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.

Sedimentological and palaeohydrological responses to tectonics and climate in a small, closed lacustrine system: Oligocene As Pontes Basin (Spain)

A small, closed, lacustrine system developed during the restraining overstep stages of the Oligocene As Pontes strike-slip basin (Spain). The increase in basin accommodation and the headward spread of the drainage, which increased the water input, triggered a change from shallow, holomictic to deeper, meromictic conditions.

Late Neogene lacustrine record and paleogeography in the Quillagua-Llamara basin, Central Andean fore-arc (Northern Chile)

The Cenozoic QuillaguaLlamara basin (northern Chile, Central Andes) is an asymmetrical, intramassif fore-arc basin with a relatively wide northern sector separated from a narrower southward extension by a basement threshold. The north- ern sector was characterised by a noticeable Oligocene?late Neogene alluvial-fan and lacustrine dominated deposition which resulted in sequences up to 900 m thick, whereas the southern sector was often a bypass zone with thinner fluvial and lacustrine sediment accumulation.

Depositional models of lacustrine evaporites in the SE margin of the Ebro basin (Paleogene, NE Spain)

An important evaporitic sedimentation occurred during the Paleogene (Eocene to lower Oligocene) in the Barberà sector of the southeastern margin of the Tertiary Ebro Basin. This sedimentation took place in shallow lacustrine environments and was controlled by a number of factors: 1) the tectonic structuration of the margin; 2) the high calcium sulphate content in the meteoric waters coming from the marginal reliefs; 3) the semiarid climate; and 4) the development of large alluvial fans along the basin margin, which also conditioned the location of the saline lakes. The evaporites are currently composed of secondary gypsum in surface and anhydrite at depth. There are, however, vestiges of the local presence of sodium sulphates. The evaporite units, with individual thicknesses ranging between 50 and 100 m, are intercalated within various lithostratigraphic formations and exhibit a paleogeographical pattern. The units located closer to the basin margin are characterized by a massive gypsum lithofacies (originally, bioturbated gypsum) bearing chert, and also by meganodular gypsum locally (originally, meganodules of anhydrite) in association with red lutites and clastic intercalations (gypsarenites, sandstones and conglomerates). Chert, which is only linked to the thickest gypsum layers, seems to be an early diagenetic, lacustrine product. Cyclicity in these proximal units indicates the progressive development of lowsalinity, lacustrine bodies on red mud flats. At the top of some cycles, exposure episodes commonly resulted in dissolution, erosion, and the formation of edaphic features. In contrast, the units located in a more distal position with regard to the basin margin are formed by an alternation of banded-nodular gypsum and laminated gypsum layers in association with grey lutites and few clastic intercalations. These distal units formed in saline lakes with a higher ionic concentration. Exposure episodes in these lakes resulted in the formation of synsedimentary anhydrite and sabkha cycles. In some of these units, however, outer rims characterized by a lithofacies association similar to that of the proximal units occur (nodular gypsum, massive gypsum and chert nodules).

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.

Lacustrine Systems in Convergent Margins

From the late seventies to the present day, lacustrine sedimentology and lacustrine-related basin analysis have developed from a near-marginal aca- demic curiosity into a new ground-breaking multidisciplinary body of learning. The starting-point was economic interest in ancient lacustrine sequences as potential suppliers of natural resources such as raw materials (diatomites, clays), evaporite salts and energy (hydrocarbons and coal). The early discoveries of substantial hydrocarbon reserves connected with lacustrine facies in the western USA heralded the huge reserves found later in China, Brazil, western Africa, southeast Asia and the Caspian Sea, among other places.

Coal deposition in carbonate rich shallow Lacustrine systems: The Calaf and Mequinenza sequences (Oligocene, eastern Ebro Basin, NE Spain)

Two main coal-bearing sequences developed during the Oligocene in the Tertiary Ebro Basin, the Calaf (early Oligocene) and Mequinenza (late Oligocene) coal basins. Coal deposition took place in shallow marsh-swamp-lake complexes which sometimes became closed and evolved under warm climatic conditions with fluctuating humidity. These shallow lacustrine systems are closely interrelated with the terminal parts of the distributive fluvial systems which spread from the tectonically active Ebro basin margins. Laterally extensive lignite-bearing sequences, including rather thin, lenticular autochthonous and/or hypautochthonous coal seams with high ash and sulphur contents, characterized coal deposition in the shallow lacustrine systems. Coal seam geometry, which makes them nearly subeconomic, resulted from the tectonic instability during basin margin evolution and the sometimes closed, arid conditions under which the lacustrine systems evolved. High ash and sulphur contents resulted from the inadequate isolation of peat forming environments from clastic influx and from the very low acidity and sometimes high sulphate contents of the lacustrine waters. Coal exploration in shallow lacustrine sequences similar to those described here must take into account that the spread of coal-forming environments and maxima of coal deposition are usually coincident with lake expansions and retraction or shifting of the terminal fluvial zones interrelated with the lacustrine areas.

Biogeochemical processes controlling oxygen and carbon isotopes of diatom silica in Late Glacial to Holocene lacustrine rhythmites

Biogeochemical cycles and sedimentary records in lakes are related to climate controls on hydrology and catchment processes. Changes in the isotopic imposition of the diatom frustules (δ 18 O diatom and δ 13 C diatom ) in lacustrine sediments can be used to reconstruct palaeoclimatic and palaeoenvironmental changes. The Lago Chungará (Andean Altiplano, 18°15 ′ S, 69°10 ′ W, 4520 masl) diatomaceous laminated sediments are made up of white and green multiannual rhythmites. White laminae were formed during short-term diatom super-blooms, and are composed almost exclusively of large-sized Cyclostephanos andinus.These diatoms bloom during mixing events when recycled nutrients from the bottom waters are brought to the surface and/or when nutrients are introduced from the catchment during periods of strong runoff. Conversely, the green laminae are thought to have been deposited over several years and are composed of a mixture of diatoms (mainly smaller valves of C. andinus and Discostella stelligera ) and organic matter. These green laminae reflect the lake's hydrological recovery from a status favouring the diatom super-blooms (white laminae) towards baseline conditions. δ 18 O diatom and δ 13 C diatom from 11,990 to 11,530 cal years BP allow us to reconstruct shifts in the precipitation/evaporation ratio and changes in the lake water dissolved carbon concentration, respectively. δ 18 O diatom values indicate that white laminae formation occurred mainly during low lake level stages, whereas green laminae formation generally occurred during high lake level stages. The isotope and chronostratigraphical data together suggest that white laminae deposition is caused by extraordinary environmental events. El Niño-Southern Oscillation and changes in solar activity are the most likely climate forcing mechanisms that could trigger such events, favouring hydrological changes at interannual-to-decadal scale. This study demonstrates the potential for laminated lake sediments to document extreme pluriannual events.

The history of the El Niño-Southern Oscillation according to lacustrine and marine sediments

El gran impacte que El Niño - Oscil·lació del Sud (ENSO) té en la nostra societat industrialitzada ha esperonat la comunitat científica d'arreu a entendre quins són els mecanismes físics que el controlen, així com clarificar quina ha estat la seva història. El registre sedimentari de sensors naturals, com els llacs o la mar, ha permès reconstruir la història de l'ENSO. En aquest article, els autors donen una visió sintètica de la història d'aquest fenomen climàtic al llarg dels darrers quatre milions d'anys.

The history of the El Niño-Southern Oscillation according to lacustrine and marine sediments

El gran impacte que El Niño - Oscil·lació del Sud (ENSO) té en la nostra societat industrialitzada ha esperonat la comunitat científica d'arreu a entendre quins són els mecanismes físics que el controlen, així com clarificar quina ha estat la seva història. El registre sedimentari de sensors naturals, com els llacs o la mar, ha permès reconstruir la història de l'ENSO. En aquest article, els autors donen una visió sintètica de la història d'aquest fenomen climàtic al llarg dels darrers quatre milions d'anys.