Who has really paid for the Reconstruction of East Germany? Expected and Realized Returns on Real Estate Investments in East and West Germany in the 1990s

We evaluate the profitability of investments in residential property in Germany after unification with a focus on the comparison of East and West Germany. Calculations are carried out for (1) the after-tax return an investor might have expected at the beginning of the 1990s, and (2) the after-tax return that has been realized ten years after. We compare a set of statistical data for investments in fifty major cities by using complete financial budgeting. The results show that tax subsidies could not always protect investors from losing money, but they have boosted realized returns after tax considerably. Therefore, it was indeed the taxpayers, not the investors, who have borne the cost of reconstructing East Germany.

Eocene to Early Miocene palaeoclimate of Saxony, Germany (Table 4)

In the present study, proxy data concerning changes in atmospheric CO2 and climatic conditions from the Late Eocene to the Early Miocene were acquired by applying palaeobotanical methods. Fossil floras from 10 well-documented locations in Saxony, Germany, were investigated with respect to (1) stomatal density/index of fossil leaves from three different taxa (Eotrigonobalanus furcinervis, Laurophyllum pseudoprinceps and Laurophyllum acutimontanum), (2) the coexistence approach (CA) based on nearest living relatives (NLR) and (3) leaf margin analysis (LMA). Whereas the results of approach (1) indicate changes in atmospheric CO2 concentration, approaches (2) and (3) provide climate data. The results of the analysis of stomatal parameters indicate that the atmospheric CO2 concentration was higher during the Late Eocene than during the Early Oligocene and increased towards the Late Oligocene. A lower atmospheric pCO2 level after the Late Eocene is also suggested by an increase in marine palaeoproductivity at this time. From the Late Oligocene onwards, no changes in atmospheric CO2 concentration can be detected with the present data. For the considered sites, the results of the coexistence approach and of the leaf margin analysis document a significant cooling event from the Late Eocene to the Early Oligocene. The pCO2 decrease from the Late Eocene to the Early Oligocene indicated by the stomatal data raised in this study was thus coupled to a temperature decrease which is reflected by the present datasets. From the Early Oligocene onwards, however, no further fundamental climate change can be inferred for the considered locations. The pCO2 increase from the Early Oligocene to the Late Oligocene, which is indicated by the present data, is thus not accompanied by a climate change at the considered sites. A warming event during the Late Oligocene is, however, recorded by marine climate archives. According to the present data, no change in pCO2 occurred during the cooling event at the Oligocene/Miocene boundary, which is also indicated by marine data. The quality and validity of stomatal parameters as sensors for atmospheric CO2 concentration are discussed.

(Tables 1-15) Morphometric characteristics of the genus Hinia (Nassariidae, Gastropoda) in the Tertiary of northwest Germany

The genus Hinia is divided in 4 subgenera; other subgenera are not represented in the area studied. It was possible to find criteria for a better discrimination of the highly variable species H. (Hinia) schlotheimi and H. (Hinia) turbinella. The species "fuchsi" has been placed in the synonymy of H. (Hinia) turbinella. The species H. (Hinia) schlotheimi (BEYRICH) and H. (Telasco) schroederi (KAUTSKY) have been united under the name H. (Hinia) schlotheimi. The easily distinguishable species H. (Tritonella) tenuistriata and H. (Hinia) sulcata belong to two different genera. H. (Tritonella) cimbrica andersoni of the Viol- and Katzheide-Beds (Reinbek-stage) is separable from the population found in the Hemmoor-stage, it turned out to be a valuable guide subspecies for the Reinbek-stage. The species H. (Tritonella) serraticosta, H. (Tritonella) catulli, H. (Hinia) holsatica, and H. (Telasco) syltensis are all similar in respect to shape and ornamentation. Criteria have been found for a better discrimination of these species. The species contabulata, effusa and seminodifera described by SPEYER (1864), turned out to be contogenetic stages of H. (Tritonella) pygmaea. H. (Tritonella) cavata, previously described from the Tertiary of the North sea area, was proven to be absent from the area investigated. The forms described under that name, belong to H. (Tritonella) woodwardi.