The Crowding-out Effect of Mandatory Labour Market Pension Schemes on Private Savings. Evidence from renters in Denmark. CEPS Working Document No. 389, February 2014

This paper aims to estimate the crowding-out effect of the Danish mandatory labour market pension reforms begun in 1993 on the level of total household savings for renters. The effect is identified via a large panel of individual administrative records utilising the differences in speed, timing and sectoral coverage of the implementation of the reform in the period 1997 to 2005. Little substitutability was found between current mandatory labour market pension savings and private voluntary savings. Each euro paid into mandatory labour market pension accounts results in a reduction in private savings of approximately 0 to 30 cents, depending on age. This low rate of substitution is only, to a minor extent, explained by liquidity constraints. The results point to mandatory pension savings having a large effect on total household savings. Thus, pension reforms that introduce mandatory savings have macroeconomic implications.

North Caucasus: the Russian Gordian knot. The key problems and conflicts in the region and the effect thereof on the future of Russia; Putin after re-election: The Kremlin's policy in Vladimir Putin's second term. OSW Study 16/2004

North Caucasus: North Caucasus is the most instable part of the Russian Federation: since the early 90's, there has been going on the military conflict in Chechnya, which is gradually spilling over into the other republics of the region, terrorism seems to have occupied its regular position in the political life of Caucasus, organized crime is flourishing, the tension persists there and military incidents and attacks are breaking out every now and again. During the recent year, the destabilization of the region, which affects many fields of Russian political and social life, has grown to an alarming size. Putin after re-election: Vladimir Putin's first term as President was a period of submitting political, regional and economic lobbies to the Kremlin. The actions Putin has taken since being re-elected are aimed at consolidating the Kremlin's control over the political, economic and social spheres. Further liquidation of political and informational pluralism, an increase of the ruling group's control over state and private property, and an intensification of state propaganda aimed at generating social support for the Kremlin's initiatives have all proceeded apace. These processes reinforce authoritarian tendencies and strengthen the emerging monocentric political system, with the President's strong domination over political, economic and social life.

Financial Engineering Instruments and their Assessment Under EU State Aid Rules. Bruges European Economic Policy (BEEP) Briefing 26/2013

Financial engineering instruments such as guarantees, loans and equity are increasingly used in public funding of enterprises. These instruments have three attractive features: they are repayable, they “leverage” private involvement, and they have a multiplier effect because they generate new income. At the same time, however, they are technically complex and they are subject to state aid rules. Their assessment under EU state aid rules creates two additional problems. First, under certain conditions financial instruments may not contain state aid. This is when public authorities act as “private investors”. This means that state aid cannot be presumed to exist in all financial instruments. It must first be established through market analysis. Second, when state aid is found to be present it is not always possible to quantify it. For this reason the state aid rules that apply to financial instruments differ significantly from other rules. This paper reviews how financial instruments have been assessed by the European Commission and under which conditions the state aid they may contain can be considered to be compatible with the internal market. The paper finds that by and large Member States have succeeded to design measures that have all been approved by the Commission.

Filling the gap: open economy considerations for more reliable potential output estimates. Bruegel Working Paper 2015/11, October 2015

This paper argues that the Phillips curve relationship is not sufficient to trace back the output gap, because the effect of excess demand is not symmetric across tradeable and non-tradeable sectors. In the non-tradeable sector, excess demand creates excess employment and inflation via the Phillips curve, while in the tradeable sector much of the excess demand is absorbed by the trade balance. We set up an unobserved-components model including both a Phillips curve and a current account equation to estimate ‘sustainable output’ for 45 countries. Our estimates for many countries differ substantially from the potential output estimates of the European Commission, IMF and OECD. We assemble a comprehensive real-time dataset to estimate our model on data which was available in each year from 2004-15. Our model was able to identify correctly the sign of pre-crisis output gaps using real time data for countries such as the United States, Spain and Ireland, in contrast to the estimates of the three institutions, which estimated negative output gaps real-time, while their current estimates for the pre-crisis period suggest positive gaps. In the past five years the annual output gap estimate revisions of our model, the European Commission, IMF, OECD and the Hodrick-Prescott filter were broadly similar in the range of 0.5-1.0 percent of GDP for advanced countries. Such large revisions are worrisome, because the European fiscal framework can translate the imprecision in output gap estimates into poorly grounded fiscal policymaking in the EU.

State Transformation and the European Integration Project. Lessons from the financial crisis and the Greek paradigm. CEPS Special Report No. 130/February 2016

The financial crisis that erupted in the eurozone not only affected the EU’s financial governance mechanisms, but also the very nature of state sovereignty and balances in the relations of member states; thus, the actual inequalities between the member states hidden behind their institutional equality have deteriorated. This transformation is recorded in the case law of the Court of Justice of the European Union and the member states’ constitutional courts, particularly in those at the heart of the crisis, with Greece as the most prominent example. It is the issue of public debt (sovereign debt) of the EU member states that particularly reflects the influence of the crisis on state sovereignty as well as the intensely transnational (intergovernmental) character of European integration, which under these circumstances takes the form of a continuous, tough negotiation. The historical connection between public debt (sovereign debt) and state sovereignty has re-emerged because of the financial crisis. This development has affected not only the European institutions, but also, at the member state level, the actual institutional content of the rule of law (especially judicial review) and the welfare state in its essence, as the great social and political acquis of 20th century Europe. From this perspective, the way that the Greek courts have dealt with the gradual waves of fiscal austerity measures and structural reforms from 2010 to 2015 is characteristic. The effect of the financial crisis on the sovereignty of the member states and on the pace of European integration also has an impact on European foreign and security policy, and the correlations between the political forces at both the national and European level, thus producing even more intense pressures on European social democracy. In light of the experience of the financial crisis, the final question is whether the nation state (given the large real inequalities among the EU member states) currently functions as a brake or as an engine for future European integration.

Procedures for controlling the effect of increased tire pressure on asphalt concrete pavement damage. Final report.

Oregon Department of Transportation, Salem

Fate and effect of oil in the aquatic environment, Gulf Coast region /

Mode of access: Internet.

Potential of spark ignition engine, effect of vehicle design variables on top speed, performance and fuel economy. Final report.

National Highway Traffic Safety Administration, Office of Research and Development, Washington, D.C.

Effect of container on food preferences.

Mimeographed.

A study concerning the effect of part-time employment of high school seniors upon school marks and attendance, first semester 1943-44.

At head of title: State of Indiana. Dept. of Public Instruction ...

Ohio school laws, from revised statutes passed June 20th, 1879, to take effect January 1st, 1880, as amended up to April 19th, 1883, accompanied by general statues, Supreme court decisions, and explanatory notes, bearing on the management of schools and school property: to which are added parliamentary rules of order and a complete set of blank forms.

D. F. De Wolf, State Commissioner of Common Schools.

An electroencephalographic study of the effect of Shechita Slaughter on cortical function in ruminants.

Includes bibliography.

An act of the legislature of West Virginia providing for a workmen's compensation law. Passed February 21, 1913. Amended February 20, 1915 and March 13, 1915. In effect as amended May 21, 1915. /

Mode of access: Internet.

Effect of RACT II environmental controls in Illinois, R80-5 /

"August 1981."

[Summary of the reorganization and merger of the Illinois Department of the Lottery, the Illinois Liquor Control Commission, and the Illinois Racing Board with the Illinois Department of Revenue, pursuant to Executive Order 9, which took effect on June 1, 2003]

In accordance with 15-ILCS 15/11, from Chapter 127, paragraph 1811, the following report is offered to summarize the reorganization of the Department of the Lottery, the Liquor Control Commission, and the Illinois Racing Board merger with the Department of Revenue, pursuant to Executive Order 9, which took effect on June 1, 2003. As part of the governor's ongoing effort to streamline state government and improve efficiency, the consolidation eliminated duplication by integrating administrative functions of the agencies with the Department of Revenue. The change resulted in savings of $3 million on an annual basis from 29 fewer positions and a reduction of leased office space at 7 Lottery locations throughout the state. Streamlined operations were achieved by merging human resource management, procurement, accounting, information technology, and other administrative support services. In addition, Lottery headquarters in Springfield and Chicago, as well as sales district office locations throughout the state were merged with existing Department of Revenue offices, significantly reducing state lease costs. Core functions of the Lottery, Liquor Control Commission, and Racing Board remain intact, and the boards and commission that oversee these entities retain their regulatory responsibilities. The department is considering recommending "clean-up" legislation to replace statutory references to the "Department of the Lottery" with the "Division of the Lottery" or "Department of Revenue Division of the Lottery".