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In the European Union, unemployment rates differ markedly across regions, both within and across nations. This study presents a coherent theoretical approach to explain the emergence and persistence of such regional unemployment disparities. The analysis builds on the wage curve literature, and on regional agglomeration theories like the new economic geography. These theoretical strings are combined and extended, in order to provide a unified framework.

We analyze an oligopolistic market where a domestic and a foreign firm are engaged in a takeover battle for a domestic competitor. Any merger or acquisition (M&A) must be approved by a welfare maximizing domestic competition agency which may or may not be prone to "economic patriotism". A patriotic government does not (fully) count wealth of domestic shareholders as relevant producer surplus if this wealth has been generated by selling a domestic firm abroad. We show that globalization (decreasing transport costs) has a different impact on the equilibrium ownership structure of that industry, depending on the type of government. With an unbiased competition agency we find that the foreign takeover is more likely to occur the higher the level of trade openness is. However, when the domestic government is biased we find that globalization reinforces the case for promoting national champions. This may explain why some countries have recently spent considerable effort to deter foreign attempts to acquire domestic firms.

Anlässlich der Bundestagswahl vom 26. September 2021 widmet sich dieses Zeitgespräch den Herausforderungen für die zukünftige Bundesregierung. Das Themenspektrum ist ähnlich vielfältig wie es die Vorstellungen der Parteien sind. Neben den Themen Digitalisierung, Dekarbonisierung sowie Aus- und Fortbildung von Fachkräften steht die Finanzpolitik im Fokus. Auch Gleichberechtigung spielt eine zentrale, im Wahlkampf häufig vernachlässigte Rolle. Welche Schritte sollte die nächste Bundesregierung tun, um den anstehenden Herausforderungen zu begegnen? Die inhaltlichen Unterschiede der Wahlprogramme von FDP und Grünen sowie mögliche Kompromisslinien werden aufgezeigt. Schließlich wird erörtert, welche Maßnahmen zur Steigerung der Produktivität ergriffen werden sollten, um den Strukturwandel - hervorgerufen durch Digitalisierung und Energiewende - zu gestalten. ; On the occasion of the federal election on 26 September 2021, this Zeitgespräch is dedicated to the challenges for the future federal government. The range of topics is as diverse as the parties' ideas. In addition to discussing the topics of digitalisation, decarbonisation, and education and training of skilled workers, the contributions also focus on financial policy. Equality also plays a central role, often neglected in the election campaign. What steps should the next federal government take to meet the challenges ahead? The differences in the election programmes of the FDP and the Greens as well as possible lines of compromise are discussed. Finally, the contributions consider which measures should be taken to increase productivity in order to shape the structural change - caused by digitalisation and the energy transition.

Place-based policies had a bad reputation for decades, if they received any attention at all. This has recently changed, for two reasons. First, many countries have experienced political backlashes from rising spatial economic disparities. Populist movements received the highest support in economically backward regions, which had been hit by severe local shocks. By trying to foster spatial economic cohesion, regional policies have become an attempt to insure against those political trends and to save liberal democracies altogether. Second, recent theoretical and empirical research has challenged the leading paradigm of spatial equilibrium analysis, according to which place-based policies are an inefficient interference into the market-based resource allocation. In this paper, I review those arguments and how their balance has changed over time. I argue that the demand for place-based policies is likely to increase in the future, as new digital technologies might reinforce urban-rural divides. But even if the general case for place-based policies now seems to be more widely accepted, the question remains what exactly should be done and which type of programs generate the highest return. Digging through the vast evaluation literature, I try to derive some robust lessons how to conduct place-based policies in practise.

Die Corona-Krise hat alle Mitgliedstaaten der Europäischen Union getroffen - allerdings einige früher und härter als andere. Nun soll ein immens großer Rettungsschirm aufgespannt werden, über dessen Finanzierung, Konditionen und mögliche Auflagen die EU-Mitglieder noch streiten. Auch die Ebenen, auf der die Maßnahmen organisiert werden sollen, sind noch nicht ausbalanciert. Welche Bedeutung kommt dabei der nationalen, welche der supranationalen Ebene zu? Geht es vor allem um die Europäische Währungsunion oder um die gesamte EU? Solidarisches Verhalten gebietet nicht allein die europäische Idee, sondern auch die ökonomische Notwendigkeit, da die Mitgliedstaaten über Lieferketten stark miteinander verflochten sind. ; The Coronavirus crisis has affected al of thel member states in the European Union - but some earlier and harder than others. A large rescue package is to be set up, the financing, conditions and possible requirements of which are still being disputed by EU members. The levels at which the measures are to be organised have not yet been established either. What is the importance of the national level or the supranational leves? Is it primarily about the European Monetary Union or about the EU as a whole? Solidarity is not only required by the European idea, but also by economic necessity, since the member states are strongly connected by their supply chains.

Digitalisierung und Automatisierung werden nicht zu Massenarbeitslosigkeit führen. Nicht Arbeitslosigkeit, sondern eine stärkere Ungleichheit und stagnierende Reallöhne in der Mitte des Lohnspektrums sind das Problem. Bislang hat der Robotereinsatz die Löhne nur schwach in Mitleidenschaft gezogen. Mit dem Vormarsch der künstlichen Intelligenz und anderer digitaler Technologien könnte es aber schlimmer kommen. Wie kann die Wirtschaftspolitik reagieren? Einkommensumverteilung über Steuer- und Transfersysteme oder gar ein bedingungsloses Grundeinkommen greifen zu kurz. Eine vorbeugende Politik setzt an der Primärverteilung der Markteinkommen an. Priorität haben eine produktivitätsorientierte Lohnpolitik, massive Investitionen in die Wissensinfrastruktur und die Intensivierung der Ausbildung und beruflichen Weiterbildung. Die Politik sollte nicht über Robotersteuern, sondern über Modelle der Mitarbeiterbeteiligung nachdenken. Denn die zentrale Frage der Digitalisierung lautet, wem gehören die Roboter?

Alle Länder, so die Annahme klassischer Ökonomen, profitieren vom Außenhandel. Die vergangenen Jahre zeigten jedoch, dass die Globalisierung in der westlichen Welt nicht mehr den allerbesten Ruf genießt. Von links wie von rechts ist sie unter Beschuss geraten. (APuZ)

In the European Union, unemployment rates differ markedly across regions, both within and across nations. This study presents a coherent theoretical approach to explain the emergence and persistence of such regional unemployment disparities. The analysis builds on the wage curve literature, and on regional agglomeration theories like the new economic geography. These theoretical strings are combined and extended, in order to provide a unified framework.

Mittlerweile besteht ein Grundkonsens, dass Verlierer der Globalisierung kompensiert werden müssen, wenn sie etwa von Jobverlusten betroffen sind. Dies soll dem Internationalen Währungsfonds, der Weltbank und der Welthandelsorganisation zufolge nicht über eine progressivere Besteuerung der Einkommen, sondern über Trade Adjustment Assistance erfolgen. Diese Programme sollen betroffene Beschäftigte dabei unterstützen, durch Umschulung schnell neue Jobs in zukunftsträchtigeren Wirtschaftsbereichen zu finden. Regionale Arbeitsmarktunterschiede werden dabei aber oft übersehen. Die aktive Arbeitsmarktpolitik sollte daher um gezielte Regionalpolitik ergänzt werden. ; There is wide consensus that the losers from globalisation should be compensated, but sensible proposals regarding how to compensate them exactly are surprisingly rare. In a recent joint report, the World Trade Organization, the International Monetary Fund and the World Bank suggest the use of trade adjustment assistance and active labour market policies as the main instruments. Their strategy largely ignores, however, that adverse trade effects are strongly concentrated in certain regions, which often have become strongholds of populism. In this article, I argue that supply side labour market policies should be complemented with demand side regional policies that support job creation in the affected areas.

Abstract In this paper, we offer an explanation why globalization (falling trade costs) may increase the government incentive to block foreign takeover of domestic firms and increase its incentive to allow mergers among national firms. This creation of 'national champions' occurs not only because the government may have a bias against foreign takeover, but also because consumer welfare gains associated with foreign acquisitions decrease with globalization. Endogenizing the government bias through lobbying efforts of the domestic firms, the paper shows that the bias does not need to be very strong before the government promotes domestic champions provided that barriers to trade are low.

Governments in several countries have recently spent considerable effort to defend domestic firms against acquisition attempts from abroad and instead favoured mergers among national firms. In this paper we offer an explanation why globalization can reinforce the case for promoting national champions. We analyze an oligopolistic market where a domestic and a foreign firm are engaged in a takeover battle for a domestic competitor. Any merger or acquisition (M&A) must be approved by the national government whose objective function may include a bias against the foreign takeover. That bias endogenously results from lobbying efforts of the domestic firm that would become the outsider in the foreign acquisition scenario. In the case where the government is unbiased and only cares about welfare we find that falling trade barriers trigger the cross-border acquisition. However, when the domestic government cares sufficiently strongly about lobbying contributions, globalization has a qualitatively different effect. The foreign takeover would then only emerge in an intermediate range of trade costs. Once trade integration reaches a critical level the biased government starts to block the foreign takeover and instead opens the door for the national champion.