Die Bedeutung der Besitzverflechtung von Kapitalgesellschaften für die Finanzkrise
Makram El-Shagi, C. Ilgmann
ORDO,
2010
Abstract
Im vorliegenden Papier wird die Bedeutung der Besitzverflechtungen zwischen Aktiengesellschaften (bzw. Kapitalgesellschaften im Allgemeinen) für die gegenwärtige Finanzmarktkrise herausgearbeitet. Durch den wechselseitigen Besitz von Firmen untereinander ist eine Situation entstanden, in denen bestellte Manager sich lediglich kontrollieren. Durch entstehende Abhängigkeiten und die innerhalb der verhältnismäßig kleinen Gruppe von Topmanagern mögliche implizite Koordination konnten Vorstände über die Entlohnungs- und damit auch über die Anreizsysteme, denen sie ausgesetzt sind, wesentlich mitentscheiden. Dies hat, wie gezeigt wird, erheblich zur Entstehung von Anreizsystemen beigetragen, die sich im Kern an kurzfristigen Erfolgen orientieren. Da insbesondere in der Finanzintermediation kurz- und langfristige Gewinnoptimierung durch die starke Korrelation von Risiko und Gewinnmöglichkeiten einem starken Trade- off unterliegen, haben diese Anreizsysteme wiederum eine erhebliche Rolle in der verfehlten Risikopolitik der Banken gespielt, die ein wesentliche Ursache der Krise war.
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Openness and Income Disparities: Does Trade Explain The 'Mezzogiorno' Effect?
Claudia M. Buch, P. Monti
Review of World Economics,
Nr. 4,
2010
Abstract
We use Italian regional data to answer the question whether trade affects within-country income differentials. In Italy, the more affluent Northern regions trade more with the rest of the world than the poorer ones in the Southern “Mezzogiorno” regions. Prima facie, there is a positive correlation between external trade and per capita income. Studying this relationship empirically requires taking into account the endogenous component of trade. We argue that panel cointegration models can complement instrumental variables techniques to account for the endogeneity of trade in a panel context. Both methods show a positive link between trade openness and the level of income per capita.
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Margins of international banking: Is there a productivity pecking order in banking, too?
Claudia M. Buch
Bundesbank Discussion Paper 12/2009,
2009
Abstract
Modern trade theory emphasizes firm-level productivity differentials to explain
the cross-border activities of non-financial firms. This study tests whether a
productivity pecking order also determines international banking activities. Using
a novel dataset that contains all German banks’ international activities, we
estimate the ordered probability of a presence abroad (extensive margin) and the
volume of international assets (intensive margin). Methodologically, we enrich the
conventional Heckman selection model to account for the self-selection of banks
into different modes of foreign activities using an ordered probit. Four main
findings emerge. First, similar to results for non-financial firms, a productivity
pecking order drives bank internationalization. Second, only a few non-financial
firms engage in international trade, but many banks hold international assets, and
only a few large banks engage in foreign direct investment. Third, in addition to
productivity, risk factors matter for international banking. Fourth, gravity-type
variables have an important impact on international banking activities.
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Eine Panel-Analyse des chinesischen Intraindustriellen Handels im Investitionsgütersektor
Yiping Zhu
IWH Discussion Papers,
Nr. 18,
2009
Abstract
Diese Studie verwendet die Methode der Hausman-Taylor-2SLS Fehler-Komponenten zur Schätzung der Determinanten von Chinas Intraindustriellem
Handel (IIT) im Investitionsgütersektor mit seinen 26 Partnerländern. Sie disaggregiert IIT in horizontalen IIT (HIIT) und vertikalen IIT (VIIT). Investitionsgüter, Endprodukte und Halbfertigwaren werden separat geschätzt, um die Unterschiede des Handels zu interpretieren. Es zeigt sich, dass die wirtschaftliche Ähnlichkeit mit IIT-Halbfertigwaren signifikant negativ korreliert ist, aber bei IIT-Endprodukten keine Signifikanz besteht. Der Faktor Ausstattung weist keine Signifikanz bei der Bestimmung von IIT-Halbfertigwaren auf, obwohl er mit IIT-Endprodukten signifikant positiv korreliert ist. Wirtschaftsgröße ist sowohl mit IIT-Endprodukten als auch mit IIT-Halbfertigwaren signifikant negativ korreliert. Entfernung wirkt sich auf das Niveau von IIT-Endprodukten aus, hat aber einen geringeren Einfluss auf IIT-Halbfertigwaren. China hat im Bereich Halbfertigwaren relativ wenig intraindustriellen Handel mit ASEAN-Staaten. Da jedoch VIIT einen dominierenden Einfluss auf TIIT ausübt, bestehen keine bedeutenden Unterschiede zwischen den Schätzungsergebnissen von TIIT und VIIT.
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Smuggling Illegal versus Legal Goods across the U.S.-Mexico Border: A Structural Equations Model Approach
A. Buehn, Stefan Eichler
Southern Economic Journal,
Nr. 2,
2009
Abstract
We study the smuggling of illegal and legal goods across the U.S.-Mexico border from 1975 to 2004. Using a Multiple Indicators Multiple Causes (MIMIC) model we test the microeconomic determinants of both smuggling types and reveal their trends. We find that illegal goods smuggling decreased from $116 billion in 1984 to $27 billion in 2004 as a result of improved labor market conditions in Mexico and intensified U.S. border enforcement. Smuggling legal goods is motivated by tax and tariff evasion. While export misinvoicing fluctuated at low levels, import misinvoicing switched from underinvoicing to overinvoicing after Mexico's accession to the GATT and the North American Free Trade Agreement (NAFTA) induced lower tariffs.
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Openness and Growth: The Long Shadow of the Berlin Wall
Claudia M. Buch, Farid Toubal
Journal of Macroeconomics,
Nr. 3,
2009
Abstract
The question whether international openness causes higher domestic growth has been subject to intense discussions in the empirical growth literature. This paper addresses the issue in the context of the fall of the Berlin Wall in 1989. We analyze whether the slow convergence in per capita incomes between East and West Germany and the lower international openness of East Germany are linked. We address the endogeneity of openness by adapting the methodology proposed by Frankel and Romer (1999) to a panel framework. We instrument openness with time-invariant exogenous geographic variables and time-varying exogenous policy variables. We also distinguish the impact of different channels of integration. Our paper has three main findings. First, geographic variables have a significant impact on regional openness. Second, controlling for geography, East German states are less integrated into international markets along all dimensions of integration considered. Third, the degree of openness for trade has a positive impact on regional income per capita.
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Transmission of Nominal Exchange Rate Changes to Export Prices and Trade Flows and Implications for Exchange Rate Policy
Oliver Holtemöller, Mathias Hoffmann
Deutsche Bundesbank Discussion Paper 21/2009,
2009
Abstract
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Investment (FDI) Policy for Azerbaijan, Final report
Jutta Günther, Björn Jindra
Einzelveröffentlichungen,
Nr. 4,
2009
Abstract
The report has been prepared on behalf of the Association for Technical Cooperation (GTZ) as integral part of the “Private Sector Development Program” run by the GTZ in Azerbaijan. A comprehensive investment policy is outlined with particular focus on the possibilities to attract foreign direct investment (FDI) in Azerbaijan’s manufacturing industry (non-oil sector). The report makes particular reference to the experiences with investment policy development in Central and East European transition economies. It touches legal and institutional framework conditions in Azerbaijan as well as possible investment incentives schemes including investment promotion. Major recommendations refer to trade integration within the region, introduction of tax incentives as well as further improvements in business climate. Furthermore, the importance of complementary policies, such as competition and education policy, is stressed.
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Is the European Monetary Union an Endogenous Currency Area? The Example of the Labor Markets
Herbert S. Buscher, Hubert Gabrisch
IWH Discussion Papers,
Nr. 7,
2009
Abstract
Our study tries to find out whether wage dynamics between Euro member countries became more synchronized through the adoption of the common currency. We calculate bivarate correlation coefficients of wage and wage cost dynamics and run a model of endogenously induced changes of coefficients, which are explained by other variables being also endogenous: trade intensity, sectoral specialization, financial integration. We used a panel data structure to allow for cross-section weights for country-pair observations. We use instrumental variable regressions in order to disentangle exogenous from endogenous influences. We applied these techniques to real and nominal wage dynamics and to dynamics of unit labor costs. We found evidence for persistent asymmetries in nominal wage formation despite a single currency and monetary policy, responsible for diverging unit labor costs and for emerging trade imbalances among the EMU member countries.
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