Markets for Bank Subordinated Debt and Equity in Basel Committee Member Countries
Reint E. Gropp, Jukka M. Vesala
BCBS Working Papers, No. 12,
No. 12,
2003
Abstract
This Basel Committee working paper is a study of the markets for banks' securities in ten countries (Belgium, France, Germany, Japan, the Netherlands, Spain, Sweden, Switzerland, the United Kingdom, and the United States). It aims at contributing to the assessment of the potential effectiveness of direct and indirect market discipline. This is achieved through collecting a rich set of data on the detailed characteristics of the instruments used by banks to tap capital markets, the frequency and size of their issuance activity, and the share of issuing banks in national banking systems. Further, information is collected on the amounts of debt and equity outstanding and about trading volumes and liquidity. Developments over the period from 1990-2001 are evaluated.
The paper focuses on subordinated bonds among banks' debt instruments, because they are the prime class of uninsured instruments suited to generate market discipline and have been proposed by some observers as a mandatory requirement for banks.
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Cross subsidization of municipal services in Germany: Current importance and evaluation with respect to efficiency and distribution
Peter Haug
Wirtschaft im Wandel,
No. 9,
2003
Abstract
rotz Liberalisierung des Energiemarktes und der absehbaren Deregulierung des Öffentlichen Personennahverkehrs (ÖPNV) innerhalb der EU hat die Quersubventionierung des Nahverkehrs über die Gewinne der kommunalen Versorgungsunternehmen nach wie vor eine große quantitative Bedeutung in Deutschland. Dies belegt eine Erhebung des IWH in deutschen Großstädten. Diese Praxis kann aus wohlfahrtsökonomischer Sicht und aus der Verteilungsperspektive als ineffizient bzw. nicht mit den üblichen Vorstellungen von Bedarfsgerechtigkeit vereinbar beurteilt werden. Soll aus politischen Gründen das ÖPNV-Angebot im bisherigen Umfang aufrechterhalten werden, wäre unter Umständen eine alternative Finanzierungsform geboten.
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New fields of application for the input-output analysis in Germany - Contributions to the Input-Output Workshop 2002 in Halle
IWH-Sonderhefte,
No. 4,
2003
Abstract
Centrepiece of the discussion is the employment-orientated evaluation of large scale Investments. The analysis is based on the static open Input-Output-Model. For both, industrial as well as construction projects, the direct and indirect employment effects at the construction as well as the utilization stage are being estimated and combined with the multiplier effect caused by the created income. Finally, the discussion concludes by evaluating the employment effects of the necessary reconstruction efforts after the flood in summer 2002.
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Evaluation of labor market policy measures: Traps and possible solutions
Eva Reinowski, Birgit Schultz, Jürgen Wiemers
Wirtschaft im Wandel,
No. 6,
2003
Abstract
The paper intends to give a survey on nonparametric methods to solve the sample selection problem. We give the main idea and discuss advantages and disadvantages of the procedures that are used for the evaluation of Active Labour Market Policy. The two step Nearest-Neighbor-Matching is presented in detail, because it became the standard technique in the recent years. The IWH refines this method to improve the quality of evaluation results.
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Employment chances deteriorate upon participation in job creating and structural adjustment schemes - Or are there exceptions?
Eva Reinowski, Birgit Schultz, Jürgen Wiemers
Wirtschaft im Wandel,
No. 6,
2003
Abstract
In this paper we present the evaluation of the participation effect of Job Creation Schemes (ABM) and Structural Adjustment Schemes(SAM) on unemployment probability. The focus is on special groups which differ in individual characteristics. We found a strong negative treatment effect with gradual differences between separate groups.
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Evaluation von Maßnahmen der aktiven Arbeitsmarktpolitik mit Hilfe eines iterativen Matching-Algorithmus - Eine Fallstudie über langzeitarbeitslose Maßnahmeteilnehmer in Sachsen
Eva Reinowski, Birgit Schultz, Jürgen Wiemers
IWH Discussion Papers,
No. 173,
2003
Abstract
The paper evaluates the effects of two labor market programs in Germany, namely the Job Creation- /Structural Adjustment Scheme and Vocational Training, on the unemployment duration of long term unemployed persons. The study uses data from the Mikrozensus Sachsen. A two step Nearest-Neighbor-Matching is employed to solve the sample selection problem. The first step is the estimation of the participation tendency to obtain potential pairs and to compute their Mahalanobis distances. For the assignment of pairs in the second step two different procedures are used: a standard technique and a new one - the iterative improvement of an initial assignment. This process is superior to the standard matching algorithms in the sense that it allows for a closer match between participants and non-participants. Including additional information about a person’s employment history enables us to eliminate the bias due to unobservables. The impact of participation in a labor market program is evaluated by comparing the unemployment duration between both groups using the Cox Proportional Hazard Model. Overall we find empirical evidence that both participation in Job Creation- /Structural Adjustment Scheme and Vocational Training result in even longer unemployment.
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Job-AQTIV Law - A critical assessment of the new active labor market policy instruments
Herbert Buscher, Tobias Hagen
Wirtschaft im Wandel,
No. 11,
2002
Abstract
Seit dem 1. Januar 2002 ist das Job-AQTIV Gesetz in Deutschland in Kraft. Das Gesetz hat nicht nur die Absicht, gemeldete Stellen möglichst schnell und passgenau zu besetzen, sondern Personen, die zum Teil Arbeitslosigkeits- und Maßnahme-Karrieren hinter sich haben, intensiv zu betreuen, deren Suchaktivitäten zu überwachen und sie – bei Bedarf – in die für sie effektivsten Maßnahmen zu vermitteln. Diese Zielsetzung erklärt, wofür das Akronym AQTIV steht: Aktivieren, Qualifizieren, Trainieren, Investieren und Vermitteln. Aus einigen Neuregelungen durch das Job- AQTIV Gesetz ergeben sich neue Herausforderungen für die praktische Arbeitsmarktpolitik, aber auch die Evaluationsforschung. Natürlich ist es noch nicht möglich, die Auswirkungen des Job- AQTIV Gesetzes empirisch zu überprüfen. Gleichwohl sollen einige Erfahrungen aus der Evaluation Aktiver Arbeitsmarktpolitik (AAMP) sowie theoretische Überlegungen dazu genutzt werden, auf mögliche kritische Punkte hinzuweisen um Fehlentwicklungen zu vermeiden und Bedarf an Evaluationsforschung aufzuzeigen.1 Im Folgenden werden wichtige Neuerungen aufgrund des Job-AQTIV Gesetzes dargestellt und deren Bedeutung eingeschätzt.
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Recent Developments and Risks in the Euro Area Banking Sector
Reint E. Gropp, Jukka M. Vesala
ECB Monthly Bulletin,
2002
Abstract
This article provides an overview of euro area banks’ exposure to risk and examines the effects of the cyclical downturn in 2001. It describes the extent to which euro area banks’ risk profile has changed as a result of recent structural developments, such as an increase in investment banking, mergers, securitisation and more sophisticated risk management techniques. The article stresses that the environment in which banks operated in 2001 was fairly complex due to the relatively weak economic performance of all major economies as well as the events of 11 September in the United States. It evaluates the effects of these adverse circumstances on banks’ stability and overall performance. The article provides bank balance sheet information as well as financial market prices, arguing that the latter may be useful when assessing the soundness of the banking sector in a forward-looking manner. It concludes with a review of the overall stability of euro area banks, pointing to robustness in the face of the adverse developments in 2001 and the somewhat improved forward-looking indicators of banks’ financial strength in early 2002.
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Fiscal costs of employment creating schemes - a case study
Birgit Schultz
Wirtschaft im Wandel,
No. 1,
2002
Abstract
The evaluation on job creation programs shows a longer unemployment duration of treatment than the non-treatment. In a case study we calculate the additional public cost of the treatment and the subsequent demand of treatment compared with the outcome in a non-treated situation. Additionally we are looking on the break even.
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Measures to improve the employment prospect of welfare recipients – the view of the participients
Cornelia Lang
Wirtschaft im Wandel,
No. 12,
2001
Abstract
The results of measures to improve the employment prospects of welfare recipients are rather discouraging with respect to their core intention; many participants transit after the measure again into unemployment. Still (nevertheless) the majority of former participants surveyed by the IWH report a subjective evaluation, because the measure helped them to readjust to the daily routine of work. For many participants the ending of isolation and their regain of (improvement) of their selfesteem and self-confidence was important.
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