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  • 2020-2022  (20,272)
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  • 1
    Electronic Resource
    Electronic Resource
    Amsterdam : Elsevier
    Physics Letters B 294 (1992), S. 466-478 
    ISSN: 0370-2693
    Source: Elsevier Journal Backfiles on ScienceDirect 1907 - 2002
    Topics: Physics
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Amsterdam : Elsevier
    Physics Letters B 317 (1993), S. 474-484 
    ISSN: 0370-2693
    Source: Elsevier Journal Backfiles on ScienceDirect 1907 - 2002
    Topics: Physics
    Type of Medium: Electronic Resource
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  • 3
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    Cham: Palgrave Macmillan
    Publication Date: 2021-11-13
    Description: Russia’s food policy has been defined by the quest for food security for more than a decade, which in the Russian context includes import protectionism, self-sufficiency, and import substitution, marked by the adoption of Food Security Doctrines in 2010 and 2020. This chapter first investigates the impact of food security policy on domestic production. Food security policy has combined with an increase in state support for domestic production, leading to notable increases in output and self-sufficiency for selected commodities. The chapter also examines the impact of food security on agri-food exports, which have become a priority since 2018. Although Russia has become a leading exporter of wheat, the influence of food security is seen by the introduction of export quotas on grain starting in 2020. Despite protectionism, Russia has not withdrawn from the international food market but rather is an active and significant player as both food importer and exporter.
    Keywords: ddc:630 ; Russia ; food security policy ; food security doctrine ; self-sufficiency ; import substitution ; food exports
    Language: English
    Type: doc-type:bookPart
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  • 4
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    Cham: Palgrave Macmillan
    Publication Date: 2021-11-13
    Description: The Middle East and North Africa (MENA) region is the top destination for Russian food exports, grains in particular. Focusing on Turkey, Egypt, Iran, and Saudi Arabia, this chapter shows that Russia's food trade with MENA countries is strongly affected by bilateral political relations. Russia banned most food imports from Turkey over a political conflict in 2016. In the same year, improved intergovernmental cooperation with Saudi Arabia resulted in a diversification of Russia's food exports to the Gulf country, and in 2019, Iran's accession to the Eurasian Economic Union (EAEU) led to increasing food trade with Russia. Food imports in MENA countries are usually managed by powerful state trading enterprises (STEs), which recurrently disapprove food products originating from Russia based on non-adherence to food quality standards. Our analysis shows that Russia is successfully working to open additional destination markets, while simultaneously impeding imports of food products that it aims to produce domestically.
    Keywords: ddc:630 ; Black Sea exporters ; grain markets ; trade policy ; Russia ; Middle East and North Africa ; non-tariff barriers
    Language: English
    Type: doc-type:bookPart
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  • 5
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    Publication Date: 2021-12-15
    Description: Silver halide polycrystalline infrared fibers (PIR) have unique properties such as excellent transmittance in the spectral range from 3 to 17 µm, while also being highly flexible, non-toxic, and non-hygroscopic. They are used in industry and medicine for CO2-laser power delivery, flexible infrared imaging, and remote process spectroscopy. While PIR fibers possess a quite low attenuation (0.1-0.5 dB/m) in the 8-12 µm range, their total transmittance is limited by significant Fresnel reflections at the fiber end faces due to the high refractive index of silver halide (〉2.1). Functionalization of these surfaces with specially designed Anti-Reflective Microstructures (ARMs) enables a striking enhancement of fiber transmittance. In this work, direct imprinting (or embossing) of microstructures to fiber ends and their profiling with a microstructured knife was applied to fabricate such ARMs. The resulting two-dimensional Moth-eye microstructures and one-dimensional microgrooves at the PIR-fiber ends enable to an increase of fiber transmittance in a broadband range of (5-17 µm) as well as to reach up to 20% improvement for PIR-fiber laser cables used for power delivery of CO2-lasers at 10.6 µm.
    Keywords: ddc:620
    Language: English
    Type: article , doc-type:article
    Format: application/pdf
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  • 6
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    Chicago: University of Chicago Press | Kiel, Hamburg: ZBW – Leibniz Information Centre for Economics
    Publication Date: 2019-10-22
    Description: 9-ending prices, which comprise between 40%–95% of retail prices, are popular because shoppers perceive them as being low. We study whether this belief is justified using scanner price-data with over 98-million observations from a large US grocery-chain. We find that 9-ending prices are higher than non 9-ending prices, by as much as 18%. Two factors explain why shoppers believe, mistakenly, that 9-ending prices are low. First, we find that among sale-prices, 9-ending prices are indeed lower than non 9-ending prices, giving 9-ending prices an aura of being low. Second, at first, 9-ending prices were indeed lower than other prices. Shoppers, therefore, learned to associate 9-endings with low prices. Over time, however, 9-ending prices rose substantially, which shoppers failed to notice, because the continuous use of 9-ending prices for promoting deep price cuts draws shoppers’ attention to them, and helps to maintain-and-preserve the image of 9-ending prices as bargain prices.
    Description: Special Issue on Behavioral Pricing
    Keywords: ddc:330 ; M30 ; M31 ; L11 ; L16 ; L81 ; D12 ; D22 ; D40 ; D90 ; D91 ; E31 ; Behavioral Pricing ; Psychological Prices ; Price Perception ; Image Effect ; 9-Ending Prices ; Price Points ; Regular Prices ; Sale Prices
    Language: English
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  • 7
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    Wien: Arbeitsmarktservice Österreich (AMS)
    Publication Date: 2021-12-11
    Description: Die New-Skills-Gespräche des AMS werden im Auftrag der Abt. Arbeitsmarktforschung und Berufsinformation des AMS Österreich vom Österreichischen Institut für Berufsbildungsforschung (öibf; www.oeibf.at) gemeinsam mit dem Institut für Bildungsforschung der Wirtschaft (ibw; www.ibw.at) umgesetzt. ExpertInnen aus Wirtschaft, Bildungswesen, Politik und aus den Interessenvertretungen wie auch ExpertInnen aus der Grundlagen- bzw. der angewandten Forschung und Entwicklung geben im Zuge der New-Skills-Gespräche lebendige Einblicke in die vielen Facetten einer sich rasch ändernden und mit Schlagworten wie Industrie 4.0 oder Digitalisierung umrissenen Bildungs- und Arbeitswelt. Initiiert wurden die mit dem Jahr 2017 beginnenden New-Skills-Gespräche vom AMS Standing Committee on New Skills, einer aus ExpertInnen des AMS und der Sozialpartner zusammengesetzten Arbeitsgruppe, die es sich zum Ziel gesetzt hat, die breite Öffentlichkeit wie auch die verschiedenen Fachöffentlichkeiten mit einschlägigen aus der Forschung gewonnenen Informationen und ebenso sehr mit konkreten Empfehlungen für die berufliche Aus- und Weiterbildung - sei diese nun im Rahmen von arbeitsmarktpolitischen Qualifizierungsmaßnahmen oder in den verschiedensten Branchenkontexten der Privatwirtschaft organisiert, im berufsbildenden wie im allgemeinbildenden Schulwesen, in der Bildungs- und Berufsberatung u.v.m. verankert - zu unterstützen.
    Keywords: ddc:330
    Language: German
    Type: doc-type:report
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  • 8
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: This study proposes a nonlinear cointegrating regression model based on the well-known energy balance climate model. Specifically, I investigate the nonlinear cointegrating regression of the mean of temperature anomaly distributions on total radiative forcing using estimated spatial distributions of temperature anomalies for the Globe, Northern Hemisphere, and Southern Hemisphere. Further, I provide two types of nonlinear response functions that map the total radiative forcing level to mean temperature anomalies. The proposed statistical model provides a climatological implication that spatially heterogenous warming effects play a significant role in identifying nonlinear climate sensitivity. Cointegration and specification tests are provided that support the existence of nonlinear effects of total radiative forcing.
    Keywords: ddc:330 ; C14 ; C23 ; C33 ; Q54 ; climate change ; climate sensitivity ; cointegration ; distributional time series ; energy balance climate model
    Language: English
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  • 9
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: We assess the forecasting performance of the nowcasting model developed at the New York FED. We show that the observation regarding a striking difference in the model's predictive ability across business cycle phases made earlier in the literature also applies here. During expansions, the nowcasting model forecasts at best are at least as good as the historical mean model, whereas during the recessionary periods, there are very substantial gains corresponding in the reduction in MSFE of about 90% relative to the benchmark model. We show how the asymmetry in the relative forecasting performance can be verified by the use of such recursive measures of relative forecast accuracy as Cumulated Sum of Squared Forecast Error Difference (CSSFED) and Recursive Relative Mean Squared Forecast Error (based on Rearranged observations) (R2MSFE(+R)). Ignoring these asymmetries results in a biased judgement of the relative forecasting performance of the competing models over a sample as a whole, as well as during economic expansions, when the forecasting accuracy of a more sophisticated model relative to naive benchmark models tends to be overstated. Hence, care needs to be exercised when ranking several models by their forecasting performance without taking into consideration various states of the economy.
    Keywords: ddc:330 ; COVID-19 ; nowcasts ; real-time data ; US GDP
    Language: English
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  • 10
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: It is commonly found that the markets for long-term government bonds of Economic and Monetary Union (EMU) countries were integrated prior to the EMU debt crisis. Contrasting this, we show, based on the interrelation between market integration and fractional cointegration, that there were periods of integration and disintegration that coincide with bull and bear market periods in the stock market. An econometric argument about the spectral behavior of long-memory time series leads to the conclusion that there is a stronger differentiation between bonds with different default risks. This implied the possibility of macroeconomic and fiscal divergence between the EMU countries before the crisis periods.
    Keywords: ddc:330 ; C32 ; C14 ; C58 ; E43 ; EMU ; fractional cointegration ; market integration ; yield spreads
    Language: English
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  • 11
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: Much of the algebra that is associated with the Kronecker product of matrices has been rendered in the conventional notation of matrix algebra, which conceals the essential structures of the objects of the analysis. This makes it difficult to establish even the most salient of the results. The problems can be greatly alleviated by adopting an orderly index notation that reveals these structures. This claim is demonstrated by considering a problem that several authors have already addressed without producing a widely accepted solution.
    Keywords: ddc:330 ; index notation ; Kronecker products ; multilinear algebra ; tensor products
    Language: English
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  • 12
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: This paper investigates the incentive of credit rating agencies (CRAs) to bias ratings using a semiparametric, ordered-response model. The proposed model explicitly takes conflicts of interest into account and allows the ratings to depend flexibly on risk attributes through a semiparametric index structure. Asymptotic normality for the estimator is derived after using several bias correction techniques. Using Moody's rating data from 2001 to 2016, I found that firms related to Moody's shareholders were more likely to receive better ratings. Such favorable treatments were more pronounced in investment grade bonds compared with high yield bonds, with the 2007-2009 financial crisis being an exception. Parametric models, such as the ordered-probit, failed to identify this heterogeneity of the rating bias across different bond categories.
    Keywords: ddc:330 ; bias control ; credit ratings ; financial crisis ; semiparametric method
    Language: English
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  • 13
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: We provide evidence on the least biased ways to identify causal effects in situations where there are multiple outcomes that all depend on the same endogenous regressor and a reasonable but potentially contaminated instrumental variable that is available. Simulations provide suggestive evidence on the complementarity of instrumental variable (IV) and latent factor methods and how this complementarity depends on the number of outcome variables and the degree of contamination in the IV. We apply the causal inference methods to assess the impact of mental illness on work absenteeism and disability, using the National Comorbidity Survey Replication.
    Keywords: ddc:330 ; C3 ; I12 ; J210 ; disability ; instrumental variable ; latent factor models ; mental illness ; treatment effect
    Language: English
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  • 14
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: Following recent econometric developments, we use self-assessed general health on a Likert scale conditioned by several objective determinants to measure health disparity between non-Hispanic Whites and minority groups in the United States. A statistical decomposition analysis is conducted to determine the contributions of socio-demographic and neighborhood characteristics in generating disparities. Whereas, 72% of health disparity between Whites and Blacks is attributable to Blacks' relatively worse socio-economic and demographic characteristics, it is only 50% for Hispanics and 65% for American Indian Alaska Natives. The role of a number of factors including per capita income and income inequality vary across the groups. Interestingly, 'blackness' of a county is associated with better health for all minority groups, but it affects Whites negatively. Our findings suggest that public health initiatives to eliminate health disparity should be targeted differently for different racial/ethnic groups by focusing on the most vulnerable within each group.
    Keywords: ddc:330 ; Blinder-Oaxaca decomposition ; BRFSS data ; college education ; heteroskedastic ordered probit ; racial/ethnic discrimination
    Language: English
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  • 15
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: This paper derives the statistical properties of a two-step approach to estimating multivariate rotated GARCH-BEKK (RBEKK) models. From the definition of RBEKK, the unconditional covariance matrix is estimated in the first step to rotate the observed variables in order to have the identity matrix for its sample covariance matrix. In the second step, the remaining parameters are estimated by maximizing the quasi-log-likelihood function. For this two-step quasi-maximum likelihood (2sQML) estimator, this paper shows consistency and asymptotic normality under weak conditions. While second-order moments are needed for the consistency of the estimated unconditional covariance matrix, the existence of the finite sixth-order moments is required for the convergence of the second-order derivatives of the quasi-log-likelihood function. This paper also shows the relationship between the asymptotic distributions of the 2sQML estimator for the RBEKK model and variance targeting quasi-maximum likelihood estimator for the VT-BEKK model. Monte Carlo experiments show that the bias of the 2sQML estimator is negligible and that the appropriateness of the diagonal specification depends on the closeness to either the diagonal BEKK or the diagonal RBEKK models. An empirical analysis of the returns of stocks listed on the Dow Jones Industrial Average indicates that the choice of the diagonal BEKK or diagonal RBEKK models changes over time, but most of the differences between the two forecasts are negligible.
    Keywords: ddc:330 ; asymptotic normality ; BEKK ; consistency ; diagonal BEKK ; multivariate GARCH ; rotated BEKK ; variance targeting
    Language: English
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  • 16
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: This paper studies estimation and inference for linear quantile regression models with generated regressors. We suggest a practical two-step estimation procedure, where the generated regressors are computed in the first step. The asymptotic properties of the two-step estimator, namely, consistency and asymptotic normality are established. We show that the asymptotic variance-covariance matrix needs to be adjusted to account for the first-step estimation error. We propose a general estimator for the asymptotic variance-covariance, establish its consistency, and develop testing procedures for linear hypotheses in these models. Monte Carlo simulations to evaluate the finite-sample performance of the estimation and inference procedures are provided. Finally, we apply the proposed methods to study Engel curves for various commodities using data from the UK Family Expenditure Survey. We document strong heterogeneity in the estimated Engel curves along the conditional distribution of the budget share of each commodity. The empirical application also emphasizes that correctly estimating confidence intervals for the estimated Engel curves by the proposed estimator is of importance for inference.
    Keywords: ddc:330 ; C12 ; C13 ; C23 ; engel curves ; generated regressor ; heterogeneity ; quantile regression
    Language: English
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  • 17
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    Basel: MDPI
    Publication Date: 2021-12-11
    Description: This paper discusses the notion of cointegrating space for linear processes integrated of any order. It first shows that the notions of (polynomial) cointegrating vectors and of root functions coincide. Second, it discusses how the cointegrating space can be defined (i) as a vector space of polynomial vectors over complex scalars, (ii) as a free module of polynomial vectors over scalar polynomials, or finally (iii) as a vector space of rational vectors over rational scalars. Third, it shows that a canonical set of root functions can be used as a basis of the various notions of cointegrating space. Fourth, it reviews results on how to reduce polynomial bases to minimal order - i.e., minimal bases. The application of these results to Vector AutoRegressive processes integrated of order 2 is found to imply the separation of polynomial cointegrating vectors from non-polynomial ones.
    Keywords: ddc:330 ; cointegration ; I(d) ; VAR ; vector spaces
    Language: English
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  • 18
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    Berlin, Boston: De Gruyter Oldenbourg
    Publication Date: 2021-12-10
    Keywords: ddc:300
    Language: German
    Type: doc-type:review
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  • 19
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    Warsaw, Berlin: De Gruyter
    Publication Date: 2021-12-10
    Description: Routine health data, which are collected by health insurers and other agencies in the health care system, offer enormous potential for health monitoring and research. Germany has been slow to make such data available for socially beneficial purposes, partly due to concerns about privacy and data protection. Against this background, we discuss some of the most important potential uses of routine health data and call for a broader societal debate about the benefits, risks, and appropriate regulation of routine health data usage.We then review the Western Australian Data Linkage System as an example of a data infrastructure that is characterized by high levels of stakeholder and patient involvement and a sophisticated method of privacy protection. While Germany does not need to copy this approach, we hope that the experiences of Western Australia and other countries will stimulate and inform the overdue debate about a modern, responsible, and sustainable approach to socially beneficial health data usage in Germany
    Keywords: ddc:300
    Language: German
    Type: doc-type:bookPart
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  • 20
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: This paper aims to analyze the role of FDI inflow in the Russian economy and determine the degree of impact on the economic growth rate. The empirical research captures 2000-2019 years specifying by quarterly time-series. Although, in general, it is considered that the FDI can transmit technology and development to the host country, but this paper shows that in the case of Russia, the role of FDI inflow into the country has an endogenous component, which does not exert a robust impact on the economic growth.
    Keywords: ddc:330 ; F21 ; F43 ; Foreign Direct Investment ; economic growth ; transition economies ; Endogeneity
    Language: English
    Type: doc-type:workingPaper
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  • 21
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    München: Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
    Publication Date: 2021-12-10
    Description: The new institutional economics has one of its roots in evolutionary thinking. The idea is that there is competition among organizational forms. Some forms spread faster than others and thereby displace and eventually destroy the less well adapted forms. In the end, the most 'efficient' organizational formation will survive, where 'efficiency' is a social analogue for biological fitness. The process is predominately envisaged as a process of what I am going to term 'blind evolution': a combination of random variation and selection. The idea of randomness is put into question. If evolution is is to be able to work successfully on complex organisms or organizations, it is necessary that variation occurs in a patterned fashion with systematically correlated changes. Once the importance of patterned variation is established, it must be asked where the patterns come from. It will be argued that, for the purpose of the social sciences, these patterns are generated by psychological regularities, both cognitive and emotional. Features of patterning are discussed.
    Keywords: ddc:330 ; B15 ; B25 ; B52 ; D02 ; D23 ; E14 ; evolution ; evodevo ; evo-devo ; variation ; selection ; institutional economics ; social psychology ; channeling by constraints ; hitchhiking ; radiation ; founder effects ; irreversibly ; functional shifts ; evolutionary detours ; punctuation
    Language: English
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  • 22
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    München: Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
    Publication Date: 2021-12-10
    Description: The nature of learning processes as well as evolutionary considerations suggest that aesthetic judgement is of central importance in the formation of custom. Learning and extrapolation rely on evaluations of non-instrumental features like simplicity, analogy, straightforwardness, and clarity. Further, learning is particularly effective if it is driven by an active desire to uncover new regularities, rather than merely gathering information in a passive way.From an evolutionary perspective, learning has evolved as an adaptation to fast and transitory environmental changes which cannot be effectively traced by the slow and long-term evolutionary processes which take place on the genetic level. The evolutionary raison d'être of learning is to enable the individual to incessantly search for upcoming new regularities, and to act appropriately on them. As learning depends on aesthetic judgement, the evolutionary selection for learning implies an evolutionary molding of an aesthetic sense, and a preference for patterns and patterned action which ultimately leads to the formation of custom and social learning. The paper presents, thus, an evolutionary underpinning for the behavioral tendencies underlying my theory of custom.
    Keywords: ddc:330 ; B15 ; B25 ; B52 ; D02 ; D23 ; E14 ; Institutional economics ; evolution ; evodevo ; evo-devo ; aesthetics ; variation ; selection ; institutional economics ; social psychology ; rule-learning
    Language: English
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  • 23
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    München: Ludwig-Maximilians-Universität München, Volkswirtschaftliche Fakultät
    Publication Date: 2021-12-10
    Description: I examine whether stochastic contracts benefit the principal in the setting of moral hazard and loss aversion. Incorporating that the agent is expectation-based loss averse and allowing the principal to add noise to performance signals, I find that stochastic contracts reduce the principal's implementation cost in comparison with deterministic contracts. Surprisingly, if performance signals are highly informative about the agent's action, stochastic contracts strictly dominate the optimal deterministic contract for almost any degree of loss aversion. The optimal stochastic contract pays a high wage whenever the principal observes good performance signals, while upon observing bad performance signals it adds a lottery that gives either the high wage or a low wage that serves as a harsh penalty to the agent. In the general case when the agent is both risk and loss averse, I show that if a penalty wage (i.e., a wage level at which the agent feels a substantial disutility) exists, the first best can be approximated closely but not attained. The findings have an important implication for designing contracts for loss-averse agents: the principal should insure the agent against wage uncertainty by employing stochastic contracts that increase the probability of a high wage.
    Keywords: ddc:330 ; D82 ; D86 ; M12 ; M52 ; loss aversion ; moral hazard ; stochastic contracts ; reference-dependent preferences
    Language: English
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  • 24
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    Göttingen: Volkswirtschaftliches Institut für Mittelstand und Handwerk an der Universität Göttingen (ifh)
    Publication Date: 2021-12-10
    Description: Auf Basis einer ZDH-Sonderumfrage im Sommer 2021 analysiert die vorliegende ifh-Studie den Strukturwandel im Zuliefererhandwerk [...] Übergreifend zeigt sich ein heterogenes Bild der aktuellen Strukturwandelprozesse im Zuliefererhandwerk, dem mit differenzierter Unterstützung der unterschiedlich betroffenen Gruppen zu begegnen ist.
    Keywords: ddc:330 ; Strukturwandel ; Digitalisierung ; Innovation ; Zulieferhandwerk
    Language: German
    Type: doc-type:report
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  • 25
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: We provide the first estimate of the elasticity of marginal utility of consumption, η, for a post-transition economy in the Central & Eastern European region, the Czech Republic, based on individual-level data. The parameter η is a crucial component of the social discount rate (SDR), which determines the inter-temporal allocations that are acceptable to society. Using the equal-sacrifice income tax approach, we obtain a central estimate of η at 1.34, which varies between 1.24 and 1.42 within the study period that covers 2005-2019. Moreover, the estimate of elasticity of marginal utility of consumption differs between various income groups and employment status. Importantly, the magnitude of η estimate depends on whether social benefits are included into gross income or social and health insurance payments are included in the definition of taxes. Our results suggest that SDR for the Czech Republic may be around 3-5 percent for a reasonable pure rate of time preference and positive forecast for per capita consumption growth.
    Keywords: ddc:330 ; D60 ; D61 ; H24 ; R13 ; elasticity of marginal utility of consumption ; equal-sacrifice approach ; income tax schedules ; marginal tax rate ; social discount rate
    Language: English
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  • 26
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Although the Common Agricultural Policy (CAP) is the largest expenditure programme of the European Union, not much is currently known either about its beneficiaries or about how unequally payments are distributed among them. We thus create a novel - and currently the most extensive - publicly available data set of CAP's beneficiaries. We exploit a recent EU regulation which requires member states to disclose the identities and amounts allocated to all beneficiaries. We succeed in collecting data for 21 member states for up to 4 years between 2015 and 2018. We find that the extent of payment inequality among CAP beneficiaries differs among member states and that old member states generally tend to exhibit lower inequality while new member states tend to suffer from higher inequality. Specifically, Gini coefficients are lowest in Belgium, Finland, France and Denmark and highest in Slovakia, Estonia, Bulgaria and Czechia. In an additional exploratory analysis, we combine the amassed data with a company ownership database, which enables us to identify owners that are either foreign or common for multiple beneficiaries.
    Keywords: ddc:330 ; D63 ; H25 ; L11 ; Q14 ; Q18 ; Common Agricultural Policy ; Common Agricultural Policy beneficiary ; inequality ; agriculture ; European Union
    Language: English
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  • 27
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: The recent Covid-19 outbreak with significant increase of global uncertainties poses many challenges for financial sectors. Many supervisors took the measures aiming to safeguard resilience of financial institutions by requesting postponements any dividend distributions until uncertainties about further development will be reduced. In this respect, the European Insurance and Occupational Pensions Authority issued on Thursday 2nd April 2020 a statement requesting (re)insurers to suspend all discretionary dividend distributions and share buy backs aimed at remunerating shareholders. Although this should have a positive impact on the overall financial stability of the sector, it could also negatively influence insurers' equity prices. Hence, this paper empirically investigates this potential effect using an event study methodology. Despite negative drops were observed in some cases, the obtained empirical results suggest that they were not statistically significant for the overall European insurers' equity market when considering the event windows covering a few days after the statement was published.
    Keywords: ddc:330 ; G22 ; G28 ; G35 ; G01 ; European insurance sector ; suspension of dividend distributions ; event study ; EIOPA statement ; equity market
    Language: English
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  • 28
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: This paper studies predictability of realized volatility of U.S. Treasury futures using high-frequency data for 2-year, 5-year, 10-year and 30-year tenors from 2006 to 2017. We extend heterogeneous autoregressive model by Corsi (2009) by higher-order realized moments and allow all model coefficients to be time-varying in order to explore dynamics in forecasting power of individual predictors across the term structure. We find realized kurtosis to be valuable predictor across the term structure with robust contribution also in out-of-sample analysis for the shorter tenors. Time-varying coefficient models are found to bring significant out-of-sample forecasting accuracy gain at the short end of the term structure. Further, we detect significant asymmetry in forecasting errors present for all the tenors as the constant-coeffi cient models were found to generate systemic under-predictions of future realized volatility.
    Keywords: ddc:330 ; C32 ; C53 ; G17 ; Realized moments ; Sovereign bonds ; Volatility forecasting ; High-frequency data ; Time-varying coefficients
    Language: English
    Type: doc-type:workingPaper
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Interest rate risk measurement and management of non-maturity deposit balances presents a challenge for practitioners and academic researchers as well. The paper provides a review of several methodological approaches focusing on the area of savings accounts rate sensitivity modeling and estimation. The proposed models are tested on a Czech banking sector dataset providing mixed results regarding the cointegration type models generally recommended in the literature. On the other hand, the analysis shows that simpler regression models may provide more robust results if the cointegration tests between the saving accounts rate and the market rate series fail.
    Keywords: ddc:330 ; C32 ; E43 ; E58 ; G21 ; Interest rate risk ; savings accounts ; non-maturity deposits ; cointegration ; pass through rate
    Language: English
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  • 30
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: We investigate the long-term effect of domestic currency depreciation on the external debt for a panel of 41 emerging economies over the years 1999-2019. Using heterogenous panel cointegration methods, we find that domestic currency depreciation leads to an increase in external debt to GDP ratio over the long-term and it reduces the sustainability of external debt. This is particularly the case for larger depreciations, while smaller depreciations might reduce the external debt burden over the long-term for more developed emerging economies. Poorer emerging economies face a greater increase in external debt burden following domestic currency depreciation. We also find that higher exchange rate volatility and the use of floating exchange rates contributes to an increase in external debt burden over the long-term. Consequently, our results suggest that for emerging economies, having more volatile and floating exchange rates reduces the sustainability of external debt. We find asymmetrical effects of exchange rate depreciation on external debt: higher central bank independence limits the effect of currency depreciation on external debt, while higher financial development and illicit financial flows augment the effect of depreciation on external debt.
    Keywords: ddc:330 ; E50 ; F31 ; F34 ; external debt ; exchange rate ; currency depreciation ; exchange rate volatility ; exchange rate regime ; DFE estimator ; PMG estimator
    Language: English
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  • 31
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Since the global financial crisis in 2007, stress tests have become standard tools for regulators and supervisors to assess the risks and vulnerabilities of financial sectors. To this end, the Insurance and Occupational Pensions Authority (EIOPA) regularly performs EU-wide insurance stress tests. This paper analyses the impact of the conducted exercises in 2014, 2016 and 2018 on the equity prices of insurance companies. Using an event study framework, we find a statistically significant impact only for the publication of the 2018 exercise results. Our empirical analysis further suggests that the final version of technical specifications for the 2014 exercise, the initiation of public consultation, and the published stress test scenario of the 2018 exercise contributed to the decline in systemic risk. To our best knowledge, this is the first paper that investigates this topic for the European insurance sector. Our empirical results could help improve the communication and design of future stress test exercises.
    Keywords: ddc:330 ; G23 ; G12 ; G14 ; G18 ; European insurance sector ; EU-wide insurance stress test ; systemic risk ; event study ; equity prices
    Language: English
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  • 32
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: An initiative is needed to break the logjam in the international negotiations to reform taxation of multinational enterprises (MNEs). The explosion of profit shifting observed since the 1990s has resulted in hundreds of billions of dollars of tax revenues being lost around the world each year - but reform efforts have thus far failed to deliver measurable progress on the primary agreed goal of better aligning MNEs' taxable profits with the location of their real economic activity. More recently, countries have committed also to ensure that MNEs' global profits are subject to a minimum effective tax rate, but progress towards international agreement remains stalled. Our proposal for a minimum effective tax rate (METR) could be applied to MNEs by any countries that choose to do so, whether they are home to MNEs, host of MNEs, or both. The METR would be compatible with existing tax treaties, but being non-discriminatory it also complies with other international obligations and could be introduced unilaterally. Economic modelling shows the METR would deliver major revenue gains for participating countries, and adoption would also contribute to, rather than impede, momentum for a more comprehensive multilateral agreement.
    Keywords: ddc:330 ; F23 ; H25 ; H32 ; multinational enterprise ; corporate taxation ; tax reform ; effective tax rate ; minimum tax ; minimum effective tax rate ; Unternehmensbesteuerung ; Körperschaftsteuer ; Steuertarif ; Steuerreform ; Multinationales Unternehmen ; Welt
    Language: English
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  • 33
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Illicit financial flows (IFFs) threaten countries' ability to achieve the Sustainable Development Goals (SDGs). Progressing on the IFFs target is thus crucial, as is the ability to measure achieved progress. In this paper we explore how to best statistically measure tax avoidance by multinational corporations (MNCs) as the SDGs IFFs target. Our main research question is how the best available methods for the statistical measurement of tax avoidance by MNCs reconcile with the Balance of Payments (BoP) statistics. We answer the research question using a combination of approaches, arriving at three main findings. First, we show that the three leading methods for estimating tax avoidance by MNCs are closely related to each other, theoretically as well as empirically. Second, the profit misalignment method applied to the country-by-country reporting (CBCR) data of large MNCs emerges as the most suitable method from a critical review of existing approaches and a range of available statistical data sources. Third, in their current state the BoP statistics are not suitable for estimating tax avoidance by MNCs for many countries due lacking country coverage and missing data. On the basis of our findings, we recommend piloting the use of confidential MNC-level CBCR data to estimate tax avoidance by MNCs as the SDGs IFFs target.
    Keywords: ddc:330 ; H25 ; H26 ; O23 ; O24 ; illicit financial flows ; multinational corporations ; tax avoidance ; balance of payments ; country-by-country reporting ; Sustainable Development Goals
    Language: English
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  • 34
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Bank survival is essential to economic growth and development because banks mediate the financing of the economy. A bank's overall condition is often assessed by a supervisory rating system called CAMELS, an acronym for the components Capital adequacy, Asset quality, Management quality, Earnings, Liquidity, and Sensitivity to market risk. Estimates of the impact of CAMELS components on bank survival vary widely. We perform a meta-synthesis and meta-regression analysis (MRA) using 2120 estimates collected from 50 studies. In the MRA, we account for uncertainty in moderator selection by employing Bayesian model averaging. The results of the synthesis indicate an economically negligible impact of CAMELS variables on bank survival; in addition, the effect of bank-specific, (macro)economic, and market factors is virtually absent. The MRA and a test for publication selection bias produce findings consistent with the synthesis results. Moreover, best practice estimates show a small economic impact of CAMELS components and no impact of other factors. The study concludes that caution should be exercised when using CAMELS rating to predict bank survival or failure.
    Keywords: ddc:330 ; C12 ; D22 ; G21 ; G33 ; bank survival ; bank failure ; CAMELS ; meta-analysis ; publication selection bias
    Language: English
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  • 35
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Cryptoassets, particularly Bitcoin, have attracted the attention of institutional investors during the latest price rallies of 2020 and 2021. The need for cryptoassets apart from Bitcoin in their portfolios is mostly unexplored in the current literature, and the general perception of diversification benefits within cryptomarkets mostly builds on popular beliefs. The current study is a deep dive into active and passive investment strategies focusing on specifics of cryptoassets, the most important of which is the survival bias in the portfolio dataset construction and its implications. We show that survival bias does in fact drive the results at their very core and that the differences between using the backward-looking subset of assets and actual assets available at the time of portfolio construction are substantial and lead to completely different implications and investment suggestions. It turns out that active portfolio management does not pay off in most instances compared to simply holding Bitcoin.
    Keywords: ddc:330 ; G11 ; G15 ; G19 ; G23 ; cryptocurrencies ; cryptoassets ; Bitcoin ; diversification ; portfolio management ; survival bias
    Language: English
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  • 36
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: We empirically investigate whether monetary policy announcements affect firms' and consumers' expectations by taking into account media treatments of monetary policy announcements. To identify exogenous changes in monetary policy stances, we use the standard financial monetary policy surprise measures in the euro area. We then analyze how a general newspaper and a financial newspaper (Le Monde and The Financial Times) report on announcements. We find that 87 % of monetary policy surprises are either not associated with the general newspaper reporting a change in the monetary policy stance to their readers or have a sign that is inconsistent with the media report of the announcement. When we use the raw monetary policy surprises variable as an independent variable in the link between monetary policy announcements and firms'/consumers' expectations, we mostly do not find, in line with several previous studies, any statistically significant association. When we take only monetary policy surprises that are consistent with the general newspaper report, in almost all cases we find that monetary policy surprises on the immediate monetary policy stance do affect expectations. Surprises related to future policy inclination and information shocks usually do not appear to matter. The results appear to be in line with rational inattention theories and highlight the need for caution in the use of monetary policy surprise measures for macroeconomic investigations.
    Keywords: ddc:330 ; D84 ; E02 ; E52 ; E31 ; firm expectations ; consumer expectations ; monetary policy surprises ; European Central Bank ; information effect
    Language: English
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  • 37
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    Seville: European Commission, Joint Research Centre (JRC)
    Publication Date: 2021-12-10
    Description: Digital maps and navigation applications are considered an essential tool by 70% of smartphone users. As these apps come predominantly free of charge, their contribution to consumer well-being cannot be captured by the common economic measures, like the GDP. This study demonstrates how the discrete choice experiment approach can be applied to measure, in an economically consistent way, consumer surplus from a navigation service. We elicit preferences for a satellite navigation with the two optional location-based functionalities: real-time traffic information and location-sensitive commercial information. In the experiment, the respondents are confronted with a range of location-sharing conditions set by a navigation provider. Finally, we estimate a demand model and derive welfare measures from the collected choices. Median consumer surplus from using basic satellite navigation without location-based functionalities is estimated at 8.06 EUR per month. Adding location-based services can increase this gain by 36% to 10.98 EUR, provided that users maintain control over location disclosure. Location-sharing terms set by a provider and privacy concerns of users both affect the size of the surplus from a navigation service.
    Keywords: ddc:330 ; C25 ; D12 ; L51 ; zero price digital goods ; navigation ; digital maps ; choice experiment ; consumer surplus ; location
    Language: English
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  • 38
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Consumers often struggle to grasp complicated pricing plans, including increasing block rate (IBR) schemes, which have been used for decades by utilities in many parts of the world. The assumption that they encourage conservation has, however, recently been challenged (Ito, 2014). We take advantage of the unique IBR tariffs for electricity in the Republic of Georgia-where "overage" is penalized more heavily than in conventional IBRs-to ask whether consumers respond to price, and to which price specifically. Based on the data from several waves of the Georgia Household Budget Survey, we find evidence of "notches," namely missing probability mass on the right of the lowest block cutoff and a spike in the frequency of monthly consumption to the left of it. This is in contrast with the "bunching" pattern predicted by Borenstein (2009) when demand is not completely inelastic, and with the empirical evidence in Borenstein (2009) and Ito (2014). During our study period (2012-2019), the tariffs were revised-both downwards and upwards-to a different extent in different blocks and at different times across the regions of the country. We devise difference-in-difference study designs that exploit such natural experiments, finding that consumption did increase when the tariffs were reduced and fell when they were raised. Ours is one of the few studies that exploits quasi experimental conditions to examine whether the response to price changes is symmetric. We find that it is, in that the implied price elasticity of electricity demand is in both cases -0.3. Finally, we fit an electricity demand function, which results in an even stronger price elasticity (-0.5). Households seem to respond to the actual, average price (here equal to the marginal price) rather than to expected price. Our estimates of the price elasticity bode well for a carbon tax, an energy tax, or simple tariff increases to help curb imports of gas-fired electricity from neighboring countries.
    Keywords: ddc:330 ; D12 ; Q41 ; Q48 ; residential electricity demand ; price elasticity ; increasing block rates ; tariff schemes ; asymmetric response to price changes
    Language: English
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  • 39
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    Essen: RWI - Leibniz-Institut für Wirtschaftsforschung
    Publication Date: 2021-12-10
    Description: Skills trainings that target individuals or small businesses feature prominently in the development assistance landscape. They are an important vehicle for both bilateral and multilateral economic support. One estimate puts the volume of skills training interventions facilitated by the World Bank alone at about a billion U.S. dollars per year (Blattman and Ralston 2015). This briefing serves to summarize key insights that have so far been generated in the related research literature, identify study gaps that remain, discuss core challenges that compelling impact evaluations must grapple with, and outline one such set of evaluations that is planned to accompany Invest for Jobs. (...)
    Description: Projektbericht für das Bundesministerium für wirtschaftliche Zusammenarbeit und Entwicklung
    Keywords: ddc:330
    Language: English
    Type: doc-type:report
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  • 40
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    Amherst, MA: University of Massachusetts, Department of Economics
    Publication Date: 2021-12-10
    Description: The History of Economic Thought as a field has long taken it as a premise that so far as ancient economic thought is concerned, only the Greeks and Romans are worth studying. This paper introduces the Guanzi as a core text in ancient Chinese economic thought on price stabilization from a comparative perspective with ancient Greek contributions. The Guanzi presents a framework for the empirical analysis of market fluctuations and price movements and derives principles of economic governance from this analysis. In contrast Plato and Aristotle come to the question of price determination from the angle of moral philosophy. They foreground the right behaviour on the part of the individual not the structural features of the market. The Guanzi articulates the so-called "light-heavy" (轻重, qingzhong) principles, where heavy represents "important" or "essential" and light connotes "unimportant" or "inessential." It argues that essential subsistence goods and production inputs are always "heavy," while the relative importance of each commodity shifts with market fluctuations. It suggests that the markets are inherently unstable, if left to their own devises. The state should participate in the market of "heavy goods" in order to stabilize the economy as a whole.
    Keywords: ddc:330 ; History of Economic Thought ; China ; price theory ; economic policy
    Language: English
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  • 41
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    Amherst, MA: University of Massachusetts, Department of Economics
    Publication Date: 2021-12-10
    Description: Intimate partner violence is a serious form of unfreedom inflicted on women across the world. How does the incidence of such violence vary with women's workforce participation - a factor that is supposed to enhance their economic well-being? Our study examines this relationship using a nationally representative dataset from India. Given vast heterogeneity among Indian women, we investigate how this link varies by their class and socio-religious identities. Treating women's employment as endogenous, we find that it is associated with a significantly higher probability of reported spousal violence for women from all wealth quintiles except the topmost and across all social groups. Moreover, the reported risks are found to be relatively higher for disadvantaged groups. We hypothesize that these findings could be explained through the backlash effect arising from two sources: the perceived violation of socio-cultural norms by employed women and the double burden of reproductive and market work on them.
    Keywords: ddc:330 ; B54 ; J12 ; J16 ; Spousal violence ; women's employment ; reproductive labor ; India ; inequalities ; intersectionality
    Language: English
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  • 42
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    Amherst, MA: University of Massachusetts, Department of Economics
    Publication Date: 2021-12-10
    Description: A vision of universalised human freedom, equality, security and democracy emerged in the wake of the Scientific Revolution and the Enlightenment, the British Industrial Revolution and the French Revolution. This vision, not even approximately practicable at the time, is now well within reach. A viable socialist strategy will not be oriented around an encompassing central plan, but rather an agenda of human-centred goals - the creation of preconditions for all individuals to fully realise their personal capacities and to function as free citizens, exercising control individually and collectively, at the workplace and in society. Central to the realisation of such a programme will be a focus on the crucial role played by the first years of life in shaping human development and in the formation of class hierarchies.
    Keywords: ddc:330 ; B51 ; H40 ; P16 ; Phillips curve ; underemployment ; distributional conáict ; structuralist model ; Sozialismus ; Zukunft ; Entwicklung
    Language: English
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  • 43
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    Amherst, MA: University of Massachusetts, Department of Economics
    Publication Date: 2021-12-10
    Description: This paper investigates the long first decade of reform in China (1978-1992) to show that Mises, in particular his initiating contribution to the Socialist Calculation Debate, became relevant to the reconfiguration of China's political economy when the reformers gave up on the late Maoist primacy of continuous revolution and adhered instead to an imperative of development and catching up. During the Cultural Revolution, Mao had rejected the notions of efficiency and rational economic management. In the late 1970s, the reformers under Deng Xiaoping's leadership elevated these notions to highest principle. As a result, Mises' critique that socialism could not achieve a rational economic order came to be debated throughout the 1980s and Chinese economists developed their own reading of Mises and the Socialist Calculation Debate. When Deng Xiaoping reinstated market reforms in the early 1990s after the Tiananmen crackdown, a history of thought review of the possibility of rational socialism and socialist markets helped to justify the Socialist Market Economy with Chinese Characteristics the official designation of China's economic system to this day.
    Keywords: ddc:330 ; Socialism ; capitalism ; market economy ; Mises ; China ; comparative economic systems
    Language: English
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  • 44
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    Düsseldorf: Hans-Böckler-Stiftung
    Publication Date: 2021-12-07
    Description: Die Aktivitäten von Private Equity haben in Deutschland nach der letzten Weltfinanzkrise wieder zugenommen. Die Study bietet einen Überblick über die Entwicklungen in den Jahren 2012 bis 2018 aus arbeitnehmerorientierter Sicht. Sie zeigt u. a. das Volumen und die sektoralen Schwerpunkte von Unternehmensübernahmen, die neuen Eigentümer nach dem Ausstieg der Finanzinvestoren und den Anteil der Unternehmen, in denen die paritätische Mitbestimmung angewandt wird. Betrachtet werden auch die aktivsten Private-Equity-Gesellschaften, ihre Nutzung von Steueroasen sowie ihre Fonds und deren Renditen.
    Keywords: ddc:330 ; Mitbestimmung ; Buy-out ; Unternehmensübernahme ; Finanzinvestor
    Language: German
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  • 45
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    Berlin: Humboldt-Universität zu Berlin, International Research Training Group 1792 "High Dimensional Nonstationary Time Series"
    Publication Date: 2021-12-07
    Description: The cryptocurrency (CC) market is volatile, non-stationary and non-continuous. This poses unique challenges for pricing and hedging CC options. We study the hedge behaviour and effectiveness for a wide range of models. First, we calibrate market data to SVI-implied volatility surfaces, which in turn are used to price options. To cover a wide range of market dynamics, we generate price paths using two types of Monte Carlo simulations. In the first approach, price paths follow an SVCJ model (stochastic volatility with correlated jumps). The second approach simulates paths from a GARCH-filtered kernel density estimation. In these two markets, options are hedged with models from the class of affine jump diffusions and infinite activity Lévy processes. Including a wide range of market models allows to understand the trade-off in the hedge performance between complete, but overly parsimonious models, and more complex, but incomplete models. Dynamic Delta, Delta-Gamma, Delta-Vega and minimum variance hedge strategies are applied. The calibration results reveal a strong indication for stochastic volatility, low jump intensity and evidence of infinite activity. With the exception of short-dated options, a consistently good performance is achieved with Delta-Vega hedging in stochastic volatility models. Judging on the calibration and hedging results, the study provides evidence that stochastic volatility is the driving force in CC markets.
    Keywords: ddc:330
    Language: English
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  • 46
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: We examine the predictability of expected stock returns across horizons using machine learning. We use neural networks, and gradient boosted regression trees on the U.S. and international equity datasets. We find that predictability of returns using neural networks models decreases with longer forecasting horizon. We also document the profitability of long-short portfolios, which were created using predictions of cumulative returns at various horizons, before and after accounting for transaction costs. There is a trade-off between higher transaction costs connected to frequent rebalancing and greater returns on shorter horizons. However, we show that increasing the forecasting horizon while matching the rebalancing period increases risk-adjusted returns after transaction cost for the U.S. We combine predictions of expected returns at multiple horizons using double-sorting and buy/hold spread, a turnover reducing strategy. Using double sorts significantly increases profitability on the U.S. sample. Buy/hold spread portfolios have better risk-adjusted profitability in the U.S.
    Keywords: ddc:330 ; G11 ; G12 ; G15 ; C55 ; Machine learning ; asset pricing ; horizon predictability ; anomalies
    Language: English
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  • 47
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Global value chain (GVC) participation has transformed many lines of business. The benefits it provides in terms of greater specialization and technology diffusion, however, do not spread identically across countries and industries. This paper shows that taking into account the functional specialization helps to explain how the benefits of GVC participation are distributed. Using data for 35 industries in 40 countries in 2000-2011, we estimate the impact of GVC participation on value added within a production function framework. The results indicate that there is heterogeneity in the effects of GVC participation, according to the functional specialization of the respective industry and its GVC partners. Participating in R&D-related GVCs is especially profitable for fabrication-oriented industries and low-developed countries. It follows that any GVC participation analysis will be incomplete if it fails to take the functional specialization of the GVC participants into consideration.
    Keywords: ddc:330 ; F02 ; F14 ; O33 ; O47 ; global value chains ; input-output analysis ; technology diffusion ; development
    Language: English
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  • 48
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: This paper evaluates the Common Consolidated Corporate Tax Base (CCCTB) recently proposed by the European Commission. We find that if the CCCTB is introduced as it is currently proposed (including loss consolidation), then it is likely to impose large tax revenue costs of about one fifth of the corporate tax base. Second, we show that an application of the CCCTB proposals at only the European Union (EU) level would overlook the extent of profit shifting out of the EU and could lock in further unnecessary revenue losses. Third, major EU profit-shifting countries such as Luxembourg, Ireland and the Netherlands may experience significant revenue losses.
    Keywords: ddc:330 ; F23 ; H25 ; H32 ; Common Consolidated Corporate Tax Base ; CCCTB ; corporate taxation ; profit shifting ; European Union ; multinational enterprises
    Language: English
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  • 49
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Motivated by the lack of previous research on historical inequality in Central Europe, this paper constructs wealth inequality statistics for a larger town in South Bohemia, Budweis. The data sources are rare detailed local tax censuses from 1416 and 1523 and a national tax register from 1654 as reported in the literature, further adjusted for lowest social groups and processed to create social tables. If the underlying data are accurate, the wealth inequality Gini coefficient in 1416 was between 0.739 and 0.777. The estimated wealth share of the top 1% evolved from 22.6% in 1416 to 9.6% in 1654, values significantly lower than in the pre-industrial UK or France, as well as in the contemporary Czech Republic.
    Keywords: ddc:330 ; N33 ; N43 ; N93 ; D63 ; historical inequality ; social tables ; Gini coefficient ; wealth
    Language: English
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  • 50
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: In this paper we investigate the effect of income inequality on the transmission of standard and unconventional monetary policy shocks to bank loan rates. We hypothesize that income inequality might encapsulate important characteristics of credit market demand. We use an interacted panel error correction model to examine a set of EA countries over the years 2008-2016. Our findings suggest that higher income inequality hinders the transmission of standard monetary policy to consumer loans and limits the use of unconventional monetary policy in the housing loans segment. Conversely, more unequal societies are characterized by stronger monetary transmission in the small firm loans segment.
    Keywords: ddc:330 ; D31 ; E21 ; E52 ; E58 ; interest-rate pass-through ; interacted PMG ; income inequality ; standard monetary policy ; unconventional monetary policy
    Language: English
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  • 51
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Corruption is notoriously hard to measure directly, and cross-country corruption indices thus often rely on indirect information such as country experts' or international businessmen's perceptions. Transparency International's Corruption Perception Index (CPI) is one such indicator that is often used by policy makers and researchers. The CPI is a composite index that, in its 2019 version, draws on 13 different data sources for calculation, with a threshold of at least three available sources for a country to qualify for a ranking. Until now, however, it has not been clear whether the data sources it uses are the only suitable ones. To assess this, we revisit the choice of these data sources and propose several improvements to the CPI methodology. Specifically, we identify up to five new data sources as potential candidates for inclusion. We examine the effects of including these additional data sources in two simulations: including all five data sources or only the four most suitable ones. Our results are mixed: the inclusion of new data sources would lower the standard errors of the CPI, but we identify a lack of correlation between the CPI and some of the data sources. We conclude by discussing trade-offs involved in including additional data sources in the CPI that may provide lessons for other composite policy indices.
    Keywords: ddc:330 ; C15 ; D73 ; O17 ; Corruption ; Perception-based indexes ; Composite indexes ; Data sources ; Transparency International ; Corruption Perception Index
    Language: English
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  • 52
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Despite years of deepening economic integration among the states and regions of the European Union, empirical research remains inconclusive about speed of convergence across regions, if not its existence. This paper provides a new look on convergence in the EU while focusing on development at regional level after the Great Recession. It uses the log t convergence test by Phillips and Sul (2007) to analyze the convergence in level of income among the European regions. Rather than supporting the convergence hypothesis, we identify five convergence clubs in which the regions converge in income growth rates. Investigating further the geographical distribution of the convergence clubs, we confirm high inequality within the member states and find large continuous area of high convergence clubs in the urbanized part of Western Europe. Furthermore, we investigated the determinants of convergence club membership using Logistic Regression. We found a low impact of any of the estimated variables on membership in the highest club but confirmed positive association of membership in the higher clubs with research and patent activities.
    Keywords: ddc:330 ; C23 ; C40 ; R11 ; Club Convergence ; European Regions ; log t test ; Logistic regression
    Language: English
    Type: doc-type:workingPaper
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Despite a Sustainable Development Goals target to reduce trade mispricing and other illicit financial flows, it is not clear how to measure trade mispricing over time for countries worldwide. We aim to combine a broad coverage of countries by using UN Comtrade data and robustness by developing a new methodology that sheds new light on a potential scale of trade mispricing for many countries worldwide. Specifically, we provide new estimates of the trade reporting gap and, for the first time, we decompose it into seven individual components. Our explorative analysis reveals three main findings. We show, first, that trade reporting gap is large, in absolute values as well as relative to the overall trade. Second, conceptually well-defined components such as product and country misclassifications account only for a small share of trade reporting gap. The large remaining residual hints at the degree of imprecision in international trade reporting and calls for a significant improvement in data quality. Third, the low-income countries' trade reporting gap has the highest ratio relative to their GDP, which is consistent with existing literature that shows low-income countries to be more vulnerable to a variety of illicit financial flows.
    Keywords: ddc:330 ; F13 ; F14 ; H26 ; international trade ; trade reporting gap ; trade mispricing ; illicit financial flows ; low-income countries ; global development
    Language: English
    Type: doc-type:workingPaper
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: This paper provides empirical evidence on the relationship between increasing-block-rate (IBR) pricing of electricity and the propensity of households to buy major electric appliances. I use variation from a natural experiment in Russia that introduced IBR pricing for residential electricity in a number of experimental regions in 2013. The study employs household-level panel data which records, among others, whether the household has purchased any major electric appliances during the last 3 months. Using difference-in-differences specification I show that in the regions with IBR pricing the purchase of major electric appliances has increased by more than 25 percent (2 percentage points). The findings suggest that price-based energy policies may be an effective tool in shaping the behavior of households.
    Keywords: ddc:330 ; Q3 ; Q4 ; D1 ; D9 ; appliances ; increasing-block-rate tariff ; electricity prices ; energy efficiency gap
    Language: English
    Type: doc-type:workingPaper
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: The electricity prices in developing countries are relatively low to recover its costs of generation and provision. This results in under-investment in infrastructure, which usually leads to frequent outages or rolling blackouts by the electricity suppliers. Outages may have an adverse impact on the household's welfare including the health of household members. Using household-level panel data "Life in Kyrgyzstan" (LIK), and a coarsened exact matching (cem) procedure this paper investigates whether there is a relationship between outages and the health of children. Specifically, I study the differences in the anthropometric outcomes of children aged 5 and below (given by the z-scores) living in households that experience frequent outages and those which do not. I find that the children living in the households with frequent outages have z-scores of height-for-age that are -0.334 units lower, and z-scores of weight-for-age that are -0.157 units lower than compared to the children living in the observationally identical households but without frequent outages.
    Keywords: ddc:330 ; I12 ; I14 ; J13 ; P36 ; Q53 ; Q41 ; electricity outages ; child health ; height-forage ; weight-for-age ; developing countries ; transition economies
    Language: English
    Type: doc-type:workingPaper
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Progressive direct taxation is necessary to complement social protection, in order to reduce income inequality as well as poverty. A new metric of personal income tax incidence progressivity (the "Plato Index") is presented, using WIDER databases for income inequality (WIID) and tax revenues (GDR). Taxation is shown to be far less progressive in developing countries, than in developed ones (particularly Europe) although there are large variations within regional and income groups. There is significant correlation of direct tax progressivity not only with the level of economic development, but also with health and education provision. Both findings imply potential policy space for higher personal income tax pressure.
    Keywords: ddc:330 ; D12 ; H23 ; I32 ; O15 ; direct taxation ; tax progressivity ; developing countries ; fiscal incidence ; social protection ; direct taxation ; tax progressivity ; developing countries ; fiscal incidence ; social protection
    Language: English
    Type: doc-type:workingPaper
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    Prague: Charles University in Prague, Institute of Economic Studies (IES)
    Publication Date: 2021-12-10
    Description: Educational outcomes have many determinants, but one that most young people can readily control is choosing whether to work while in school. Sixty-nine studies have estimated the effect, but results vary from large negative to positive estimates. We show that the results are systematically driven by context, publication bias, and treatment of endogeneity. Studies ignoring endogeneity suffer from an upward bias, which is almost fully compensated by publication selection in favor of negative estimates. Net of the biases, the literature suggests a negative but economically inconsequential mean effect. The effect is more negative for high-intensity employment and educational outcomes measured as decisions to dropout, but it is positive in Germany. To derive these results we collect 861 previously reported estimates together with 32 variables reflecting estimation context, use recently developed nonlinear techniques to correct for publication bias, and employ Bayesian and frequentist model averaging to assign a pattern to the heterogeneity in the literature.
    Keywords: ddc:330 ; C83 ; I21 ; J22 ; Student employment ; educational outcomes ; meta-analysis ; publicationbias ; Bayesian model averaging
    Language: English
    Type: doc-type:workingPaper
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    Düsseldorf: Hans-Böckler-Stiftung, Wirtschafts- und Sozialwissenschaftliches Institut (WSI)
    Publication Date: 2021-12-10
    Description: Stellungnahme zu dem Gesetzentwurf der Regierung des Saarlandes - Gesetz über die Sicherung von Sozialstandards, Tariftreue und fairen Löhnen bei der Vergabe öffentlicher Aufträge im Saarland (Saarländisches Tariftreue- und Fairer-Lohn-Gesetz - STFLG) - Drucksache 16/1777.
    Keywords: ddc:330
    Language: German
    Type: doc-type:report
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    Linz: Johannes Kepler Universität Linz, Christian Doppler Laboratory Aging, Health and the Labor Market
    Publication Date: 2021-12-10
    Description: The unprecedented consequences of the Covid-19 pandemic have raised concerns about intensified social unrest, but evidence for such a link and the underlying channels is still lacking. We use a unique combination of nationally representative survey data, event data on social unrest, and data on Covid-19 fatalities and unemployment at a weekly resolution to investigate the forces behind social unrest in the context of the strains on public health and the economy due to the pandemic in the USA. The results show that pandemic-related unemployment and Covid-19 fatalities intensified negative emotional stress and led to a deterioration of economic confidence among individuals. The prevalence of negative emotional stress, particularly in economically strained and politically polarized environments, was, in turn, associated with intensified social unrest as measured by political protests. No such link is found for economic perceptions.
    Keywords: ddc:330 ; economic shocks ; Covid-19 ; civil unrest ; political polarization
    Language: English
    Type: doc-type:workingPaper
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    Amherst, MA: University of Massachusetts, Department of Economics
    Publication Date: 2021-12-10
    Description: This paper develops a comparative and connected history of the debates over transition to a market economy in West-Germany after World War II and in China during the first decade of reform and opening up under Deng Xiaoping (1978-1988). At both historical moments the political aim was to reintroduce market mechanisms into a dysfunctional command economy. The question what kind of price reform this required was subject to heated debates among economists. This paper shows how the West-German 1948 currency and price reform was introduced into the Chinese reform debate by German ordoliberals and neoliberals like Friedman. It traces how the West-German case study was mystified as "Erhard Miracle" and became a metaphor for the vision of universal overnight price liberalisation in China - a core element of shock therapy.
    Keywords: ddc:330 ; Neoliberalism ; Socialism ; China ; Germany ; Market transition ; Price theory
    Language: English
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    St. Gallen: Verlag Institut für Versicherungswirtschaft der Universität St. Gallen
    Publication Date: 2021-12-10
    Description: Das Ziel dieser Studie ist es, auf einen erheblichen Missstand in unserem Vorsorgesystem hinzuweisen. Die Renten von Frauen sind in der Schweiz rund ein Drittel niedriger als diejenigen der Männer. Dies kann insbesondere mit unterschiedlichen Erwerbsbiografien erklärt werden. In der Schweiz kommen aber eine Reihe institutioneller Defizite hinzu, weshalb die Schweiz auch im internationalen Vergleich einen überdurchschnittlich hohen "Gender Pension Gap" aufweist. Dazu gehören Eintrittsschwelle und Koordinationsabzug in der beruflichen Vorsorge oder eine unzureichende Berücksichtigung von Betreuungszeiten im Vorsorgesystem. Aus sozialpolitischer Sicht ist dies zu hinterfragen. Um politische Diskussionen zur Reduktion des "Gender Pension Gap" anzustossen, entwickeln wir sieben Reformvorschläge. Diese stellen wir im Rahmen einer repräsentativen Bevölkerungsbefragung (1'197 Teilnehmende, durchgeführt von der gfs-Zürich) sowie einer Expertenbefragung (40 Teilnehmende) zur Diskussion. Dabei zeigt sich eine klare Einigkeit zwischen Bevölkerung und Expertinnen und Experten darüber, dass 1. die Eintrittsschwelle für die berufliche Vorsorge abgeschafft werden sollte, 2. das Eintrittsalter für das Sparen in der beruflichen Vorsorge auf 18 Jahre gesenkt werden sollte und 3. es eine Möglichkeit geben sollte, etwaige Lücken in der Säule 3a aufgrund von Auszeiten für Kinderbetreuung und Pflege nachzufinanzieren. Wir interpretieren die Einigkeit zwischen Bevölkerung und Expertinnen und Experten als klaren Handlungsauftrag an die Politik. Dies nicht in dem Sinne, dass alle Aspekte umgesetzt werden müssen, aber doch die politische Machbarkeit dieser Vorschläge überprüft werden sollte. Aus unserer Sicht ist eine Reduktion von Eintrittsschwelle und Eintrittsalter sinnvoll und politisch machbar. Wir sprechen uns auch für eine Öffnung der Säule 3a, eine Reduktion des Koordinationsabzugs sowie eine Erhöhung des Renteneintrittsalters aus, drei weitere Massnahmen, die ohne grössere Systemeingriffe umsetzbar sind. Die Resultate der Studie zeigen, dass Frauen sich tendenziell später als Männer mit dem Thema Vorsorge befassen und weniger Kenntnisse über Finanzen und Vorsorge aufweisen. Dementsprechend soll die Studie neben den Vorschlägen zur strukturellen Optimierung auch ein Plädoyer für mehr Eigenverantwortung sein. Dies in der Form, dass Frauen sich möglichst früh mit Vorsorgethemen auseinandersetzen, sodass sie die Weichen für möglichst auskömmliche Pensionen besser setzen können.