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Sovereign Bond Yield Spreads: A Time-Varying Coefficient Approach

Bernoth, Kerstin; Erdogan, Burcu - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010

We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to...

Persistent link: https://www.econbiz.de/10008740506

Do Absolute Majorities Spend Less?: Evidence from Germany

Freier, Ronny; Odendahl, Christian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

The number of parties in government is usually considered to increase spending. We show that this is not necessarily the case. Using a new method to detect close election outcomes in multi-party systems, we isolate truly exogenous variation in the type of government. With data from...

Persistent link: https://www.econbiz.de/10010896173

Central versus Local Education Finance: A Political Economy Approach

Borck, Rainald - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

This paper models voters' preferences over central versus local education policies when there are private alternatives. Education is financed by income taxes and individuals are mobile between communities. Public education levels are chosen by majority vote. Contrary to conventional wisdom,...

Persistent link: https://www.econbiz.de/10005068685

Parties Matter in Allocating Expenditures: Evidence from Germany

Potrafke, Niklas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

I test if parties matter with respect to the allocation of public expenditures in Germany. Considering the allocation of rights and duties due to the federal structure, two econometric models are estimated. First, a SURE model analyses spending at the federal level for the period from 1950 to...

Persistent link: https://www.econbiz.de/10005068742

Generationen- oder Parteienkonflikt?: Eine empirische Analyse der deutschen Hochschulausgaben

Oberndorfer, Ulrich; Steiner, Viktor - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006

In diesem Beitrag wird auf der Basis von Paneldaten für die westdeutschen Bundesländer untersucht, ob und in welchem Maße der demographische Wandel sowie die unterschiedlichen politischen Parteienkonstellationen die Hochschulausgaben auf Länderebene beeinflussen. Wir finden empirische...

Persistent link: https://www.econbiz.de/10005069069

Voters Prefer More Qualified Mayors, but Does It Matter for Public Finances?: Evidence for Germany

Freier, Ronny; Thomasius, Sebastian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012

This paper studies the importance of politician's qualification, in terms of education and experience, for fiscal outcomes. The analysis is based on a large panel for 2,031 German municipalities for which we have collected information on municipal budgets as well as the election results and...

Persistent link: https://www.econbiz.de/10010599177

Some Determinants of Intermediate Local Governments' Spending Efficiency: The Case of French Départements

Nieswand, Maria; Seifert, Stefan - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011

subnational governments by transferring additional tasks. This paper analyzes the efficiency of public spending on an intermediate … government level for a sample of 96 départements in metropolitan France in 2008. Spending efficiency is measured using Data … between 10 and 22 percent, depending on model specification. To explain efficiency, a bootstrapped truncated regression …

Persistent link: https://www.econbiz.de/10009025167

Overlapping Political Budget Cycles in the Legislative and the Executive

Foremny, Dirk; Freier, Ronny; Moessinger, Marc-Daniel; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2014

We advance the literature on political budget cycles by testing separately for cycles in expenditures for elections in the legislative and the executive. Using municipal data, we can separately identify these cycles and account for general year effects. For the executive branch, we show that it...

Persistent link: https://www.econbiz.de/10011093692

A Profit-Maximizing Approach for Transmission Expansion Planning Using a Revenue-Cap Incentive Mechanism

Hesamzadeh, Mohammad Reza; Rosellón, Juan; Gabriel, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2015

This paper proposes an incentive mechanism for transmission expansion planning. The mechanism is a bilevel program. The upper level is a profit-maximizing transmission company (Transco) which expands its transmission system while endogenously predicts and influences the generation investment....

Persistent link: https://www.econbiz.de/10011255282

Corporate Debt Maturity Choice in Transition Financial Markets

Stephan, Andreas; Talavera, Oleksandr; Tsapin, Andriy - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2008

This paper investigates the determinants of liability maturity choice in transition markets. We formulate a model of firm value maximization that describes managers' choice of optimal debt structure. The theoretical predictions are tested using a unique panel of 4,300 Ukrainian firms during the...

Persistent link: https://www.econbiz.de/10004963773