We examine how labor immigration affects public pensions under centralized wage setting. We show that immigration improves the sustainability of pay-as-you-go pensions if and only if total employment declines. This occurs if the labor demand elasticity exceeds the unemployment rate.

Several Bundesländer in Germany have or are about to introduce tuition fees for higher education. We discuss three hypotheses pertaining to (i) their distributional effects, (ii) their effect on the demand for higher education and study behavior, and (iii) the competition and financial...

Due to tight public budget constraints, the efficiency of publicly financed universities in Germany is receiving increasing attention in the academic as well as in the public discourse. Against this background we analyze the efficiency of 72 public German universities for the years 1998 to 2003,...

Despite the frequent references to Schumpeter's work, his own encompassing methodological approach as worked out by Shionoya (1997) has hardly been considered. In this paper, it is revisited together with Georgescu-Roegen's contributions to economic methodology in view of (i) their contribution...

Like social predictions also advices addressed to the relevant agents may influence their subject and consequently may be liable to self-referentiality effects. It is a well-known phenomenon that decisionmakers tend to delay the execution of a given advice the more the less urgent the...

Bei Unsicherheit über die zukünftige Entwicklung des Wechselkurses sind international tätige Unternehmen nicht indifferent in Bezug auf die Wahl der Währung ihrer Preissetzung. Denn die bei der Fakturierung festgelegte Währung kann die Ertragssituation des Unternehmens erheblich...

Im Risikomanagement von Banken findet das Value at Risk-Konzept verstärkt Anwendung. Baut die Solvenzpolitik einer Bank auf dem Value at Risk-Konzept auf, müssen Aktiv- und Passivgeschäft der Bank simultan betrachtet werden. In einem Entscheidungsmodell für eine Bank werden die notwendige...

The paper examines the effects of demographic change on federal, state and local governments in Germany with a focus on the expenditure side to answer the question, whether demographic change will induce vertical fiscal expenditure imbalances. We present estimates of the impact of demographic...