Rebalancing the Euro Area: The Costs of Internal Devaluation

This paper investigates the economic costs of rebalancing current account positions in the Euro area by means of internal devaluation. Internal devaluation relies on wage suppression the deficit countries. Based on an old Keynesian model we estimate a current account equation, a wage-Phillips curve and an Okun’s Law equation. All estimations are carried out for a panel of twelve Euro area members. From the estimation results we calculate the output costs of reducing current account deficits. Greece, Ireland, Italy, Portugal and Spain (GIIPS) had, on average, current account deficits of 8.4% of GDP in 2007. To eliminate these current account deficits, a reduction of GPD by some 47% would be necessary. In principle there are two ways that trade imbalances could be resolved: deflationary adjustment in the deficit countries or inflationary adjustment in the surplus countries. Presently, the burden of adjustment is exclusively on the deficit countries. Our results indicate that the economic costs of this adjustment to those countries are equivalent to the output loss of the Great Depression. An adjustment of the surplus countries would increase growth and it would come with higher inflation, but it would allow rebalancing without a Great Depression in parts of Europe

The dawn of the copy in the Bronze Age

Contemporary everyday life is dominated by industrially reproduced serial objects that we perceive as easily replaceable in case of dam- age or loss. We are used to seriality, i.e. the existence of what we perceive as identical copies of a certain kind of object. Seen from a long-term perspective, humans have not been able to create visually identical copies in large numbers for the most part of their existence. Seriality only became possible to a larger extent with the invention of the bronze casting technique in the Near East in the early third millennium BCE, from where the technique was introduced to Central Europe in the late third millennium BCE. In my contribution to this volume, I want to elucidate the changes in the perception of the material world that were connected with the new technical possibility of casting large numbers of visually identical objects with casting moulds. I will demonstrate how the ability to produce almost identical copies resulted in the creation of new practices with objects and new ideas about the meaning and potential of objects in the world: the possibility to possess several identical weapons became the hallmark of the Early Bronze Age hero and groups of seemingly identical objects in the form of hoards were considered the most appropriate offering to the gods

The effects of financialisation and financial development on investment: Evidence from firm-level data in Europe

In this paper we estimate the effects of financialization on physical investment in selected western European countries using panel data based on the balance-sheets of publicly listed non-financial companies (NFCs) supplied by Worldscope for the period 1995-2015. We find robust evidence of an adverse effect of both financial payments (interests and dividends) and financial incomes on investment in fixed assets by the NFCs. This finding is robust for both the pool of all Western European firms and single country estimations. The negative impacts of financial incomes are non-linear with respect to the companies’ size: financial incomes crowd-out investment in large companies, and have a positive effect on the investment of only small, relatively more credit-constrained companies. Moreover, we find that a higher degree of financial development is associated with a stronger negative effect of financial incomes on companies’ investment. This finding challenges the common wisdom on ‘finance-growth nexus’. Our findings support the ‘financialization thesis’ that the increasing orientation of the non-financial sector towards financial activities is ultimately leading to lower physical investment, hence to stagnant or fragile growth, as well as long term stagnation in productivity

Introduction: the Transformative power of the copy

This volume offers a fresh perspective on the copy and the practice of copying, two topics that, while the focus of much academic discussion in recent decades, have been underrepresented in the discourse on transculturality. Here, experts from a wide range of academic disciplines present their views on the copy from a transcultural perspective, seeking not to define the copy uniformly, but to reveal its dynamic and transformative power. The copy and the practice of copying are thus presented as constituents of transculturality via thought-provoking contributions on topics spanning time periods from antiquity to the present, and regions from Asia to Europe. In so doing, these contributions aim to create the basis for a novel, interdisciplinary discourse on the copy and its transcultural impact throughout history

Shareholder protection, income inequality and social health:a proposed research agenda

This paper develops a proposed research agenda in order to highlight how corporate governance, accounting and company law are relevant to the consideration of income inequality and wider social health. To illustrate this proposed research agenda, this paper draws on corporate governance research in the law and finance tradition, as well as macro-level studies in accounting concerned with the wider corporate governance context, in order to consider the association between shareholder protection, income inequality and child mortality. Under 5 child mortality is an objective indication of a country’s ability to nurture its children. In an influential body of work, La Porta et al. (1997a, 1997b, 1998, 2008) concluded that a common law legal system which protected the interests of shareholders gave rise to better economic and social outcomes. However, drawing on corporate governance and accounting literature we contend that such a conclusion is flawed. The findings of this paper suggest that common law countries (i.e. those with the greater legal protection for investors) have worse social outcomes in terms of under-5 child mortality.PostprintPeer reviewe

Testing Reinecke’s chronology of the Early Bronze Age with radiocarbon dating: new evidence from Southern Bavaria

In this article we present a critical view of the current chronological framework for Early Bronze Age burials from Southern Bavaria, by using radiocarbon dating to re examine Paul Reinecke’s relative chronological classification system. We also examine chronological divisions established by other scholars based on his system. The results of our study show a complex pattern of local groups appropriating new types or styles of objects from others, which then influences the timeline for the appearance of such type objects. Our findings show that every region had its own socio cultural history with a slightly different chronologyIntroduction Results of radiocarbon dating - Regionality as a problem for wide range relative chronology - Grave goods and burial customs as a problem/change for relative chronology in the later eba Conclusio

Glioma infiltration of the corpus callosum: early signs detected by DTI

The most frequent primary brain tumors, anaplastic astrocytomas (AA) and glioblastomas (GBM): tend to invasion of the surrounding brain. Histopathological studies found malignant cells in macroscopically unsuspicious brain parenchyma remote from the primary tumor, even affecting the contralateral hemisphere. In early stages, diffuse interneural infiltration with changes of the apparent diffusion coefficient (ADC) and fractional anisotropy (FA) is suspected. The purpose of this study was to investigate the value of DTI as a possible instrument of depicting evidence of tumor invasion into the corpus callosum (CC). Preoperatively, 31 patients with high-grade brain tumors (8 AA and 23 GBM) were examined by MRI at 3 T, applying a high-resolution diffusion tensor imaging (DTI) sequence. ADC- and FA-values were analyzed in the tumor-associated area of the CC as identified by fiber tracking, and were compared to matched healthy controls. In (MR-)morphologically normal appearing CC the ADC values were elevated in the tumor patients (n = 22; 0.978 × 10(−3) mm²/s) compared to matched controls (0.917 × 10(−3) mm²/s, p < 0.05), and the corresponding relative FA was reduced (rFA: 88 %, p < 0.01). The effect was pronounced in case of affection of the CC visible on MRI (n = 9; 0.978 × 10(−3) mm²/s, p < 0.05; rFA: 72 %, p < 0.01). Changes in diffusivity and anisotropy in the CC can be interpreted as an indicator of tumor spread into the contralateral hemisphere not visible on conventional MRI

Pedigree-based Bayesian modelling of radiocarbon dates

Within the last decade, archaeogenetic analysis has revolutionized archaeological research and enabled novel insights into mobility, relatedness and health of past societies. Now, it is possible to develop these results further and integrate archaeogenetic insights into biological relatedness with radiocarbon dates as means of chronologically sequenced information. In our article, we demonstrate the potential of combining relative chronological information with absolute radiocarbon dates by Bayesian interpretation in order to improve age determinations. Using artificial pedigrees with four sets of simulated radiocarbon dates we show that the combination of relationship information with radiocarbon dates improves the age determination in many cases at least between 20 to 50%. Calibrated age ranges are more constrained than simply calibrating radiocarbon ages independently from each other. Thereby, the precision of modelled ages depends on the precision of the single radiocarbon dates, the number of modelled generations, the shape of the calibration curve and the availability of samples that can be precisely fixed in time due to specific patterns in the calibration curve (“anchor points”). Ambiguous calibrated radiocarbon dates, which are caused by inversions of the calibration curve, can be partly or almost entirely resolved through Bayesian modelling based upon information from pedigrees. Finally, we discuss selected case studies of biological pedigrees achieved for Early Bronze Age Southern Germany by recent archaeogenetic analysis, whereby the sites and pedigrees differ with regard to the quality of information, which can be used for a Bayesian model of the radiocarbon dates. In accordance with the abstract models, radiocarbon dates can again be better constrained and are therefore more applicable for archaeological interpretation and chronological placement of the dated individuals

Unveiling ancient Jerusalem’s pastoral dynamics (7th to 2nd centuries BCE) with multi-isotope analysis

AbstractThis study explores changes in pastoral practices in the Jerusalem region (Iron Age II - Late Hellenistic) through a multi-isotope approach (strontium, carbon, oxygen, and nitrogen). Based on the analysis of 135 sheep, goat, and cattle teeth and bone samples from Givati Parking Lot we demonstrate the value of this method in reconstructing past animal husbandry, revealing adaptation and resilience of pastoral communities amidst environmental and socio-political changes. Isotopic analysis indicates local sourcing for most animals, with intriguing outliers from distant regions up to 150 km away, suggesting regional exchange networks. Notably, the Persian period (5th century BCE) exhibits a wider isotope range, implying increased flexibility and exploitation of diverse grazing lands, potentially driven by climate shifts and political upheavals. Conversely, Late Hellenistic (2nd century BCE) livestock display restricted movement, while showcasing a rise in desert caprines, indicative of increased import compared to the Persian era. These findings highlight the dynamism and adaptability of past pastoral communities, adjusting their strategies in response to various pressures. This study opens new avenues for understanding human-environment interactions in the Levant and underscores the power of multi-isotope approaches in unraveling intricate socio-economic and ecological dynamics of the past. © The Author(s) 2024

Unveiling ancient Jerusalem’s pastoral dynamics (7th to 2nd centuries BCE) with multi-isotope analysis

This study explores changes in pastoral practices in the Jerusalem region (Iron Age II - Late Hellenistic) through a multi-isotope approach (strontium, carbon, oxygen, and nitrogen). Based on the analysis of 135 sheep, goat, and cattle teeth and bone samples from Givati Parking Lot we demonstrate the value of this method in reconstructing past animal husbandry, revealing adaptation and resilience of pastoral communities amidst environmental and socio-political changes. Isotopic analysis indicates local sourcing for most animals, with intriguing outliers from distant regions up to 150 km away, suggesting regional exchange networks. Notably, the Persian period (5th century BCE) exhibits a wider isotope range, implying increased flexibility and exploitation of diverse grazing lands, potentially driven by climate shifts and political upheavals. Conversely, Late Hellenistic (2nd century BCE) livestock display restricted movement, while showcasing a rise in desert caprines, indicative of increased import compared to the Persian era. These findings highlight the dynamism and adaptability of past pastoral communities, adjusting their strategies in response to various pressures. This study opens new avenues for understanding human-environment interactions in the Levant and underscores the power of multi-isotope approaches in unraveling intricate socio-economic and ecological dynamics of the past.Isotope and environmental background Results Stable carbon and nitrogen isotope analysis of bone collagen Stable carbon and oxygen isotope values of bioapatite Strontium isotope analysis of bioapatite Discussion Conclusions Materials and methods Sample selection Sampling strategy for mandibular molars Carbon and oxygen enamel isotopic analysis Carbon and nitrogen collagen isotopic analysis Strontium bioapatite analysi