Aktuelle Entwicklungen in der Beaufsichtigung und Rechnungslegung von Versicherungsunternehmen: IFRS und Solvency II

Accounting and supervision are closely related, especially via the determination of regulatory capital. As a precondition for the harmonisation of solvency rules within Europe, as discussed in the context of Solvency II, there is a need for harmonised accounting rules regarding the recognition and measurement of assets and liabilities. The International Financial Reporting Standards resp. International Accounting Standards (IFRS resp. IAS) are used as a starting point. Insurance contracts are accounted for under IFRS 4, published in March 2004, which is only established as an interim standard allowing insurance companies to continue their existing accounting policy without major changes in their accounting systems. The IASB has just begun working on a final standard (Phase II). The IASB’s work on the final standard should be taken into account for the determination of regulatory capital as well. The third pillar of Solvency II is an additional connection between international accounting standards and the Solvency II project: extensive disclosure requirements companies shall provide disciplinary transparency with regard to their risk management systems and risk profiles.     

价格水平目标制成为货币政策的新选择

通胀目标制面临挑战 过去20年之中,通胀目标制已成为当代央行操作的基准模式。大多数央行都设定了某种形式的通胀目标,而且它们决定利率水平的主要着眼点在于,将中期通胀率稳定在目标值附近。然而,近期的经济动向对实行通胀目标制的央行构成了重大挑战,原因有两方面：     

迟缓复苏恰到好处，上行风险被忽视（上）——2010、2011年全球经济展望

【摩根士丹利9月14日】2009年态势：强力政策造就复苏,下半年增速将超过4％ 我们在3个月前指出,在强力刺激政策的推动下,全球经济已在2季度恢复了增长,中国及亚洲其他经济体率先复苏,美国、欧洲等落后者也将在今年下半年跟进。此后公布的数据证实,2季度全球经济确实恢复了增长,而且按年率计算,     

Translating satisfaction determination from health care to the automotive industry

This study is based on the case of BMW, and aims to improve the determination of perceived consumer satisfaction in the automotive industry by transferring existing knowledge from the health care sector. A literature analysis of the health care sector and the automotive industry was conducted to identify the common concepts of determining satisfaction. These were the service encounter, situational factors, and sociodemographics. The practical application was tested by analyzing a contemporary survey from BMW. Based on the findings, managers responsible for customer satisfaction in after-sales services in the automotive industry could improve measurement of customer satisfaction.     

Lohnungleichheit – Gibt es eine Trendwende?

Using a large panel microdata set for the time period 1992 to 2014, the paper analyses the long-run trends in German wage inequality for full-time workers. The approach differentiates by gender and region. The analysis confirms the result of other studies that show a sharp increase in wage inequality in Germany from the mid-1990s until 2010. The increase can only partly be explained by rising skill differentials. The lion’s share is neither attributable to price effects nor to changes in the composition of the workforce. As an interesting phenomenon, the rise in the inequality indicators did not continue after 2010. The pattern is similar for male and female workers as well as for the eastern and western parts of the country. In some sub-samples we even find a marked decline. This is especially true for females. Hence there are some indications of a hiatus or even a trend reversal. At the time being it is still unclear whether the phenomenon is caused by sectoral minimum wages, a more egalitarian stance on wage policy, technological or structural developments favouring the low-skilled or other causes.     

The european monetary system 1979–1987: Why has it worked?

The European Monetary System has remained relatively stable in the eight years of its existence. The following article analyses the factors that have contributed to this stability and assesses the prospects for the system in the years to come.     

The impact of a change in exchange rate pass-through on U.S. imports

The Impact of a Change in Exchange Rate Pass-Through on U.S. Imports. - One import demand equation is specified that is potentially affected by a breakdown in pass-through and one that is not. From the difference in the forecasts of these two equations an upper-bound estimate is derived for the impact on U. S. non-oil imports of the breakdown in exchange rate pass-through during the 1980s. The empir-ical evidence suggests that exchange rate pass-through may have changed after 1985. Without this shift in pass-through U. S. non-oil imports may have been a maximum of 15 percent lower by 1990.