(De-)Centralization and Voter Turnout: Theory and Evidence from German Municipalities
Claus Michelsen, Peter Bönisch
Public Choice,
Nr. 3,
2014
Abstract
A vast academic literature illustrates that voter turnout is affected by the institutional design of elections (e.g., compulsory voting, electoral system, postal or Sunday voting). In this article, we exploit a simple Downsian theoretical framework to argue that the institutional framework of public good provision – and, in particular, the distribution of political and administrative competences across government levels – likewise affects voters’ turnout decisions by influencing the expected net benefit of voting. Empirically, we exploit the institutional variation across German municipalities to test this proposition, and find supportive evidence.
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The Regional Distribution of Foreign Investment in Russia: Are Russians more Appealing to Multinationals as Consumers or as Natural Resource Holders?
K. Gonchar, Philipp Marek
Economics of Transition and Institutional Change,
Nr. 4,
2014
Abstract
This article conducts a plant-level study of the factors affecting foreign direct investment (FDI) inflow to a large opening economy endowed with specific factor advantages. We conclude that the distribution of FDI in Russian regions depends on market access and can be most notably described by the knowledge-capital framework. Factor endowments built by natural resources are more successful in explaining the location decisions of export–platform affiliates. The impact of natural resources depends on how the availability of these resources is measured. The results reject the crowding out effects of resource FDI and prove co-location mode, when service investments are attracted to resource-rich regions. Labour cost advantages better explain the preferences of non-trading service affiliates.
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Micro-Based Evidence of EU Competitiveness: The CompNet Database
Filippo di Mauro, et al.
ECB Working Paper,
Nr. 1634,
2014
Abstract
Drawing from confidential firm-level balance sheets in 11 European countries, the paper presents a novel sectoral database of comparable productivity indicators built by members of the Competitiveness Research Network (CompNet) using a newly developed research infrastructure. Beyond aggregate information available from industry statistics of Eurostat or EU KLEMS, the paper provides information on the distribution of firms across several dimensions related to competitiveness, e.g. productivity and size. The database comprises so far 11 countries, with information for 58 sectors over the period 1995-2011. The paper documents the development of the new research infrastructure, describes the database, and shows some preliminary results. Among them, it shows that there is large heterogeneity in terms of firm productivity or size within narrowly defined industries in all countries. Productivity, and above all, size distribution are very skewed across countries, with a thick left-tail of low productive firms. Moreover, firms at both ends of the distribution show very different dynamics in terms of productivity and unit labour costs. Within-sector heterogeneity and productivity dispersion are positively correlated to aggregate productivity given the possibility of reallocating resources from less to more productive firms. To this extent, we show how allocative efficiency varies across countries, and more interestingly, over different periods of time. Finally, we apply the new database to illustrate the importance of productivity dispersion to explain aggregate trade results.
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Können altindustrielle Städte zu “Hot Spots“ der Kreativwirtschaft werden? Das Beispiel der Medienwirtschaft in Halle
Martin T. W. Rosenfeld
F. Amey und J. Ringel (Hrsg.), Hotspots der Stadtentwicklung. Methoden, Praxis und Perspektiven der gemanagten Stadt,
2014
Abstract
In den letzten Jahren wird die Kreativwirtschaft zunehmend als wichtiger Motor für die Entwicklung von Städten angesehen. Gerade in der Medienwirtschaft wird eine Zukunftsbranche für solche Städte gesehen, in denen traditionelle Branchen an Bedeutung verloren haben. So setzt auch die Stadt Halle seit einiger Zeit auf die Entwicklung der Medienwirtschaft. Es wird gezeigt, dass sich die Medienwirtschaft in der Stadt Halle in verschiedenen Teilbereichen gut entwickelt hat – obgleich die vorhandenen Standortfaktoren eigentlich nur bedingt für eine Ansiedlung von Medienfirmen in Halle sprechen und deshalb die Potentiale für die weitere Entwicklung begrenzt sein dürften.
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Why Do Banks Provide Leasing?
D. Bülbül, Felix Noth, M. Tyrell
Journal of Financial Services Research,
Nr. 2,
2014
Abstract
Banks are engaging in leasing activities at an increasing rate, which is demonstrated by aggregated data for both European and U.S. banking companies. However, little is known about leasing activities at the bank level. The contribution of this paper is the introduction of the nexus of leasing in banking. Beginning from an institutional basis, this paper describes the key features of banks’ leasing activities using the example of German regional banks. The banks in this sample can choose from different types of leasing contracts, providing the banks with a degree of leeway in conducting business with their clients. We find a robust and significant positive impact of banks’ leasing activities on their profitability. Specifically, the beneficial effect of leasing stems from commission business in which the bank acts as a middleman and is not affected by the potential defaults of customers.
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The Impact of Institutional and Social Characteristics on Foreign Direct Investment: Evidence from Japan
Stefan Eichler, Alexander Karmann, N. Lucke
Annals of Financial Economics,
Nr. 2,
2013
Abstract
We examine the determinants of Japanese foreign direct investment (FDI) focusing on institutional and social factors. Using panel data on 59 countries from 1995 to 2008, we find that host countries with free and open markets and greater cultural distance from Japan attract Japanese FDI. Good institutions, such as a well-developed legal framework and an effective government, are important in promoting Japanese FDI to emerging economies, whereas fewer regulatory restrictions, lower tax burden, and more religious diversity attract Japanese FDI to developed countries. We find that corruption stimulates Japanese FDI to developed countries, which is contrary to most previous research.
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Transaktionskosten und Fachkräftewerbung: Ein Erklärungsansatz auf Grundlage der Institutionenökonomik
Herbert S. Buscher, R. Ohliger, Andreas Siegert
IWH Discussion Papers,
Nr. 11,
2013
Abstract
In den kommenden Jahren werden in Deutschland einige Branchen und Regionen einen steigenden Bedarf an Fachkräften haben. Hierbei handelt es sich nicht nur um Hochqualifizierte der so genannten MINT-Berufe (Mathematik, Ingenieurwesen, Natur-wissen¬schaften, Technik), sondern verstärkt auch um qualifizierte Arbeitnehmer des Gesundheitswesens und Handwerks. Aus der „Stillen Arbeitsmarktreserve“ ist der Bedarf nicht zu decken, was u. a. auch eine Folge des demographischen Wandels ist. Gesellschaftliche Verantwortung erfordert deshalb die Anwerbung qualifizierter und hochqualifizierter Arbeitnehmer. Damit eine ausreichend hohe Bereitschaft zur Einwande-rung ausländischer Fachkräfte nach Deutschland erzielt werden kann, bedarf es neben den harten Faktoren wie Beschäftigung und Einkommen weiterer Voraussetzungen, so genannter weicher Faktoren, die eine Entscheidung für Deutschland als Migrationsziel herbeiführen. Hierunter ist eine Politik zu verstehen, die den Einwanderern vermittelt, dass sie und ihre Familie willkommen sind und eine langfristige Bleibeperspektive haben. Dieses als „Willkommenskultur“ bezeichnete Konzept signalisiert einen Paradigmenwechsel in der deutschen Politik. Eine derart umrissene Willkommenskultur besteht derzeit in Deutschland noch nicht oder zumindest nicht auf einem Niveau, das von potenziellen Einwanderern als ausreichend wahrgenommen wird. Auf Grundlage der Institutionenökonomik werden Ansätze zu einem neuen politischen Ansatz und seiner Umsetzung skizziert, aus dem sich umfassende staatliche, gesellschaftliche und unter-nehmerische Implikationen ableiten. Dabei konzentriert sich der Beitrag auf die Anwerbung von Fachkräften aus Drittstaaten.
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Determinants of Illegal Mexican Immigration into the US Southern Border States
A. Buehn, Stefan Eichler
Eastern Economic Journal,
Nr. 4,
2013
Abstract
We model illegal immigration across the US-Mexico border into Arizona, California, and Texas as an unobservable variable applying a Multiple Indicators Multiple Causes model. Using state-level data from 1985 to 2004, we test the incentives and deterrents influencing illegal immigration. Better labor market conditions in a US state and worse in Mexico encourage illegal immigration while more intense border enforcement deters it. Estimating the state-specific inflow of illegal Mexican immigrants we find that the 1994/95 peso crisis in Mexico led to significant increases in illegal immigration. US border enforcement policies in the 1990s provided temporary relief while post-9/11 re-enforcement has reduced illegal immigration.
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Banks and Sovereign Risk: A Granular View
Claudia M. Buch, Michael Koetter, Jana Ohls
Abstract
In this paper, we use detailed data on the sovereign debt holdings of all German banks to analyse the determinants of sovereign debt exposures and the implications of sovereign exposures for bank risk. Our main findings are as follows. First, sovereign bond holdings are heterogeneous across banks. Larger, weakly capitalised banks and banks with a small depositor base hold more sovereign bonds. Around 31% of all German banks hold no sovereign bonds at all. Second, the sensitivity of banks to macroeconomic factors increased significantly in the post-Lehman period. Banks hold more bonds from euro area countries, from low-inflation countries, and from countries with high sovereign bond yields. Third, there has been no marked impact of sovereign bond holdings on bank risk. This result could indicate the widespread absence of marking-to-market for sovereign bond holdings at the onset of the sovereign debt crisis in Europe.
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