We analyze contributions of different markets to price discovery on traded inflation expectations and how it changed during the financial crisis. The quicker information is processed on one market and the less one market is disrupted by the financial crisis the more valuable is its information for central banks and market participants. We use a new high frequency data set on inflation-indexed and nominal government bonds as well as inflation swaps to calculate information shares of break-even inflation rates in the euro area and the US. For maturities up to 5 years new information comes from both the swap and the bond markets. For longer maturities the swap market provides less and less information in the euro area. In the US where the market volume of inflation-linked bonds is large the bond market dominates the price discovery process for all maturities. The severe financial crisis that spread out in Autumn 2008 drove a wedge between bond and swap break-even inflation rates in both currencies. Price discovery ceased to take place on the swap market. Disruptions coming from the short-end of the market even separated price formation on both segments for maturities of up to 6 years in the US. Against the backdrop of the most severe financial crisis in decades contributions to price formation concentrated a lot more on the presumably safest financial instrument: government bonds.
We disentangle different driving factors of sovereign bond market integration by studying yield co-movements of EMU countries, the UK, the US and 16 German La¨nder in the last 15 years. At a low frequency of weeks, bond market integration has increased gradually in the course of the last 15 years in EMU countries, as well as the UK, the US and the German La¨nder. The euro, as well as increasing international capital flows, appear to drive low frequency integration. In contrast, yield adjustments to changes of the German benchmark bond at high frequencies, i.e., 2 days, remain relatively low until October 2000, when a sharp increase in integration can be observed in all samples. The increase in high frequency integration can be attributed to electronic trading platforms becoming functional. The change-over from national currencies to the euro can not explain the dramatic increase in high frequency integration.
The paper presents a comprehensive data set of all bonds issued by the sixteen German states (Länder) since 1992. It thus provides a complete picture of a capital market comparable in size to funds raised in the German fixed income market for corporations. The quantitative analysis reveals that Länder follow different issuing strategies: while some concentrate to a greater extend on large issues or issue joint bonds with other Länder (Jumbos), others rely more on comparatively small but frequent issues. Moreover, some Länder issue a significant volume-share of their bonds in foreign currencies. Suitable bonds are used to compute yields for the respective Länder at a daily frequency. In addition, we construct a measure of liquidity based on the standard deviation of yields of those bonds that are used to compute the average yield.
"Im Zuge des sozialen und demographischen Wandels ist der Bevölkerungsanteil von Personen mit vergleichsweise geringen Armutsrisiken (z. B. von Hochqualifizierten, Kinderlosen und Personen mittleren Alters) erheblich angewachsen. Dennoch ist die aggregierte Armutsquote im Zeitverlauf nicht gesunken. Um dieses Phänomen aufzuklären, analysiert die Arbeit den Beitrag des Wandels von Alters-, Bildungs- und Haushaltsstruktur zur Armutsentwicklung in Deutschland zwischen 1992 und 2008. Hierzu werden individuelle Armutsrisiken nach Lebensalter, Bildungsniveau und Kinderzahl für jedes Kalenderjahr im Betrachtungszeitraum geschätzt und auf Basis der Bevölkerungsstruktur des Jahres 1992 aggregiert. Damit wird es möglich, die Armutsentwicklung unter konstanten Bevölkerungsbedingungen, also strukturbereinigt, für den Zeitverlauf nachzuvollziehen und mit der tatsächlichen Entwicklung zu vergleichen. Grundlage der Analysen sind die Daten des Sozio-oekonomischen Panels. Die Ergebnisse zeigen, dass durch die Zunahme der individuellen Armutsrisiken heute, strukturbereinigt, etwa ein Drittel mehr Menschen arm wären (16,6?%), als dies aktuell tatsächlich der Fall ist (12,0?%). Der strukturelle Bevölkerungswandel, hin zu sozialen Gruppen mit relativ geringen Armutsrisiken, hat damit einen Anstieg der Armutsbetroffenheit um mehr als vier Prozentpunkte verhindert. Die in den letzten Jahren zumeist stagnierende oder 'nur' leicht gestiegene Armutsquote ist damit zum großen Teil die positive Folge der soziodemographischen Umschichtung der Gesellschaft." (Autorenreferat, IAB-Doku)
Trabajo de Fin de Máster. Máster en Estudios de la Unión Europea. Curso 2013-2014. ; [ES] Por el vigésimo aniversario de la Marca Comunitaria en 2014 y sus próximas reformas se investigan los criterios de admisión de la Community TradeMark en este trabajo. Los principios básicos del sistema de la marca comunitaria son los principios de unidad, coexistencia y autonomía. Requisitos básicos de admisibilidad son carácter distintivo y representación gráfica del signo. Prohibiciones absolutas, en que la OAMI debe denegar necesariamente el registro, se especifican en el art. 7 del RMC. Actualmente los tipos admisibles de CTM son marca denominativa, marca figurativa, marcas tridimensional, marca de color, marca sonora, marca olfativa, marca de posición y otros tipos; se definen en el presente documento, subsumiéndolos bajo los requisitos básicos de admisión y ilustrándolo con jurisprudencia básica y reciente. En casos especiales, se pueden superar las prohibiciones absolutas por adquisición de carácter distintivo por uso. Los motivos de denegación relativos de art. 8 RMC protegen las marcas previamente registradas, pero sólo se examinan por petición de terceros. En 2014, las propuestas de reforma estaban todavía en el procedimiento de decision en la Comisión, el Parlamento y el Consejo. La base de la reforma será el estudio del Instituto Max Planck; sus objetivos son la promoción de la innovación y mejora de la eficiencia del sistema de la marca a través de la simplificación y la seguridad jurídica, manteniédo la complementariedad entre los sistemas de marcas. Además se da un breve resumen sobre los impactos de ACTA, la OMC y ADPIC sobre la marca comunitaria. La CTM se ha convertido en una parte indispensable de la legislación comunitaria, en constante desarrollo a través de la jurisprudencia es un éxito de armonización. Por las reformas inminentes, el sistema de la marca comunitaria se hace cada vez más flexible y moderno, reflejando el progreso tecnológico. ; [EN] For the 20th anniversary of the Community trade mark in 2014 and its upcoming reforms, the admission criteria of the CTM are being further investigated in this paper. The basic principles of the CTM system are the principles of unity, co-existence and autonomy. CTM's basic admission requirements are distinctive character and the possibility of a graphical visualization of the trademark sign. Absolute refusal grounds, where the OHIM must necessarily refuse registration, are specified in Art. 7 CTMR. Currently admissible types of CTM such as word mark, figurative mark, three-dimensional marks, color mark, audio mark, olfactory mark, position mark and further types are defined in this paper, subsumed under the two basic admission requirements and each illustrated with basic and recent case law. In special cases, absolute refusal grounds can be superated by distinctiveness acquired through use. The relative grounds for refusal of Art. 8 CTMR are aiming to protect previously registered marks, but they are only examined by request of third parties. In 2014, the reform proposals were still in the decision making process at the Commission, Parliament and Council. The basis of the reform will be the study of the Max Planck Institute, its objectives are the promotion of innovation and improvement of trademark system efficiency through simplification and legal certainty in maintaining coexistence and complementarity between the trade mark systems. Core of the revised eligibility criteria will be the elimination of the graphical representation. Furthermore, a brief overview is given about the impacts of ACTA, WTO and ADPIC on the CTM. The CTM has become an indispensable part of EU law, constantly developped through case law it became a real harmonization success. By the imminent reforms the CTM system is becoming more flexible and modern, reflecting technological progress.
We analyze contributions of different markets to price discovery on traded inflation expectations and how it changed during the financial crisis. The quicker information is processed on one market and the less one market is disrupted by the financial crisis the more valuable is its information for central banks and market participants. We use a new high frequency data set on inflation-indexed and nominal government bonds as well as inflation swaps to calculate information shares of break-even inflation rates in the euro area and the US. For maturities up to 5 years new information comes from both the swap and the bond markets. For longer maturities the swap market provides less and less information in the euro area. In the US where the market volume of inflation-linked bonds is large the bond market dominates the price discovery process for all maturities. The severe financial crisis that spread out in Autumn 2008 drove a wedge between bond and swap break-even inflation rates in both currencies. Price discovery ceased to take place on the swap market. Disruptions coming from the short-end of the market even separated price formation on both segments for maturities of up to 6 years in the US. Against the backdrop of the most severe financial crisis in decades contributions to price formation concentrated a lot more on the presumably safest financial instrument: government bonds.
The paper presents a comprehensive data set of all bonds issued by the sixteen German states (L¨ander) since 1992. It thus provides a complete picture of a capital market comparable in size to funds raised in the German fixed income market for corporations. The quantitative analysis reveals that L¨ander follow different issuing strategies: while some concentrate to a greater extend on large issues or issue joint bonds with other L¨ander (Jumbos), others rely more on comparatively small but frequent issues. Moreover, some L¨ander issue a significant volume-share of their bonds in foreign currencies. Suitable bonds are used to compute yields for the respective L¨ander at a daily frequency. In addition, we construct a measure of liquidity based on the standard deviation of yields of those bonds that are used to compute the average yield.
