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.     

Coronapandemie: Auswirkungen auf den Einzelhandel in den Innenstädten

Wirtschaftsdienst - Die Auswirkungen der Pandemie sind in allen Wirtschaftsbereichen spürbar. Ein Bereich, der am stärksten durch Schließungen, Einschränkungen und ein...     

EU-Regulierung von Bitcoin und anderen virtuellen Währungen: erste Schritte

Bitcoin and other virtual currencies are becoming increasingly important. They are not money but are being used by a growing group of people as a means of payment and investment. Central banks and regulatory authorities have identified risks and see a need for regulation. Regulation areas with a high priority in the EU concern consumer protection, Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT). The EU institutions are currently revamping the AML Directive in order to include virtual currencies for the first time. An international coordination on the regulation of virtual currencies is on the agenda of Finance Ministers and Central Bank Governors of G20 countries.     

Effizienz und Stabilität von Finanzmärkten: Stehen wir vor einem Paradigmenwechsel?

The paper discusses the impact of the financial crisis on macroeconomics and on research into financial markets. The cornerstones of the economic mainstream were made obsolete by actual developments in recent years, and there are now signs that a fundamental paradigm shift is possible. After the failures stemming from the extensive deregulation of financial markets, economic policy now faces the challenge of actively reshaping the regulatory design of this central area of economic activity.     

Die Rente meines Vaters: veränderte Bewertung von Ausbildungs- und Arbeitslosigkeitszeiten

To illustrate the reductions in the benefits of the pension system over the past three decades, the actual insurance history of the author’s father is contrasted with an identical, fictitious insurance history of the author, who was born 28 years later. This illustrates that the devaluation of periods of training and unemployment under pension law leads to drastically lower pension entitlements for the son. The actual pension reductions created by the lack of coverage of social risk situations is not reflected in the much discussed pension level.     

Prävention und Management von Staatsinsolvenzen in der Europäischen Währungsunion

Der Umgang mit den Schuldenkrisen in einigen Eurol?ndern steht derzeit ganz oben auf der Tagesordnung der EWU-Gremien. Der Rettungsschirm zur aktuellen Krisenbew?ltigung ist allerdings bis 2013 befristet. Danach sollte ein dauerhafter Krisenpr?ventions- und Krisenmanagementmechanismus eingesetzt werden. Wie ein solcher Mechanismus zu gestalten ist, erl?utern die Autoren in diesem Beitrag.     

Rundfunkfinanzierung: von Gebühren und Beiträgen jetzt zur Indexierung?

The 2013 reform of the system for federal funding for public broadcasting has not put the issue to rest, as the reform has been followed by many critical voices. For example, the public broadcaster ARD now suggests linking its funding to GDP. As different types of funding streams alter how efficient and effectively public broadcasters can pursue their non profit goals, this article analyses options for funding public broadcasting. It seems that a mixed approach would serve as a possible solution.     

Ein größeres Stück vom Kuchen: Besteuerung der Gewinne von Google und Co.

Google, Facebook and other companies from the digital economy are pervasive in the European economy, but they pay only small amounts of taxes. Therefore, the finance ministers of four major EU Member States have proposed an equalisation tax on the turnover of these internet firms. In this paper, the authors argue that such a tax would violate important principles of the existing international tax regime. It seems more promising to further develop the definition of the permanent establishment (PE) in the direction of a “virtual PE”. However, a bigger bite out of the profit pie can only be expected if the international taxation regime evolves towards a more destination-based tax framework.