Refine
Document Type
- Journal article (47)
- Review (5)
- Working Paper (4)
- Book (1)
- Book chapter (1)
- Conference proceeding (1)
Has full text
- yes (59) (remove)
Is part of the Bibliography
- yes (59)
Institute
- ESB Business School (59)
Publisher
- MDPI (12)
- Konrad-Adenauer-Stiftung (4)
- Science Publishing Group (4)
- Springer (4)
- Scienpress (3)
- Scientific Research Publishing (3)
- Centre of Sociological Research (2)
- De Gruyter (2)
- Scientific & Academic Publishing (2)
- AIMS Press (1)
- Canadian Center of Science and Education (1)
- Development and Entrepreneurship Agency (1)
- Education and Novel Technology Research Association (1)
- Emerald (1)
- Foreign Policy Research Center (1)
- Fromm (1)
- Fuks e.V. (1)
- Global Financial Institute (1)
- Hochschule Reutlingen (1)
- IACSIT Press (1)
- Ifo-Inst. (1)
- Ifo-Leibniz-Institut für Wirtschaftsforschung (1)
- IntechOpen (1)
- International Scientific Press (1)
- KSP Journals (1)
- LAR Center Press (1)
- Liberales Institut der Friedrich-Naumann-Stiftung (1)
- Qeios (1)
- Research Academy of Social Sciences (1)
- Sciencedomain international (1)
- Scientific research publishing (1)
- University of Illinois (1)
We investigate public debt sustainability in Europe and leading industrialised countries. The recent debate about the debt ceiling in the US and the sovereign debt crisis in Europe demonstrate the urgency of the topic. We measure debt sustainability of public finance with a standard and alternative methodology and compare both results. We use panel data of 205 OECD countries from 1970 to 2014. The paper finds unsustainable public debt levels for almost all countries in the past decades. Furthermore, given the low economic growth and demographic challenge ahead, debt levels may upsurge even more. There is a huge looming ‘debt meltdown’ on the horizon if countries do not change public policy soon.
The paper designs a quantum model of decision-making (QMDM) that utilizes neuroscientific evidence. The new model provides both normative and positive implications to economics. First, it enhances the study of decision-making which is an extension of the expected utility theory (EUT) in mathematical economics. Second, we demonstrate how the quantum model mitigates drawbacks of the expected utility theory of today.
The paper studies the reform package proposed by the European Commission on 6 December 2017. First, institutional and economic implications of the reform proposal are analysed. The paper finds that some proposals are beyond the present treaty provisions. For instance, the proposal of a fiscal capacity does not tackle the economic root causes without a supranational transfer mechanism. In fact, the proposed budget neutrality over the medium-term is unfeasible due to cross country heterogeneity in the Eurozone. At the end, the paper develops policy conclusions.
Since the global financial crisis of 2008/2009, there has been no challenge to the financial and banking system comparable to that during the Corona crisis.
Weak profitability, unresolved regulatory challenges and increasing competition in the digital sector pose further challenges for banks.
The stability of the financial system and access to financial markets was not at risk during the pandemic. Through joint efforts and better bank capitalisation, the financial system is now more resilient than during the financial crisis.
Provided that grants and loans in the “next generation EU” fund are well targeted for structural reforms and investments in the future, this should boost confi-dence and growth.
However, further improvements in financial stability, such as increased capital requirements, regulation of shadow banks or reforms in financial supervision, are needed.
Resilienz und Stabilität? Weichenstellungen im Banken- und Finanzsystem in der Corona-Pandemie
(2020)
Seit der globalen Finanzkrise 2008/2009 hat es keine vergleichbare Herausforderung wie die Corona-Krise für das Finanz- und Bankensystem mehr gegeben.
Schwache Profitabilität, ungelöste Regulierungs-herausforderungen und steigende Konkurrenz im Digitalbereich stellen die Banken vor weitere Heraus-forderungen.
Die Stabilität des Finanzsystems und der Zugang zu den Finanzmärkten war während der Pandemie nicht gefährdet. Durch gemeinsame Bemühungen und bes-sere Bankenkapitalisierung ist das Finanzsystem heute widerstandsfähiger als zu Zeiten der Finanzkrise.
Sofern die Zuschüsse und Kredite im „Next Genera-tion EU“-Fund zielgerichtet für Strukturreformen und Zukunftsinvestitionen eingesetzt werden, dürfte dies einen Vertrauens- und Wachstumsimpuls darstellen.
Weitere Verbesserungen der Finanzstabilität, wie erhöhte Eigenkapitalunterlegungen, Regulierung von Schattenbanken oder Reformen im Bereich der Finanzaufsicht, sind jedoch von Nöten.
This paper studies option pricing based on a reverse engineering (RE) approach. We utilize artificial intelligence in order to numerically compute the prices of options. The data consist of more than 5000 call- and put-options from the German stock market. First, we find that option pricing under reverse engineering obtains a smaller root mean square error to market prices. Second, we show that the reverse engineering model is reliant on training data. In general, the novel idea of reverse engineering is a rewarding direction for future research. It circumvents the limitations of finance theory, among others strong assumptions and numerical approximations under the Black–Scholes model.
The paper “focuses on the critique of economic rationality” (p. 2). The author analyses the work by Amartya Sen with a somewhat interdisciplinary approach. The author concludes that Sen has greatly shifted our paradigm of economic rationality. The nexus of ethics and economics as well as the two types of rationality (consistency versus optimization) are major contributions of Sen, according to the author. In a nutshell, Sen’s work is reconfiguring economic rationality until today.
Nach der Euro- und Wirtschaftskrise in den Jahren seit 2010 verzeichnet die Europäische Union (EU) derzeit einen soliden Wirtschaftsaufschwung in allen Mitgliedstaaten. Der Anteil Europas an der Weltwirtschaft beträgt rund 30 Prozent. Das europäische Wirtschaftswachstum ist 2018 mit 2,1 Prozent sogar größer als das in Deutschland mit 1,6 Prozent. Eine Analyse der Dauer von Aufschwungsphasen zeigt, dass Europa im Vergleich zur Weltwirtschaft sogar unerwarteter Spitzenreiter ist. Seit den 1970er-Jahren liegt die durchschnittliche Dauer eines europäischen Wirtschaftsaufschwungs bei über dreißig Quartalen; sie ist mithin deutlich höher als in den USA und Japan.
This article studies the effects of reverse factoring in a supply chain when the buyer company facilitates its lower short-term borrowing rates to the supplier corporation in return for extended payment terms. We explore the role of interest rate changes, rating changes, and the business cycle position on the cost and benefit trade-off from a supplier perspective. We utilize a combined empirical approach consisting of an event study in Step 1 and a simulation model in Step 2. The event study identifies the quantitative magnitude of central bank decisions and rating changes on the interest rate differential. The simulation computes with a rolling-window methodology the daily cost and benefits of reverse factoring from 2010 to 2018 under the assumption of the efficient market hypothesis. Our major finding is that changes of crucial financial variables such as interest rates, ratings, or news alerts will turn former win-win into win-lose situations for the supplier contingent to the business cycle. Overall, our results exhibit sophisticated trade-offs under reverse factoring and consequently require a careful evaluation in managerial decisions.
This article studies the renewed interest surrounding sustainable public finance and the topic of tax evasion as well as the new theory of information inattention. Extending a model of tax evasion with the notion of inattention reveals novel findings about policy instruments that can be used to mitigate tax evasion. We show that the attention parameters regarding tax rates, financial penalty schemes and income levels are as important as the level of the detection probability and the financial penalty incurred. Thus, our theory recommends the enhancement of sustainability in public policy, particularly in tax policy. Consequently, the paper contributes both to the academic and public policy debate.