This paper studies the bank-sovereign link in a dynamic stochastic general equilibrium set-up with strategic default on public debt. Heterogeneous banks give rise to an interbank market where government bonds are used as collateral. A default penalty arises from a breakdown of interbank intermediation that induces a credit crunch. Government borrowing under limited commitment is costly ex ante as bank ...
This paper explores the long run relationship between public and private investment in the euro area in terms of capital stocks and gross investment flows. Panel techniques accounting for international spillovers are employed. While private and public capital stocks are cointegrated, the evidence is quite fragile for public and private investment flows. They enter a long run relationship only after ...
In line with the neoclassical growth model a persistent stream of oil revenues might have a long lasting impact on GDP per capita in oil exporting countries through higher investment activities. This relationship is explored for Iran and the countries of the Gulf Cooperation Council (GCC) using (panel) cointegration techniques. The existence of cointegration between oil revenues, GDP and investment ...
Non-recourse project finance plays a major role in financing new infrastructure investment in many sectors, ranging from conventional and renewable energy to transportation, water, housing and other essential services. The seminar will explore the essentials of project and structured finance, how it differs from conventional corporate finance, and the basic elements of a project finance...
Background: The National Cohort (Nationale Kohorte = NaKo) will be one of the largest cohort studies in Europe to include intensive physical examinations and extensive information about the socio-demographic background and behavior of the subjects. However, regional selectivity of the study and potential learning effects due to the panel structure of the data present challenges for researchers using ...
Through an intertemporal budget constraint, jurisdictions may gain advantages in tax and spending competition by 'competing' on debt. While the existing spatial econometric literature focuses on tax and spending competition, very little is known about spatial interaction via public debt. This paper estimates the spatial interdependence of public debt amongGerman municipalities using a panel on municipalities ...
Solarenergie ist die größte Energieressource auf der Erde und zeichnet sich durch Nachhaltigkeit, Sauberkeit und globale Verfügbarkeit aus. Photovoltaik (PV) Technologien wandeln Sonnenlicht direkt in elektrische Energie um. Die Photovoltaik bietet der Menschheit zahlreiche ökonomische und ökologische Vorteile und besitzt die höchste Lernrate in der Energiewelt. Politikinstrumente zur Förderung des ...
Based on representative micro data for Germany, we compare the incomes of self-employed with those of wage workers. Our results show that the median self-employed entrepreneur with employees earns significantly more than the median salaried employee, while the median solo entrepreneur earns less. However, solo entrepreneurship pays for those with a university entrance degree but no further professional ...
Despite widespread support from policy makers, funding agencies, and scientific journals, academic researchers rarely make their research data available to others. At the same time, data sharing in research is attributed a vast potential for scientific progress. It allows the reproducibility of study results and the reuse of old data for new research questions. Based on a systematic review of 98 scholarly ...
Promoting consumers’ rights, prosperity, and wellbeing are core values of the European Union. A wide array of laws, institutions, and regulations – which can be generally termed as consumer policies – aim at protecting consumers by ensuring adequate and truthful information in the marketplace as well as preventing firms from engaging in unfair and competition-impairing practices. While some of...
