How can we toughen up the state against the backdrop of the transformative challenges of climate change, planetary boundaries, and technological progress? I examine this question through a fundamental analysis of the dimensions of democratic politics and the "management" of public affairs. I argue that the state's ability to act is suffering from the withering away of the antagonistic dimension of democratic politics. At the same time, the state itself often puts on too tight a corset by narrowing its financial leeway and providing central public management organizations with a considerable degree of independence that was not secured by a similarly developed system of public accountability.
In 2000 and 2001, several European countries carried out auctions for third generation technologies or universal mobile telephone services (UMTS) communication licenses. These "spectrum auctions" inaugurated yet another era in an industry that has already been transformed by a combination of staggering technological innovation and substantial regulatory change. Because of their spectacular but often puzzling outcomes, these spectrum auctions attracted enormous attention and invited new research on the interplay of auctions, industry dynamics, and regulation. This book collects essays on this topic by leading analysts of telecommunications and the European auction experience, all but one presented at a November 2001 CESifo conference; comments and responses are included as well, to preserve some of the controversy and atmosphere of give-and-take at the conference. The essays show the interconnectedness of two important and productive areas of modern economics, auction theory and industrial organization. Because spectrum auctions are embedded in a dynamic interaction of consumers, firms, legislation, and regulation, a multidimensional approach yields important insights. The first essays discuss strategies of stimulating new competition and the complex interplay of the political process, regulation, and competition. The later essays focus on specific spectrum auctions. Combining the empirical data these auctions provide with recent advances in microeconomic theory, they examine questions of auction design and efficiency and convincingly explain the enormous variation of revenues in different auctions.
What should be the role of the ECB in tackling the socio-ecological challenges related to planetary boundaries, such as climate change and loss of biodiversity? A clear answer to this question is still lacking, in spite of the strategy review of 2021. Regretfully, this review has not received the scrutiny it deserves, as the pandemic and the war in Ukraine have taken center stage. Taking these recent developments into account, we provide a critique of the new strategy. We argue that it lacks transformativity, as it subsumes climate change under the policy objective of price stability, assumes that transformations can be mastered within the structures of the past, and refrains from questioning the current institutional set up. In its main part, the paper discusses the historical relevance of what we believe is the main reason for these deficits: The fear that taking up the real issues (such as independence and accountability) would make the ECB a political football in times of rising inflation. Taking these fears seriously, we show that the institutionalization of central banking has always reflected the transformative dynamics of their time. Consequently, if planetary boundaries represent a transformative challenge, they will radically change the ECB, too. Moreover, we provide evidence that central banks' historical transformations have always reflected their peculiar position as mediators between the financial and the political realm. We argue that, at the current juncture, transforming central banking implies moving away from finance and towards politics. This involves risks. However, we argue that the historical experience offers few reasons to fear a closer integration of central banking into the public sphere, as long as the latter is dominated by democratic politics. Consequently, if one comes to the conclusion that the ECB's current corset is too narrow, it can and should be augmented. While we do not offer a blueprint for such augmentation, we conclude our analysis by sketching elements of a sustainable strategy for a transformative ECB.
The article explores regional policy issues at the nexus of economic geography and the recent academic literature on the political economy of digitalization. The objective is to blend these two areas of research to derive a first set of preliminary policy implications for so called "Smart Region" strategies. First, we document and analyze the finding that digitalization and, more generally, technological progress based on information and communication technologies represents a risk rather than an opportunity for many regions. Against the backdrop of the role of human capital accumulation in this process, "Smart Region" strategies should re-focus their attention on the settlement and development of "digitally competent" human capital. Second, we summarize key findings from studies that deal with the capitalist accumulation regime emerging in the course of digital change. This regime, often referred to as "platform capitalism" or "surveillance capitalism", appears to be antagonistic what is considered an integral and functional regional economy. Against this background, regions should meet calls for a rapid integration into this regime with a good deal of skepticism. Similarly, they should be careful not to embrace "smart" initiatives overhasty. Instead, they should develop their own definition of digital literacy and consciously incorporate alternatives to platform capitalism in their digital strategies. Attracting digitally competent human capital can support such an approach, especially if the respective initiatives are directed towards the public, educational and non-profit sectors. ; Der Artikel untersucht regionalpolitische Fragen an der Schnittstelle von Wirtschaftsgeographie und neuerer wissenschaftlicher Literatur zur politischen Ökonomie der Digitalisierung. Ziel ist es, diese beiden Forschungsbereiche miteinander zu verbinden, um eine erste Reihe vorläufiger politischer Implikationen für so genannte "Smart Region"-Strategien abzuleiten. Zunächst dokumentieren und analysieren wir die Feststellung, dass die Digitalisierung und ganz allgemein der technologische Fortschritt auf der Grundlage der Informations- und Kommunikationstechnologien für viele Regionen eher ein Risiko als eine Chance darstellt. Vor dem Hintergrund der Rolle der Akkumulation von Humankapital in diesem Prozess sollten "Smart Region"-Strategien ihre Aufmerksamkeit wieder auf die Ansiedlung und Entwicklung von "digital kompetentem" Humankapital richten. Zweitens fassen wir zentrale Ergebnisse von Studien zusammen, die sich mit dem kapitalistischen Akkumulationsregime befassen, das im Zuge des digitalen Wandels entsteht. Dieses Regime, das oft als "Plattformkapitalismus" oder "Überwachungskapitalismus" bezeichnet wird, scheint dem entgegenzustehen, was als eine integrale und funktionale regionale Wirtschaft angesehen wird. Vor diesem Hintergrund sollten die Regionen Forderungen nach einer raschen Integration in dieses Regime mit viel Skepsis begegnen. Ebenso sollten sie sich davor hüten, "kluge" Initiativen voreilig zu ergreifen. Stattdessen sollten sie ihre eigene Definition von digitaler Kompetenz entwickeln und bewusst Alternativen zum Plattformkapitalismus in ihre digitalen Strategien einbeziehen. Die Gewinnung von digital kompetentem Humankapital kann einen solchen Ansatz unterstützen, insbesondere wenn die jeweiligen Initiativen auf den öffentlichen, den Bildungs- und den gemeinnützigen Sektor ausgerichtet sind.
The article illustrates how the integration of modern theory of finance and stochastic dynamic macroeconomic analysis provides a deeper understanding of the link between asset prices and consumption. It shows that this approach gives only a partial explanation for recent trends in US consumption. Comparing wealth effects in Anglo Saxon countries with continental Europe, the paper provides a perspective of the challenges for European monetary policy arising from wealth effects on consumption.
We study the apparent disconnect between what countries announce to be their exchange rate regime and what they de facto implement. Even though discrepancies between announcements and de facto polices are frequent, there is a lack of understanding of actual patterns and underlying reasons. We contribute to the literature by identifying a number of robust stylized facts by means of an in-depth analysis of a large cross-country dataset. A key insight is that countries that operate under intermediate de facto regimes tend to announce fixed or flexible exchange rate regimes. The exact nature of deviations is related to country characteristics such as trade structure, financial development, and financial openness. Furthermore, regime discrepancies have followed secular trends, which are most likely related to financial globalization and changes in monetary policy design.
Preface -- Contents -- Monetary Policy, Financial Crises, and the Macroeconomy:Introduction -- 1 Liquidity and Contagion of Financial Crises -- 2 Putting Theory to Work -- 3 Re-conceptualizing Macroeconomics -- References -- Part I Liquidity From a Macroeconomic Perspective -- Balancing Lender of Last Resort Assistance with Avoidance of Moral Hazard -- 1 Introduction -- 2 The Meaning of Solvency? -- 3 A Liquidity Problem Is a Solvency Problem -- 4 Lend to the Market, not to an Individual Borrower? -- 5 Limiting Moral Hazard -- 5.1 Treat First Worst -- 5.2 Involve the Other Banks, if Possible -- 5.3 Change the Incentive Structure -- 6 Conclusions -- References -- Optimal Lender of Last Resort Policy in DifferentFinancial Systems -- 1 Introduction -- 1.1 Related Literature -- 2 The Framework -- 2.1 The Setup -- 2.2 Financial Structure of Firms and Banks -- 2.3 Local Lending Markets and the Time Structure of the Model -- 3 Stability of an Individual Bank -- 4 Equilibrium in the Liquidity Market -- 5 Optimal LOLR-Policy -- 6 Conclusions -- References -- Network Effects and Systemic Risk in the Banking Sector -- 1 Introduction -- 2 The Structure and Development of Credit Relationships in the Banking Sector -- 2.1 Extracting the ``Stylized Facts'' -- 2.2 Fitting Structural Models: Scale-Free and Core-Periphery Models for the Banking Network -- 2.3 Fitting Behavioral Models: An Actor-Based Approach to Link Formation -- 3 New Structural and Behavioral Models -- 3.1 An Interbank Network Model Based on ``Stylized Facts'' -- 3.2 Interaction Between the Topology of Bank-Firm Loans and the Interbank Network -- 3.3 A Dynamic Model of Link Formation in the Banking Sector -- 4 Conclusion -- References -- Contagion Risk During the Euro Area Sovereign Debt Crisis: Greece, Convertibility Risk, and the ECB as Lender of Last Resort
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Für konkrete Veränderungen der Arbeitswelt haben Blockchains nur geringe Bedeutung. Die meisten Versprechungen der Technik wurden nicht erfüllt, auch wenn sich in den entstanden Arbeitswelten Formen guter digitaler Arbeit finden. Als Digitalisierungsmythos beeinflussen Blockchains aber arbeitspolitische Prozesse auf Mikro- und Makroebene. Im Verteilungskampf um Digitalisierungsgewinne und bei der Abwehr von Überwachungs- und Kontrollpraktiken kann es sinnvoll sein, den Mythos als "Instrument der Umwälzung" aufzufassen, eröffnet er doch Freiheitsgrade und ermöglicht Aufklärung über Aufklärung.
Im Jahr 1974 verunsicherten eine Reihe von Bankenkrisen viele der größten Volkswirtschaften der Welt. Die Prominenteste, die Herstattkrise in Deutschland, verursachte große Schockwellen durch das entstehende globale Finanzsystem. Rückblickend markiert die Krise den Beginn eines langen Trends der diskontinuierlich steigenden Finanzinstabilität, der in der Krise 2007/08 gipfelte. Im Rückblick scheint die Krise ein Vorspiel oder Vorwort zu sein, wenn nicht sogar das erste Kapitel einer sich abzeichnenden Ära der Finanzialisierung und der Bankenverwirrung. Als solches hätte es die Reaktion derjenigen beeinflussen können, die die finanzielle Instabilität analysieren und darauf reagieren. Aber wie haben zeitgenössische Beobachter die Episode tatsächlich interpretiert und kontextualisiert? Welche Auswirkungen hat das auf die professionelle Sichtweise und die Politik für den Finanzsektor? Mit Schwerpunkt auf Deutschland überprüfen wir eine umfangreiche Sammlung von Zeitdokumenten, um die Auswirkungen der Krise von 1974 auf die Erwartungen der Experten an Banken und Finanzen zu analysieren. ; In 1974, a series of banking crises unsettled many of the world's largest economies. The most prominent of them, the Herstatt crisis in Germany, sent major shock waves through the nascent global financial system. In retrospective, the crisis marks the beginning of a long trend of discontinuously rising financial instability that culminated in the crisis of 2007/08. In retrospect, the crisis appears to be a prelude or preface, if not the first chapter of a looming era of financialization and banking turbulence. As such, it could have shaped the response of those analyzing and responding to financial fragility. But how did contemporary observers in fact interpret and contextualize the episode? What mark did it leave on professional views and policies on the financial sector? With a focus on Germany, we review an extensive set of contemporary documents to analyze the impact of the 1974 crisis on experts' expectations towards banks and finance.
Eine aufgabenorientierte Vorbereitung ist für das Bestehen vieler Prüfungen im Bereich der Wirtschaftswissenschaften unerlässlich. Der Aufbau der Kapitel orientiert sich an der grundlegend aktualisierten 8. Auflage des Lehrbuches Makroökonomie von Blanchard/Illing.
Biographical note: Bernhard Emunds ist Professor für Christliche Gesellschaftsethik und Sozialphilosophie an der Hochschule Sankt Georgen. Jürgen Kädtler ist Professor für Soziologie und Präsident des Soziologischen Forschungsinstituts Göttingen. Michael Faust, PD Dr., ist dort Research Fellow. Ulrich Klüh ist Direktor am Center for Sustainable Economic and Corporate Economic Policy und Professor für Volkswirtschaftslehre an der Darmstadt Business School. - Long description: Im Zeichen der Weltfinanzkrise ab 2008 standen Banken als Hauptverantwortliche am Pranger. Forderungen nach einer Umgestaltung und einer strikten Regulierung des Bankwesens waren Allgemeingut. Wenige Jahre später ist das Thema wieder in den Hintergrund gerückt. Obwohl die Maßnahmen weit hinter den Forderungen zurückblieben, überwiegt nun die Klage über eine Überregulierung des Sektors. Davon ausgehend analysieren die Beiträge dieses Buches, wie Leitbilder für das Handeln von Banken zustande kommen und wie sie deren Handeln konkret beeinflussen. Nicht zuletzt geht es um die Rolle von Finanzkrisen als Katalysatoren für die Neujustierung von Leitbildern und praktischen Handlungsorientierungen