153 research outputs found
The role of youth programmes in the transition from school to work
The purpose of the study is to investigate how labour market regulation, modified by educational systems, affects the magnitude, composition and targeting of Youth Programmes. The data used include Ireland, France, the Netherlands, Scotland and Sweden. Although not fully comparable, the data provide detailed information on Youth Programmes that can not be found in other larger comparative data sets. Based on the combination of the strictness of labour market regulation and the linkages from education to the labour market the countries are classified into three âtransition regimesâ. The first tentative result is that the propensity to intervene in the transition from school to work is strongest in countries with strict labour market regulation in combination with weak linkages from the educational system to the labour market. In these countries the targeting of the large-scale programmes seems to be very broad. Other tentative results are that Youth Programmes providing only work experience are used as a measure to compensate for strict labour market regulation, while weak linkages from education to the labour market seems to evoke the need for Programmes providing certified occupational training. The results thus suggest that Youth Programmes play different roles in different countries, and that conclusions regarding the relative effectiveness of programmes can not be transferred from one country to another, without paying attention to the degree of labour market regulation and the special features of the educational systems. Another implication is that it might be considered whether educational and/or labour market reforms could be an alternative to some of the programmes, especially in countries with extensive use of Youth Programmes.Youth programmes; labour market; education
Regulating Future Offshore Grids: Economic Impact Analysis on Wind Parks and Transmission System Operators
The increasing development of offshore wind parks in the European offshore territory may lead to meshed offshore grids in which each wind park might be connected to several countries. Such offshore grids could be subject to various regulatory regimes, depending on the degree of cooperation between the respective countries. This study focuses on how investors in wind parks and transmission systems are affected by the choice of regulatory regime in offshore grids with one to four countries connected. In order to capture the uncertainties related to the exposure to market prices as well as risks related to line failures, we develop a stochastic model for an exemplary wind park and offshore grid. This yields the real option values of operational flexibility from additional connections. Simulation results show that the choice of regulatory regime, including market access and pricing rules, can have a significant impact on the value of a wind park and on the value of the interconnection capacity in the offshore grid. The impact can both be positive and negative, implying a complex incentive structure for the involved actors. If contrary effects are not reflected in the remuneration level of a wind park, for example in the price premium level, investment incentives could either be diminished or the wind park could incur windfall profits. Both cases are socio-economically suboptimal as they may pose additional cost to the system. Policy makers should consider these findings when designing the regulatory regime and level of support in an offshore grid in order to maintain an effective and efficient development of offshore wind in Europe
The role of investment banking for the German economy: Final report for Deutsche Bank AG, Frankfurt/Main
The aim of this study is to assess the contributions of investment banking to the economy with a particular focus on the German economy. To this end we analyse both the economic benefits and the costs stemming from investment banking. The study focuses on investment banks as this part of banking is particularly relevant for financing companies as well as the development and use of specific products to support the needs of private and professional clients. The assessment of benefits and costs of investment banking has been conducted from a European perspective. Nevertheless there is a focus on the German economy to allow a more detailed analysis of certain aspects as for example the use of derivatives by German companies, the success of M&As in Germany or the effect of securitization on loan supply and GDP in Germany. For comparison purposes other European countries and also the U.S. have been taken into account. The last financial crisis has shown the negative impacts of banks on the financial system and the whole economy. In a study on the contribution of investment banks to systemic risk we quantify the negative side of the investment banking business. In the last part of the study we assess how the effects of regulatory changes on investment banking. All important changes in banking and capital market regulation are taken into account such as Basel III, additional capital requirements for systemically important financial institutions, regulation of OTC derivatives and specific taxes. --
Joint support schemes and efficient offshore investment: Market and transmission connection barriers and solutions
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