Financial integration and growth - Is emerging Europe different?

Using industry-level data, this paper shows that the European transition region benefited much more strongly from financial integration in terms of economic growth than other developing countries in the years preceding the current crisis. We analyse several factors that may explain this finding: financial development, institutional quality, trade integration, political integration, and financial integration itself. The explanation that stands out is political integration. Within the group of transition countries, the effect of financial integration is strongest for countries that are politically closest to the European Union. This suggests that political and financial integration are complementary and that political integration can considerably increase the benefits of financial integration.

Financial Integration and Growth -Is Emerging Europe Different?

Using industry-level data, this paper shows that the European transition region benefited much more strongly from financial integration in terms of economic growth than other developing countries in the years preceding the current crisis. We analyze several factors that may explain this finding: financial development, institutional quality, trade integration, political integration, and financial integration itself. The explanation that stands out is political integration. Within the group of transition countries, the effect of financial integration is strongest for countries that are politically closest to the EU. This suggests that political and financial integration are complementary and that political integration can considerably increase the benefits of financial integration.Financial integration; political integration; economic growth; parent banking; European transition economies

Betriebliches Ausbildungsverhalten zwischen Kosten-Nutzen-Kalkül und gesellschaftlicher Verantwortung: Einflussfaktoren der Ausbildungsintensität von deutschen Betrieben

Theoretische Überlegungen und empirische Analysen auf Basis einer Befragung von 35 Ausbildungsbetrieben in Bayern zeigen, dass der Beschäftigtenanteil von Auszubildenden mit der Betriebsgröße und den Bruttokosten einer Ausbildung tendenziell abnimmt. Besonders intensiv bilden Betriebe im Falle eines Fachkräftemangels aus und falls extern Ausgebildete eine längere Einarbeitungszeit aufweisen als selbst Ausgebildete. Dies deutet darauf hin, dass die Ausbildungsentscheidungen der Arbeitgeber weniger kurzfristiges Kostendenken als vielmehr langfristige Humankapitalinvestitionen widerspiegeln. Weitere von den Befragten genannten Ausbildungsmotive sind die Tradition des Betriebes sowie die Schaffung eines guten Rufes am Arbeitsmarkt, doch kann der letztere Einfluss ökonometrisch nicht bestätigt werden.Theoretical considerations and empirical analyses based on a survey of 35 establishments in Bavaria show that the employment share of apprentices tends to fall with firm size and with the gross costs of vocational training. Establishments are particularly engaged in training if they experience a shortage of skilled labour and if employees hired from the external labour market have a longer settling-in period than own trainees. This indicates that employers' decisions on vocational training mainly reflect long-term investments in human capital rather than short-term cost considerations. Other motives mentioned by the establishments surveyed are the firm's tradition and the aim of obtaining a good labour market reputation, but this influence cannot be confirmed econometrically

Betriebliches Ausbildungsverhalten zwischen Kosten-Nutzen-Kalkül und gesellschaftlicher Verantwortung: Einflussfaktoren der Ausbildungsintensität von deutschen Betrieben

Theoretische Überlegungen und empirische Analysen auf Basis einer Befragung von 35 Ausbildungsbetrieben in Bayern zeigen, dass der Beschäftigtenanteil von Auszubildenden mit der Betriebsgröße und den Bruttokosten einer Ausbildung tendenziell abnimmt. Besonders intensiv bilden Betriebe im Falle eines Fachkräftemangels aus und falls extern Ausgebildete eine längere Einarbeitungszeit aufweisen als selbst Ausgebildete. Dies deutet darauf hin, dass die Ausbildungsentscheidungen der Arbeitgeber weniger kurzfristiges Kostendenken als vielmehr langfristige Humankapitalinvestitionen widerspiegeln. Weitere von den Befragten genannten Ausbildungsmotive sind die Tradition des Betriebes sowie die Schaffung eines guten Rufes am Arbeitsmarkt, doch kann der letztere Einfluss ökonometrisch nicht bestätigt werden. -- Theoretical considerations and empirical analyses based on a survey of 35 establishments in Bavaria show that the employment share of apprentices tends to fall with firm size and with the gross costs of vocational training. Establishments are particularly engaged in training if they experience a shortage of skilled labour and if employees hired from the external labour market have a longer settling-in period than own trainees. This indicates that employers decisions on vocational training mainly reflect long-term investments in human capital rather than short-term cost considerations. Other motives mentioned by the establishments surveyed are the firms tradition and the aim of obtaining a good labour market reputation, but this influence cannot be confirmed econometrically.Betriebliche Ausbildung,Fachkräftebedarf,Humankapital

Centralized vs. decentralized wage formation: The role of firms' production technology

This paper is the first to show theoretically and empirically how firms' production technology affects the choice of their preferred wage formation regime. Our theoretical framework predicts, first, that the larger the total factor productivity of a firm, the more likely it is to opt for centralized wage formation where it can hide behind less productive firms. Second, the larger a firm's scale elasticity, the higher its incentive to choose centralized rather than decentralized wage setting due to labor cost and straitjacket effects. As firms in Germany are allowed to choose their wage formation regime, we test these two hypotheses with representative establishment data for West Germany. We find that establishments with centralized bargaining agreements indeed have economically and statistically significantly larger total factor productivities and scale elasticities than comparable establishments outside the centralized bargaining regime.Diese Studie zeigt erstmals theoretisch und empirisch, wie die Produktionstechnologie die betriebliche Wahl des Lohnfindungssystems beeinflusst. Unser theoretisches Modell erlaubt zwei Vorhersagen: Erstens, je höher die totale Faktorproduktivität einer Firma ist, desto wahrscheinlicher entscheidet sie sich für eine zentralisierte Lohnfindung auf Branchenebene, wo sie sich hinter weniger produktiven Firmen verstecken kann. Zweitens, je höher die Skalenelastizität einer Firma, desto höher ist aufgrund von Arbeitskosten- und Zwangsjacken-Effekten ihr Anreiz, eine zentralisierte statt einer dezentralisierten Lohnfindung zu wählen. Da Arbeitgeber in Deutschland das Lohnfindungsregime frei wählen können, überprüfen wir diese Hypothesen mit repräsentativen Betriebsdaten für Westdeutschland. Es zeigt sich, dass Betriebe mit zentralisierten (Branchen-)Tarifverträgen tatsächlich ökonomisch und statistisch signifikant höhere totale Faktorproduktivitäten und Skalenelastizitäten aufweisen als vergleichbare Betriebe mit dezentraler Lohfindung

Centralized vs. Decentralized Wage Formation: The Role of Firms' Production Technology

This paper is the first to show theoretically and empirically how firms' production technology affects the choice of their preferred wage formation regime. Our theoretical framework predicts, first, that the larger the total factor productivity of a firm, the more likely it is to opt for centralized wage formation where it can hide behind less productive firms. Second, the larger a firm's scale elasticity, the higher its incentive to choose centralized rather than decentralized wage setting due to labor cost and straitjacket effects. As firms in Germany are allowed to choose their wage formation regime, we test these two hypotheses with representative establishment data for West Germany. We find that establishments with centralized bargaining agreements indeed have economically and statistically significantly larger total factor productivities and scale elasticities than comparable establishments outside the centralized bargaining regime

Centralized vs. decentralized wage formation: The role of firms' production technology

This paper is the first to show theoretically and empirically how firms' production technology affects the choice of their preferred wage formation regime. Our theoretical framework predicts, first, that the larger the total factor productivity of a firm, the more likely it is to opt for centralized wage formation where it can hide behind less productive firms. Second, the larger a firm's scale elasticity, the higher its incentive to choose centralized rather than decentralized wage setting due to labor cost and straitjacket effects. As firms in Germany are allowed to choose their wage formation regime, we test these two hypotheses with representative establishment data for West Germany. We find that establishments with centralized bargaining agreements indeed have economically and statistically significantly larger total factor productivities and scale elasticities than comparable establishments outside the centralized bargaining regime

Broadband squeezing of quantum noise in a Michelson interferometer with Twin-Signal-Recycling

Twin-Signal-Recycling (TSR) builds on the resonance doublet of two optically coupled cavities and efficiently enhances the sensitivity of an interferometer at a dedicated signal frequency. We report on the first experimental realization of a Twin-Signal-Recycling Michelson interferometer and also its broadband enhancement by squeezed light injection. The complete setup was stably locked and a broadband quantum noise reduction of the interferometers shot noise by a factor of up to 4\,dB was demonstrated. The system was characterized by measuring its quantum noise spectra for several tunings of the TSR cavities. We found good agreement between the experimental results and numerical simulations