The paper summarises at first the main arguments in favour and against a FTT and provides empirical evidence about the movements of the most important asset prices. It is shown that their long swings result from the accumulation of extremely short-term price runs over time. Therefore a (very)...

The economic policy of Roosevelt's New Deal stays in sharp contrast to the course followed by European policy since 2009. At first, Roosevelt focussed on fighting the desperate feelings of people and the generally pessimistic mood of the public, on strictly regulating the financial sector and on...

The struggle over the FTT has developed in three phases. In the first phase (2009 to 2011) the supporters of the tax went on the offensive, supported by the "shock effects" of the financial crisis. This phase ended with the (preliminary) "victory" in the form of the FTT proposal of the European...

Nach einer Konjunkturabschwächung 2012/13 dürfte sich das Wirtschaftswachstum in den Industrieländern wieder beschleunigen und zwischen 2012 und 2017 durchschnittlich 2,0% pro Jahr erreichen. In den USA wird das BIP kräftiger expandieren (+2,4%) als in der EU 27 (+1,4%) bzw. in Japan (+1,5%...

The deepening of the debt crisis in the euro area is due to three systemic causes which national governments are not able to overcome on their own. First, being members of a monetary union euro states cannot reverse the rise in public debt (caused by the financial crisis 2008) through...

The projection of global developments until 2017 has been established by means of an econometric model for the world economy (Oxford model). It is assumed that fiscal policy in the EU will in future give greater consideration to the demand-dampening effects of too swift and too one-sided...

After a cyclical slowdown in 2012-13, GDP growth in the industrialised economies should pick up to reach an average annual rate of 2.0 percent over the period from 2012 to 2017. In the USA, the growth momentum will be stronger (2.4 percent p.a.) than in the EU (1.4 percent) or Japan (1.5...

Following a slowdown in economic activity in 2012, economic growth is expected to accelerate again in the industrialised countries, reaching an average annual rate of 2.0 percent between 2011 and 2016. In the USA, GDP will grow at a brisker pace (+2.1 percent) than in the EU 27 (+1.7 percent)...

Since autumn 2009, the world economy has been recovering from the deep recession thanks to the strong stimulus of expansionary fiscal and monetary policies. This year it will grow by 4 percent in real terms (2009: 1 percent). However, the pace of the recovery differs substantially between...

World trade expanded strongly in late 2010 and early 2011. The upswing in the world economy is thus continuing. It is driven, above all, by buoyant economic activity in the Asian emerging economies, where exports, investment, and consumer demand are growing vigorously. Economic activity in the...