bluuebunny/crossref_metadata_2025_split huggingface dataset:
Die WTO auf dem Prüfstand: Zur Notwendigkeit einer Millennium-Runde
Authors: Hindley Brian , Hauser Heinz , Hiemenz Ulrich 
Published: May 2016

Abstract
This economic policy forum addresses the subject “New Challenges for the WTO: Do we need a Millennium Round?”. Brian Hindley has serious doubts whether the Millennium-Round should be revived. While the EU suggests that an agreement on competition policy should be essential for new multilateral trade negotiations, the Departement of Justice which administers competition policy in the US is less enthusiastic about the idea. The same applies to rules on investment. The author discusses both aspects of the EU’s extended agenda proposals and comes to the conclusion, that what is left is a rag bag. A bag that contains some useful issues, some dubious ones, some downright bad ones, but without enough content to fuel a credible multilateral trade negotiation. His conclusion is, that perhaps the case for multilateral agreements on competition policy and investment can be strengthened and if the Commission can do that, it should. The case for a Millennium Round based on the extended agenda is weak.
In the opinion of Heinz Hauser, a new Millennium Round has a high potential to fail. The author discusses his hypothesis in three steps. First, he draws attention to the question, which conclusions can be seen from Seattle. Second, he analyses the political environment for a hypothetically new round. He wants to substantiate that the expected results of a new round would be more harmful than beneficial for a liberal world trade arrangement. In a third step Hauser makes clear that the compliance with the committments form the Uruguay Round is still unsatisfactory.
The paper by Ulrich Hiemenz argues that a better integration of developing countries into the multilateral trading system is a key challenge at the beginning of the new millennium. He emphasises that a new round of multilateral trade negotiations launched under the auspices of the WTO would provide a window of opportunity for all participating countries to improve their living standards through better market access, greater domestic efficiency and higher productivity. Developing countries could even benefit more from further trade liberalisation than industrialised countries, provided they implement the domestic policy reforms necessary to capture these benefits.
Indexed Bonds and European Monetary Union
Authors: Harff Christoph 
Published: May 2016

Zusammenfassung
Indexierte Staatsanleihen können als Instrument zur Steigerung der geld- und fiskalpolitischen Glaubwürdigkeit dienen. Doch nur wenige Staaten machen von diesem Instrument Gebrauch. Die vorliegende Arbeit zeigt zunächst die potentiellen Vorteile indexierter Staatsanleihen auf. Anschließend wird der Markt für indexierte Staatsanleihen analysiert, um dessen geringe Popularität zu erklären. Es zeigt sich, dass eine asymmetrische Verteilung der potentiellen Vor- und Nachteile indexierter Staatsanleihen deren Ausbreitung verhindert. Asymmetrien treten insbesondere innerhalb der Europäischen Währungsunion auf. Daher werden Ansätze zur Etablierung eines liquiden Marktes für indexierte Staatsanleihen in Europa entwickelt.
New Migration needs a NEMP (a New European Migration Policy) and not (only) a German Einwanderungsgesetz
Authors: Straubhaar Thomas 
Published: May 2016

Abstract
In almost all European countries there is a wide and growing gap between the goals of national immigration policy and its actual outcomes. The main reason for the failure of national migration policies is the loss of effective competence to control today’s migration flows on a national level. Once national governments had closed the front door of legal immigration more or less strictly, most of the entries to fortress Europe occurred through the side door (asylum seekers, refugees, family reunion) or through the back door (illegal immigrants). As a result, there is an increasing need for a common European migration policy. This paper outlines the framework of a NEMP - a New European Migration Policy. NEMP is a first step from national ad hoc regulations towards a more conceptual European migration strategy. The basic idea of NEMP is that it is not the entry or the movement of people from abroad that generates migration problems. Rather, it is “stay” and “work” that may become a controversial issue. Consequently, NEMP advocates a shift of the policy focus from the control of moves to the control of residence and especially control of the illegal activities of illegal foreign workers.
Liberalisierungsversprechen und Regulierungsversagen - Das kalifornische Strommarktdebakel
Authors: Kumkar Lars 
Published: May 2016

Abstract
This paper discusses the California electricity market debacle and asks which lessons could be drawn from the Californian experience. It analyzes the market developments and depicts the reasons for the market meltdown. It is shown that the present situation in California may be only the calm before the next storm. Essential questions concerning regulatory policy are unsettled, and the Californian policymakers at present do not seem to be able to resolve the problems largely stemming from their own past decisions. The revealed regulatory failure demonstrates that design and analysis of adequate competition and regulation policy must explicitly consider incentive constraints in the political-regulatory area.
Kennzeichnungspflicht für genetisch veränderte Lebensmittel: Eine ökonomische Analyse
Authors: Haucap Justus , Schmidt Helmmar 
Published: May 2016

Abstract
In July 2001, the European Commission has published its proposal on new labeling requirements for genetically modified food. In order to reduce informational deficits on consumers’ side, the Commission proposes to decidedly strengthen the current labeling requirements. Our paper utilises an economics of information framework to analyse this proposal. We conclude that, while there may be a risk of market failure associated with genetically modified food, the Commission favours an inefficient, overly drastic form of market intervention, which does not only lead to increased production costs and a loss of allocative efficiency, but also has adverse distributive effects from the bottom to the top.
Chancen und Risiken einer Dollarisierung in Argentinien
Authors: Setzer Ralph 
Published: May 2016

Abstract
The collapse of the Argentinean Currency Board revived the debate about the optimal exchange rate regime for Argentina. Given its large exposure to nervous international investors, Argentina is a strong candidate for dollarization, which could provide lower inflation and higher financial integration with the United States. However, Argentina’s poor qualifications for a fixed exchange rate under the traditional optimum currency area criteria and the absence of adequate labor market and fiscal policy structures indicate that dollarization would suffer from the same problems as the Currency Board system. Thus, dollarization, in advance of other fundamental reforms seems a risky strategy.
Die Fehlbewertung junger Aktiengesellschaften beim Gang an die Börse – Ursachen und wirtschaftspolitische Konsequenzen
Authors: Ploog Christine , Stolpe Michael 
Published: May 2016

Abstract
This paper discusses policy options to reduce underpricing in initial public offerings (IPOs). It surveys recent theoretical insights into the causes and welfare implications of underpricing and reviews evidence on the signalling hypothesis, the winner’s curse model, the role of underwriters in assessing issuing firms’ future profitability and the genesis of speculative bubbles in IPO markets. The paper concludes that governments should curtail the abuse of market power in underwriting by prohibiting the allocation of shares to insiders and by reducing the incentives for investment banks to exploit underpriced share issues in order to cross-subsidise unrelated lines of business. Moreover, governments should seek to stabilize the IPO market by committing themselves to regular equal-sized issues of shares in government assets as part of a long-term privatisation programme.
Zum Problem der Generationengerechtigkeit in den Sozialversicherungen
Authors: Werding Martin , Barbier Hans D. , Börsch-Supan Axel 
Published: May 2016

Abstract
In his paper Martin Werding proposes “Public pension entitlements according to the number of children: arguments for an unpopular idea”. Proposals to curtail public pension entitlements for those who have no children, thus shifting the burden involved in pension reform that is necessitated by demographic ageing mainly to this sub-group of insured individuals, are provoking heated debates. Nonetheless, the idea is defended here arguing that unfunded public pensions are essentially based on aggregate human capital investment in which the childless are less engaged than those who have children. There is a role of childless individuals in co-financing child-related benefits and public education, which can give rise to pension entitlements for these people as well, but the current system in Germany is far away from balancing the relevant financial burdens and claims on the return to expenditure on children across the population. There are thus good reasons to reflect the current asymmetries within an alternative benefit formula for the German public pension scheme.
In his article Hans D. Barbier comments the debate on the consolidation of pension funds’ finances. It is wrong to claim that the old-age pensions are safe. One of the risk factors is the demographic development: this shows the problem of a fictional inter-generation compact. But there are grave arguments against an economic punishment of childlessness, e. g. against the simplified formula to shorten the retirement pensions of people without children by half.
In his article Axel Börsch-Supan discusses the impossibility of defining a practical concept of “justice between generations”. He argues that the concept - understood as an equal treatment of generations - is ill-definded and lacks practical applicability because it is impossible to unravel the historical starting point of each generations life course in a world characterized by non-stationarity and sudden events such as wars, economic crises, baby booms and baby busts.
Europas Kampf gegen die Arbeitslosigkeit – was bewirken die Strukturfonds?
Authors: Berthold Norbert , Neumann Michael 
Published: May 2016

Abstract
The European Union is characterised by large and persistent disparities across regions concerning income distribution and unemployment rates. European Structural Funds (ESF) have been raised to narrow income differences and foster employment in lagging regions. The paper describes the ESF and argues that they are counteracted by national policies using the theoretical framework of New Economic Geography. The agglomeration of economic activities in some regions can cause unemployment in other regions of the same country since the national wage structure is compressed. National transfers to peripheral regions with high unemployment prevent unemployed people from moving into the core. Assistance from the ESF to peripheral regions enable countries to continue inefficient national wage and transfer policies. In this respect, the ESF must not aim at fighting unemployment but should be restricted to lessen income disparities.
Heterogene Standortqualitäten und Signalstrategien: Ansiedlungsprämien, Werbung und kommunale Leuchtturmpolitk
Authors: Steinrücken Torsten , Jaenichen Sebastian 
Published: May 2016

Abstract
This article analyses and compares three in reality observable instruments designed to promote regional development: opening bonuses, advertisement and light-house-policy. We undertake the hopeful attempt to figure a marketplace of industrial locations where location-seeking mobile factors and location-offering jurisdictions exchange goods providing reciprocal advantage. Observing that location- seekers are unable to attain full information about the locations quality we show the importance of signalling. An undemanding model answers the fascinating question how tax-reductions for new direct investments, ads and the so called “light-house-policy” known as a specialty of East-German regional marketing can mitigate the risk associated with decisions of industrial location.
Äquivalente Steuerfinanzierung kommunaler Leistungen
Authors: Lemmer Astrid 
Published: May 2016

Abstract
In this paper a local tax to finance local public goods is discussed. The intention is to tax citizens upon their willingness to pay for public goods. The idea to base the tax on a private good that indicates the value of public goods is considered. Land is a private good that satisfies the condition of being immobile in a community. First, the land market needs to be looked at to ensure that land prices are market prices. Once this is demonstrated it is examined how a tax based on land prices can be considered to be a tax that fulfils the benefit principle. Although there are various other influences on the price of land, it is shown that a tax on land values - or to be more precise: on land prices - is not only a neutral tax, but gives incentives for political decision makers to efficiently provide local public goods and assures that those who receive the benefits pay for it.
Braucht die EU einen flexibleren Stabilitätspakt?
Authors: Hefeker Carsten , Heinemann Friedrich , Zimmermann Klaus F. 
Published: May 2016

Abstract
In his contribution Carsten Hefeker points out that most of the official arguments concerning the necessity of the Stability and Growth Pact are not convincing. Nevertheless, a mechanism that credibly avoids excessive debts and deficits is needed in most member states. It would be more useful, however, if such rules would focus on overall debt rather than on deficits. In addition, he advocates to create an external control for such fiscal rules, independent from the Commission and ECOFIN. He concludes that the Pact does not need to become more flexible, but more credible.
Friedrich Heinemann states that much of the recent reform debate on the Stability Pact is based on a fundamental misconception: The Pact has not been established as a guiding tool for welfare - maximising politicians, but in order to limit detrimental incentives from fiscal short-sightedness. “Stupid” elements like the three-per-cent deficit ceiling have a clear and beneficial strategic function as boundary within the national budgetary process. Furthermore, simple rules are superior to smart ones in increasing the political costs of high deficits in terms of public awareness. The critique on the pact′s missing flexibility is correct mainly regarding its lose logical link to long-run sustainability. Increasing flexibility in a cyclical sense, however, is not a reform priority. Already today the Pact leaves sufficient leeway for responsible politicians. Instead, the reform focus must be on depoliticising the pact in the sense of limiting Council power in the deficit procedure. More flexibility must not come without depoliticising. He recommends that any reform should only be carried into effect with a significant time lag in order to limit the reputation damage which would be the consequence of any quick institutional response to the Pact′s recent crisis.
In his paper Klaus F. Zimmermann argues that the Stability and Growth Pact (SGP) has been subject to criticism ever since its inception. He points out that it overlooks business cycle developments within the framework of the consolidation process; it adopts a too short-term view of the stabilisation target which is also hardly under control of policy-makers; and it deals with policy imperfections in a sub-optimal way. Therefore, a reform of the SGP is urgent. The author suggests that the rules must be handled more flexibly. In his opinion, a mediumterm budgetary target and a focus on public expenditures to tackle the pro-cyclical bias is needed. To restore credibility, the task of supervision should be transferred to an independent European institution.
Der Rückgang konjunktureller Schwankungen in Deutschland: Bessere Geldpolitik oder nur Glück gehabt?
Authors: Buch Claudia M. , Döpke Jörg , Pierdzioch Christian 
Published: May 2016

Abstract
It is often argued that the globalisation of the world economy might have contributed to an increased instability of real economic activity, in particular for small open economies. At the same time, there is evidence that the volatility of real economic activity might in fact have been dampened. This contribution addresses the question whether the volatility of GDP in Germany has changed and, if so, which factors could be responsible for this. We argue that a more successful monetary policy has - to some extent - contributed to this development. However, the lion’s share of the volatility decline is likely to come from other factors like smaller exogenous shocks, technological progress, and the effect of globalisation.
Konstitutionenökonomische Bewertung eines Systemwechsels im deutschen Rentenversicherungssystem
Authors: Streibel Vera 
Published: May 2016

Abstract
Many Economists have pointed out that capital-funded pension systems are superior to pay-as-you-go-financed systems of old-age insurance; different proposals for reforming the German pay-as-you-go pension system have been presented. Although the necessity of a fundamental reform is almost common sense, consequent changes are regularly rejected by referring to lacks of economic justice. This paper analyses, what kind of reform serves justice from a constitutional economics point of view. Criteria are developed, which individuals behind a veil of ignorance would agree on and which therefore should be met by any reform proposal. Using these criteria, three prominent proposals for reforming the German public pension system are analysed.
Die Liberalisierung der Telekommunikationsbranche in Deutschland: Bisherige Erfolge und weiterer Handlungsbedarf
Authors: Dewenter Ralf , Haucap Justus 
Published: May 2016

Abstract
The liberalization of the German telecommunications sector is widely regarded as a success story, for which the rigorous regulation of essential facilities together with a liberal licensing policy have been responsible. While many telecommunications markets are now highly competitive, this is not the case for local telephone markets and some wholesale services. The lack of competition in these markets is partly also due to inadequate regulation. Since geographical cost differences are not reflected in regulated prices, market entry is not attractive in many regions. Furthermore, recent policy measures such as regulated local preselection and call-by-call services as well as the envisaged local resale obligations reduce the business prospects for investors into alternative local infrastructure. While local competition will seemingly increase, the monopolistic situation of infrastructure markets will be cemented. Accordingly, reduced investment incentives will lead to efficiency losses and also harm consumers’ long term interests.
Zur Verzahnung von Familienpolitik und Bildungspolitik: eine wirtschaftspolitische Einordnung
Authors: Hüther Michael , Klös Hans-Peter , Seyda Susanne 
Published: May 2016

Abstract
This article addresses the relationship between two policies that are to ensure wealth and economic growth: family policy and educational policy. Current demographic changes in Germany are widely expected to have a negative impact on economic growth. One way to tackle this problem is to devise a family policy that takes into account current demographic developments and encourages young people to set up a family of their own. A second major determinant of future wealth is the formation of human capital. This article analyzes measures relating to both family policy and human capital formation. Particular attention is devoted to links and synergetic effects between the two policy variables.
Gewaltenteilung als Voraussetzung für politischen Wettbewerb? Zur Disaggregation des natürlichen Monopols “Staat”
Authors: Märkt Jörg 
Published: May 2016

Abstract
Without variety, there is no competition. In the field of political competition the constituency must have options between different political agents as well. The state is often regarded as a natural monopoly which is contradictory to competition. Industrial economics have developed criteria for the identification of natural monopolies and give information about opportunities to disaggregate them. This paper transfers those results to the examination of the state. In analyzing the disaggregation of the natural monopoly of the state, the separation of powers is of vital importance: It induces not only the division of powers to different actors, but also reduces the entry barriers to the political competition process. Therefore, it enhances the political choice for individuals and reduces their risk of being exploited by politicians.
Die Stabilität von Finanzmärkten:Wie kann die Wirtschaftspolitik Vertrauen schaffen?
Authors: Theurl Theresia , Krahnen Jan Pieter , Gehrig Thomas P. 
Published: May 2016

Abstract
From Theresia Theurl’s point of view financial markets exhibit certain features that turn them inherently unstable. Therefore, economic policy measures were necessary and advisable, but they should not take the shape of isolated and selected interventions. Rather, these measures of financial market supervision and regulation had to be integrated into a comprehensive concept of micro- and macroeconomic policy in order to allow the creation of stabilizing trust.
In his contribution, Jan Pieter Krahnen maintains, that the systemic risk of banks and financial institutions has changed and risen in recent years. According to his view, this is due to a more widespread use of credit derivatives. Although they may cause a more efficient distribution of credit risk in the banking sector, at the same time they could mean a higher vulnerability of the banking sector to system-wide contagion effects of credit risk. As such, financial market supervision as well as the Basel II rules on Capital Standards should take into account not only the credit risk exposure of individual financial institutions, but also correlation measures of their share prices.
For Thomas Gehrig, empirical anomalies demonstrate the relevance of awareness and trust in financial markets. This note would argue in favor of social policies that enhance public awareness in financial markets as a basis for trust. And so naturally, these policies need to be complemented by a strong financial order that aims at minimizing behavioral risks. He says, trust requires a regulatory framework that reduces manipulation by private as well as public interests. A competitive order complemented by strong regulatory oversight may go a long way towards generating liquid financial markets and the creation of trust. Trust by individuals, however, would be most strongly encouraged when individuals are entrusted in managing their own financial market activities including their own pension arrangements.
Politisches Risiko als Investitionsproblem und wirtschaftspolitische Implikationen
Authors: Steinrücken Torsten , Jaenichen Sebastian 
Published: May 2016

Abstract
In this model-based contribution it will be shown, that creating overcapacities can be a rational business strategy for restricting political risks. Companies can establish capacities at several locations in order to create threatening possibilities for the case of a location raising its tax price. By threatening to remove the production, companies can avoid to become the victim of some locations′ tendency to extortion. In this contribution the question will be attended how such excess investments are to be assessed from an economic point of view. Further it will be asked which political instruments can be used by locations to signal a long-lasting stability of economic conditions to potential investors in a credible way.