This paper tests the hypothesis that the links and leadership/dependency relationships between the People's Republic of China (PRC), the United States (US), and the other large Asian economies have changed over the past 20 years with the industrialization of the PRC economy. We use time-varying...

This paper studies the incentives to join or enlarge a monetary union under alternative assumptions about the extent of market reform within the union and in candidate countries. Lack of labour mobility, wage/price flexibility or fiscal reform brings costs for both new entrants and in the...

Digitalisierung ist ein präsenter Faktor in vielen Städten. So existieren bereits viele Smart-City-Initiativen, bei denen Städte versuchen, ihre Prozesse durch Erfassung und Verknüpfung von Daten, oft unter Zuhilfenahme von Datenplattformen, zu optimieren. In Anbetracht der damit...

One of the most controversial issues in public finance and macroeconomics is the nature of the relationship between government spending and revenues. The debate between economists and politicians has been emphasised recently because of the increased budget deficits and defaults in many developed...

Dass Krisen unserem Wirtschaftssystem immanent sind, hat ihre aktuellste Ausprägung eindrucksvoll in Erinnerung gerufen. Weil Finanzkrisen häufiger und intensiver geworden sind, müssen nun möglichst rasch umfassende Maßnahmen zur Beseitigung der tieferen Ursachen der Krise getroffen werden....

Erster Absatz: Die Verschuldung privater Haushalte (im Weiteren als Haushalte bezeichnet) hat in den OECD-Ländern langfristig deutlich zugenommen (vgl. Girouard et al. 2006, Barnes und Young 2003). Gleichzeitig stieg jedoch auch das Geldvermögen privater Haushalte markant. Getrennt voneinander...

Erster Absatz: »[…] das vorangegangene Geld bezahlt das nächste, nein, das nächste Geld bezahlt fürs vorige […]« (Jelinek 2009) »The minimum hurdle that reforms should meet is whether they would have prevented the last crisis. Any feasible level of required capital would not cross this...

Sustainablity of Austrian public debt is investigated in the context of political objectives such as stabilizing the business cycle, increasing chances for being re-elected and implementing the ideologies of political parties. Several tests indicate that Austrian fiscal policies were sustainable...

In this paper, we present a new version of the OPTCON algorithm for the optimal control of nonlinear stochastic systems with special reference to econometric models. It delivers approximate numerical solutions of optimum control problems with a quadratic objective function for nonlinear...