Neo-liberalism, the Changing German Labor Market, and Income Distribution: An Institutionalist and Post Keynesian Analysis
John B. Hall, Udo Ludwig
Journal of Economic Issues,
2010
Abstract
This inquiry relies on an Institutionalist and Post Keynesian analysis to explore Germany's neo-liberal project, noting cumulative effects emerging as measurable economic and societal outcomes. Investments in technologies generate rising output-to-capital ratios. Increasing exports offset the Domar problem, but give rise to capital surpluses. National income redistributes in favor of capital. Novel labor market institutions emerge. Following Minsky, good times lead to bad: as seeming successes of neo-liberal policies are accompanied by financial instability, growing disparities in household incomes, and sharp declines in German exports on world markets, resulting in one of the deepest, recent contractions in the industrialized world.
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How Does Industry Specialization Affect the Efficiency of Regional Innovation Systems?
Michael Fritsch, Viktor Slavtchev
Annals of Regional Science,
No. 1,
2010
Abstract
This study analyzes the relationship between the specialization of a region in certain industries and the efficiency of the region in generating new knowledge. The efficiency measure is constructed by relating regional R&D input and output. An inversely u-shaped relationship is found between regional specialization and R&D efficiency, indicating the presence of externalities of both Marshall and Jacobs’ type. Further factors influencing efficiency are externalities resulting from high R&D intensity of the local private sector as well as knowledge from local public research institutions. The impact of both the specialization and the additional factors is, however, different for regions at different efficiency levels.
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Corporate Governance in the Multinational Enterprise: A Financial Contracting Perspective
Diemo Dietrich, Björn Jindra
International Business Review,
2010
Abstract
The aim of this paper is to bring economics-based finance research more into the focus of international business theory. On the basis of an analytical model that introduces financial constraints into incomplete contracting in an international vertical trade relationship, we propose an integrated framework that facilitates the study of the interdependencies between internalisation decisions, firm-internal allocations of control rights, and the debt capacity of firms. We argue that the financial constraint of an MNE and/or its supplier should be considered as an important determinant of internal governance structures, complementary to, and interacting with, institutional factors and proprietary knowledge.
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Liberalization and Rules on Regulation in the Field of Financial Services in Bilateral Trade and Regional Integration Agreements
Diemo Dietrich, J. Finke, C. Tietje
Beiträge zum Transnationalen Wirtschaftsrecht Nr. 97,
2010
Abstract
The recent international financial crisis has sparked a fierce debate about its causes and about how to prevent a recurrence. As liberalization and deregulation were widely considered being among the major culprits, de-liberalization and re-regulation seemed a natural response. However, an economic approach to this issue does not support such black-and-white solutions. Although liberalizing financial services sectors may threaten a developing country's financial stability in the short run, it also fosters long-run economic growth if sound legal and economic institutions are in place that can mitigate the adverse side-effects of liberalization. For achieving this objective, states need the policy space to implement such regulatory measures. Contrary to a wide-spread belief, states are not unduly hampered by bilateral or multilateral agreements. Instead, by providing a far-reaching exception concerning prudential regulation states can define their own regulatory approach. The challange for developing countries thus is to install regulatory capacities.
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The Impact of Bank and Non-bank Financial Institutions on Local Economic Growth in China
Xiaoqiang Cheng, Hans Degryse
Journal of Financial Services Research,
No. 2,
2010
Abstract
This paper provides evidence on the relationship between finance and growth in a fast growing country, such as China. Employing data of 27 Chinese provinces over the period 1995–2003, we study whether the financial development of two different types of financial institutions — banks and non-banks — have a (significantly different) impact on local economic growth. Our findings indicate that banking development shows a statistically significant and economically more pronounced impact on local economic growth.
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04.06.2010 • 30/2010
Gemeinschaftsdiagnose: IWH-Forscher weiter im Kreis der führenden Konjunkturexperten
Das Institut für Wirtschaftsforschung Halle (IWH) wird auch in den kommenden drei Jahren an dem gemeinsamen Konjunkturgutachten der Wirtschaftsforschungsinstitute für die Bundesregierung mitarbeiten. Am Donnerstag verkündete das Bundeswirtschaftsministerium die Entscheidung zugunsten der Bietergemeinschaft des IWH mit dem neuen Partner, der Kiel Economics Research & Forecasting GmbH & Co. KG. Ebenfalls beteiligt sind das ifo Institut für Wirtschaftsforschung e. V. an der Universität München gemeinsam mit der Konjunkturforschungsstelle an der ETH Zürich KOF, das Institut für Weltwirtschaft an der Universität Kiel gemeinsam mit dem Zentrum für Europäische Wirtschaftsforschung GmbH Mannheim und das Rheinisch-Westfälische Institut für Wirtschaftsforschung e. V. Essen mit dem Institut für Höhere Studien Wien.
Oliver Holtemöller
Specialized incubation strategies are on the rise
Michael Schwartz, Christoph Hornych
Wirtschaft im Wandel,
No. 5,
2010
Abstract
For nearly 30 years, business incubators are at the heart of urban technology and innovation policies in Germany. A recent study by the Halle Institute for Economic Research shows that there has been an increasing tendency for establishing specialized incubators that focus their support elements, processes and selection criteria on firms from one specific sector (in most cases knowledge-intensive sectors), and its particular needs. Among the total number of 413 business incubators currently operating in Germany, 94 can be classified as being specialized. Among the German specialized incubators, the vast majority specialize in biotechnology.
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Leistungsbilanzungleichgewichte in der EU – Eine Herausforderung für die europäische Fiskalpolitik?
Toralf Pusch
Wirtschaft im Wandel,
No. 5,
2010
Abstract
In the European Monetary Union there is an ongoing debate about the sustainability of high and long-lasting current account deficits and surpluses. In light of the questions of its proper working as a currency area and inspired by the Optimum Currency Area theory, economic policy proposals have been developed for the institutional amendment of European fiscal policy. This contribution questions if the existing proposals are suitable for addressing the problem of current account balances which are deemed to be excessive. Alternatives have to be developed with a symmetrical impact, thus targeting excessive current account deficits and surpluses as well. At the same time, a challenge for such an alternative would be a more effective implementation than the existing modes of European economic policy coordination.
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Kosten und Nutzen der Ausbildung an Tertiärbildungsinstitutionen im Vergleich
Martina Eschelbach, G. Heineck, Steffen Müller, Regina T. Riphahn
Perspektiven der Wirtschaftspolitik,
No. 2,
2010
Abstract
We compare German institutions of tertiary education (universities and polytechnics) with respect to the cost of and the returns to their educational degrees. Based on cost data from two different sources we find that on average the expenditures of universities are lower than those of polytechnics when we consider expenditures per potential enrollee and per student enrolled during the regular education period. We apply data from the German Socio-economic Panel (2001–2007) to estimate the private returns to tertiary education and find higher returns to university than polytechnic training. These results are robust to a variety of alternative procedures.
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Credit Union Membership and Use of Internet Banking Technology
H. Evren Damar, Lynn Hunnicutt
B.E. Journal of Economic Analysis and Policy,
No. 1,
2010
Abstract
What makes households use internet banking? Bank adoption of internet banking technology has been widely considered, but relatively few papers address consumer usage of internet banking. This study looks at the determinants of internet banking usage among credit union members in the Western United States. We use call report data from the National Credit Union Administration to calculate the rate of internet banking usage among a credit union's members, which allows us to examine whether variations in institutional characteristics, local economic conditions and membership criteria have an impact on the internet usage rates among members of different credit unions. We find that members in credit unions that were early internet technology adopters have higher usage rates, and that the contribution to usage rates varies among types of online services offered.
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