rules of its pertinent sector only. Such silo supervisory approach had the drawback of not taking account of risks which arise or aggravate at the group level. It also failed to consider how the risks from different business lines within the group interrelate with each other and affect the group as a whole. In order to address this lack of group-wide prudential supervision of financial conglomerates, the European legislator adopted the Financial Conglomerates Directive 2002/87/EC8 (‘FCD’) on 16 December 2002. The FCD was transposed into national law in the member states of the EU (‘Member States’) by 11 August 2004 for application to financial years beginning on 1 January 2005 and after. The FCD primarily aims at supplementing the existing sectoral directives to address the additional risks of concentration, contagion and complexity presented by financial conglomerates. It therefore provides for a supervisory framework which is applicable in addition to the sectoral supervision. Most importantly, the FCD has introduced additional capital requirements at the conglomerate level so as to prevent the multiple use of the same capital by different group entities. This paper seeks to examine to what extent the FCD provides for an adequate capital regulation of financial conglomerates in the EU while taking into account the underlying sectoral capital requirements and the inherent risks associated with financial conglomerates. In Part 1, the definition and the basic corporate models of financial conglomerates will be presented (I), followed by an illustration of the core motives behind the phenomenon of financial conglomeration (II) and an overview of the development of the supervision over financial conglomerates in the EU (III). Part 2 begins with a brief elaboration on the role of regulatory capital (I) and gives a general overview of the EU capital requirements applicable to banks and insurance undertakings respectively. A delineation of the commonalities and differences of the banking and the insurance capital requirements will be provided (II). It continues to further examine the need for a group-wide capital regulation of financial conglomerates and analyses the adequacy of the FCD capital requirements. In this context, the technical advice rendered by the Joint Committee on Financial Conglomerates (JCFC) as well as the currently ongoing legislative reforms at the EU level will be discussed (III). The paper finally closes with a conclusion and an outlook on remaining open issues (IV).
Die AG Internationale Beziehungen der Deutschen Nachwuchsgesellschaft für Politik- und Sozialwissenschaft (DNGPS) hält die Fachtagung 2016 zum Thema “Gesucht: Europäische Außenpolitik” vom 16. bis 18. März 2016 in Trier ab. Alle weiteren Infos findet Ihr im Call for Paper, der sich an Studierende und Promovierende richtet!
All-over in Europe, unemployment became a growing problem from the mid 1980s to the mid 1990s. Nevertheless, the effects on the economical situation of the unemployed and the whole population are quite different in European countries. In this paper we first give a brief overview over the development of unemployment rates in eight member states of the European Union and over the different reactions to provide the social protection of the unemployed. Therefore we look at the social security expenditures, the level of income replacement for the unemployed and recent social policy reforms concerning them. In the second section of the paper, we examine the development of income distribution and poverty taking different poverty lines into consideration. There is no general pattern neither for the relationship of inequality among the unemployed to the whole economically active population nor for the development from the 80s to the 90s. But one can say that in countries with increasing income inequality also poverty is rising (especially in the UK) and that where inequality among the unemployed is less pronounced the proportions of the poor went down from the mid 80s to the mid 90s (France and Ireland). In nearly all countries the risk of being poor is ernormously high for the unemployed, Denmark is the only exception.
Against the difficult background of analysing aggregated data in this paper core inflation in the euro area is estimated by means of the structural vector autoregressive approach. We demonstrate that the HICP sometimes seems to be a misleading indicator for monetary policy in the euro area. We furthermore compare our core inflation measure to the wide-spread "ex food and energy" measure, often referred to by the ECB. In addition we provide evidence that our measure is a coincident indicator of HICP inflation. Assessing the robustness of our core inflation measure we carefully conclude that it seems to be quite reliable. This Version: April, 2002 Revised edition published in: Allgemeinenes Statistisches Archiv, Vol 87, 2003. Klassifikation: C32, E31
Since the second half of the nineties the euro area has been subject to a considerable accumulation of temporary and idiosyncratic price shocks. Core inflation indicators for the euro area are thus of utmost interest. Based on euro area-wide data core inflation in this paper is analyzed by means of an indicator derived from the generalized dynamic factor model. This indicator reveals that HICP inflation strongly exaggerated both the decline as well as the increase in the price trend in 1999 and 2000/2001. Our results reinforce those achieved by Cristadoro, Forni, Reichlin and Versonese (2001) based on euro area country data which indicates the robustness of the indicator. Klassifikation: C33, E31