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Based on explicit present value calculations, the paper criticizes the view that the PAYGO system wastes economic resources. In present value terms, there is nothi ng to be gained from a transition to a funded system even though the latter offers a permanently higher rate of return. The sum of...
Persistent link: https://www.econbiz.de/10009781690
The analogy between the economic problems of the Mezzogiorno region and East Germany has been initially contested by …
Persistent link: https://www.econbiz.de/10009781655
Cooperative fiscal federalism needs a multi-level consent to decide on the allocation of intergovernmental transfers. We study how parliamentary representation of municipalities on the federal level influences the allocation of federal transfers to municipal governments under this type of...
Persistent link: https://www.econbiz.de/10012291881
extent this contention holds and to what extent Germany pragmatically responded to different crisis phenomena. A proper …
Persistent link: https://www.econbiz.de/10010528303
The upcoming demographic crisis in Germany demands fundamentalreforms of the pension system. In a democracy, reforms …. After 2023, Germany will be characterizedby a gerontocratic system where the old decide over the young. Only the fearthat …
Persistent link: https://www.econbiz.de/10011400295
,000 pumped storage plants, which is 183 times Germany's current capacity, would nevertheless be huge. Taking the volatility of … difficult for Germany to pursue its energy revolution beyond merely replacing nuclear fuel towards a territory where it can also …
Persistent link: https://www.econbiz.de/10011488155
In this paper, we extend Henning Bohn's (2008) fiscal sustainability test by allowing for slope heterogeneity and cross-sectional dependence (CD). In particular, our econometric approach is the first that allows fiscal reaction functions (FRF) to capture unobserved heterogeneous effects from...
Persistent link: https://www.econbiz.de/10011822075
Persistent link: https://www.econbiz.de/10003363929
Germany is small by comparison, with purchases of German government bonds increasing substantially, in particular by Spanish … look at the components of this reversal of capital flows for the case of Germany. Its main finding is that most of the … and Irish investors. Some foreign capital even left Germany. In net terms, over the years 2008, 2009 and 2011 foreigners …
Persistent link: https://www.econbiz.de/10009689403
A political miracle occurred when Germany was reunited, and at first glance an economic miracle has followed. Real … west Germany. Excessively high wages coupled with investment incentives that made the cost of capital negative rank high …
Persistent link: https://www.econbiz.de/10009781521