The size of the underground economy in Germany: A correction of the record and new evidence from the Modified-Cash-deposit-Ratio approach

Based on the Ahumada et al. (2007, Review of Income and Wealth) critique we revise existing estimates of the size of the German underground economy. Among other things, it turns out that most of these estimates are untenable and that the tax pressure induced size of the German underground economy may be much lower than previously thought. To this extent, German policy and law makers have been misguided during the last three decades. Therefore, we introduce the Modified-Cash-Deposit-Ratio (MCDR) approach, which is not subject to the recent critique and apply it to Germany for the period 1960 to 2008. JEL: O17, Q41, C22, Keywords: underground economy, shadow economy, cash-depositratio, currency demand approach, MIMIC approach

Fair pricing of deposit insurance. Is it possible? Yes. Is it desirable? No

This note elaborates on a recent article by Chan, Greenbaum and Thakor(1992) who contend that fairly priced deposit insurance is incompatiblewithfree competition in the banking sector, in the presence of adverseselection.We show here that at soon as one introduces a real economic motivationfromprivate banks to manage the deposits from the public, then fairly priceddeposit insurance becomes possible. However, we also show that sucha fairlypriced insurance is never desirable, precisely because of adverseselection.We compute the characteristics of the optimal premium schedule, whichtradesoff between the cost of adverse selection and the cost of ``unfaircompetition ''.

Optimal regulation of a fully insured deposit banking system

We analyze risk sensitive incentive compatible deposit insurancein the presence of private information when the market value of depositinsurance can be determined using Merton's (1997) formula. We show that,under the assumption that transferring funds from taxpayers to financialinstitutions has a social cost, the optimal regulation combines differentlevels of capital requirements combined with decreasing premia on depositinsurance. On the other hand, it is never efficient to require the banksto hold riskless assets, so that narrow banking is not efficient. Finally,chartering banks is necessary in order to decrease the cost of asymmetricinformation.

Nonpoint source pollution, space, time and asymetric information - a deposit refund approach

The incorporation of space allows the establishment of a more precise relationship between a contaminating input, a contaminating byproduct and emissions that reach the final receptor. However, the presence of asymmetric information impedes the implementation of the first-best policy. As a solution to this problem a site specific deposit refund system for the contaminating input and the contaminating byproduct are proposed. Moreover, the utilization of a successive optimization technique first over space and second over time enables definition of the optimal intertemporal site specific deposit refund system

Geology of the Cerro-Quema Au-Cu deposit (Azuero Peninsula, Panama)

The Cerro Quema district, located on the Azuero Peninsula, Panama, is part of a large regional hydrothermal system controlled by regional faults striking broadly E-W, developed within the Río Quema Formation. This formation is composed of volcanic, sedimentary and volcano-sedimentary rocks indicating a submarine depositional environment, corresponding to the fore-arc basin of a CretaceousPaleogene volcanic arc. The structures observed in the area and their tectono-stratigraphic relationship with the surrounding formations suggest a compressive and/or transpressive tectonic regime, at least during Late CretaceousOligocene times. The igneous rocks of the Río Quema Formation plot within the calc-alkaline field with trace and rare earth element (REE) patterns of volcanic arc affinity. This volcanic arc developed on the Caribbean large igneous province during subduction of the Farallon Plate. Mineralization consists of disseminations of pyrite and enargite as well as a stockwork of pyrite and barite with minor sphalerite, galena and chalcopyrite, hosted by a subaqueous dacitic lava dome of the Río Quema Formation. Gold is present as submicroscopic grains and associated with pyrite as invisible gold. A hydrothermal alteration pattern with a core of advanced argillic alteration (vuggy silica with alunite, dickite, pyrite and enargite) and an outer zone of argillic alteration (kaolinite, smectite and illite) has been observed. Supergene oxidation overprinted the hydrothermal alteration resulting in a thick cap of residual silica and iron oxides. The ore minerals, the alteration pattern and the tectono-volcanic environment of Cerro Quema are consistent with a high sulfidation epithermal system developed in the Azuero peninsula during pre-Oligocene times.

Geology of the Cerro-Quema Au-Cu deposit (Azuero Peninsula, Panama)

The Cerro Quema district, located on the Azuero Peninsula, Panama, is part of a large regional hydrothermal system controlled by regional faults striking broadly E-W, developed within the Río Quema Formation. This formation is composed of volcanic, sedimentary and volcano-sedimentary rocks indicating a submarine depositional environment, corresponding to the fore-arc basin of a Cretaceous-Paleogene volcanic arc. The structures observed in the area and their tectono-stratigraphic relationship with the surrounding formations suggest a compressive and/or transpressive tectonic regime, at least during Late Cretaceous-Oligocene times. The igneous rocks of the Río Quema Formation plot within the calc-alkaline field with trace and rare earth element (REE) patterns of volcanic arc affinity. This volcanic arc developed on the Caribbean large igneous province during subduction of the Farallon Plate. Mineralization consists of disseminations of pyrite and enargite as well as a stockwork of pyrite and barite with minor sphalerite, galena and chalcopyrite, hosted by a subaqueous dacitic lava dome of the Río Quema Formation. Gold is present as submicroscopic grains and associated with pyrite as invisible gold. A hydrothermal alteration pattern with a core of advanced argillic alteration (vuggy silica with alunite, dickite, pyrite and enargite) and an outer zone of argillic alteration (kaolinite, smectite and illite) has been observed. Supergene oxidation overprinted the hydrothermal alteration resulting in a thick cap of residual silica and iron oxides. The ore minerals, the alteration pattern and the tectono-volcanic environment of Cerro Quema are consistent with a high sulfidation epithermal system developed in the Azuero peninsula during pre-Oligocene times.

The daily market for funds in Europe: what has changed with the EMU?

This paper presents evidence that the existence of deposit and lending facilities combined with an averaging provision for the reserve requirement are powerful tools to stabilize the overnight rate. We reach this conclusion by comparing the behavior of this rate in Germany before and after the start of the EMU. The analysis of the German experience is useful because it allows to isolate the effects on the overnight rate of these particular instruments of monetary policy. To show that this outcome is a general conclusion and not a particular result of the German market, we develop a theoretical model of reserve management which is able to reproduce our empirical findings.

Asymmetric standing facilities: an unexploited monetary policy tool

This paper analyzes the role of standing facilities in the determination of the demand for reserves in the overnight money market. In particular, we study how the asymmetric nature of the deposit and lending facilities could be used as a powerful policy tool for the simultaneous control of prices and quantities in the market for daily funds.

SWORD : utilitat per a la integració de repositoris amb aplicacions de gestió docent

A la Universitat Politècnica de Catalunya (UPC) el procés de gestió de les memòries dels projectes de final de carrera i màster està en funció del model organitzatiu de cada escola o facultat. Aquest escenari implica diferents fluxos de treball i de temps per al dipòsit d'aquestes memòries en el repositori del portal d'accés obert al coneixement UPCommons (www.upcommons.edu) Amb la voluntat de no incidir en aquests processos de cada escola o facultat, s'ha desenvolupat amb la Facultat d'Informàtica de Barcelona (FIB) un sistema d'integració de les memòries i les seves dades associats de forma transparent durant el procés administratiu per mitjà d'uns connectors desenvolupats conjuntament pel servei de Biblioteques de la UPC i el laboratori de càlcul de la FIB. Aquests connectors es basen en la tecnologia SWORD (Simple Web-services Offering Repository Deposit) que per mitjà de XML codifiquen les dades introduïdes i els pre-bolquen en el dipòsit de treballs acadèmics abans de la lectura de la memòria.

Estrategia de la Universidad de Alicante en la promoción del conocimiento abierto

El propòsit d'aquesta comunicació és resumir les diferents iniciatives dutes a terme a la Universitat d'Alacant per a la promoció de l'accés obert a la recerca i la docència generades pels seus membres, així com els diferents incentius destinats a afavorir l'autoarxivament en el seu Repositori institucional, RUA. Fins al moment a la Universitat d'Alacant s'ha optat per realitzar diferents convocatòries amb incentius econòmics, dirigides tant a personal investigador com a docent, en què s'especifica l'obligatorietat d'arxivar en el Repositori els materials generats arran d'aquestes convocatòries. Resumirem els resultats obtinguts fins al moment, indicant els pros i els contres d'aquest sistema d'incentius, i assenyalarem els nous reptes que se'ns presenten a curt i mitjà termini, amb especial referència a la proposició d'un nou model de política a adoptar per l'arxiu i difusió de la producció científica i docent generada a la nostra Universitat.

Perspectivas para la sostenibilidad y la preservación de los repositorios institucionales

La comunicació científica té en els dipòsits institucionals una de les seves instruments fonamentals. En els últims anys estem observant un ràpid creixement en el nombre de dipòsits i també en el volum dels seus continguts. A la vegada es constata que els esforços s'estan concentrant en incrementar la seva presència i en afavorir el dipòsit de noves obres per part dels seus autors. Pel contrari, es troben a faltar polítiques i accions que prevegin i assegurin la sostenibilitat i la preservació futura dels dipòsits. La comunicació analitzarà la realitat actual, a nivell espanyol i internacional, de les accions a favor de la preservació dels dipòsits institucionals, entre elles: els programaris utilitzats i l'existència de polítiques explícites. Finalment es desenvoluparan els elements mínims que hauria de contenir un pla d'acció per assegurar la sostenibilitat i la preservació futura de qualsevol arxiu.

Política de acceso abierto a la producción científica en la Facultad de CC Geológicas de la UCM

En el marc de les accions que està portant a terme la Biblioteca de la Universidad Complutense de Madrid per promocionar l'ús del " Archivo institucional de E-Prints Complutense" entre els seus professors i investigadors, la Biblioteca de la Facultat de Ciències Geològiques de la UCM ha posat en marxa una iniciativa, recolzada pels Serveis Centrals de la BUCM, destinada a dipositar a l'arxiu institucional de la universitat la producció científica de la Facultat. L'aspecte clau d'aquesta iniciativa consisteix a emfatitzar el pes institucional i patrimonial de la producció investigadora d'una institució i en demanar el suport de l'equip deganal del centre perquè sigui ell qui comuniqui als seus investigadors l'oportunitat de dipositar tot aquest patrimoni, fent-lo més visible i augmentant amb això el seu impacte, en el dipòsit que a l'efecte ha creat la universitat. La Biblioteca de la Facultat de Ciències Geològiques de la UCM està procedint, en conseqüència, a dipositar a l'arxiu institucional de la universitat tots aquells resultats de recerca del centre que, dins del respecte a la legalitat, sigui possible introduir sense que, fins al present, investigador algun d'aquest centre s'hagi manifestat contrari a la proposta deganal.

Does it pay to be socially responsible? Evidence from spanish retail banking sector

This paper presents a theoretical and empirical analysis of strategic competition in retail banking when some of the financial firms are non-profit organisations that invest in social activities. Banking literature about competition is fairly large, but the strategic interaction between profit maximizing and non profit maximizers has not been extensively analysed except for Purroy and Salas (1999). In this paper, a completely different approach is taken. An adaptation of Hotelling’s two stage model of spatial competition is developed to take into account consumer perceptions respect to the two different types of financial institutions. The empirical analysis confirms that consumers take into account other features different from the price, such as social contribution or closer service to make a deposit or mortgage decision. These conclusions are of interest in the debate about a firm’s social or ethical activities. It is shown that if consumers value social activities, firms can improv

Regulating financial conglomerates

We investigate the optimal regulation of financial conglomerates which combinea bank and a non-bank financial institution. The conglomerate s risk-taking incentivesdepend upon the level of market discipline it faces, which in turn isdetermined by the conglomerate s liability strucure. We examine optimal capitalrequirements for standalone institutions, for integrated financial conglomerates,and for financial conglomerates that are structured as holding companies.For a given risk profile, integrated conglomerates have a lower probability offailure than either their standalone or decentralised equivalent. However, whenrisk profiles are endogenously selected conglomeration may extend the reachof the deposit insurance safety net and hence provide incentives for increasedrisk-taking. As a result, integrated conglomerates may optimally attract highercapital requirements. In contrast, decentralised conglomerates are able to holdassets in the socially most efficient place. Their optimal capital requirementsencourage this. Hence, the practice of regulatory arbitrage , or of transferingassets from one balance sheet to another, is welfare-increasing. We discuss thepolicy implications of our finding in the context not only of the present debateon the regulation of financial conglomerates but also in the light of existingUS bank holding company regulation.