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Comparative Advantage in International Trade
Traditional trade theory explains trade only by differences between countries, notably differences in their relative endowments of factors of production. It suggests an inverse relationship between the similarity of countries and the volume of trade between them. The Heckscher-Ohlin (HO) factor propor tions theory derives the determinants of comparative advantage in a world of "two-ness" (two goods, two factors, two countries). It predicts that each country will export that good which uses the country's abundant factor rel atively most intensively. The literature on trade offers an impressive number of studies based on the HO theory. The main methodological problems en countered in the liter...
Money Demand in Europe
In 1999 a number of member states of the European Union will adopt a common currency. This change in the monetary system requires that a Eur opean Central Bank is set up and a common monetary policy is pursued. There is general agreement among those countries which are likely to join the common currency that price level stability has to be the ultimate objec tive of monetary po1icy. It is an open issue, however, what kind of policy is best suited for that purpose. The alternative strategies under discussion are a direct inflation targeting, an intermediate monetary targeting or a mixture of both. For these policy strategies a stable money demand relation is of cen tral importance. Therefore ...
Irregular Immigration
Irregular immigration is at the forefront of the political and public debate in the European Union. Images of desperate people arriving at the southern shores of the EU regularly dominate the media coverage. In this book, Steffen Minter focuses on the coordination problems between EU Member States in dealing with immigrants and refugees entering the EU. The author demonstrates that the enforcement of the external EU border constitutes a public good as long as irregular immigrants have the possibility to move on between member states once they have entered EU territory. In this scenario he analyzes the interaction between border enforcement and immigration amnesties from an economic point of view. Furthermore, he introduces a mechanism to implement financial burden sharing between Member States, so that an efficient level of border enforcement can be achieved.
Bismarck's Institutions
The decline in birth rates in advanced economies is not a new phenomenon. Between 1880 and 1900 birth rates dropped from 5.5 children per woman to 2.5 children per woman. A further decline from 2.5 to 1.5 or even 1.3 children took much longer - about 80 years. One of the most apparent causes is, however, widely ignored. Beatrice Scheubel tries to fill this gap. According to the so-called Social Security Hypothesis, insurance against the risks of life (i.e. poverty for all sorts of reasons, in particular, age) by the state crowds out all types of private insurance. One of the (vast) different possibilities to privately insure oneself against poverty is having children. That is why it should not be surprising to witness falling birth rates given the sheer magnitude of the welfare state. In this book, Beatrice Scheubel analyses the effects of the first comprehensive system of social security, which was introduced between 1883 and 1891 in Germany.
European Financial Markets
EU membership involves political and economic reforms which influence financial markets in the new member states. This study empirically explores and quantifies the effects of EU accession on the risk and return of equity markets in eight Central and Eastern European markets joining the EU in 2004. The study also incorporates a review of how the influence of macroeconomic variables and the level of integration with global and European markets change as a result of EU membership. Based on empirical tests using weekly data over ten years, this study concludes that EU membership results in a significant decline in equity market volatility and a significant increase in risk-adjusted, but not absolute, equity returns. Furthermore, the study suggests that equity markets in new EU member states become increasingly influenced by global rather than local macroeconomic factors after the EU accession and that the level of integration with global markets increases.
The Taxation of Pensions
Theoretical and policy perspectives on the taxation of pension, viewed in an international context. Policy makers and academic researchers have been preoccupied in recent decades with the design of pension schemes and effective pension system reform. Relatively little attention has been given to the taxation of pensions and, more broadly, the provision of retirement income. In this book, experts from a range of countries explore the interconnection. Their contributions are especially timely, given recent demographic and political developments including population aging that lengthens the time between contribution payment and benefit receipt, the mobility of capital and labor brought about by...
Eine Unternehmenssteuerreform für Deutschland
English summary: This book is based on a study commissioned by the Humanist Foundation in Frankfurt. Its goal is to simulate the transition from the present system of corporate taxation to a system of downstream taxation in order to reach a better understanding of the effects of redistribution caused by a tax reform during the transition from the old to the new long-term equilibrium. In addition it seeks to develop reform scenarios which avoid adjustment costs as well as the deadweight effects of a tax reform as much as possible. German description: Dieses Buch geht auf eine Studie zuruck, die von der Humanistischen Stiftung, Frankfurt in Auftrag gegeben wurde. Ziel war es, den Ubergang vom ...
Öffentliche Finanzen: Einnahmenpolitik
Christian Keuschnigg untersucht die Wirkungen der Steuerpolitik auf Effizienz und Verteilung in der modernen Ãkonomie. Neben der Erörterung der klassischen Themen der Haushalts- und Unternehmensbesteuerung (Arbeitsangebot, Sparen, Investion, Steuerwettbewerb) setzt er neue Akzente, indem er intergenerative Probleme in einer alternden Bevölkerung diskutiert und ausführlich die Wirkungen der Besteuerung auf Bildung, Innovation, Arbeitslosigkeit und Finanzierung junger Unternehmen behandelt. Neben Studenten der Volkswirtschaftslehre richtet sich das Buch auch an grundsätzlich interessierte Praktiker in Politik und Verwaltung, die sich über den Stand der modernen Theorie der Besteuerung einschlieÃYlich der wichtigen empirischen Ergebnisse informieren möchten. Das Lehrbuch ergänzt den Text von Giacomo Corneo (2003), 'Ãffentliche Finanzen: Ausgabenpolitik', in der selben Reihe.
