This paper analyzes China's economic performance in the last 25 years and discusses its prospect for growth in the future. China has enjoyed high annual GDP growth rates of about ten percent in the last 25 years. Exports and investment were the two driving forces of the growth process. FDI plays...

Das Umlage- und das Kapitaldeckungsverfahren werden verglichen. Das Kapitaldeckungsverfahren hat eine größere Rendite für den einzelnen und bringt gesamtwirtschaftliche Effizienzgewinne mit sich: Es wird mehr Kapital gebildet, und Verzerrungen am Arbeitsmarkt werden beseitigt. Bei einem...

The paper compares the pay-as-you-go system and a capital funded system of old age insurance. The capital funded system has a higher rate of return. Pension income can be obtained at lower costs for the individual. This implies efficiency gains in terms of higher savings and reduced distortion...

Germany's capital market relies on bank-intermediated products and not so much on capital market processes. Two of the pillars in Germany's three-pillar banking system, the savings banks and the cooperative banks, have special statutes and are not exposed to the control of the capital market...