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This paper employs individual bidding data to analyze the empirical performance of the longer term refinancing operations (LTROs) of the European Central Bank (ECB). We investigate how banks’ bidding behavior is related to a series of exogenous variables such as collateral costs, interest rate expectations, market volatility and to individual bank characteristics like country of origin, size, and experience. Panel regressions reveal that a bank’s bidding depends on bank characteristics. Yet, different bidding behavior generally does not translate into differences concerning bidder success. In contrast to the ECB’s main refinancing operations, we find evidence for the winner’s curse effect in LTROs. Our results indicate that LTROs do neither lead to market distortions nor to unfair auction outcomes. JEL classification: E52, D44
Even though tourism has been recognised as an important field for transnational research today, there are few attempts to place tourism in the context of transnational theories or to think about transnationalism from the perspective of tourists. I argue that in researching tourist practices one can add important aspects to transnational approaches. The prerequisites of mobility and interaction for example are the features chosen by backpackers to describe what their Round-The-World-Trip is about. A form of tourism is adopted, or created, that itself confronts many aspects of globalisation: First of all there is the immense dynamic that is involved. Backpackers try to cover as many places and experiences as possible, travelling at high speed. They adopt all kinds of touristic experiences ranging from beach to adventure to culture tourism. They don't focus on a specific area or country but travel the world. They cross national borders perpetually. Additionally they form a transnational network in which they interact with strangers of similar backgrounds (other backpackers, tourist professionals). This network helps them interacting with people from different backgrounds (the socalled hosts or locals). Considering my research Backpackers forge a certain identity from these transnational practices which I want to name globedentity. Globedentity expresses a type of identity construction that not only refers to the individual (I) but reflects the world (globe) in this identity. This globedentity is not fixed but is perpetually re-created and re-defined. It also embraces the increasing popular awareness of globalisation which backpackers, coming from highly educated middle class backgrounds, in particular have identified with. Due to the constant awareness of the latest global social, cultural and economic developments in these educated milieus they know exactly which tools to use to become successful parts of their societies.
Taxation and tax policy reform appears on the political agenda in most advanced welfare states in Europe and North America. Of course studies of taxation and tax policy are nothing new and have existed ever since people have paid taxes. The current work is situated in the context of the future of the welfare state and the reinforced international economic and political integration referred to as "globalization." The purpose of this paper is to analyze how globalization is affecting tax policy in advanced welfare states. In comparing the evolution of tax policy in Canada with those in the United States, Germany and Sweden from 1960 to 1995, I will try to review the conventional antiglobalization thesis, i.e., that globalization leads to a "race to the bottom" in revenue and expenditures policies, or as others have called it, a "beggar the neighbour policy" (Tanzi and Bovenberg 1990, 187). ... Conclusion: The empirical data and theoretical models clearly show that globalization is one relatively minor factor among many that explain tax policy reforms. And even that limited influence is mediated by domestic political systems, institutions and constellations of actors. As the data has shown, the conventional globalization thesis of a race to the bottom is not borne out. Tax rates and tax revenues are still increasing, despite the ongoing trend toward international trade integration. Countervailing pressures like the high cost of welfare programs, different parties in government, strong labour unions, and institutional veto players counteract the pressure of globalization on tax policy. As for the future of taxation in Canada, it is more likely to be one of gradual evolution than radical change. Although the data don’t show any downward pressure on tax rates and tax revenues comparatively speaking, there are at least four key factors in Canada that are likely to put pressure on future tax rates, although regional political dynamics and the workings of fiscal federalism suggest that tax reductions will be a higher priority in some provinces than others (Hale 2002). First, neoliberalism will continue to shape fiscal and tax policy, including the role of the tax system in delivering social policies and programs in most parts of Canada. Second, governments that seek to define their own economic and social priorities rather than simply react to events beyond their borders will have to exercise centralized control over budgetary policies and spending levels if they hope to foster the economic growth needed to finance social services in the context of Canada’s changing demographics. Third, the ability of governments to combine the promotion of economic growth and higher living standards will be closely linked to their ability to develop a workable division of responsibilities among federal and provincial governments and with other national governments. Finally, the diffusion of new technologies will continue to transform national and regional economies while giving individuals greater opportunity to avoid government and tax regulations that run contrary to their perceived interests and values. This discussion of determinants that shape tax policy reform has shown that successful management of fiscal and tax policy requires a capacity to set priorities; adapt to changing circumstances; and build a consensus that enables competing economic, social, regional and ideological interests to identify their own well-being in the broader political and economic environment. Tax policy is shaped by many political, economic and social determinants. As Geoffrey Hale correctly concludes, "it should not be surprising if the tax system stubbornly refuses to confirm either economic theories or political ideologies, but reflects past decisions and the policy tradeoffs of the political process" (2002, 71). The notion of tax policy being driven by globalization and forces associated with globalization (both positive and negative) is simply not borne by the facts.
In der vorliegenden Studie werden die sozialpolitischen Reformen in den USA und Kanada während der 1990er Jahren in einer vergleichenden Perspektive analysiert. Dabei wird insbesondere die Rolle steuerpolitischer Instrumentarien in den Reformen thematisiert und der Frage nachgegangen, ob sich hier ein neuer Typ von Wohlfahrtsstaat herausbildet. Im ersten Teil des Papiers wird das in der vergleichenden Wohlfahrtsstaatsforschung etablierte Modell des liberalen Wohlfahrtsstaats skizziert, um vor diesem Hintergrund die Reformen in den USA und Kanada zu untersuchen und zu vergleichen. Anschließend wird in einer breiteren vergleichenden Perspektive die out-put-Leistung der beiden Wohlfahrtsstaaten analysiert. Al normative Kriterien hierbei gilt in erster Linie die Umverteilungsfunktion sozialpolitischer Instrumentarien, hier in erster Linie verstanden als Einkommensumverteilung.
Am Beginn des 21. Jahrhunderts wird der Zustand der US-Demokratie kontrovers diskutiert. Während manche Beobachter eine zu hohe Responsivität des politischen Systems gegenüber den Ansprüchen seiner Bürger entdeckt haben wollen und deshalb von demosclerosis und einer Hyperdemokratie sprechen, in welcher der Volkswille in einen unantastbaren, göttlichen Rang erhoben worden sei, kommen andere zu dem Schluss, dass die Gründerväter im Hinblick auf ihre handlungsanleitende Furcht vor einer »Tyrannei der Mehrheit« ganze Arbeit geleistet und ein nahezu unüberwindbares System von Vetopositionen geschaffen hätten, das Partikularinteressen strukturell bevorzuge und deshalb nur in Ausnahmesituationen die Mehrheitspräferenzen der Bürger in Politik umsetze. Kurzum: Die Furcht der Federalists vor einer »Mehrheitstyrannei« habe einer »Minderheitstyrannei« Tür und Tor geöffnet. Der Artikel versucht die Vereinigten Staaten in diesem Spannungsbogen zu verorten. Ziel ist es, die Qualität der amerikanischen Demokratie am Beginn des 21. Jahrhunderts zu problematisieren. Dabei werden auch die Entwicklungen nach dem 11. September berücksichtigt.
In dieser Studie werden die Wirkungen von Arbeitsbeschaffungsmaßnahmen (ABM) in Deutschland auf die individuellen Eingliederungswahrscheinlichkeiten der Teilnehmer in reguläre Beschäftigung evaluiert. Für die Untersuchung wird ein umfangreicher und informativer Datensatz aus den Datenquellen der Bundesagentur für Arbeit (BA) verwendet, der es ermöglicht, die Wirkungen der Programme differenziert nach individuellen Unterschieden der Teilnehmer und mit Berücksichtigung der heterogenen Arbeitsmarktstruktur zu untersuchen. Der Datensatz enthält Informationen zu allen Teilnehmern in ABM, die ihre Maßnahmen im Februar 2000 begonnen haben, und zu einer Kontrollgruppe von Nichtteilnehmern, die im Januar 2000 arbeitslos waren und im Februar 2000 nicht in die Programme eingetreten sind. Mit Hilfe der Informationen der Beschäftigtenstatistik ist es hierbei erstmals möglich, den Abgang in reguläre Beschäftigung auf Grundlage administrativer Daten zu untersuchen. Der vorliegende Verbleibszeitraum reicht bis Dezember 2002. Unter Verwendung von Matching-Methoden auf dem Ansatz potenzieller Ergebnisse werden die Effekte von ABM mit regionaler Unterscheidung und für besondere Problem- und Zielgruppen des Arbeitsmarktes geschätzt. Die Ergebnisse zeigen zwar deutliche Unterschiede in den Effekten für Subgruppen, insgesamt weisen die empirischen Befunde jedoch darauf hin, dass das Ziel der Eingliederung in reguläre ungeförderte Beschäftigung durch ABM weitgehend nicht realisiert werden konnte. JEL: C40 , C13 , J64 , H43 , J68
A version of this paper was originally written for a plenary session about "The Futures of Ethnography" at the 1998 EASA conference in Frankfurt/Main. In the preparation of the paper, I sent out some questions to my former fellow researchers by e-mail. I thank Douglas Anthony, Jan-Patrick Heiß, Alaine Hutson, Matthias Krings, and Brian Larkin for their answers.
To resolve the IPO underpricing puzzle it is essential to analyze who knows what when during the issuing process. In Germany, broker-dealers make a market in IPOs during the subscription period. We examine these pre-issue prices and find that they are highly informative. They are closer to the first price subsequently established on the exchange than both the midpoint of the bookbuilding range and the offer price. The pre-issue prices explain a large part of the underpricing left unexplained by other variables. The results imply that information asymmetries are much lower than the observed variance of underpricing suggests.