Die Zweckentfremdung des kommunalen Kassenkredits – eine rechtlich-ökonomische Analyse

2010 ◽  
Vol 11 (2) ◽  
pp. 178-203 ◽  
Author(s):  
Christoph Gröpl ◽  
Friedrich Heinemann ◽  
Alexander Kalb
Keyword(s):  
The Other ◽  
Economic Perspective ◽  
Short Term ◽  
Institutional Perspective ◽  
Federal States ◽  
German Federal States ◽  
Improper Use ◽  
Short Run ◽  
Ökonomische Analyse ◽  
The One

AbstractThe volume of short-term liquidity credit (“Kassenkredit”) of the German municipalities has increased rapidly in the last two decades. This development suggests that this debt instrument has been diverted from its original purpose, namely as an instrument of bridging short-run liquidity shortfalls. In this paper we analyze the reasons for this development - from a legal and institutional perspective on the one hand, and from an economic perspective on the other hand. One key result of the analysis is that this development is partly due to the lacking intervention of municipal supervision institutions from the L¨ander (German Federal States). Obviously, the Länder tolerate the abuse of the Kassenkredit in order to avoid more open types of debt. In addition, we investigate how the introduction of the doubly-entry bookkeeping in the municipalities affects the (improper) use of short-term liquidity credits. Finally, we point to the potential of the municipal Kassenkredit as a loophole in the new German constitutional debt brake.

scholarly journals Regulierung des Glücksspiels in Deutschland: Das Glücksspielgesetz Schleswig-Holsteins und der Glücksspieländerungsstaatsvertrag aus ökonomischer Perspektive

2013 ◽  
Vol 62 (1) ◽  
Author(s):  
Ulrich Schmidt ◽  
Katharina Lima de Miranda
Keyword(s):  
Sports Betting ◽  
The Other ◽  
Necessary Condition ◽  
Tax Rates ◽  
German State ◽  
Federal States ◽  
Tax Revenues ◽  
German Federal States ◽  
Online Poker ◽  
The One

AbstractThis paper compares the two laws effective for the regulation of gambling in Germany from an economic perspective. On the one hand there is the new and relatively liberal federal Gaming Amendment Act of Schleswig- Holstein (GAA) and on the other hand the German State Treaty on Gambling (GST), which was signed by the remaining 15 German federal states. First, two goals are derived that should be pursued by the regulation of gambling realization of tax revenues and the reduction of problem gambling. Channeling gambling into the regulated market is a necessary condition to achieve both objectives. As the GAA can be expected to realize a higher degree of channeling due to more competitive tax rates as well as the inclusion of online poker and casinos, it appears to be overall superior to the GST. It is in particular incomprehensible that online poker and casinos are not included in the GST, since on one side they have a high potential for addiction and should thus be regulated and on the other side allow to generate higher tax revenues compared to sports betting for example.

Hidden “holes” in the capital of banks and the supply of credit to the real sector of economy

2018 ◽  
pp. 49-68 ◽  
Author(s):  
M. E. Mamonov
Keyword(s):  
Credit Risk ◽  
The Other ◽  
Real Sector ◽  
Capital Management ◽  
Loan Loss ◽  
Short Term ◽  
The Real ◽  
Ex Post ◽  
The One

Our analysis documents that the existence of hidden “holes” in the capital of not yet failed banks - while creating intertemporal pressure on the actual level of capital - leads to changing of maturity of loans supplied rather than to contracting of their volume. Long-term loans decrease, whereas short-term loans rise - and, what is most remarkably, by approximately the same amounts. Standardly, the higher the maturity of loans the higher the credit risk and, thus, the more loan loss reserves (LLP) banks are forced to create, increasing the pressure on capital. Banks that already hide “holes” in the capital, but have not yet faced with license withdrawal, must possess strong incentives to shorten the maturity of supplied loans. On the one hand, it raises the turnovers of LLP and facilitates the flexibility of capital management; on the other hand, it allows increasing the speed of shifting of attracted deposits to loans to related parties in domestic or foreign jurisdictions. This enlarges the potential size of ex post revealed “hole” in the capital and, therefore, allows us to assume that not every loan might be viewed as a good for the economy: excessive short-term and insufficient long-term loans can produce the source for future losses.

Measuring Absolute Membrane Potential Across Space and Time

2021 ◽  
Vol 50 (1) ◽  
Author(s):  
Julia R. Lazzari-Dean ◽  
Anneliese M.M. Gest ◽  
Evan W. Miller
Keyword(s):  
Membrane Potential ◽  
Neurotransmitter Release ◽  
Cell Cycle Control ◽  
The Other ◽  
Annual Review ◽  
Publication Date ◽  
Short Term ◽  
Cellular Processes ◽  
Sensing Platform ◽  
The One

Membrane potential (Vmem) is a fundamental biophysical signal present in all cells. Vmem signals range in time from milliseconds to days, and they span lengths from microns to centimeters. Vmem affects many cellular processes, ranging from neurotransmitter release to cell cycle control to tissue patterning. However, existing tools are not suitable for Vmem quantification in many of these areas. In this review, we outline the diverse biology of Vmem, drafting a wish list of features for a Vmem sensing platform. We then use these guidelines to discuss electrode-based and optical platforms for interrogating Vmem. On the one hand, electrode-based strategies exhibit excellent quantification but are most effective in short-term, cellular recordings. On the other hand, optical strategies provide easier access to diverse samples but generally only detect relative changes in Vmem. By combining the respective strengths of these technologies, recent advances in optical quantification of absolute Vmem enable new inquiries into Vmem biology. Expected final online publication date for the Annual Review of Biophysics, Volume 50 is May 2021. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates.

scholarly journals Why did it not work? Reflections on regulating Airbnb and the complexity and agency of platform capitalism

2020 ◽  
Vol 75 (3) ◽  
pp. 253-257
Author(s):  
Christian Smigiel
Keyword(s):  
Urban Studies ◽  
Power Relations ◽  
The Other ◽  
Short Term ◽  
Structural Power ◽  
Mobile Capital ◽  
Urban Institution ◽  
The One

Abstract. This article deals with one of the most controversial topics in urban studies related to mobile capital and mobile people. At first glance this seems to be contradictory since numbers of short-term rentals have decreased dramatically due to the coronavirus (SARS-CoV-2) pandemic. However, this paper is not about numbers and statistics. Instead it discusses structural issues regarding governance and power relations which remain important topics (especially) in times of crisis. It provides insights regarding the following issues: firstly, it deconstructs different “myths” that still surround short-term rentals and Airbnb and secondly, it delineates the structural power of Airbnb as a new urban institution. This helps us to understand some of the conflicts over Airbnb and the pitfalls with current forms of regulation on the one side as well as showing the complexity and agency of short-term rentals on the other.

Metabolism of Uranium in the Rat after Inhalation of Two Industrial Forms of Ore Concentrate: The Implications for Occupational Exposure

1987 ◽  
Vol 6 (5) ◽  
pp. 385-393 ◽  
Author(s):  
G.N. Stradling ◽  
J.W. Stather ◽  
S.A. Gray ◽  
J.C. Moody ◽  
M. Ellender ◽  
...  
Keyword(s):  
Occupational Exposure ◽  
The Other ◽  
Chemical Toxicity ◽  
Short Term ◽  
Bearing Material ◽  
Ammonium Diuranate ◽  
Body Tissues ◽  
Class D ◽  
The One ◽  
Sampling Procedures

Aerosols produced from two commercially available ore concentrates in which the uranium was present essentially in the one as ammonium diuranate (ADU) and in the other as uranium octoxide (U3O8) were administered to rats. The results show that: 1 uranium in the ADU bearing material was cleared rapidly from the lungs, mainly to the blood, such that the retention kinetics were similar to those for a class D (highly transportable) compound as defined by ICRP; 2 uranium in the U 3O8 bearing material was removed from the lungs principally by mechanical processes, the retention kinetics in this case being similar to those defined for a class Y (poorly transportable) compound; 3 for both materials the distribution of uranium amongst body tissues and the fraction of the systemic content excreted in urine were similar to those obtained after the injection of soluble hexavalent compounds; 4 for workers potentially exposed to both these materials, urine monitoring and lung radioactivity counting measurements should be used in addition to air sampling procedures for assessing the intake of uranium. 5 intakes of the ADU bearing material should be restricted to those permitted for short-term exposures on the basis of chemical toxicity, whereas those for the U3O 8 bearing material should be governed by radiation dose.

Influence of the Noisy Miner Manorina melanocephala on avian diversity and abundance in remnant Grey Box woodland

1998 ◽  
Vol 4 (1) ◽  
pp. 55 ◽  
Author(s):  
Merilyn J. Grey ◽  
Michael F. Clarke ◽  
Richard H. Loyn
Keyword(s):  
Bird Species ◽  
The Other ◽  
Avian Diversity ◽  
Short Term ◽  
Experimental Removal ◽  
Noisy Miner ◽  
Insect Infestations ◽  
Eucalypt Woodlands ◽  
Manorina Melanocephala ◽  
The One

The abundance of an aggressive Australian honeyeater, the Noisy Miner Manorina melanocephala, was reduced at four small (<8 ha) Grey Box Eucalyptus microcarpa woodland remnants by experimental removal. The diversity and abundance of small insectivorous and nectarivorous birds increased at three of the four sites (relative to matching control sites) over the twelve months following the removal of the Noisy Miners. The one exception occurred at a pair of sites where eucalypts began flowering at one site and finished at the other during the Noisy Miner removal period. These results, taken together with those from three earlier experiments where the abundance of Noisy Miners was reduced in Mugga Ironbark E. Sideroxylon woodland remnants, demonstrate that Noisy Miners affect avian diversity and abundance by aggressive exclusion of other species. In five out of seven experiments, Noisy Miners did not reinvade the small woodland remnants during the ensuing twelve months. When Noisy Miner abundance was reduced, increased populations of small insectivorous and nectarivorous birds used small degraded woodland remnants. Colonizing populations of small birds have the potential to reduce insect infestations and may assist in the recovery of dieback-affected woodland remnants. Research is continuing to test this hypothesis. Reducing the abundance of Noisy Miners in remnant eucalypt woodlands may also be a useful, short-term measure, which could assist in the recovery of threatened or endangered bird species.

The czech experience with inflation targeting in transition

2000 ◽  
Vol 9 (3) ◽  
Author(s):  
Kateřina Šmídková ◽  
Miroslav Hrnčíř
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Inflation Targeting ◽  
Central Banks ◽  
Communication Strategy ◽  
The Other ◽  
Short Term ◽  
Countries In Transition ◽  
The One

This paper argues that inflation targeting is a strategy that can be under certain conditions adopted by central banks in countries in transition even though their typical goal is to disinflate instead of stabilising low inflation. On the one hand, according to the Czech experience, inflation targeting offers several benefits, such as increasing control over expectations and short-term flexibility of monetary strategy, that are attractive for economy in transition. On the other hand, constraints imposed by period of transition as well as by openness of economy are present no matter which monetary strategy is chosen by the central bank. Implied costs should not be attributed to a particular monetary strategy. Inflation targeting has made various factors constraining monetary policy more visible and, as a result, requirements on the quality of decisions as well as on communication strategy have increased.

scholarly journals Uncertainty and Contradiction: An Essay on the Business Cycle

2015 ◽  
Vol 49 (2) ◽  
pp. 247-264 ◽  
Author(s):  
Michalis Nikiforos
Keyword(s):  
Labor Market ◽  
Business Cycle ◽  
The Other ◽  
Financial Instability ◽  
Wage Share ◽  
Hyman Minsky ◽  
Short Run ◽  
Low Levels ◽  
The Business Cycle ◽  
The One

The paper develops a model of economic fluctuations in the medium run and their relation with the short-run macroeconomic equilibrium. The business cycle is the result of two separate forces. On the one hand, there is Harrodian instability. On the other hand, this instability is contained by the inherent contradictions of capitalism. I focus on two of these contradictions: the profit-squeeze that results from the tightening of the labor market as employment and utilization increase, and the financial instability hypothesis as formulated by Hyman Minsky. With the inclusion of overhead labor, the model can explain the U-shaped behavior of the wage share along the business cycle (wage share decreases for low levels of utilization and increases for higher levels) that prevailed in most of the post-WWII period, as well as the decrease in the wage share as utilization increases that has been observed in the most recent cycles.

scholarly journals Anti-ELAB Movement, National Security Law, and heterogeneous institutional trust in Hong Kong

2021 ◽  
Vol 22 (4) ◽  
pp. 287-311 ◽  
Author(s):  
Hans H. Tung ◽  
Ming-Jen Lin ◽  
Yi-Fan Lin
Keyword(s):  
Hong Kong ◽  
National Security ◽  
Natural Experiment ◽  
The Other ◽  
Institutional Trust ◽  
Short Term ◽  
Political Preferences ◽  
Trust In Institutions ◽  
Institutional Landscape ◽  
The One

AbstractHow does repression on opposition protests affect citizens' institutional trust under dictatorships? There has been a burgeoning literature investigating empirically both long- and short-term impacts of protests and their repression on citizens' political preferences in both democratic and nondemocratic contexts. Yet, the literature tells us relatively little about how the above question could be answered. This paper tries to answer this question by taking advantage of a recent natural experiment in Hong Kong when Beijing suddenly adopted the National Security Law (NSL) in June 2020 to repress dissidents' protest mobilization. Our findings are twofold. First of all, the NSL drove a wedge in the Hong Kong society by making the pro-establishment camp more satisfied with the post-NSL institutions on the one hand, while alienating the pro-democracy camp who lost tremendous trust in them on the other. Second, our study also reveals that one's trust in institutions is significantly associated with the regimes' ability to curb protesters' contentious mobilization. The Hong Kongers who had higher confidence in the NSL to rein in protests would also have a greater level of trust than those who didn't. The effect, however, is substantially smaller among pro-democracy Hong Kongers except for their trust in monitoring institutions. As Beijing is transforming Hong Kong's current institutions from within hopes of bringing about a new political equilibrium, our study helps provide a timely assessment of Hong Kong's institutional landscape and sheds light on how likely this strategy can work.

scholarly journals Competitiveness as a Decisive Criterion for Sustainability

2020 ◽  
Vol 65 (Special edition 2020/2) ◽  
pp. 7-24
Author(s):  
György Matolcsy
Keyword(s):  
National Economy ◽  
The State ◽  
The Other ◽  
Global Competition ◽  
Short Term ◽  
Important Resource ◽  
Long Run ◽  
Digital Transition ◽  
The One ◽  
Proper Cooperation

Competitiveness and sustainability are inseparable concepts. Competitiveness cannot be interpreted in the short term, and thus it cannot exist without sustainability as well. At both the corporate and national economy level, only those who can maintain their outstanding performance, in the long run, are the winners in global competition. There are two roads to achieving these two goals simultaneously, and they can even be followed at the same time. On the one hand, moving away from quantitative factors towards quality, and on the other hand, looking for new resources and making old resources unlimited by using them in a sustainable, “green” manner. With the development of digitalisation, data is becoming a more important resource than ever before, while money and access to energy may become unlimited. No segment of the economy can ignore revolutionary changes, such as the green and digital transition, but proper cooperation between the state and the market is necessary to achieve and maintain competitiveness and sustainability.

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