Gesamtwirtschaftliche Stabilität im klimapolitischen Wandel

Wirtschaftsdienst - Klimapolitik mit dem Ziel der CO2-Neutralität erfordert einen einschneidenden strukturellen Wandel. Dieser wird nur dann akzeptiert werden und gelingen, wenn er sich neben...     

Regulierung der EU-Finanzmärkte

In the course of the recent financial, economic and debt crisis significant regulatory efforts have been taken to make financial markets more resilient. Not all of these regulations are effective. For example, it is hard to imagine that the Single Resolution Mechanism (SRM) and the Bank Recovery and Resolution Directive (BRRD) are applicable to the largest of European banks, because the required minimum coverage of losses by shareholders and debtors would most likely trigger a systemic crisis. Furthermore, the many roles of the ECB may lead to severe conflicts of interest. It should be also reconsidered whether the planned Capital Market Union’s focus on the securitisation of loans and the promotion of direct investments by savers in the capital market makes sense.     

Stabile Allokationen und Matching-Märkte

The Nobel prize in economics in 2012 was awarded to Lloyd S. Shapley and Alvin E. Roth for “the theory of stable allocations and the practice of market design” (Royal Swedish Academy of Sciences). The prize honours Lloyd Shapley’s theoretical foundations of the theory of stable allocations (in particular the celebrated deferred-acceptance algorithm) as well as the theoretical and practical contributions to the design of matching markets by Al Roth. As prices do not play their usual role in equating supply and demand, market failure is widespread (congestion, unravelling, lack of thickness). The actual design of two-sided matching markets, such as school choice, labour markets and kidney exchange, relies on both theory as well as on empirical investigations of the market and its rules.     

Eliteuniversitäten — Gewinner im Wettbewerb um Studierende?

The German Excellence Initiative was intended to strengthen university-based research and to create a set of internationally competitive elite institutions. The present article analyses whether or not designation as an elite institution has had an impact on the number of first-year students. Our results indicate that this is not the case. This observation might be explained by the fact that the Excellence Initiative mainly focuses on the reputation of the university as a whole, while students are more interested in the reputation of their preferred field of study. Hence, students compare the quality of faculties or degree programmes rather than the reputation of universities.     

Effiziente Finanzmärkte und soziale Dynamik

This year’s Nobel laureates in economics have a different understanding about the functioning of financial markets. However, this overall contradiction — which is even more pronounced in their policy statements — is no contradiction regarding scientific insights. In this respect they rather complement each other, even regarding the topic of (in)efficient financial markets.     

Financial Repression — Ein neues Umfeld für die Finanzm?rkte?

High levels of debt caused by the financial crisis are forcing countries to take measures to reduce debt. Financial repression is a debt reduction opportunity based on measures imposed on the financial markets by governments which manifests itself primarily in lower real interest rates. Financial repression is regarded as another characteristic of a “new normality” in the global economy with low potential growth rates and low interest rates, high levels of public debt as a result of the financial crisis. The article describes this phenomenon and attempts to evaluate its empirical relevance.     

Struktureller Wandel und Krisenbewältigung der deutschen Volkswirtschaft

Die Wirtschafts- und Finanzkrise wirkt wie ein externer Schock auf die deutsche Konjunktur. Mit zwei makro?konomischen Simulationsmodellen weisen die Autoren nach, dass die Krise in Deutschland allein auf diesen Schock zurückzuführen ist. Die Exportabh?ngigkeit der Wirtschaft führt dazu, dass die Produktion zunehmend volatiler wird. Demgegenüber hat sich die Besch?ftigungsentwicklung stabilisiert und von der Konjunktur abgekoppelt — vor allem dank der staatlichen Hilfen.     

Wie lässt sich die Dominanz der Finanzmärkte über die Politik lösen?

Der Krisenverlauf und die Bemühungen der Politik gegenzusteuern lassen den Eindruck entstehen, dass die Finanzm?rkte die Politik vor sich hertreiben. Die Politik hat offenbar durch ein Regulierungsversagen die Marktkr?fte nicht genügend geb?ndigt. Wurden die Kapitalm?rkte nicht schon seit langem von der Politik privilegiert? Welche konkreten Vorschl?ge gibt es, die Eurol?nder von den Finanzm?rkten unabh?ngiger zu machen? Welche Erfahrungen wurden in der Vergangenheit mit Verschuldungskrisen gemacht?     

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...     

Sharing Economy: Mehr Chancen als Risiken?

This article analyses the pros and cons of the new profit-oriented sharing economy. It summarises existing studies on the economic effects of Uber and Airbnb with a special focus on the repercussions for the labor market. It turns out that both business models could lead to additional revenues and employment rather than just crowding-out existing business models. However, unfair competition, exploitation of the self-employed and the destruction of cheap housing seem to be issues. Therefore, the authors conclude that neither laissez-faire nor a ban is the right answer. In order to allow for more growth and employment, appropriate regulation is needed.     

Negative Einlagezinsen im Euroraum? Lehren aus Dänemark

The ECB’s interest rate reduction in November 2013 has intensified the discussion about negative deposit rates in the euro area. The experience in Denmark has shown however that the efficient implementation of these rates would be necessary. In particular, loopholes would need to be closed and opposing actions avoided. Following this, the ECB would have to introduce the negative deposit rate not only on the deposit facility but also on excess reserves in its current accounts. Moreover, minimum reserve requirements should be abolished to raise the effectiveness of negative deposit rates.     

Souveränität und Verantwortung im Mehrebenensystem: Subsidiarität als Leitmotiv?

Wirtschaftsdienst - Der Subsidiaritätsgedanke sollte von den politischen Entscheidungstragenden sowie von im europäischen Mehrebenensystem mitwirkenden Akteur:innen beachtet werden. Dazu...