Suchergebnisse

In their negotiations for the Transatlantic Trade and Investment Partnership (TTIP) between 2011 and 2016, the European Union and the United States of America (U.S.) aimed to not only reduce tariffs but to also establish regulatory coherence. For the U.S. federal states, the proposed comprehensive deal could offer both possibilities to expand transatlantic trade as well as threats to their legislative authority. This study investigates why and how some states represent their transatlantic trade promotion and trade policy interests despite constitutional limitations, why there is variation regarding these two topics of states' interest representation and what intergovernmental conflicts arise. Based on original qualitative expert interviews, the analysis shows that U.S. states as noncentral governments are viable actors in transatlantic trade and investment relations. It is evident that a small number of mostly progressive state legislators actively engage U.S. federal and European officials to prevent the loss of state regulatory authority. Regarding the proposed trade deal, interest representation is centered around issues of federalism and sovereignty rather than economic growth opportunities. While trade promotion remains the key driver of states' overall transatlantic activities, these findings expand our view on states' international affairs beyond economic development. ; In den Verhandlungen zur Transatlantischen Handels- und Investitionspartnerschaft (TTIP) zwischen 2011 und 2016 strebten die Europäische Union und die Vereinigten Staaten von Amerika (U.S.) nicht nur eine Reduktion der Zölle an, sondern auch regulatorische Kohärenz. Für die U.S.-amerikanischen Bundesstaaten könnte dies sowohl eine Ausweitung des transatlantischen Handels bedeuten als auch eine Gefährdung ihrer legislativen Kompetenz. Diese Studie untersucht, warum und wie einige Bundesstaaten trotz verfassungsrechtlicher Einschränkungen ihre Interessen zu transatlantischem Handel und transatlantischer Handelspolitik vertreten, warum es bei ...

Using the budget-based scheme approach developed by Kirby et.al. (1991) and Reichelstein (1992), this paper establishes the optimal policy function in order to control hidden actions from managers of Public Water Utilities (PWU) regarding investments that deviate from the Optimized Business Plan (OBP), with the purpose of inducing managers to reduce deviation from the execution of not programmed investments in the OBP and from programmed investments that were not executed. We find a high percentage of investment (47%) that deviates from its OBP. However between 16% and 35% of executed investment that it deviates from its programmation, can be controlled by the PWU manager with a compensation payment schemes.

Dieses Paper betrachtet die geoökonomischen Strategien der EU und die Herausforderungen durch China. Die Europäische Union ist von großer Bedeutung, nicht nur als geopolitischer sondern auch als geoökonomischer Akteur. Als ethisch-normative Macht und Verfechter des Multilateralismus' verfolgt die EU eine geoökonomische Strategie, die auf Regeln basiert. Die EU sieht sich jedoch Herausforderungen durch China ausgesetzt. Dies betrifft vor allem die drei wichtigsten europäischen geoökonomischen Instrumente: Handelspolitik, Investitionspolitik und Cybersecurity. Mit seiner 17+1-Initiative und der "neuen Seidenstraße" (Belt and Road Initiative) hat China seinen Einfluss bis in die EU ausgedehnt. Gleichzeitig hat jedoch auch die EU schnelle und pragmatische Schritte unternommen, um ihr geoökonomisches Gewicht zu vergrößern. Darüber hinaus muss die EU jedoch auch politische Aspekte in ihren Investitionen berücksichtigen, um ihre geoökonomische Gestaltungskraft zu stärken.

The true nature and purpose of China's One Belt One Road (OBOR) initiative are subject to much speculation. The one certainty is that OBOR commands powerful high-level Chinese support and is backed by a large investment of political capital. It is no less than the personal signature initiative of President Xi, who has made clear that he regards it as central to his political legitimacy and as the tangible embodiment of his "China Dream" of rejuvenating the nation and its ruling Communist Party - which in his mind are probably the same thing. However, the initiative faces formidable challenges. It remains unclear how much new investment OBOR has generated, how far it makes economic or geo-political sense or, indeed, how far China can afford to support it, given its current economic and financial difficulties. There has been fierce competition to win government support for OBOR projects but its political nature risks leading to serious misallocation of resources. (.)

Europe faces a twofold economic challenge. Post crisis, Europe still suffers from weak confidence, with would-be investors across Europe sitting on ample liquidity but afraid to invest, while deleveraging goes on in both the public and private sector. From a structural point of view Europe faces the longlasting challenge of declining productivity and competitiveness, which has made it more vulnerable to economic turmoil, is undermining the recovery and threatens its economic well-being over the longer term. Getting the conditions right for investment to take place and to accelerate the competitivenessenhancing reallocation of resources is crucial for the future of Europe. The EIB's annual economic publication focuses on investment and investment finance in Europe, discussing both cyclical and structural factors. This year's special topic is investing in competitiveness. ; Der Bericht legt dar, wie sich die Krise nach wie vor auf die Investitionen in Sachanlagen und immaterielle Vermögenswerte sowie auf deren Finanzierung auswirkt. Er untersucht außerdem, welche Bedeutung der Wettbewerbsfähigkeit in einem zunehmend offenen und integrierten Weltmarkt zukommt. Dabei werden die wichtigsten Grundsätze analysiert, die einer wettbewerbsorientierten Wirtschaftspolitik zugrunde liegen müssen. In diesen Bericht sind sowohl Studien der EIB-Hauptabteilung Volkswirtschaftliche Analysen als auch die Arbeiten führender Wissenschaftler eingeflossen. Erstellt wurde er für die EIB-Konferenz zu Wirtschaftsfragen 2015.

Real options theory applies techniques known from finance theory to the valuation of capital investments. The present paper investigates further into this analogy, considering the case of a portfolio of real options. An implementation of real option models in practice will mostly be concerned with a portfolio of real options, so the analysis of portfolio aspects is of both academic and practical interest. Is a portfolio of real options special? In order to shed some light on this question, the present paper will outline the relevant features of a portfolio of real options. It will show that the analogy to financial options remains great if compound option models are applied. As a result, a portfolio of real options, and therefore the firm as such, generally is to be understood as one single compound, real option.

vorgelegt von: Gerald Lindner ; Literaturverzeichnis: Blatt 37-40 ; Abstract/Zusammenfassung in deutscher und englischer Sprache ; Universität Salzburg, Masterarbeit, 2020 ; (VLID)6464441

Diese Arbeit trägt zur Literatur zu regionalpolitischen Investitionen zur Überwindung regionaler Ungleichheiten bei. Ein besonderer Schwerpunkt liegt auf dem Umgang mit Endogenitätsproblemen. Kapitel 2 analysiert Effekte der europäischen Regionalpolitik. Dieser breit angelegte Überblick zeigt ein ernüchterndes Bild regionalpolitischer Maßnahmen. Die Gründe dafür können in zwei Stränge unterschieden werden: Zum einen behindern regional sehr heterogene Voraussetzungen erfolgreiche Förderungen. Dies ist im Fokus von Kapitel 3, das die Bedeutung historischer Gegebenheiten für heutige Wohlstandsfaktoren zeigt. Zweitens erfüllen die gewählten Fördermaßnahmen ihre Rolle als Wachstumsimpulse nicht ausreichend. Dies wird in Kapitel 4 analysiert, wobei ein Fokus auf dem Umgang mit regionalökonomisch oft vernachlässigten Endogenitätsproblemen liegt.

While there is an increasing demand for a discipline in the next generation FTAs that restricts SOEs in international trade, there is less debate on the proliferation of sovereign patent funds (SPFs) that are increasingly using intellectual property to engage in discriminatory industrial policy in an attempt to augment the competitiveness of ailing national champions against foreign competition. Some SPFs, like France Brevets, even admit to being retaliatory or discriminatory instruments against foreign actors regardless of whether the original claim is legitimate or not. Such use of intellectual property by government controlled entities threatens to become a new trade defense instrument like anti- dumping or countervailing duties. However, such mercantilist tactics by mid-sized economies are futile, as they only serve to legitimise similar behavior by bigger economies like China that are actively pursuing industrial policy through defensive use of patents through R&D funding, public procurement, competition policy - and the establishment of their own SPFs. This calls for different priorities on SOE disciplines in next-generation FTAs such as TTIP or TPP. In fact, it makes little sense to argue over SOE exports while refraining from counteracting the potentially more disrupting and systemic effects of SPFs that also spill over on innovation as well as the global trading system.

Regionalpolitik ist gemessen an den Ausgaben nach der Agrarpolitik das zweitwichtigste Politikfeld der EU. Eines ihrer zentralen Ziele ist die Förderung von langfristigem Wirtschaftswachstum. Die jüngere volkswirtschaftliche Forschung hat gezeigt, dass ein Zusammenhang zwischen der Höhe und der Zusammensetzung der öffentlichen Ausgaben und dem langfristigem Wachstum besteht, und impliziert, dass sich die Wachstumseffekte von unterschiedlichen Ausgabenarten stark unterscheiden. Die Bewertung von Ausgabenkategorien aus einer Wachstumsperspektive ist aufgrund von direkten und indirekten Wachstumseffekten komplex, und einfachere Bewertungsmuster können irreführend sein. Im Rahmen der Regionalpolitik wird eine Vielzahl von Projekten in unterschiedlichen Bereichen gefördert. Das Ziel dieses Beratungsvorhaben besteht darin, auf Basis der Einsichten der Literatur den Anteil der wachstumsfördernden Ausgaben abzuschätzen.

For FDI to help stimulate economic growth and alleviate poverty in developing countries, two conditions have to be met. The first requirement is to improve developing countries' attractiveness to foreign investors. Second, the host-country environment in which foreign investors operate must be conducive to favorable FDI effects with regard to overall investment, economic spillovers and income growth. To a certain extent, these two requirements involve similar policy challenges for developing countries. The development of local markets and institutions, an investment-friendly policy and administrative framework, as well as the availability of local complementary factors of production can be considered major driving forces of FDI. Hence, better access to FDI depends on policy actions on all these fronts. At the same time, empirical studies strongly suggest that favorable effects of FDI in the host countries would be more likely if these factors figured high on the policy agenda. Nevertheless, policymakers should be aware that meeting the first condition, i.e., attracting FDI, is no guarantee for reaping benefits from FDI. For all we can tell, it appears much more difficult to benefit from FDI than to attract FDI. Resource-based countries with low per-capita income frequently exemplify this dilemma. Many of these countries report fairly high FDI inflows, but the enclave character of FDI in commodity-related activities renders it unlikely that FDI contributes significantly to economic growth and poverty alleviation.

Ireland is the most successful EU economy in attracting export-platform foreign direct investment (FDI), and the increased FDI inflows of the 1990s are widely agreed to have been one of the most important factors in generating the remarkable boom that the country experienced over that decade. The present paper considers the confluence of factors - domestic policy changes, fortuitous developments in the European and global economic environment, and the coming to fruition of policy initiatives of earlier eras - that provided the setting for the increased inflows of the period and the changes that they wrought. One of the main findings is that growth-enhancing economic policies - including fiscal prudence, the maintenance of labour-market flexibility and a focus on scienceoriented human capital formation - were crucial for Ireland to derive the full benefits of its FDI-attracting low-corporation-tax regime.

This article introduces a new and unique dataset for measuring the adoption of investment facilitation measures at country level. The Investment Facilitation Index (IFI) covers 117 individual investment facilitation measures, clustered in six policy areas, and maps their adoption for 86 countries. This article presents the conceptual and methodological background of the IFI and provides a first analysis of the level of adoption of investment facilitation measures across countries participating in the investment facilitation for development negotiations in the World Trade Organization (WTO). Our dataset reveals novel insights. Countries which have lower levels of adoption belong to the low-income and lower-middle-income country group and are often located in Africa, the Middle East and to some extent Latin America and the Caribbean. The strong correlation between FDI and the IFI score shows that countries with the lowest levels of FDI, and thus in need of policy tools to attract FDI, have the lowest levels of adoption when it comes to investment facilitation measures. Our dataset has direct relevance for current policy discussions on investment facilitation for development in the WTO but also for domestic-level policy-making. Furthermore, the IFI provides the basis for a future research agenda to assess the design and impact of a future WTO agreement.

Nach den Plänen der Unternehmen ist im Verarbeitenden Gewerbe 2019 mit einem Anstieg der Investitionen um rund 8% zu rechnen. Für das vergangene Jahr ergaben die Meldungen der Firmen einen Zuwachs von gut 6%. Hauptzielsetzung der Investitionstätigkeit war 2018 und ist auch 2019 die Kapazitätserweiterung.

This paper argues that an external monitor can be less effective when there is uncertainty regarding the quality of the management and the business environment. In a two-period model, an outside monitor, who initially does not know managerial quality, can have the manager fired. The manager makes investment decisions based on noisy but informative private information, and if she is the empire-building type, derives private benefits from over-investment. Uncertainty imposes extra costs on the monitor, and leads to equilibrium in which the riskneutral monitor gives up monitoring ex ante. The model highlights the limits of external monitoring, and suggests that outside monitoring cannot fully substitute for internal monitoring by the board. Some implications of this model are confirmed in empirical tests.