Die Kosten der Flüchtlingskrise in Deutschland – eine Investition in die Zukunft?

The high costs of the refugee crisis are often a subject of public discussion. However, one should distinguish between the fiscal and the overall economic effects of this current wave of immigration. A financial economic model shows that the “fiscal break-even” point can be reached by the year 2031. This is the first point at which the taxes and contributions of employed refugees exceed the costs to the public sector resulting from the refugees who are not in the labour market. The “economic break-even” point can be reached as early as 2025 if the gross value added contributions of the employed refugees by that time exceed the costs of caring for and integrating the refugees who are not in employment. This will require a “smart” integration of the refugees into the labour market, requiring high investment in the qualification of individuals and a flexible use of labour policy tools.     

Lohnimpulse und Wirtschaftswachstum — eine Simulationsanalyse für die Eurozone

Since the global financial and economic crisis, the question has arisen whether a policy of wage restraint could lead the European crisis countries back onto a more stable growth path. Using simulation calculations for varying wage setting strategies in Europe through 2030, the advantages and disadvantages of such a scenario can be discussed. One of the main findings is that temporary wage restraint in the economically weak countries only works as a means to regaining competitiveness if accompanied by other economic policies at the European level. These policies include higher wage growth in the economically stronger countries, transfer payments to foster investments and the acceptance of higher inflation rates in the eurozone.     

Energiewende für die Modernisierung des Industriestandorts Deutschland nutzen

The German industrial sector is a central component of its economic success. However, its investment activities are weak in comparison internationally. There are concerns that the high costs of the energy transition — one major part of climate change policy — could decrease industrial competitiveness and Germany’s allure as an industrial production location. To prevent this, German policymakers offer substantial exemptions for energy intensive industries in order to keep costs low. This study shows that only a few industrial branches have both high energy costs and a high export intensity, however. They generally feature a comparatively old capital stock. Overall, industry benefits from the demand for climate protection technologies. This calls for a shift in current policy, which should focus on incentives for innovative low carbon technologies. Exemptions should be granted to a limited number of energy intensive industries only for a limited time.     

Eine Investitionsagenda für Deutschland

Wirtschaftsdienst - Der Koalitionsvertrag von Union und SPD enthält erste Schritte in Richtung einer Ausweitung der öffentlichen Investitionen in Bildung und Betreuung, Wohnungsbau und...     

Digitale Revolution — eine neue Herausforderung für die Volkswirtschaftlichen Gesamtrechnungen?

In the transition periods between new technologies, marked setbacks in productivity growth are possible. Whereas new private goods are not fully visible in national accounts, often only their negative substitution effects turn up. If this is a market phenomenon, it should be reflected in weaker market production and productivity. In order to capture new private digital goods and their welfare effects, separate documentation in a satellite account is recommended.     

Wirkungen der Abgeltungsteuer auf die Kapitalallokation — Anregungen für eine Reform

The flat tax was introduced in Germany in 2009. It is imposed on income from portfolio investment, such as interest and dividends, but also on gains from stock sales. As this paper shows, the tax causes a massive distortion of after-tax returns in favour of debt capital. The financing structure of companies will therefore change in favour of debt capital. The tax discriminates German investors against foreign investors and the profitability of equity decreases strongly. The withholding tax has serious conceptual weaknesses that cause a massive misallocation of capital and thus a lasting damage to growth in Germany. Several recommendations for the necessary amendments are outlined in the article.     

Voraussetzungen für eine erfolgreiche Selbstverwaltung in der Sozialversicherung

Im Jahre 2011 werden wieder Sozialwahlen stattfi nden, deren Bedeutung einer breiten ?ffentlichkeit allerdings nicht bekannt ist. Wie sich die soziale Selbstverwaltung weiterentwickeln kann und sollte, h?ngt sehr stark von der künftigen Rolle der Sozialversicherung in Deutschland ab. Sie lebt von der Partizipation der Versicherten und der Arbeitgeber. Diese k?nnen einen wichtigen Beitrag zur Akzeptanz des Sozialversicherungssystems in der Bev?lkerung leisten, wenn sie in den Selbstverwaltungsorganen im Konsens agieren.     

Aggregierte Risiken für Offshore-Wind- Investitionen — eine Simulation

One of the main obstacles to the realisation of offshore wind investments are the potential risks. For a German offshore windpark, these risks are quantified here, and an overall value at risk has been computed using a Monte Carlo simulation. The results confirm the major contribution of construction cost overruns, wind availability on the variance of the overall risk position and the importance of quantitative risk management in project financing.     

Wirtschaftspolitik für die Eurozone

At the root of the euro crisis was not only a sovereign debt crisis but also a balance-of-payments crisis. A multi-faceted approach is required to restore sustainable growth and prevent a vicious circle of public and private sector deleveraging leading to weaker economic activity, which in turn results in a further deterioration in banks’ asset quality. Both governments and the European Central Bank (ECB) face challenges. Governments must make progress in restoring the health and resilience of the banking sector and introduce microeconomic reforms in product, services and labour markets to reduce divergent trends in competitiveness and productivity. Budgetary discipline must be respected, and the ECB should avoid any deflationary bias while stabilising inflation at or around two per cent for the euro area as a whole.     

Hilfe für die Hinterbliebenen

Krisenintervention im Krankenhaus — Der pl?tzliche Tod eines Patienten l?sst Pflegekr?fte oft hilflos dastehen. Gern würden sie den Hinterbliebenen Trost spenden, doch stattdessen ziehen sie sich h?ufig gesch?ftig agierend zurück. Doch wie k?nnen sie Hinterbliebene in der akuten Trauer professionell und einfühlsam unterstützen?     

Digitale Integration — Chancen für kleine und mittelständische Unternehmen in Deutschland

Wirtschaftsdienst - Die Nutzung digitaler Technologien zur Entwicklung innovativer Geschäftsmodelle und interner Prozesse bietet kleinen und mittelständischen Unternehmen die...