Hedge-Fonds als Asset-Klasse: Betrachtungen aus der Perspektive der deutschen Versicherungswirtschaft

The over performance of hedge funds until the current financial market turbulences led to a large number of insurers increasing their hedge funds quota. In the following this asset class is examined and particularly analyzed with respect to its adequacy for an insurance company's asset allocation by focusing on the axiom of safety, as demanded by national law. The problem of survivorship-bias and the Markowitz requirements of normal-distribution and constant correlations among the asset classes and their impact on a strategic asset allocation are studied.     

Ein simulationsbasierter Renditevergleich von fondsgebundenen Altersvorsorgeprodukten

The demographic change and its consequences forces citizens of Germany to realign towards private insurance products. This decision should be based on structured analyses. Most recent studies were inconclusive regarding this decision.As investments are commonly compared using average developments of the underlying, the possibility to switch the underlying during the duration of the investment, they are not represented accordingly and therefore bias the results of the calculation. We perform a thorough simulation analysis to compare two competing investments for retirement provisions while respecting additional costs and tax implications of switching.Without any switching the evaluation of other studies is generally verified (pure investment beats insurance product). But as soon as switching is implemented the tax advantage of insurance products is overcompensating the cost advantage of a pure investment solution. Further research should aim in this direction.     

Debt Relief and the Current Account: An Analysis of the HIPC Initiative

In this paper I develop a model to investigate the connection between debt relief and current account sustainability. This model can be used as a key input in assessing whether a HIPC country's real exchange rate is ‘overvalued,’ and will thus need to go through devaluation. The working of the model is illustrated for the case of Nicaragua, a country that in 2002 had one of the highest external debt to GDP ratios: almost 300 per cent. Nicaragua is the second poorest country in the Western Hemisphere (after Haiti), and for the last decade has relied very heavily on foreign assistance and aid. Moreover, in the last few years Nicaragua has run extremely large current account deficits in excess of 37 per cent of GDP during 1997‐2001 largely financed by grants, donations and migrant remittances.     

Argumente gegen die Reform des Stabilitätsgesetzes wenig überzeugend — eine Replik

In their reply, Dullien and van Treeck criticise the argument of Michaelis, Elstner and Schmidt that the German Stability and Growth law (StabG) from the 1960s must not be reformed. They claim that Michaelis et al. neglect that the concept of sustainability has changed over the past 50 years and that nowadays issues such as social and ecological sustainability should be included. Moreover, the claim by Michaelis et al. that the StabG provides important tools for business cycle management is hardly convincing, given that these tools have not been used since the 1970s and stimulus packages have been passed on other legal grounds. / In their response Michaelis et al. stress that economic policy has to consider equally aspects of economic, social and ecological sustainability. The StabG, however, is a completely inappropriate basis for attempts to address aspects of social and ecological sustainability. The main use of the StabG consists in the possibility to quickly implement fiscal measures that could mitigate the consequences of severe economic downturns. Proposals of Dullien and van Treeck that various dimensions of sustainability are controllable by a predetermined set of instruments neglect the complexity of the social market economy.     

Who Leads More and Why? A Mediation Model from Gender to Leadership Role Occupancy

Previous research has shown that female leaders lead slightly more effective than male leaders. However, women are still underrepresented in higher management. In this study, we seek to contribute to a deeper understanding of this paradox by proposing and testing an innovative model that integrates different research streams on gender and leadership. Specifically, we propose power motivation and transformational leadership as two central yet opposing dynamics that underlie the relation between gender and leadership role occupancy. We tested this model in a sample of 256 employees. Results provided support for the proposed relations. These findings contribute to a more detailed and comprehensive understanding for central dynamics that link gender and leadership role occupancy. Moreover, they provide important insights for interventions that are targeted at reducing the gender gap in leadership. We discuss the theoretical and practical implications of these findings.     

OUTPUT GROWTH AND STRUCTURAL REFORM IN LATIN AMERICA: HAVE BUSINESS CYCLES CHANGED?

This paper documents important changes in real gross domestic product (GDP) growth of six large Latin American countries. The main results can be summarized as follows. First, there is evidence of a structural break in real GDP toward stronger mean growth and a substantial reduction in volatility. Second, the timing of the breaks suggests that the important changes in economic policies of the 1980s and 1990s have been effective in permanently improving economic growth in the region. These changes in the growth processes imply recessions that are shorter in duration and milder in amplitude. The sustained increase in commodity prices observed in recent years explains an important share of growth in the region since 2003. But after accounting for the effect of commodity prices, there is even stronger evidence of a structural break in real GDP growth. (JEL E32)     

Exporting and labour demand: Micro‐level evidence from Germany

It is widely believed that globalization increases the extent of employment and wage responses to economic shocks. In this paper, we investigate the effect of firms’ exporting activities on the wage elasticity of labour demand. Using rich, administrative linked employer–employee panel data from Germany and destination‐specific industry‐level information on trade flows, we explicitly control for self‐selection into exporting and endogeneity concerns. Overall, we find that exporting has a significant positive effect on the (absolute value of the) unconditional wage elasticity of labour demand. In line with our hypothesis, we further show that the effect is particularly strong for those plants that export a significant share of their output to low‐ and medium‐income countries, hence face relatively more price‐elastic product demand.