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Regulation und Geschlecht : zur feministischen Erweiterung der Regulationstheorie bei Kohlmorgen
(2006)
Die Regulationstheorie bietet Konzepte zur Untersuchung der Bestandsfähigkeit, der Struktur und Dynamik von Gesellschaften, in denen kapitalistische Produktionsweise herrscht. Sie erlaubt es, die Entwicklung des kapitalistischen Weltsystems zu periodisieren und die von Marx zunächst abstrakt als Selbstverwertung des Werts gefasste Kapitalakkumulation in ihren historisch-konkreten Formen zu analysieren. Durch die Neubestimmung der Rolle von sozialen Kompromissen und Kräfteverhältnissen für die kapitalistische Dynamik sowie die Betonung der grundsätzlichen Kontingenz und Offenheit der historischen Entwicklung bietet die Regulationstheorie eine Möglichkeit der Überwindung von deterministischem und ökonomistischem Denken, das im traditionellen Marxismus dominant war, ohne die Möglichkeit einer umfassenden kritischen Gesellschaftstheorie aufzugeben. Zu einer solchen kritischen Gesellschaftstheorie gehört natürlich auch eine Kritik geschlechtsspezifischer Herrschaft und Ausbeutung, die von der Regulationstheorie zwar oft erwähnt, jedoch lange Zeit nicht systematisch in regulationistische Arbeiten einbezogen wurden. Mit Lars Kohlmorgens "Regulation, Klasse, Geschlecht" (2004) haben wir den ersten systematischen Versuch, die Regulationstheorie um die Analyse der Geschlechterverhältnisse zu erweitern und die regulationistischen Kategorien zu diesem Zweck zu reformulieren. Die Frage, ob und inwieweit es Kohlmorgen gelungen ist, die geschlechtertheoretische Leerstelle der Regulationstheorie zu füllen, ist Gegenstand dieser Arbeit.
In Germany a public discussion on the "power of banks" has been going on for decades now with power having at least two meanings. On the one hand it is the power of banks to control public corporations through direct shareholdings or the exercise of proxy votes - this is the power of banks in corporate control. On the other hand it is market power - due to imperfect competition in markets for financial services - that banks exercise vis-à-vis their loan and deposit customers. In the past, bank regulation has often been blamed to undermine competition and the working of market forces in the financial industry for the sake of soundness and stability of financial services firms. This chapter tries to shed some light on the historical development and current state of bank regulation in Germany. In so doing it tries to embed the analysis of bank regulation into a more general industrial organisation framework. For every regulated industry, competition and regulation are deeply interrelated as most regulatory institutions - even if they do not explicitly address the competitiveness of the market - either affect market structure or conduct. This paper tries to uncover some of the specific relationships between monetary policy, government interference and bank regulation on the one hand and bank market structure and economic performance on the other. In so doing we hope to point to several areas for fruitful research in the future. While our focus is on Germany, some of the questions that we raise and some of our insights might also be applicable to banking systems elsewhere. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press.
Money-back guarantees in individual pension accounts : evidence from the German pension reform
(2002)
The German Retirement Saving Act instituted a new funded system of supplementary pensions coupled with a general reduction in the level of state pay-as-you-go old-age pensions. In order to qualify for tax relief, the providers of supplementary savings products must offer a guarantee of the nominal value at retirement of contributions paid into these saving accounts. This paper explores how this "money-back" guarantee works and evaluates alternative designs for guarantee structures, including a life cycle model (dynamic asset allocation), a plan with a pre-specified blend of equity and bond investments (static asset allocation), and some type of portfolio insurance. We use a simulation methodology to compare hedging effectiveness and hedging costs associated with the provision of the money-back guarantee. In addition, the guarantee has important implications for regulators who must find an appropriate solvency system for such saving schemes. This version June 17, 2002 . Klassifikation: G11, G23, G28
The Gram-negative bacteria Photorhabdus and Xenorhabdus are known to produce a variety of different natural products (NP). These compounds play different roles since the bacteria live in symbiosis with nematodes and are pathogenic to insect larvae in the soil. Thus, a fine tuned regulatory system controlling NP biosynthesis is indispensable. Global regulators such as Hfq, Lrp, LeuO and HexA have been shown to influence NP production of Photorhabdus and Xenorhabdus. Additionally, photopyrones as quorum sensing (QS) signals were demonstrated to be involved in the regulation of NP production in Photorhabdus. In this study, we investigated the role of another possible QS signal, autoinducer-2 (AI-2), in regulation of NP production. The AI-2 synthase (LuxS) is widely distributed within the bacterial kingdom and has a dual role as a part of the activated methyl cycle pathway, as well as being responsible for AI-2 precursor production. We deleted luxS in three different entomopathogenic bacteria and compared NP levels in the mutant strains to the wild type (WT) but observed no difference to the WT strains. Furthermore, the absence of the small regulatory RNA micA, which is encoded directly upstream of luxS, did not influence NP levels. Phenotypic differences between the P. luminescens luxS deletion mutant and an earlier described luxS deficient strain of P. luminescens suggested that two phenotypically different strains have evolved in different laboratories.
This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of institutional investors in Germany are insurance companies and investment funds. We will examine the nature of their businesses, their size and role in the financial sector, the size and the composition of the assets under their management, aspects of financ ial regulation, and features of their asset-liability-management.
Instabile Finanzmärkte
(2009)
Die Vorstellung selbst-stabilisierender, zum Gleichgewicht tendierender Finanzmärkte, lange Zeit als Selbstverständlichkeit angesehen, ist durch die aktuelle Banken- und Kreditkrise in Frage gestellt. Trotz ausgefeilten Risikomanagements der Banken und einer an Basel II orientierten Aufsicht ist es in den Jahren 2007-2009 zu einem Zusammenbruch des Interbankenmarktes und weiter Teile der Anleihemärkte gekommen. Die hierdurch erzwungenen massiven Staatsinterventionen zur Bankenrettung sind ohne Beispiel in der modernen Wirtschaftsgeschichte. In diesem Essay suchen wir nach Ansatzpunkten einer Erklärung für die Instabilität der Finanzmärkte. Als zentrale Krisenursache sehen wir Schwächen der Informationsarchitektur, deren Aufgabe darin besteht, glaubwürdige Information für Investoren bereitzustellen. Drei Determinanten der Instabilität werden herausgestellt, erstens die Nutzung von Schuldtiteln verbunden mit hohen Verschuldungsgraden, zweitens die Handelbarkeit von Titeln verbunden mit erhöhter Risikoübernahme, sowie drittens die zunehmende Komplexität von Finanzprodukten und Finanznetzwerken verbunden mit einer Homogenisierung der Aktiva- und Risikostrukturen von Finanzinstituten. Alle drei Faktoren verstärken die Anfälligkeit des Finanzsystems und zugleich die Bedeutung der Informationsarchitektur. Hieraus lassen sich Anforderungen an eine sinnvolle Reform der Regulierung ableiten. Neben den Anreizproblemen, die Gegenstand einer weiteren Arbeit sind (Franke/Krahnen 2009), diskutieren wir hier vier Kernthemen: glaubwürdige Informationen, makroprudentielle Aufsicht, robuste Eigenkapitalstandards und eine notwendige Risikobegrenzung auf Derivatemärkten
This literature survey explores the potential avenues for the design of a green auto asset-backed security by focusing on the European auto securitization market. In this context, we examine the entire value chain of the securitization process to understand the incentives and interests involved at various stages of the transaction. We review recent regulatory developments, feasibility concerns, and potential designs of a sustainable securitization framework. Our study suggests that a Green Auto ABS should be based on both a green use of proceeds and a green collateral-based methodology.
The aim of this paper is to examine what has been the role of information provision to the market throughout the crisis. We consider two main sources of information to the market, financial statements and information provided by credit rating agencies. We examine how these sources of information work and the effectiveness of their disclosure process during the crisis. Contrary to the commonly held view, fair value accounting did not have a major impact on the crisis development and severity. However, the structure and lack of accountability of credit rating agencies had a profound impact on their incentives, which may have jeopardized the accuracy of the whole rating process. We claim that the crisis experience has changed the way we think about information as well as market discipline and discuss policy implications and proposals for regulation. JEL Classification: G01, G24, G28, M41, M48