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During the next few decades the populations of most developed countries will grow older and older as a result of the low fertility
rates since the 1970s and/or the continuously increasing life expectancy. Generational Accounting which was introduced in
the early 1990s, can illustrate the effects of this ageing process on a country’s fiscal situation and on the intergenerational
redistribution. Austria’s age dependency ratio will more than double over the next four decades in most official projections.
In our paper we quantify for Austria how unsustainable its public finances are due to the demographic development. We show
that despite recent reforms of the pension and health systems the demographic development produces a major problem for Austria’s
coffers. Furthermore we compare our results to similar calculations for Germany and Switzerland. 相似文献
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The past few years have seen a revival in the academic debate over the economic functions of German banks. This paper takes the position that large non-financial firms have become highly autonomous of the banks, and the corporate governance role of banks, while still important, is much less significant than widely presumed. German banks, however, do fulfill certain economic functions to a greater degree and in a different manner than banks in other countries. These bank functions of long-term commercial financing, comprehensive management consulting, and supporting diversified quality production strategies are made possible by the institutional character of the banking system itself and the institutional context in which it operates. A complex web of government laws, regulations, and government financial aid combine with bank group competition to create an extensive and successful financial support system for German SMEs. This system faces various adjustment challenges — from international financial market integration to EU regulatory harmonization — but it has thus far managed to adapt while sustaining its core functions. 相似文献
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