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ZusammenfassungDieser Beitrag beschäftigt sich mit der in der Wissenschaft noch nicht behandelten Fragestellung, ob Rüstungsunternehmen einen Platz im ESG-Universum finden können. Der aktuelle Ausschluss in der gängigen Praxis, als auch die Vorschläge der EU-Sozialtaxonomie, verschärfen die Bedingungen von Rüstungsunternehmen am Finanzmarkt. Gerade aufgrund aktueller geopolitischer Spannungen und im Kontext eines weltweiten Aufrüstens wird die Fragestellung mittels der qualitativen Inhaltsanalyse nach Mayring bei Experten des Finanzmarktes, der Rüstungsindustrie als auch der gesellschaftlich-ethischen Vertretung beantwortet. Die Experten bestätigen, dass Rüstung einen Teilaspekt von Sicherheit darstellt und Sicherheit eine Grundbedingung für weitere Nachhaltigkeitsbestrebungen der Gesellschaft ist, jedoch Rüstung als Mittel zur Schaffung von Sicherheit im ESG-Kontext insbesondere von den Sektoren Finanzmarkt und Gesellschaft/Ethik abgelehnt wird. Die gewonnenen Erkenntnisse lassen Rückschlüsse auf Bedingungen zu, wie eine Aufnahme in das ESG-Universum theoretisch möglich wäre, zeigen aber aus Expertensicht auch ablehnende, teils widersprüchliche Attribute auf.

The interaction of incomplete markets and sticky nominal wages is shown to magnify business cycles even though these two features - in isolation - dampen them. During recessions, fears of unemployment stir up precautionary sentiments which induces agents to save more. The additional savings may be used as investments in both a productive asset (equity) and an unproductive asset (money). But even a small rise in money demand has important consequences. The desire to hold money puts deflationary pressure on the economy, which, provided that nominal wages are sticky, increases wage costs and reduces firm profits. Lower profits repress the desire to save in equity, which increases (the fear of) unemployment, and so on. This is a powerful mechanism which causes the model to behave differently from both its complete markets version, and a version with incomplete markets but without aggregate uncertainty. In contrast to previous results in the literature, agents uniformly prefer non-trivial levels of unemployment insurance. ; The ADEMU Working Paper Series is being supported by the European Commission Horizon 2020 European Union funding for Research & Innovation, grant agreement No 649396.

The effects of anthropogenic climate change on biodiversity are well known for some high‐profile Australian marine systems, including coral bleaching and kelp forest devastation. Less well‐published are the impacts of climate change being observed in terrestrial ecosystems, although ecological models have predicted substantial changes are likely. Detecting and attributing terrestrial changes to anthropogenic factors is difficult due to the ecological importance of extreme conditions, the noisy nature of short‐term data collected with limited resources, and complexities introduced by biotic interactions. Here, we provide a suite of case studies that have considered possible impacts of anthropogenic climate change on Australian terrestrial systems. Our intention is to provide a diverse collection of stories illustrating how Australian flora and fauna are likely responding to direct and indirect effects of anthropogenic climate change. We aim to raise awareness rather than be comprehensive. We include case studies covering canopy dieback in forests, compositional shifts in vegetation, positive feedbacks between climate, vegetation and disturbance regimes, local extinctions in plants, size changes in birds, phenological shifts in reproduction and shifting biotic interactions that threaten communities and endangered species. Some of these changes are direct and clear cut, others are indirect and less clearly connected to climate change; however, all are important in providing insights into the future state of terrestrial ecosystems. We also highlight some of the management issues relevant to conserving terrestrial communities and ecosystems in the face of anthropogenic climate change. ; The Subantarctic research is funded by an Australian Antarctic Science Programme Grants (AAS 3095, 4192, 4312); the contributors thank Catherine Dickson for use of the photographs. The Alpine vegetation monitoring has been supported by grants from the Australian Research Council via their Linkage program and the Long Term Ecological Research Network. The Wet Tropics vertebrate biodiversity research was funded by National Environmental Research Program, Earthwatch Institute, Terrestrial Ecosystem Research Network and the National Climate Change Adaptation Research Facility. Research in the southwestern Australian forests and woodlands has been supported by ARC Linkage Projects (LP0455349, LP150100936) and The Centre for Climate Change, Woodland and Forest Health, which is a partnership between private industry, community groups, Universities and the Government of Western Australia.