Abstract The introduction of a digital currency is part of the continuous evolution of the financial system, which has always been driven by technological innovations. For the first time in many years, Western central banks are exposed to potential currency competition. But a digital euro also has the potential to affect the two-tier structure of the grown financial system. The ECB should not engage in an interest rate competition with commercial banks and the digital currency should remain non-interest-bearing. Instead of imposing holding limits, notice periods could also be used to reduce the risk of bank runs. The ECB should limit itself and implement a hybrid digital central bank currency.
{"title":"Der digitale Euro aus einer historischen Perspektive","authors":"Jan Greitens","doi":"10.2478/wd-2023-0223","DOIUrl":"https://doi.org/10.2478/wd-2023-0223","url":null,"abstract":"Abstract The introduction of a digital currency is part of the continuous evolution of the financial system, which has always been driven by technological innovations. For the first time in many years, Western central banks are exposed to potential currency competition. But a digital euro also has the potential to affect the two-tier structure of the grown financial system. The ECB should not engage in an interest rate competition with commercial banks and the digital currency should remain non-interest-bearing. Instead of imposing holding limits, notice periods could also be used to reduce the risk of bank runs. The ECB should limit itself and implement a hybrid digital central bank currency.","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139013778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Roland Broemel, Alexander Meyer-Gohde, Volker Wieland
Abstract Central banks including the ECB have moved forward with plans concerning a central bank digital currency (CBDC) to be made available to the public at large. In particular, the announcement of a private stable coin by a consortium led by Facebook/Meta had served as a catalyst. Perhaps the fear of losing market share in terms of seigniorage or impairment of monetary policy played a role. By now, however, a widely-expressed criticism is that the CBDC constitutes a solution that is still in search of a problem to be solved. The argument put forth by the ECB that a CBDC is needed as a monetary anchor in the digital sphere carries little weight after closer inspection. Furthermore, potential advantages of a CBDC are partly reduced or precluded because of constraints imposed in order to minimise potential risks for the stability of the banking system and the business model of banks. For example, the model pursued by the ECB refrains from positive or negative interest rates paid on CBDC, imposes limits on transaction amounts and precludes a store of value function. At this point, the main potential benefit appears to be a possible reduction of transaction costs in digital payments and a possible contribution to keeping platform-based markets in digital ecosystems contestable. It remains an open question whether this is a task for central banks.
{"title":"Der digitale Euro: Chancen und Risiken einer digitalen Notenbankwährung","authors":"Roland Broemel, Alexander Meyer-Gohde, Volker Wieland","doi":"10.2478/wd-2023-0222","DOIUrl":"https://doi.org/10.2478/wd-2023-0222","url":null,"abstract":"Abstract Central banks including the ECB have moved forward with plans concerning a central bank digital currency (CBDC) to be made available to the public at large. In particular, the announcement of a private stable coin by a consortium led by Facebook/Meta had served as a catalyst. Perhaps the fear of losing market share in terms of seigniorage or impairment of monetary policy played a role. By now, however, a widely-expressed criticism is that the CBDC constitutes a solution that is still in search of a problem to be solved. The argument put forth by the ECB that a CBDC is needed as a monetary anchor in the digital sphere carries little weight after closer inspection. Furthermore, potential advantages of a CBDC are partly reduced or precluded because of constraints imposed in order to minimise potential risks for the stability of the banking system and the business model of banks. For example, the model pursued by the ECB refrains from positive or negative interest rates paid on CBDC, imposes limits on transaction amounts and precludes a store of value function. At this point, the main potential benefit appears to be a possible reduction of transaction costs in digital payments and a possible contribution to keeping platform-based markets in digital ecosystems contestable. It remains an open question whether this is a task for central banks.","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139021415","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Das Haushaltsurteil und seine Folgen","authors":"Désirée I. Christofzik","doi":"10.2478/wd-2023-0216","DOIUrl":"https://doi.org/10.2478/wd-2023-0216","url":null,"abstract":"","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139021629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The European Union’s new Agricultural Crisis Reserve, introduced in 2023, aims at enhancing support for the agricultural sector during market crises. Unlike its predecessor, this reserve is funded directly from the EU budget, eliminating the need to cut direct payments to farmers. However, this change has unintentionally created an incentive for member states to trigger the reserve more frequently, depleting its resources rapidly. This article explores how this shift has led to a “Tragedy of the Commons” scenario, where member states seek individual advantages at the expense of the collective interest.
{"title":"Von der Krisenreserve zur Agrarreserve – falsche Anreize im neuen Rechtsrahmen?","authors":"Dirk H. Kranen, Iris Röpcke, Jan-Eric Weyel","doi":"10.2478/wd-2023-0229","DOIUrl":"https://doi.org/10.2478/wd-2023-0229","url":null,"abstract":"Abstract The European Union’s new Agricultural Crisis Reserve, introduced in 2023, aims at enhancing support for the agricultural sector during market crises. Unlike its predecessor, this reserve is funded directly from the EU budget, eliminating the need to cut direct payments to farmers. However, this change has unintentionally created an incentive for member states to trigger the reserve more frequently, depleting its resources rapidly. This article explores how this shift has led to a “Tragedy of the Commons” scenario, where member states seek individual advantages at the expense of the collective interest.","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138988217","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Argentinien: Nach der Wahl mit Hilfe von außen","authors":"R. J. Langhammer","doi":"10.2478/wd-2023-0219","DOIUrl":"https://doi.org/10.2478/wd-2023-0219","url":null,"abstract":"","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139018186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Claus-Friedrich Laaser, A. Rosenschon, K. Schrader
Abstract The decision of the Federal Constitutional Court to classify the transfer of €60 billion in unused coronavirus loan authorisations to the Climate and Transformation Fund as unconstitutional has plunged fiscal policy in Germany into a crisis. A “cash audit” is therefore called for. This article draws on the findings of the Kiel Subsidy Report. According to the budget plans for 2022 and 2023, federal financial aid is set to increase sharply. In 2023, they are expected to be even higher than the federal government’s social spending. Financial aid should therefore not be left out in order to counter-finance budget gaps.
{"title":"Subventionen in Zeiten knapper Kassen","authors":"Claus-Friedrich Laaser, A. Rosenschon, K. Schrader","doi":"10.2478/wd-2023-0233","DOIUrl":"https://doi.org/10.2478/wd-2023-0233","url":null,"abstract":"Abstract The decision of the Federal Constitutional Court to classify the transfer of €60 billion in unused coronavirus loan authorisations to the Climate and Transformation Fund as unconstitutional has plunged fiscal policy in Germany into a crisis. A “cash audit” is therefore called for. This article draws on the findings of the Kiel Subsidy Report. According to the budget plans for 2022 and 2023, federal financial aid is set to increase sharply. In 2023, they are expected to be even higher than the federal government’s social spending. Financial aid should therefore not be left out in order to counter-finance budget gaps.","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139020663","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This year’s Nobel Prize in Economics goes to Claudia Goldin from Harvard University. She is a labour economist as much as an economic historian, and only the third woman to receive the Nobel Prize in Economics. Goldin revolutionised our knowledge and understanding of women’s educational and occupational choices, their labour market careers and the family obligations they have faced over the centuries. Her work is extremely broad, spanning from historical studies of girls’ educational choices in the 19th century to the determinants of the gender pay gap in the 21st century. Her work sheds light on important economic and social developments that many have been overlooked. She identifies patterns and relationships that were previously hidden or unknown, and shows novel causal mechanisms for long-run changes that are di˚cult to identify empirically.
{"title":"Claudia Goldin revolutioniert Wissen um Frauen im Arbeitsmarkt","authors":"C. Gathmann, Eva Sierminska","doi":"10.2478/wd-2023-0226","DOIUrl":"https://doi.org/10.2478/wd-2023-0226","url":null,"abstract":"Abstract This year’s Nobel Prize in Economics goes to Claudia Goldin from Harvard University. She is a labour economist as much as an economic historian, and only the third woman to receive the Nobel Prize in Economics. Goldin revolutionised our knowledge and understanding of women’s educational and occupational choices, their labour market careers and the family obligations they have faced over the centuries. Her work is extremely broad, spanning from historical studies of girls’ educational choices in the 19th century to the determinants of the gender pay gap in the 21st century. Her work sheds light on important economic and social developments that many have been overlooked. She identifies patterns and relationships that were previously hidden or unknown, and shows novel causal mechanisms for long-run changes that are di˚cult to identify empirically.","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139020994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The German Pay Transparency Act (Entgelttransparenzgesetz) is intended to help enforce the principle of equal pay for women and men doing equal work or work of equal value. After the second evaluation, it is clear that this is not being achieved with the existing instruments of the law. Without major changes, the law remains largely ineffective - while at the same time imposing substantial bureaucratic requirements on firms. This article describes the results of the second evaluation and shows possible reforms.
{"title":"Entgelttransparenzgesetz erreicht Ziel nicht","authors":"Tobias Brändle, A. Koch","doi":"10.2478/wd-2023-0230","DOIUrl":"https://doi.org/10.2478/wd-2023-0230","url":null,"abstract":"Abstract The German Pay Transparency Act (Entgelttransparenzgesetz) is intended to help enforce the principle of equal pay for women and men doing equal work or work of equal value. After the second evaluation, it is clear that this is not being achieved with the existing instruments of the law. Without major changes, the law remains largely ineffective - while at the same time imposing substantial bureaucratic requirements on firms. This article describes the results of the second evaluation and shows possible reforms.","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139014511","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Green technologies, like electric motors, contain valuable rare metals. Recycling these would represent an important step towards a green circular economy. However, the development of supply chains for recycled metals faces difficulties such as a lack of technical standardisation, low collection rates of end-of-life products and low efficiency of recycling technologies. European policymakers must address these obstacles by a targeted approach, combining requirements on data transparency and supply chain cooperation with new support schemes to accelerate the upscaling of recycling capacities. An auction-based production premium for recyclers can help to overcome the funding gap in the early stages of capacity development.
{"title":"Recycling seltener Metalle: ein Weg zu resilienten grünen Lieferketten","authors":"A. Wolf","doi":"10.2478/wd-2023-0228","DOIUrl":"https://doi.org/10.2478/wd-2023-0228","url":null,"abstract":"Abstract Green technologies, like electric motors, contain valuable rare metals. Recycling these would represent an important step towards a green circular economy. However, the development of supply chains for recycled metals faces difficulties such as a lack of technical standardisation, low collection rates of end-of-life products and low efficiency of recycling technologies. European policymakers must address these obstacles by a targeted approach, combining requirements on data transparency and supply chain cooperation with new support schemes to accelerate the upscaling of recycling capacities. An auction-based production premium for recyclers can help to overcome the funding gap in the early stages of capacity development.","PeriodicalId":35890,"journal":{"name":"Wirtschaftsdienst","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139022152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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