Sollten Zentralbanken unabhängig sein? Ergänzungen zu Stefan Schäfer

This article extends the inspection of Central Bank Independence (CBI) with respect to inflation performance to an examination of the relationship between CBI and economic welfare in general. The common view of monetary neutrality, i.e. a “free lunch” of CBI with respect to economic growth and employment, is contested on the basis of neo- and post-Keynesian theories of policy interactions and market constellations. Nevertheless, the fact has to be taken seriously that there is a broad discussion under way about the merits of CBI. The defenders of CBI must be on the lookout against a broad political and scientific offensive against the cornerstones of “German stability culture”.     

Price differences between equity classes. Corporate control,foreign ownership or liquidity?

This paper is the first comprehensive study of price differences for dual class equity at the Oslo Stock Exchange. It analyzes the relative importance of corporate control, foreign ownership restrictions and stock market liquidity for the price differences. The Norwegian market has the peculiar feature that in part of the sample period non-voting shares were trading at a premium to voting shares, i.e., what is usually termed the “voting premium” was negative. This result can be rationalized by restrictions on foreign ownership. In the later part of the period, with no regulatory restrictions on foreign ownership, the voting premium is positive, and related to corporate governance and liquidity.     

What Have We Learned from a Decade of Manufacturing Enterprise Surveys in Africa?

In the early 1990s the World Bank launched the Regional Programon Enterprise Development (RPED) in several African countries,a key component of which was to collect data on manufacturingfirms. The data sets built by these and subsequent enterprisesurveys in Africa generated considerable research. This articlesurveys the research on the African business environment, focusingon risk, access to credit, labor, and infrastructure, and onhow firms organize themselves and do business. It reviews theresearch on enterprise performance, including enterprise growth,investment, and exports. The article concludes with a discussionof policy lessons.      

The structure of occupational inequality

Quality & Quantity - By examining the interrelationships among the requirements, resources, and rewards associated with occupational positions, we have attempted to construct a preliminary...     

Forecasting the demand for an employee Park and Ride service using commuters' stated choices

This paper uses Stated Choice (SC) data to forecast the demand for an employee Park and Ride service. Since it is well known that SC data contain sources of variation not present in Revealed Preference data we pay special attention to the scaling of the SC model. The results show that the modal shift away from parking-on site will be small unless the new service is accompanied by measures aimed at making parking on-site less attractive such as introducing parking charges.     

On the economics of the longevity risk transfer market

We present a model of a longevity risk transfer market with different market players (primary insurers, reinsurers, and capital market investors) and investigate how market dynamics and the market players' roles evolve with progressing market saturation. We find that reinsurers' appetite for longevity risk is the key driver in the early stage of market development. Since diversification benefits with other businesses decrease with every transaction, the reinsurance market is intrinsically antimonopolistic. With the increasing saturation of the reinsurance sector as a whole, its competitiveness shrinks leading to rising expected risk-adjusted returns for capital market investors. We show that in a saturated market, reinsurers should assume the entire longevity risk from primary insurers, diversify it within their business mix, and subsequently pass on only specific (nondiversifiable) components of the longevity risk to the capital markets. Our findings provide valuable suggestions on how to make the best use of the market's limited risk absorption capacity.     

Development and perspectives of the Australian Coal Supply Chain and Implications for the Export Market

The Australian coal industry is critical for the nation’s domestic energy supply and economy with an export value of almost A$24 bn in the fiscal year 2007/08. With almost 75% of production destined to the export market, Australia is also the world’s largest hard coal exporter and an essential secure source of energy particularly to meet both thermal and metallurgical coal demand in the fast growing Pacific Rim. This paper examines the Australian mining sector prospects to retain its position as the world’s largest coal exporter in the mid-term, by analysing the potential increases in export capacity along the coal supply chain through expansions in mine, rail and port capacities. Despite current financial challenges and restrictions, the authors conclude that export volumes, depending on demand, could rise by 50% in the period to 2014.