Zur Geschichte der Finanzwirtschaft Wiens

Ohne ZusammenfassungOtto Brunner: Die Finanzen der Stadt Wien von den Anfängen bis ins 16. Jahrhundert, Studien aus dem Archiv der Stadt Wien, Bd. 1/2, S. 462. Wien, 1929.     

Italian government debt and sovereign credit risk: an empirical exploration and some thoughts about consequences for European insurers

The current sovereign debt crisis in the Euro-Zone is a cause of major concern for European insurers. Especially the fears about increased sovereign credit risk in Italy??leading to higher risk premia??may result in major difficulties because many insurance companies have invested in Italian government bonds. Therefore, this paper examines the relationship between German and Italian government bond yields using techniques of cointegration analysis. Furthermore, implications for insurance companies and regulators (focussing on Solvency II) are discussed.     

The sustainability–profitability trade-off in tourism: can it be overcome?

This paper answers key questions about personal and industry decision-making in implementing sustainable tourism. Being environmentally friendly is typically associated with sacrifice, including sacrifice of comfort (e.g. walking rather than driving), sacrifice of time (e.g. recycling garbage) or sacrifice of money (e.g. buying more expensive locally grown vegetables). Consequently, the tourism industry perceives sustainable tourism as a sacrificial touristic niche, one that is associated with additional cost but appears to attract customers who do not spend enough money to compensate for the extra effort. This paper explores a perceived trade-off between minimising environmental damage and maximising revenue, by finding market segments that are environmentally friendly and have high expenditures. An online survey was made of 1003 Australian domestic tourists. Results indicate that tourist segments vary significantly in terms of their environmental impacts and vacation expenditure. Six segments were identified. Two market segments, containing 40% of the total market, that leave small environmental footprints while maintaining high expenditure were found, indicating that market segmentation when coupled with marketing/demarketing policies can be used as a strategy complementary to the development of destination-based initiatives to reduce the environmental impact of tourism.     

Chinese Economic Statistics--Caveat Emptor!

The Chinese government admitted in late 2001 that its statistical system was plagued with flaws. This has revived the age-old question of whether China's reported rate of growth is real. Some analysts have long argued that China's real GDP growth figures have been inflated, often because of false reporting by localities and systemic statistical distortions. This article highlights indicators which have shown signs of being questionable: gross domestic product (GDP), bilateral trade, unemployment, non-performing loans (NPLs) and FDI and capital flight. Reforms are now being undertaken, but while the long-term trend is positive, one should still exercise great caution when using Chinese statistics.     

The east german disease revisited

This paper attempts to explain the development of the East German economy since the political, social, and economic union with West Germany in 1990. An earlier contribution [Greiner et al., 1994] showed the different effects that produced joint deindustrialization in East Germany as an analogy of the well-known Dutch Disease phenomenon. This paper examines recent East German time series of main economic variables since 1994. Though the business sector and the unions are ever more willing to correct errors of the past, fiscal transfers from West to East Germany continue to exert their pressure on the tradeables sector. Economic policy should encourage savings in East Germany and gradually change the structure of (declining) transfers to expenditures that generate new capacities.     

The shadow economies of Western Europe

The latest empirical research indicates a strong increase in the size of the shadow economy in Western Europe, over the period 1970 to 1990. For 11 of the 17 investigated OECD-countries the size of the shadow economy in 1990 was more than 10% of GNP. Analysis shows that the major causes of the shadow economy are the direct and indirect tax burden, and government regulation.