Schon lange steht fest, dass auf Deutschland und Europa gewaltige Ausgaben zukommen. Die geopolitischen, ökonomischen und sicherheitspolitischen Anforderungen zwingen hierzu. Staaten müssen ihre Investitionen spürbar erhöhen und deren Finanzierung sichern. Dies wird nicht nur Auswirkungen...

It is argued that a PAYGO system may have useful allocative functions in that it serves as an insurance against not having children and as an enforcement device for rotten kid' who are unwilling to pay their parents a pension. It is true that the system has amoral hazard effect in terms of...

This paper discusses how an industrialized country could defend the wages and social benefits of its unskilled workers against wage competition from immigrants. It shows that fixing social standards harms the workers and that fixing social replacement incomes implies migration into unemployment....

It is shown that the net fiscal externality created by an additional member of a pay-as-you-go pension system that is endowed with individual accounts equals the gross contributions" of this member. In Germany, this is an amount of about DM 175,000. The paper uses this" information to design a...

Deutschland und Europa befinden sich derzeit in einer Energiekrise, in der steigende Preise vor allem für Gas und Strom private Haushalte und Unternehmen erheblich belasten. Kurzfristig zielen die politischen Maßnahmen darauf ab, eine Gasmangellage zu vermeiden und die Verbraucher*innen zu...

This paper studies alternative methods of privatizing a formerly communist firm in the presence of imperfect risk markets. The methods include cash sales, a give-away scheme, and a participation contract where the government retains a sleeping fractional ownership in the firm. It is shown that,...

This paper advances the hypothesis that the EUS crisis was caused by German unification. The unification has implied a massive resource demand which parallels the US resource demand following Reagan's tax reforms in the eighties. The resource demand revised the German interest rates relative to...

This paper is a critical review of east German privatization policy. It is argued that the restitution of old property rights has been a major obstacle to investment and that the attempt to sell two thirds of an economy in the market place is bound to be a failure. Such an attempt implies...