Makroprudenzielle Politik

The aim of macroprudential policy is to oversee financial stability and to safeguard the stability of the financial system. Systemic risk arises if distressed financial institutions put the stability of the entire financial system at risk, thus impairing its functioning and the provisioning of services to the real economy, with negative implications for economic growth. Macroprudential policy aims at increasing the overall resilience of the financial system by monitoring the allocation of risk in the financial system and by preventing the build-up of excessive risks. In the aftermath of the crisis, new institutions were established and macroprudential instruments were created. Responsibility for macroprudential policy is located mostly at the national level. Due to its international dimension it is embedded into a network of international institutions     

External Influences on Business Cycle Synchronization in the Euro Area

Most studies of business cycle synchronization in the EMU identify a core set of counties with high synchronization and a periphery set of countries with low synchronization. Using a structural VAR with model uncertainty, we identify spillover effects from shocks that originate in the United States, the EMU, and the rest of the world to test whether external influences can explain the existence of the core and periphery. Most countries typically found in the core respond to external spillovers in similar ways, leading to more synchronized business cycles. The response to external influences in the countries traditionally found in the periphery, on the other hand, help explain their exclusion from the core.     

Customer Lifetime Value: Entwicklungspfade, Einsatzpotenziale und Herausforderungen

Due to an ongoing discussion in the scientific community and in practice about a customer value based corporate management, the valuation and management of customer relationships has gained more and more importance. Thereby a multiplicity of scientific publications emerged, which increasingly dealt with the subject of customer value. In the scientific community the Customer Lifetime Value (CLV) is a widespread and forward-looking valuation concept. For calculating the CLV numerous models have been developed. In addition, the CLV allows companies to answer various corporate issues. In this context, this paper provides an overview about the CLV-research. Extending the existing literature development paths, potential uses, and future challenges of the CLV are illustrated.     

When Does Government Debt Crowd Out Investment?

We examine when government debt crowds out investment for the US economy using an estimated New Keynesian model with detailed fiscal specifications and accounting for monetary and fiscal policy interactions. Whether investment is crowded in or out in the short term depends on policy shocks triggering debt expansions: higher debt can crowd in investment for cutting capital tax rates or increasing government investment. Contrary to the conventional view, no systematic relationships between real interest rates and investment exist, explaining why reduced‐form regressions are inconclusive about crowding out. At longer horizons, distortionary financing is important for the negative investment response to debt. Copyright © 2013 John Wiley & Sons, Ltd.     

Entangled (In)Securities: Sketching the Scope of Geosocial Approaches for Understanding “Webs of (In)Security”1

This paper makes the case for a broadening of conceptual vocabularies in security studies by extending the sub-discipline’s predominantly geopolitical focus to the ‘geosocial’. Based on a review of work on human security and of feminist and anthropological research on (in)security and violence, we argue that there remains a need for further conceptual development to which geosocial approaches can make a significant contribution. They move us beyond compartmentalisation towards understanding social relations as a key medium through which connections between different forms of (in)security are forged. This prompts the mapping of a wider kaleidoscope of intersecting security issues, experiences, practices, subjects and topographies that include, but are not exhaustively explained by, geopolitical and geoeconomic processes. Drawing on findings from a participatory research project conducted with marginalised young people in Leipzig (Germany) between 2014 and 2015, we argue for greater attention to four issues that are rarely thematised in security studies and which geosocial approaches bring more squarely into focus: 1) social relations as a key connective tissue through which different dimensions of (in)security are entangled and through which these entanglements are given shape; 2) social relations as sources of security and insecurity; 3) security practices as including the emotional and practical labour invested in sustaining, moulding or dealing with the breakdown of social relations; and 4) the topographic stretching and hybridisation of social relations that furnishes not just cultures of fear but can also generate greater senses of security.     

The Legacy of Mexico's Agrarian Counter‐Reforms: Reinforcing Social Hierarchies in Calakmul,Campeche

In this paper, we examine how Mexico's 1992 counter‐reforms reinforced social hierarchies between two ‘classes’ of residents within three ejidos in an agricultural frontier in Campeche. We carried out qualitative research with 94 ejidatarios, 92 pobladores and 13 government officials. Our research shows that the reforms cemented the second‐class status of pobladores, as their access to land, natural resources such as firewood and governmental subsidies is now even more contested. Ejidal residents have responded to these tensions by invoking various conceptions of citizenship to press for different forms of justice. Ejidatarios seek to enforce their legal prerogatives by advocating a tiered citizenship, inflected with aspects of ‘market citizenship’, in which pobladores have less access to resources and voice. Pobladores seek inclusion in the ejido via a cultural model of citizenship built around a ‘civil sociality’. Despite this generalization, both groups also selectively move between and combine these citizenship frameworks to advance their claims.     

Alternative growth patterns of university spin-offs: why so many remain small?

The aim of this paper is to provide explanations for alternative growth patterns of university spin-offs using qualitative research methods. By matching the willingness of academic entrepreneurs to the ability of university spin-offs to grow, four basic types of university spin-offs are derived: ambitious, unwilling, saturated and impeded university spin-offs. By combining theoretical considerations from a specific concept of growth phases and empirical regularities from 68 university spin-offs we construct eight different subtypes of university spin-offs. The results show that the majority of university spin-offs either lacks entrepreneurial growth intentions or is impeded by reasons caused by personal characteristics of the academic entrepreneur, the university spin-off or the external environment. Some subtypes like life stylists, entrepreneurial academics and late bloomers face problems or share attitudes that are very specific in the context of university spin-offs. This paper contributes to the literature on university spin-off growth by providing an in-depth analysis of the underlying reasons for the founders’ willingness and ability to grow or not to grow. This study also reflects the heterogeneity of university spin-off growth and considers the evolutionary perspective. Growth is not only understood as a consequence of an economic process but also a personal and social process. In this way, this study augments the existing concepts of growth phases.