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Das politische Modell einer liberalen und weltoffenen Demokratie gerät in vielen westlichen Industrieländern zunehmend unter Druck. Stattdessen nehmen populistische Tendenzen zu. Dieser Betrag skizziert die ökonomischen Ursachen für das Erstarken populistischer Parteien und Politiker in entwickelten westlichen Volkswirtschaften. ; Increasing populism in developed Western countries such as Germany can be traced to various causes, including economic ones. In these countries, advancing globalisation and technological progress lead to labour market and income effects that have had a negative impact on certain groups of people (wage reduction, increase in the risk of unemployment). The fear of such developments - whether justified or unfounded - results in the desire for political decisions that push back the catalysts of these economic developments. Therefore, international trade with low-wage countries and labour saving technological progress in particular often breed populist parties.

This paper analyzes the Capital Requirements Directive IV and the Capital Requirements Regulation, a new legislative package proposed by the European Commission in July 2011 which aims to strengthen the regulation of the banking sector and amend the European Union's rules on capital requirements for banks and investment firms. It is argued that the CRD IV package makes a great contribution towards creating a sounder and safer financial system, however, several aspects are insufficiently addressed and/or not comprehensive enough to produce the anticipated results. It is found that the main fallacies of the CRD IV proposal lay in increased risk-taking, procyclicality, deficient implementation, overreliance on credit rating agencies, and risk weightings. Moreover, the proposal does not touch upon the issues of the shadow banking system, diversification, the problem of 'too-big-to-fail' or the 'Volcker Rule'. It is, hence, concluded that the CRD IV proposal is not ambitious enough to address essential issues of systemic risk, regulatory arbitrage, or the fragility of the financial system.

Coordenadas : E25 50'-E34 00'/N34 00'-N23 00'. Meridiano de París ; Escala gráfica además en leguas comunes de Francia ; Relieve : sombreado ; Con : Canal de Suez

Coordenadas : E25 50'-E34 00'/N34 00'-N23 00'. Meridiano de París ; Escala gráfica además en leguas comunes de Francia ; Relieve : sombreado ; Inserta : Canal de Suez / E. Bureau ; Copia digital . España : Ministerio de Cultura y Deporte. Subdirección General de Coordinación Bibliotecaria, 2018

This paper analyzes the relationship between income distribution and the severity of economic crises, where the severity is measured by the length and the depth of the recessions. Using an extensive panel dataset on income distribution and employing an event study framework, we find significant evidence that there is a negative association between the prevailing degree of income inequality and the severity of the recessions. In the case of high income countries that have bad income distribution, however, recessions are observed to be longer than the average. This observation is likely to result from the combination of the strong status-quo bias of the financially powerful income groups and the available means to redistribute towards the poor so as to help mitigate the pressures for reforms to improve income distribution via creative destruction. The longer period of recessions observed in developed countries than in less developed countries in the aftermath of the Great Recession is in support of this argument. The findings also reveal that recessions tend to be longer during the decade of the 1990s than the rest of the period studied. The evidence regarding the corrective effect on the recessions of accommodative fiscal or monetary policy stance, measured by the size of the government and the inflation rate, is observed to be only barely significant on average. Wirh regard to the impact of recessions on income distribution, the evidence in the paper indicates that the post-crises income distribution worsens significantly with the length but improves with the depth of the preceding recession. We also note that, in addition to the persistence effect, the lack of monetary discipline worsens income distribution in the postcrises period significantly.

Zunehmende Ungleichheit wird für Wachstumsprobleme und eine politische Polarisierung in einer Reihe von fortgeschrittenen Volkswirtschaften verantwortlich gemacht. Dadurch hat auch die Analyse der makroökonomischen Einkommensverteilung in der zurückliegenden Dekade einen neuen Anschub bekommen. Verschiebt sich die gesamtwirtschaftliche Einkommensentstehung hin zu Kapitaleinkommen, bleibt dies nicht ohne Auswirkungen auf die personelle Einkommensverteilung und ihre Wahrnehmung in der Gesellschaft. Ein internationaler Vergleich von fortgeschrittenen Ländern zeigt jedoch für das vergangene Vierteljahrhundert keinen breit angelegten und durchgängigen Rückgang der Lohnquote. Vielmehr ist in den 18 betrachteten Ländern kein einheitliches Muster zu erkennen. Abgesehen von den Effekten der zum Teil starken konjunkturellen Wechsellagen war in Deutschland in den 1990er Jahren und in den letzten Jahren eine stabile Lohnquote zu beobachten. Bei der Interpretation der funktionellen Einkommen und ihrer Verteilung sind statistische Einschränkungen und Besonderheiten zu beachten. Diese beziehen sich auf die vor allem hinsichtlich der Unternehmensgewinne eingeschränkten statistischen Ausgangsdaten. Bei der Definition der Arbeitnehmerentgelte sind die Arbeitseinkommen der Selbstständigen nicht berücksichtigt. Sie werden dagegen als Unternehmenseinkommen verbucht. Außerdem liefert die funktionelle Einkommensverteilung einen Ausgangspunkt für die Einkommensposition der privaten Haushalte. Auf Basis der Sektorkonten in den Volkswirtschaftlichen Gesamtrechnungen hatten diese in Deutschland zuletzt einen Anteil von 83 Prozent an den gesamtwirtschaftlichen Primäreinkommen. ; Problems of economic growth and political polarisation in a number of developed economies are increasingly being blamed on inequality in distribution. Over the past decade this has stimulated analysis of macroeconomic income distribution. If there is a shift in national income creation towards capital income, this is bound to affect personal income distribution and how society perceives it. However, an international comparison of advanced countries over the last quarter-century shows no general or consistent fall in the labour share. Rather, among the 18 countries compared, no uniform pattern can be discerned. Apart from the effects of sometimes considerable fluctuation in the state of the economy, Germany had a stable labour share in the 1990s, and has had so again in recent years. When interpreting functional incomes and their distribution, attention needs to be paid to the limits and peculiarities of the underlying statistics, particularly with regard to corporate profits. The definition of employee compensation does not include the earned incomes of the self-employed, which are instead booked as corporate income. Moreover, the functional distribution of income provides a guide to the income position of private households. The sector accounts in the national account system indicate that the latter's most recent share of Germany's primary national income was 83 per cent.

This paper analyses the impact of the compulsory adoption of profit sharing on the incentives that individuals face to set up their own business. It presents a model of capital accumulation in which individuals are equally skilled to be workers but differ in their abilities to manage a firm. It is shown that the mandatory imposition of profit sharing can inhibit entrepreneurial initiatives, reducing the number of firms in operation, the aggregate output and the economy's long run capital stock. It is also shown an example where, despite its deleterious consequences. mandatory profit sharing could be introduced in a democratic society if this choice were put to vote. ; Este artigo analisa o impacto da adoção compulsória de participação nos lucros sobre os incentivos dos indivíduos para montarem seus negócios próprios. Ele apresenta um modelo de acumulação de capital no qual os indivíduos são igualmente capacitados para serem trabalhadores mas diferem em suas habilidades para gerenciarem uma firma. Mostra-se que a imposição obrigatória de participação nos lucros pode inibir iniciativas empresariais, reduzir o número de firmas em operação, o produto agregado e o estoque de capital de longo prazo da economia. Apresenta-se também, um exemplo no qual apesar de suas consequências deletérias, a adoção compulsória de participação nos lucros poderia ser introduzida numa sociedade democrática se esta escolha fosse motivo de votação.

The Philippine Government Alternative Fuel Program now mandates a 10% bioethanol blend for commercial gasolines sold at the pumps. Numerous laboratory studies of different kinds of bioethanol in different countries exist but none yet in the Philippines, specifically, in vehicle use. A research was conduct ed at the UPME Vehicle Research and Testing Laboratory (VRTL) to investigate experimentally the effects on engine's power performance and specific fuel consumption (SFC) of E5 (5% ethanol), E10 (10%), E12.5 (12.5%), E15 (15%), E20 (20%), E25 (25%) and E30 (30%) ethanol gasoline blends by volume as compared to neat gasoline (E0). The vehicle was driven in road load simulation at standard Japanese drivingcycle while measuring fuel consumption and power developed. Each blend test passed three trials using the AVL Chassis Dynamometer equipped with fuel mass flow meter with temperature control. Test showed positive correlation between mass specific fuel consumption (MSFC) and ethanol amount in the fuel mixture. From 44.68 g/km at E0, it raised continuously to 45 .58g/km(E5), 45.79g/km(E10), 45.89g/km(E12.5), 46.11g/km(E15), 46.33g/km(E20), 46.71(E25) and 49.14g/km(E30). Lower energy content of ethanol gasoline fuel caused an increase in the engine's MCSF or a decrease in mileage in all blended fuels. However, the energy specific fuel consumption (ESFC) gives a better picture of the efficiency on fuel conversion. There was an improved maximum power obtained for E5, E12.5, E20 and E25 of about 1.9%, 0.55%, 1.64% and 3.4% respectively, while E10 and E15 decreased in o utputs by 0.78% and 0.32% respectively. These blends show relatively comparable output to neat gasoline due to oxygen content of ethanol outweighing lower heating value. E30 showed the biggest reduction at 3.43% lower than neat gasoline. In general, during the experiment, no significant problem was encountered in the engine performance. This means that all blends tested were suitable to the vehicle

Die Lohnquote, definiert als die Summe der Arbeitnehmerentgelte geteilt durch die Gesamtproduktion einer Volkswirtschaft, ist in den letzten 40 Jahren in vielen Ländern gefallen. Das Fallen der Lohnquote besitzt potenziell weitreichende Implikationen für das Ausmaß an Ungleichheit und für den Wohlstand von Arbeitnehmerinnen und Arbeitnehmern. Daneben kann eine fallende Lohnquote auch ein Anzeichen für einen Anstieg der Firmenmarktmacht sein. Anhand von Mikrodaten zum deutschen Verarbeitenden Gewerbe untersucht dieser Artikel, welche Rolle technologischer Wandel und steigende Firmenmarktmacht als Ursachen für das Fallen der Lohnquote spielen. Es zeigt sich, dass technologischer Wandel und ein Anstieg der Firmenmarktmacht, insbesondere auf Arbeitsmärkten, jeweils die Hälfte der fallenden Lohnquote im deutschen Verarbeitenden Gewerbe erklären. Daher können politische Maßnahmen, die Firmenmarktmacht reduzieren, nicht nur eine effizienzsteigernde Wirkung entfalten, sondern, als ein Nebeneffekt, auch den Anteil der Löhne an der Gesamtproduktion erhöhen.