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by Stefan Bach and Andreas Thiemann Compared to the rest of Europe, Germany exhibits an especially high concentration of wealth. According to estimates based on a microsimulation model, a German wealth tax could generate an estimated ten to 20 billion euros per year in revenue—even with high tax allowances—and slightly reduce the inequality of income distribution, as well. Collection ...
Dr. Bach, what is the real net worth of German households and how is this wealth distributed? German households have a real net worth of 8.6 trillion euros. This massive wealth is very highly concentrated and is equivalent to around two and a half times the country’s GDP. We estimate that the richest one percent of the population own 32 percent of total assets and the wealthiest 0.1 percent ...
We analyze a simple supply chain with one supplier, one retailer and uncertainty about market demand. Focusing on the incentives of the supplier and the retailer to enhance their private information about the actual market conditions, we show that choices on information acquisition are strategic complements. While the retailer's incentives are mainly driven by the information rent that he can earn, ...
A fundamental question regarding the design of electricity markets is whether adding auctions to the continuous intraday trading is improving the performance of the market. To approach this question, we assess the experience with the implementation of the 3 pm local auction for quarters in Germany at the European Power Exchange (EPEX SPOT) in December 2014 to assess the impact on trading volumes/liquidity, ...
The increasing integration of international financial markets means that credit defaults in one country have to be covered by creditors in other countries. If the principle of creditor liability were applied systematically, the financial losses incurred by the financial institution that provided the credit and is thus directly affected by the default would be “passed on” through its domestic and foreign ...
Presentation of the Asian Development Outlook 2016 by Juzhong Zhuang, Deputy Chief Economist of ADB. Juzhong Zhuang joined the ADB in 1997, and currently works in the Economics and Research Department. His division produces policy research on long-term development issues facing Asia and the Pacific and supports ADB’s operations to strengthen the economic rationale of its lending and non...
We re-examine the dynamic relations between stock prices and macroeconomic fundamentals for six major industrialized countries in the wake of the recent financial crisis. Our analysis is based on a structural vector autoregressive (SVAR) model, which relies on a long-run restriction to identify fundamental and non-fundamental shocks to stock prices. This paper is the first in this line of literature ...
This paper examines the relevance of the Lucas critique for euro area money demand. Based on the money in the utility function approach, a vector error correction model is specified to investigate the relationship between money and inflation in times of policy shifts. A well defined equation for money demand is obtained. The results indicate that the evolution of M3 is still in line with money demand. ...
