Die radikalen Steuerpläne der US-Republikaner und die Folgen für die EU

The Republican majority in the US House of Representatives is considering the introduction of a destination-based cash flow tax (DBCFT). While its global implementation has the potential to substantially increase welfare, a unilateral introduction of such a tax system raises a range of questions due to the existence of source-based taxation systems abroad. We consider the US tax plans from an EU perspective. We show that European exporters may suffer, but European firms with affiliation in the US may benefit from a switch to the DBCFT. American firms will be the likely losers of this policy. Finally, we discuss potential policy reactions by the EU and its member countries as well as legal and economic implications of possible adjustments in EU tax systems.     

Corporate Communications from the Top and from the Center: Comparing Experiences and Expectations of CEOs and Communicators

Common viewpoints as well as divergences between top executives and communication professionals influence the institutionalization of strategic communication. However, there is little empirical evidence on the accordance between both groups. Most research explores either communication professionals or chief communication officers (CEOs). Very few studies have combined both perspectives. This article identifies the research gap, explores insights from previous research, and contributes to the body of knowledge in strategic communication with an original study that is based on two surveys with replies from 602 CEOs and executive board members as well as 1,251 communication managers from companies in the largest European country, Germany. Although top executives rate the information and motivation of employees as the most important objective of corporate communication, communication professionals focus on the creation of a positive image. Respondents from both groups also state different opinions about dealing with the demand for transparency. Both top executives and communicators give most support to a role model that describes communication professionals as a facilitator between an organization and its publics. Nevertheless the overall conclusion is that perspectives diverge quite often and attention should be directed towards a better alignment between top management and those leading the strategic communication function.     

An evolutionary approach to the examination of capital market efficiency

The paper investigates capital market efficiency on basis of an evolutionary model of asset pricing. Participants of capital markets are considered as organizations in the sense of Nelson and Winter (1982). Behavior of these organizations is described by routines. Routines are regular and predictable behavioral patterns, which determine how individuals gather information, form expectations, and order assets. The participants change their behavior by innovating new routines or by imitating routines of other participants.     

Price Flexibility as a Two-dimensional Concept and the Volatility of Output

The stabilizing effect of increased price flexibility has been challenged in a series of articles. We show that it is important to distinguish between two different dimensions of flexibility. An increase in the responsiveness of the price level with respect to excess demand may both stabilize and destabilize the economy depending on whether the price level reacts with a lag or whether prices adjust immediately. Hence, the degree of price rigidity in the sense of a delayed price reaction turns out to be of crucial importance for the consequences of an increase in the responsiveness of the price level.     

Altruism, redistribution and social insurance

The paper examines the influence of altruism on voluntary transfers and government redistribution in a simple model: two jobs of different productivity are assigned by chance to two individuals. Ex ante the individuals are identical, ex post they have different incomes. The first part of the paper examines voluntary transfers determined ex post or agreed upon ex ante in the absence of altruism. In the second part, the influence of altruism is examined. Altruism is modelled as a pure public good: the minimum consumption (or income, since there is only one consumption good). Both individuals can contribute to its provision, one person by earning wage income, the other by voluntary transfers. The ex ante solutions generally lead to higher expected welfare but create several incentive problems. Only lump-sum transfers are considered. Received: 28 February 1997 / Accepted: 31 January 2000     

Recent approaches to estimating Engel curves

Classical approaches of estimating cross-section Engel curves are based on parametric models. However, misspecification of a parametric model implies that information of structural nature might be masked. An alternative avoiding problems related to predetermined functional relations is the nonparametric approach. This paper surveys recent advances of nonparametric statistics in their relevance to estimating cross-section Engel curves.     

CONSUMER'S SURPLUS: SIMPLE SOLUTIONS TO AN OLD PROBLEM

The paper presents a concise account of recent results on the axiomatization of various welfare measures. Following the introduction and discussion of some elementary properties that a welfare measure should satisfy, valid measures are derived. In particular, the Hicksian equivalent and compensating variation and a measure based on the money metric are characterized.     

From ‘spaces of place’ to ‘spaces of flows’? Territorial and functional governance in cross‐border regions in Europe and North America

To what extent are we experiencing a transformation from ‘spaces of place’ to a ‘space of flows’ as proposed by Manuel Castells? Applying his thesis to the political system leads to the following implications. Socio‐economic processes of ‘glocalization’ are undermining the gate‐keeper position of national governments. Furthermore, governance is becoming ‘deterritorialized’, an aspect which is characterized by Elkins as an ‘unbundling’ of identities and jurisdictions. But does this process of unbundling lead to a federal system of multi‐level governance where the national level is complemented by supranational and subnational levels of governance; or does it imply an even more radical transformation towards an architecture of governance which is characterized by a proliferation of single‐purpose governments with variable and flexible spatial scales? A final implication is the transformation from ‘government to governance’— which means a broader array of actors and changing modes of interaction. This article traces these theses by analysing institutions of governance in four cross‐border regions in Europe and North America. In all regions we indeed find many cross‐border networks and institutions undermining the national gate‐keeper position. In Europe, cross‐border collaboration is producing another soft, but institutionalized, comprehensive, stable and territorially‐defined layer in the European ‘multi‐level‐system’. In North America, by contrast, only informal, fluid, specific and non‐territorial institutions are evolving across national borders. Here, the territorially‐based nation state is not complemented by similar kinds of political institutions, but is instead being challenged more fundamentally by new kinds of institutions: transnational socio‐economic exchange networks and transnational ideological coalitions which embody enormous transformational power. In conclusion, cross‐border regional governance in Europe still follows the logic of ‘spaces of place’, whereas in North America quite different ‘spaces of flows’ are emerging as complementary logics of community and institution building. Jusqu'où s'exerce la transformation d'un ‘espace de lieux’ en ‘espace des flux’, comme le suggère Manuel Castells? L'application de cette théorie au système politique a plusieurs implications. Les processus socio‐économiques de ‘glocalisation’ désagrègent la position de garde‐barrière des gouvernements nationaux. De plus, la gouvernance se ‘déterritorialise’, phénomène qu'Elkins appelle la ‘séparation’ des identités et des domaines de compétence. Mais à quel type de gouvernance cette ‘séparation’ mène‐t‐elle: à un système fédéral à plusieurs niveaux où le plan national est complété de plans supra‐ et infra‐nationaux de gouvernance? ou à un changement plus radical vers une architecture caractérisée par une prolifération de gouvernements à finalité unique dont les échelles spatiales varient et s'adaptent? Une dernière conséquence est le passage de gouvernement à gouvernance, qui se traduit par une diversification des acteurs et de nouveaux modes d'interactions. L'article retrouve ces thèses en analysant des institutions de gouvernance dans quatre régions transfrontalières européennes et nord‐américaines. Dans toutes les régions, l'étude identifie en effet de nombreux réseaux et institutions transfrontaliers qui minent la position de garde‐barrière nationale. En Europe, la collaboration transfrontalière crée une strate souple, quoique institutionnalisée, étendue, stable et aux limites territoriales définies dans le ‘système européen à plusieurs niveaux’. En Amérique du Nord, en revanche, n'interviennent à travers les frontières que des institutions informelles, fluides, spécifiques et non‐territoriales; l'État‐nation lié au territoire n'est pas complété d'institutions politiques de types similaires, étant plutôt profondément mis en cause par des institutions d'un genre nouveau: réseaux d'échanges socio‐économiques et coalitions idéologiques transnationaux qui expriment une énorme dynamique de transformation. Pour conclure, la gouvernance régionale transfrontalière en Europe obéit encore à la logique des ‘espaces de lieux’ tandis qu'en Amérique du Nord, des ‘espaces de flux’ tout à fait différents apparaissent dans une logique complémentaire de construction de communautés et d'institutions.