Die Schuldenkrise und die Unterstützung der Europäischen Union

Die Unterstützung der EU durch ihre Bürger ist spätestens seit dem Vertrag von Maastricht Gegenstand einer Vielzahl von Beiträgen in der Einstellungsforschung. Eine zentrale Annahme der bisherigen Forschung war die große Distanz der EU zur Alltagswirklichkeit der Bürger. Nach dieser werden Einstellungen zur EU nur aufwendig oder mit Rückgriff auf Einstellungen zum Nationalstaat gebildet. Mit der Euro-Schuldenkrise, deren wirtschaftlichen Auswirkungen für die Bürger und einer Vielzahl von EU-Krisengipfeln erfuhr die europäische Politik seit 2010 eine enorme Aufmerksamkeit in der Öffentlichkeit. In dieser Arbeit wird die Entwicklung der EU-Unterstützung vergleichend in Deutschland und Griechenland vor und während der Schuldenkrise untersucht: 1) Zunächst wird diskutiert, inwieweit die Schuldenkrise mit den etablierten Determinanten der Unterstützungsforschung theoretisch zusammenhängt. Im Mittelpunkt stehen wirtschaftliche und demokratische Performanz, europäische und nationale Identität sowie Heuristiken zum Nationalstaat. 2) Der Fokus auf Deutschland und Griechenland ermöglicht einen Vergleich der Determinanten vor und während der Krise, da beide Länder substanziell völlig unterschiedlich, jedoch gleichzeitig betroffen waren. Während die Bürger in Griechenland spürbare Wohlstandsverluste erleiden, stellt sich in Deutschland die Frage nach der Solidarität mit den europäischen Nachbarn. 3) Die empirische Analyse zeigt, dass die etablierten Determinanten in der Schuldenkrise ihre Relevanz behalten. Das individuelle wirtschaftliche Schicksal ist in Griechenland ein stärkerer Einflussfaktor als vor der Krise. Es bestätigt sich die Erwartung, dass die größere Präsenz der EU in der Krise mit einer geringeren Bedeutung der Einstellungen zum Nationalstaat einhergeht.

Greek Economists for Reform.com

This blog publishes articles by leading academic economists on issues relevant to economic policy and reforms in Greece. The crisis in Greece is also a time of opportunity: ambitious reforms can be undertaken that will not only stave off bankruptcy, but also modernize Greece’s economy and raise the productivity and incomes of Greek citizens on a sustainable basis. The articles in this blog aim to offer constructive proposals and impartial analysis of potential, proposed or implemented reforms that are based on the principles of modern economics and on lessons from recent cutting-edge research.

La Reforma de la Ley Concursal Suiza en materia de reestructuraciones

Recientemente, el Parlamento Suizo ha adoptado la Ley de Reforma del derecho Suizo de reestructuración de empresas insolventes, en vigor desde el 1 de enero de 2014. La reforma, indirectamente desencadenada por la insolvencia del grupo "Swissair", responde a la tendencia internacional partidaria de procesos de reestructuración sencillos, discretos, eficientes y fácilmente accesibles, inspirándose parcialmente en soluciones aportadas por el "Chapter 11" del US Bankruptcy Code. En lo que se refiere al tratamiento de grupos de empresa, la reforma rechaza la introducción de la consolidación patrimonial sustantiva, pero abre, aunque tímidamente, la puerta a la cooperación y coordinación en lo procesal. La reforma no aborda cuestiones internacionales, lo cual es articularmente lamentable en vista de la no participación de Suiza en el correspondiente Reglamento europeo y de las restrictivas condiciones que el derecho Suizo impone a administradores de insolvencia extranjeros para acceder a bienes situados en Suiza.

The Optimal Capital Structure of Banks: Balancing Deposit Insurance, Capital Requirements and Tax-Advantaged Debt

The capital structure and regulation of financial intermediaries is an important topic for practitioners, regulators and academic researchers. In general, theory predicts that firms choose their capital structures by balancing the benefits of debt (e.g., tax and agency benefits) against its costs (e.g., bankruptcy costs). However, when traditional corporate finance models have been applied to insured financial institutions, the results have generally predicted corner solutions (all equity or all debt) to the capital structure problem. This paper studies the impact and interaction of deposit insurance, capital requirements and tax benefits on a bankÇs choice of optimal capital structure. Using a contingent claims model to value the firm and its associated claims, we find that there exists an interior optimal capital ratio in the presence of deposit insurance, taxes and a minimum fixed capital standard. Banks voluntarily choose to maintain capital in excess of the minimum required in order to balance the risks of insolvency (especially the loss of future tax benefits) against the benefits of additional debt. Because we derive a closed- form solution, our model provides useful insights on several current policy debates including revisions to the regulatory framework for GSEs, tax policy in general and the tax exemption for credit unions.

Do Exposure Suits Produce a 'Race to File'? An Economic Analysis of a Tort for Risk

Conventional tort law does not allow victims of exposure to a toxic substance to seek compensation until they develop actual symptoms of illness. This may effectively bar recovery because at the time the illness arises, injurers may be judgment proof. One possible response is to allow a tort for risk that allows victims to seek expected damages at the time of exposure. However, critics charge that this could create a 'race to file' wherein victims rush to file suit to ensure that they will get a share of the injurer's limited assets. We show that such a race may or may not occur in equilibrium, and that when it does occur, not all victims choose to file at exposure if bankruptcy is an inevitable result. If bankruptcy is not inevitable, it is possible that a tort for risk will trigger bankruptcy, although a no-bankruptcy equilibrium always exists and Paretodominates the bankruptcy equilibrium. We examine the consequences of the various tort-for-risk equilibria on the compensation of exposure victims, litigation costs, and injurer care.

Rupturas y continuidades en el mundo del trabajo : Trayectorias laborales y valoraciones subjetivas en un estudio de caso

En las últimas décadas, el mundo del trabajo se ha modificado drásticamente. Considerando que dichos cambios no sólo modificaron las estrategias materiales de vida de los trabajadores, sino también sus valoraciones y percepciones con respecto al trabajo y a sí mismos, en este estudio pretendemos indagar sobre la forma en que los sujetos enfrentaron tales fenómenos y las consecuencias que los mismos produjeron en sus subjetividades. Presentamos aquí un estudio de caso que se propone describir y analizar las trayectorias laborales, a lo largo de los últimos quince años, de los ex trabajadores de la empresa O.F.A., una mediana fábrica metalúrgica del Gran La Plata que cerró por quiebra en el año 1993. Dados los objetivos de investigación, hemos adoptado una perspectiva metodológica cualitativa utilizando el concepto de trayectoria laboral, que intenta poner de manifiesto la relación dinámica que se establece entre las condiciones estructurales y las estrategias que ponen en juego los sujetos. En primer lugar, planteamos la descripción de las trayectorias laborales analizadas, dando cuenta del trabajo en la empresa, las búsquedas laborales emprendidas y las inserciones laborales actuales. En segundo lugar, nos centramos en el análisis de las valoraciones y percepciones que tienen los trabajadores con respecto al trabajo pasado, al actual y a las transformaciones ocurridas a lo largo de sus trayectorias. Finalmente señalamos los principales resultados, concluyendo que a pesar de producirse el quiebre de las trayectorias, el trabajo sigue siendo un eje identitario estructurante en la vida de los trabajadores estudiados

O rural depois do êxodo : As implicações do despovoamento dos campos no distrito de Arroio do Só, município de Santa Maria/RS, Brasil

This study aims to understand the sociospatial transformations resulting from the depopulation of the fields and their effects on the rural landscape of Arroio do Só in Santa Maria - RS. To this end, we attempted to identify changes in the way of life of rural people, their activities and relationships and understand how this process has occurred, its causes and its impact on quality of life and social structure of the population that remained in place. The discussion on the modernization of agriculture is key to understanding this process. This district was chosen as a research site because it is a town that, in the past, had a very big socioeconomic dynamism, and now, according to the bankruptcy of several companies and the consequent emigration of much of the population, the sociospatial dynamic has changed. It was collected data from a secondary source of FIBGE and FEE in order to periodize population dynamics of the district, county and state. The qualitative research was conducted through interviews with the subjects in the field and their representatives, with the help of the Field Diary

Rupturas y continuidades en el mundo del trabajo : Trayectorias laborales y valoraciones subjetivas en un estudio de caso

En las últimas décadas, el mundo del trabajo se ha modificado drásticamente. Considerando que dichos cambios no sólo modificaron las estrategias materiales de vida de los trabajadores, sino también sus valoraciones y percepciones con respecto al trabajo y a sí mismos, en este estudio pretendemos indagar sobre la forma en que los sujetos enfrentaron tales fenómenos y las consecuencias que los mismos produjeron en sus subjetividades. Presentamos aquí un estudio de caso que se propone describir y analizar las trayectorias laborales, a lo largo de los últimos quince años, de los ex trabajadores de la empresa O.F.A., una mediana fábrica metalúrgica del Gran La Plata que cerró por quiebra en el año 1993. Dados los objetivos de investigación, hemos adoptado una perspectiva metodológica cualitativa utilizando el concepto de trayectoria laboral, que intenta poner de manifiesto la relación dinámica que se establece entre las condiciones estructurales y las estrategias que ponen en juego los sujetos. En primer lugar, planteamos la descripción de las trayectorias laborales analizadas, dando cuenta del trabajo en la empresa, las búsquedas laborales emprendidas y las inserciones laborales actuales. En segundo lugar, nos centramos en el análisis de las valoraciones y percepciones que tienen los trabajadores con respecto al trabajo pasado, al actual y a las transformaciones ocurridas a lo largo de sus trayectorias. Finalmente señalamos los principales resultados, concluyendo que a pesar de producirse el quiebre de las trayectorias, el trabajo sigue siendo un eje identitario estructurante en la vida de los trabajadores estudiados

O rural depois do êxodo : As implicações do despovoamento dos campos no distrito de Arroio do Só, município de Santa Maria/RS, Brasil

This study aims to understand the sociospatial transformations resulting from the depopulation of the fields and their effects on the rural landscape of Arroio do Só in Santa Maria - RS. To this end, we attempted to identify changes in the way of life of rural people, their activities and relationships and understand how this process has occurred, its causes and its impact on quality of life and social structure of the population that remained in place. The discussion on the modernization of agriculture is key to understanding this process. This district was chosen as a research site because it is a town that, in the past, had a very big socioeconomic dynamism, and now, according to the bankruptcy of several companies and the consequent emigration of much of the population, the sociospatial dynamic has changed. It was collected data from a secondary source of FIBGE and FEE in order to periodize population dynamics of the district, county and state. The qualitative research was conducted through interviews with the subjects in the field and their representatives, with the help of the Field Diary

Rupturas y continuidades en el mundo del trabajo : Trayectorias laborales y valoraciones subjetivas en un estudio de caso

En las últimas décadas, el mundo del trabajo se ha modificado drásticamente. Considerando que dichos cambios no sólo modificaron las estrategias materiales de vida de los trabajadores, sino también sus valoraciones y percepciones con respecto al trabajo y a sí mismos, en este estudio pretendemos indagar sobre la forma en que los sujetos enfrentaron tales fenómenos y las consecuencias que los mismos produjeron en sus subjetividades. Presentamos aquí un estudio de caso que se propone describir y analizar las trayectorias laborales, a lo largo de los últimos quince años, de los ex trabajadores de la empresa O.F.A., una mediana fábrica metalúrgica del Gran La Plata que cerró por quiebra en el año 1993. Dados los objetivos de investigación, hemos adoptado una perspectiva metodológica cualitativa utilizando el concepto de trayectoria laboral, que intenta poner de manifiesto la relación dinámica que se establece entre las condiciones estructurales y las estrategias que ponen en juego los sujetos. En primer lugar, planteamos la descripción de las trayectorias laborales analizadas, dando cuenta del trabajo en la empresa, las búsquedas laborales emprendidas y las inserciones laborales actuales. En segundo lugar, nos centramos en el análisis de las valoraciones y percepciones que tienen los trabajadores con respecto al trabajo pasado, al actual y a las transformaciones ocurridas a lo largo de sus trayectorias. Finalmente señalamos los principales resultados, concluyendo que a pesar de producirse el quiebre de las trayectorias, el trabajo sigue siendo un eje identitario estructurante en la vida de los trabajadores estudiados

O rural depois do êxodo : As implicações do despovoamento dos campos no distrito de Arroio do Só, município de Santa Maria/RS, Brasil

This study aims to understand the sociospatial transformations resulting from the depopulation of the fields and their effects on the rural landscape of Arroio do Só in Santa Maria - RS. To this end, we attempted to identify changes in the way of life of rural people, their activities and relationships and understand how this process has occurred, its causes and its impact on quality of life and social structure of the population that remained in place. The discussion on the modernization of agriculture is key to understanding this process. This district was chosen as a research site because it is a town that, in the past, had a very big socioeconomic dynamism, and now, according to the bankruptcy of several companies and the consequent emigration of much of the population, the sociospatial dynamic has changed. It was collected data from a secondary source of FIBGE and FEE in order to periodize population dynamics of the district, county and state. The qualitative research was conducted through interviews with the subjects in the field and their representatives, with the help of the Field Diary

Executive Managers in Large Mexican Family Businesses

The involvement of members of owners' families in the running of large family businesses in Mexico is decreasing. Although family members still hold key posts such as that of CEO, other executive posts tend to be delegated to professional salaried managers. Top managers, including family members, share some common characteristics. They are young compared with managers in other developed countries, their quality as human resources is high, and many of them are graduates of overseas MBA courses. Most of them are sufficiently experienced. Improvement of quality among top managers is a recent phenomenon in Mexico, and has been encouraged mainly by the following two factors. First, globalization of business activities was promoted by intense competition among firms under conditions of market liberalization. In order to equip themselves with the ability to cope with the globalization of their operations, large family businesses tried hard to improve the quality of top management, by training and educating existing managers, and/or by recruiting managers in the outside labor market. Second, developments in the Mexican economy during the 1990s led to a growth in the labor market for top managers Thus, business restructuring caused by bankruptcy, as well as mergers and acquisitions, privatization and so on, led to the dismissal of business managers who then entered the labor market in large numbers. The increasing presence of these managers in the labor market helped family businesses to recruit well-qualified senior executives.

Impact of the Economic Recession on Toll Highway Concessions in Spain

After joining the European Union in 1986, Spain experienced steady economic growth that enabled the country to grow at a greater pace than other European countries. During this period, the government of Spain opted for major investments in public infrastructure by taking advantage both of the funding provided by the European Union and of several types of public-private-partnership (PPP) approaches. Within this framework, the government of Spain between 1996 and 2004 procured a series of toll highway concessions. These concessions entered into operation a few years before the global economic recession made itself felt in Spain. The concession contracts signed between the government and some private consortia allocated most of the risks (expropriation, construction, and traffic) to the private sector. In this paper the impact that the economic recession has had on the business performance of the concessionaires is assessed, and the effectiveness of the measures adopted by the government to help the concessionaire to avoid bankruptcy is analyzed. It was found that some of the guarantees offered by the legal framework to the concessionaires in case of bankruptcy are prompting an outcome that could negatively affect the users. In addition to that, some suggestions as to how to better allocate risk in toll highway concessions in the future are provided.

Risk Allocation in Toll Highway Concessions in Spain: Lessons from Economic Recession

Spain has a long tradition of encouraging toll highways by granting concessions to private companies. Concessions in Spain have been characterized by a willingness to transfer considerable risk to the private sector. Traffic demand, acquisition of the right-of-way, and financial risk have often been allocated to the private sector. From 1996 to 2011, 16 toll highway concessions, covering a total distance of 835 km, were awarded by the central government of Spain with this approach. Some of those highways started their operations just before the economic recession began. The recession had negative consequences for Spain's economy. The gross domestic product per capita plummeted, and the unemployment rate increased from 9% to 20% of the working population in just 2 years. The recession also had severe consequences for the economic performance of toll highway concessions. Traffic levels declined at a much greater rate than did the gross domestic product. In addition, the conditions imposed by the financial markets on borrowers became much stricter because of the liquidity crisis. This study analyzes the impact that the economic recession ultimately had on the performance of toll highway concessions in Spain and the actions that the government adopted to avoid the bankruptcy of the concessionaires. It was found that the economic recession helped identify some deficiencies in how risk had been allocated in Spain. The measures that both Spain and the European Union are adopting so as to improve risk allocation are discussed.

The minimal overlap rule: restrictions on mergers for creditors’ consensus

As it is known, there is no rule satisfying additivity in the complete domain of bankruptcy problems. This paper proposes a notion of partial additivity in this context, to be called μ-additivity. We find out that this property, together with two quite compelling axioms, equal treatment of equals and continuity, identify the minimal overlap rule, introduced by O’Neill (Math. Soc. Sci. 2:345–371, 1982).