Interest Income Tax Evasion,the EU Savings Directive and Capital Market Effects*

The EU Savings Directive has been celebrated as a major political breakthrough in coordinating taxation in Europe. Against this background, the present paper evaluates the real‐world effects of this directive. The directive has left a loophole by providing grandfathering (exemption from withholding tax) for some securities. In this paper, we compare the pre‐tax returns of exempt bonds and comparable taxable bonds. If working around the Savings Directive is difficult for income tax evaders in Europe, then investors should be willing to pay a premium for bonds that are exempt from the withholding rate. Conversely, if such a premium is absent, then this suggests that the supply of existing loopholes (exempt bonds included) is large enough to allow tax evaders to continue evasion at no additional cost. The findings of our study are in line with this latter interpretation.     

Discapacidad y absentismo. Análisis empírico sobre seis países europeos

A partir de datos del Panel de Hogares de la Unión Europea (PHOGUE) sobre Austria, España, Grecia, Irlanda, Italia y Portugal de 1995–2001 se examina la influencia de la discapacidad en el absentismo laboral utilizando tres variables: el estado de salud autoevaluado, el número de visitas al médico y el número de noches de ingreso en hospital. Según los resultados, el absentismo entre los trabajadores con discapacidad es mayor. La gravedad de la discapacidad también tiene influencia. El efecto total de la discapacidad en el absentismo representa un incremento marginal de entre 6 y 26 días de ausencia al año (dependiendo del país).     

Megatrends as perceived in Turkey in comparison to Austria and Germany

Countries and companies use foresight studies to manage uncertainty. Environmental scanning and trend analyses are important tools for identifying and monitoring change. Trend analysis requires more than simply extrapolating to the future. The content of communication serves as the basis of inference so those trends could be explored.This research uses an interdisciplinary approach combining media content analysis and factor analysis to discover many ways Turkey and the world may restructure and what the new society may look like as perceived by the individuals who participated in the survey. It determines six types of individuals in Turkey with different personal attitudes towards megatrends. Similarities and dissimilarities with previous studies in Austria and Germany are identified and discussed.     

The effect of capital requirement regulation on the transmission of monetary policy: evidence from Austria

This paper analyzes the role of banks’ regulatory capitalization in the transmission of monetary policy. We use a confidential dataset for Austrian banks spanning from the first quarter of 1997 to the fourth quarter of 2003. We find evidence that Austrian banks react in an asymmetric way to monetary policy depending on their regulatory excess capitalization, i.e. low capitalized banks react more restrictively to a monetary tightening than their highly capitalized peers.

Dynamic multidimensional assessment of sustainability at the macro level: The case of Austria

This paper explores the issue of sustainability at the macro scale employing multi-criteria decision aid (MCDA) methods. The incommensurability of values and the essentially multi-dimensional and dynamic nature of sustainability challenge the use of composite measurement indices. This determined the choice of MCDA methods. Austria was chosen as a case study, due to the wide availability of data, especially on indicators of strong sustainability. The structure of the multi-criteria problem comprised the evolution of different sustainability dimensions over time. The process for selecting criteria included a critical assessment of institutional sustainability agendas (UN, EU and Austrian Government) and theoretical recommendations.After an assessment of MCDA methods, the NAIADE method demonstrated the most suitable properties for sustainability assessment. The application of this outranking approach was undertaken in three separate settings: long-term from 1960 to 2003, medium-term, 1970-1995, and short-term, 1995-2003 with varying numbers of criteria. The response of results to the addition of evaluating criteria and periods was tested. The degree of credibility for accepting preference relations was also employed for sensitivity analysis.According to the results of long-term and medium-term assessments, especially in the weak sustainability setting, sustainable progress is taking place in Austria. In the short term, in the stronger sustainability setting and, especially as the number of criteria increases, more incomparable periods appear and trends are less determined. Moreover, it is shown how results crucially depend on the methodological choices.This is one of the first applications of the multi-criteria tools to the dynamic analysis of sustainability at the macro scale.     

Shift of the short-term temperature mortality relationship by a climate factor - some evidence necessary to take account of in estimating the health effect of global warming

Several studies have reported a 'V'-shaped relationship between short-term temperature and mortality rates, characterized by mortality rates that are higher when the temperature is extremely low or high than when the temperature is moderate. To quantify the effect of adaptation to a certain climate on this V-shaped short-term temperature-mortality relationship, we studied the prefecture-specific relationship between daily maximum temperature and mortality rates for 65+-years-old Japanese from 1972 to 1990. For both genders, the optimum daily maximum temperature (OT) category at which the mortality rate was minimum ranged from 23C-28 C to 33+C, and the OT level became lower when the climate became colder. The mean OT level was lower for women than for men by 1.7C. The mortality rate at the OT was almost constant across prefectures, regardless of the climate. From the results, we considered that the adaptation effect on the short-term temperature-mortality relationship is mainly described by the 'horizontal shift model': the V-shape moves horizontally according to the climate. This 'shift' should be taken into account in estimating the health effect of global warming, and the model would be useful for the estimation.     

Asset Prices and History: The Case of Austria

Historical events are reflected in asset prices. Looking at Austrian government bond prices traded on the Swiss stock exchange during WWII provides therefore a useful way of interpreting the importance the thousands of people directly and indirectly engaged in stock markets attributed to various war events. An econometric analysis of the relationship between government bond values and events in Austrian history reveals that some generally considered crucial events connected with WWII are clearly reflected in Austrian government bond prices. This holds, in particular for the beginning and the end of the war. The annexation of Austria by Germany in 1938 which seemingly looked as being overwhelmingly and passionately welcomed by the Austrian population negatively affected the evaluation of Austrian government bonds, i.e. it was considered to be to the disadvantage of Austria by the people who put their own personal fortune at risk.     

Accidental injuries among the elderly within the Vienna community: Epidemiology,risk factors and preventive measures

Abstract

Unintentional injuries ('accidents’) among elderly people are a significant burden in public health because such accidents happen frequently and because the proportion of older age groups in the population will continue to rise during the coming decades. One aim of this study, which was done in Vienna, the capital of Austria, was to broaden the preventive concept, adding lifestyle and living conditions to already well-known risk factors following the health promotion approach. Furthermore, characteristics that predispose older residents to accidents should be identified in order to design preventive measures for reducing injuries in this age group.

809 interviews with people 60 years of age and over were conducted, concerning accidents, outcomes of accidents, physical fitness, drug intake, type of house or dwelling, equipment in the household incorporating safety features, psychological well-being and social relations. The information collected was used to draw cross-sectional comparisons between participants who reported having experienced at least one accident in the previous 12 months and those who did not. Furthermore, the accident incidents were classified into 2 groups: incidents without injuries and injurious accidents. The latter served as a base for the epidemiology of injuries for people 60 years of age and over within the Vienna community.

20% of all senior citizens suffer at least one unintentional injury every year, in addition to which 8% experience critical incidents (mostly falls) without injury. Most accidents occur at home or involve pedestrians in public traffic areas. Over 90% of all accidents are falls, and 20% result in fractures. The most important risk factors for accidents in the elderly are gender, increasing age, poor physical fitness and low physical activity, the type of household and household equipment, poor psychological well-being, low income and loneliness.

The findings regarding falls suggest some possible opportunities for reducing the risk of falls by improving buildings and dwellings of the elderly. A promising attempt at practical implementation of these findings is being conducted by the Vienna-based Austrian Institute for Home and Leisure Safety in cooperation with the Vienna City Council. These two organizations are implementing a long-term program that aims at mobilizing institutions and organizations involved in working with the elderly.     

Monthly wood supply behavior of associated forest owners in Austria—Insights from the analysis of a micro-econometric panel

This paper examines the wood supply from non-industrial private forest owners in Austria. The main novelty of this study is threefold. First, the underlying dataset is based on monthly wood supply. This enables an analysis of seasonal supply behavior, which is found to be different in relation to the size of the forestland. Second, it represents an original study with a dataset from a Central European country whose forest owners are apparently much more fragmented than their Scandinavian or North American counterparts. And third, the study introduces a windfall variable that effectively corrects for a market-relevant storm event. With respect to methodology, a random effects Tobit model is applied. Additionally, a Chamberlain-like term is included in the regression to deal with a possible bias generated through the correlation of regressors and unobserved heterogeneity.