One aim of the first phase of the tax reform coming into effect in 2004 is to strengthen the economic recovery. One of its elements is a tax relief granted for retained profits of non-incorporated firms to further the formation of equity capital. However, since small firms and firms with low...

The European Union is faced with the most extensive enlargement in its history. Economic integration has made rapid progress over the past decade. After establishing its single market in 1993, the EU achieved the highest feasible level of economic integration by introducing its single currency...

In 2013, the cash-flow-to-sales ratio of the Austrian manufacturing sector reached an estimated 9.0 percent, a value significantly below the long-run average of 9.6 percent. The persistently muted performance of the manufacturing sector has affected the cash-flow-to-sales ratio, which declined...

In response to the conflict between Ukraine and Russia, which has so far led to the Crimea being annexed by Russia, the USA and EU have introducted sanctions against individuals by way of refusing their entry and blocking their bank accounts and are threatening to increase the circle of those...

In response to poor cyclical prospects and low inflationary expectations, the ECB introduces non-standard purchasing programmes and adds securities of higher risk to its assets. Jean-Claude Juncker is confirmed President of the European Commission by the European Parliament. The European Council...

The WIFO Business Cycle Survey serves as an important early-indication tool for the economic situation in Austria. Using a Markov regime-switching model, it is possible to determine at an early point in time whether the business cycle is in its upward or downward mode. Regime probabilities are...

The European Central Bank starts to purchase government bonds of euro-zone countries; the Expanded Asset Purchase Programme (EAPP) is intended to increase liquidity in order to ward off the risks of a prolonged low inflation phase. Greece requires more financial aid. The sanctions imposed by the...

As of 1997, private adjustable-rate loan contracts must be provided with a clause governing interest rate changes which meets the requirements of the Consumer Protection Act. This legal stipulation is of particular importance for private loans granted by banks and for loans to individuals. More...