We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to altering risk pricing. We find that at the beginning of EMU, the government debt level and the general investors' ...
This paper investigates income convergence among Russian regions between 1998 and 2006. It makes two major contributions to the literature on regional convergence in Russia. First, it identifies spatial regimes using the exploratory spatial data analysis. Second, it examines the impact of spatial effects on the convergence process. Our results show that the overall speed of regional convergence in ...
We suggest to use car sale prices from internet advertisements for measuring economic inequality between and within German regions. Our estimates of regional income levels and Gini indices based on advertisements are highly positively correlated with the official figures.
We investigate the long run relationship between private consumption, disposable income and wealth approximated by equity and house price indices for a panel of 15 industrialized countries. Consumption, income and wealth are cointegrated in their common components. The impact of house prices exceeds the effect arising from equity wealth. The long run vector is broadly in line with the life cycle permanent ...
Kommunen tragen maßgeblich die öffentliche Daseinsvorsorge, doch trotz steigender Bruttoinvestitionen blieben die realen Zuwächse unzureichend und die seit Jahren negativen Nettoinvestitionen weisen auf erheblichen Substanzverzehr hin. Das Sondervermögen Infrastruktur und Klimaneutralität (SVIK) kann zur Stärkung der kommunalen Investitionstätigkeit beitragen und regionale Unterschiede verringern. ...
Die deutsche Wirtschaft ist nach drei schwachen Jahren auf Erholungskurs. Belastungen durch den Iran-Krieg und die erratische US-Handelspolitik bremsen die Dynamik zwar, jedoch nur moderat. Der Oberste Gerichtshof in den USA hat zwar die Rechtswidrigkeit der US-Zölle festgestellt – das ändert aber aufgrund des annahmegemäßen Fortbestehens des Abkommens mit der Europäischen Union nichts an den Zollsätzen, ...
