Een leerboek der protectie

Schutzzoll und Freihandel. Die Voraussetzungen und Grenzen ihrer Berechtigung. Von Dr. Richard Schüller, Privatdocent der Universität Wien. 1905. Wien, F, Tempsky; Leipzig, G. Freytag.De schrijver zelf gaf in de Revue Economique Internationale van 1909, II bl. 39 v. een samenvatting van zijn theorie onder den titel distinction entre les droits d'entrée économiquement avantageux ou préjudiciables.Op het vrijhandelscongres te Antwerpen (1910) — dat hij lid was van dit congres, is op zichzelf reeds teekenend! — deed hij een, wellicht door het verzet van Brentano, niet geslaagde poging om het congres zich te doen uitspreken voor een hernieuwing der vrijhandelstheorie. Zie beneden bl. 35 v.In de Economist van 1896 I bl. 320 v. besprak G. een vroeger boek van Schüller: Die klassische Nationalökonomie und ihre Gegner.     

Loondienstconflicten

I. W. = Invaliditeitswet. C. R. v. B. = Centrale Raad van Beroep.     

Does pre‐packed bankruptcy create value? An empirical study of postbankruptcy employment retention in The Netherlands

In recent years, there has been growing interest in whether pre‐packed bankruptcy can be a mechanism through which firms facing imminent insolvency can preserve value. Although an extensive body of literature exists on “pre‐packs,” whether such techniques really preserve value remains ambiguous. By analysing bankruptcy proceedings filed with Dutch courts in the period 2012–2018 through the lenses of real options and debt overhang theory, we examined employment retention postbankruptcy as a consequence of the type of bankruptcy proceeding (pre‐packed bankruptcy and conventional bankruptcy) and the severity of prebankruptcy financial distress. The results show that in the Netherlands, a pre‐packed bankruptcy, when compared with a conventional bankruptcy proceeding, positively impacts employment retention rates after bankruptcy. The severity of financial distress before bankruptcy does not affect employment retention rates postbankruptcy. This implies that despite the amount of resource slack, the preservation of employee value is better served under a pre‐packed bankruptcy than a conventional bankruptcy proceeding. This finding is important for insolvency practice, as up to 22 June 2017, employee rights in the Netherlands (including redundancy) were not considered to be automatically transferred to the firm acquiring the bankrupt debtor's assets when a pre‐packed bankruptcy was applied. Implications for insolvency regulation and practice are discussed.     

Circular reasoning. Forbonnais and the intricate history of circular flow analysis in the 1750s

Abstract

Circular flow analysis in mid-18th century France is normally associated with the writings of François Quesnay. From the early 1750?s, however, François Véron de Forbonnais developed a distinct theory of circulation in then well-known contributions to the Encyclopédie and his Elémens du commerce of 1754. This article argues that like Quesnay, Forbonnais was in part inspired by Cantillon’s Essay on the Nature of Trade in General. But while Quesnay gave original developments to the real aspects of Cantillon’’s analysis of circulation, Forbonnais focussed on developing monetary aspects, including arguments for the ‘non-neutrality’ of money and an original theory of the money interest rate.     

Nowcasting GDP using machine-learning algorithms: A real-time assessment

Can machine-learning algorithms help central banks understand the current state of the economy? Our results say yes! We contribute to the emerging literature on forecasting macroeconomic variables using machine-learning algorithms by testing the nowcast performance of common algorithms in a full ‘real-time’ setting—that is, with real-time vintages of New Zealand GDP growth (our target variable) and real-time vintages of around 600 predictors. Our results show that machine-learning algorithms are able to significantly improve over a simple autoregressive benchmark and a dynamic factor model. We also show that machine-learning algorithms have the potential to add value to, and in one case improve on, the official forecasts of the Reserve Bank of New Zealand.