Föhrenbergkreis Finanzwirtschaft

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Archive for April 2016

Der unstillbare Hang zum Selbstbetrug

Posted by hkarner - 30. April 2016

29.04.2016 | 18:28 | Josef Urschitz (Die Presse)

Maut, Pensionen, Bankomat: Was man uns so alles erzählen kann.

Eine raschere Angleichung des Frauenpensionsalters an das der Männer würde die Arbeitslosigkeit erhöhen, hat das Wifo neulich herausgefunden. Das, erlauben wir uns anzumerken, stimmt so einfach nicht. Die Angleichung wird nur, genau so, wie das in den vergangenen Monaten schon durch die Erschwerung der Frühpension bei den Männern geschehen ist, bisher versteckte Arbeitslosigkeit sichtbar machen.

Und das ist gut so. Denn Probleme kann man in der Regel erst bekämpfen, wenn man sie erkennt. Wenn man Arbeitslosigkeit mittels Frühpensionierungen versteckt und sich dann angesichts der niedrigen Arbeitslosenrate für seine erfolgreiche Arbeitsmarktpolitik auf die Brust klopft, dann ist das nicht mehr als eine gepflegte Form des Selbstbetrugs.

Den sehen wir jetzt auch bei der Diskussion um mögliche Bankomatgebühren, die in der Vorwoche die halbe Regierung aufgescheucht hat: Ob die jetzt auf jede Transaktion aufgeschlagen oder, wie sich das der Finanzminister wünscht, über irgendwelche Pauschalien abgegolten werden, ist nämlich völlig irrelevant. Natürlich müssen alle Kosten, Steuern und Abgaben, die in einem Unternehmen anfallen, am Ende der Kette den Endkunden verrechnet werden. Die Bankkunden zahlen die Kosten der Bankomaten also auch schon jetzt. Halt nicht exakt nach dem Verursacherprinzip – und es ist ihnen meist auch nicht klar. Den Rest des Beitrags lesen »

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The Next Global Boom – and Bust

Posted by hkarner - 30. April 2016

Photo of Simon Johnson

Simon Johnson

Simon Johnson, a former chief economist of the IMF, is a professor at MIT Sloan, a senior fellow at the Peterson Institute for International Economics, and co-founder of a leading economics blog, The Baseline Scenario. He is the co-author, with James Kwak, of White House Burning: The Founding Fathers, Our National Debt, and Why It Matters to You.

APR 29, 2016, Project Syndicate

WASHINGTON, DC – The mood at the International Monetary Fund-World Bank spring meetings here earlier this month was grim. The latest IMF forecast for global growth has been revised downward yet again – suggesting the world will grow at an annual rate of just over 3% this year and again in 2017.

If realized, this would be a dismal performance. Before 2007, global growth (using the IMF’s methodology) was in the 4.5-5% range, based on steady productivity improvements in industrial countries and rapidly rising living standards in large emerging markets such as China, Brazil, and Russia.

Now the US faces the uncertainty of a presidential election, weaker parts of the eurozone continue to struggle, and Japan is teetering on the edge of outright economic contraction. Brazil is in the midst of a political crisis, China is dealing with the aftereffects of prolonged fiscal expansion and explosive growth in its shadow banking system, and lower commodity prices are undermining economic performance in many other emerging markets. On top of all this, the British may vote in June to leave the European Union. Den Rest des Beitrags lesen »

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Thrifty Germans and Dutch are furious at low interest rates, and the ECB

Posted by hkarner - 30. April 2016

Date: 28-04-2016
Source: The Economist
Subject: Northern Europe’s angry savers: Mario battles the Wutsparer

THIS week millions of people in the Netherlands celebrated the national holiday by getting up at dawn, staking out a patch of pavement and selling off their junk. The traditional King’s Day flea market gives the Dutch a chance to indulge in their favourite pastime: bargain-hunting. Their eastern neighbours are just as frugal. “Germans love saving. They think there’s something morally inferior about people who borrow,” says Reint Gropp, a German economist. In both Dutch and German, the word for debt also means “guilt”.

Their taste for saving and aversion to borrowing helps to explain why both countries’ citizens have lots of money in their saving accounts. This seemed to serve them well when interest rates were high. But in recent years, as rates hovered near zero, Europe’s best savers grew angry that their thrift was not rewarded. Now they have found a scapegoat: the European Central Bank and its suspiciously Italian chairman, Mario Draghi. Den Rest des Beitrags lesen »

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Measuring economies: The trouble with GDP

Posted by hkarner - 30. April 2016

Date: 28-04-2016
Source: The Economist

Gross domestic product (GDP) is increasingly a poor measure of prosperity. It is not even a reliable gauge of production

ONE of Albert Einstein’s greatest insights was that no matter how, where, when or by whom it is measured, the speed of light in a vacuum is constant. Measurements of light’s price, though, are a different matter: they can tell completely different stories depending on when and how they are made.

In the mid 1990s William Nordhaus, an economist at Yale University, looked at two ways of measuring the price of light over the past two centuries. You could do it the way someone calculating GDP would do: by adding up the change over time in the prices of the things people bought to make light. On this basis, he reckoned, the price of light rose by a factor of between three and five between 1800 and 1992. But each innovation in lighting, from candles to tungsten light bulbs, was far more efficient than the last. If you measured the price of light in the way a cost-conscious physicist might, in cents per lumen-hour, it plummeted more than a hundredfold.

Mr Nordhaus intended this example to illuminate a general point about how flawed economists’ attempts to measure changes in living standards are. Any true reckoning of real incomes must somehow account for the vast changes in the quality of things we consume, he wrote. In the case of light, a measurement of inflation based on the cost of things that generated light and one based on a quality-adjusted measure of light itself would have differed by 3.6% a year.  Den Rest des Beitrags lesen »

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Why Is Productivity So Weak? Three Theories

Posted by hkarner - 29. April 2016

Date: 29-04-2016
Source: The New York Times: Neil Irwin

More than 151 million Americans count themselves employed, a number that has risen sharply in the last few years. The question is this: What are they doing all day?

Because whatever it is, it barely seems to be registering in economic output. The number of hours Americans worked rose 1.9 percent in the year ended in March. New data released Thursday showed that gross domestic product in the first quarter was up 1.9 percent over the previous year. Despite constant advances in software, equipment and management practices to try to make corporate America more efficient, actual economic output is merely moving in lock step with the number of hours people put in, rather than rising as it has throughout modern history.

We could chalk that up to a statistical blip if it were a single year; productivity data are notoriously volatile. But this has been going on for some time. From 2011 through 2015, the government’s official labor productivity measure shows only 0.4 percent annual growth in output per hour of work. That’s the lowest for a five-year span since the 1977-to-1982 period, and far below the 2.3 percent average since the 1950s.

Productivity is one of he most important yet least understood areas of economics. Over long periods, it is the only pathway toward higher levels of prosperity; the reason an American worker makes much more today than a century ago is that each hour of labor produces much more in goods and services. Put bluntly, if the kind of productivity growth implied by the new data published Thursday were to persist indefinitely, your grandchildren would be no richer than you.

But it is also really hard to measure, particularly for service firms. (How productive were employees at Facebook, or your local bank, last quarter? Have fun trying to figure it out.) Den Rest des Beitrags lesen »

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New Politics for Clean Energy

Posted by hkarner - 29. April 2016

Photo of Jeffrey D. Sachs

Jeffrey D. Sachs

Jeffrey D. Sachs, Professor of Sustainable Development, Professor of Health Policy and Management, and Director of the Earth Institute at Columbia University, is also Director of the UN Sustainable Development Solutions Network. His books include
The End of Poverty, Common Wealth, and, most recently, The Age of Sustainable Development.

APR 27, 2016, Project Syndicate

NEW YORK – The diplomats have done their job, concluding the Paris climate agreement in December. And political leaders gathered last week at the United Nations to sign the new accord. But implementation is surely the tough part. Governments need a new approach to an issue that is highly complex, long term, and global in scale.

At its core, the climate challenge is an energy challenge. About 80% of the world’s primary energy comes from carbon-based sources: coal, oil, and gas. When burned, they emit the carbon dioxide that causes global warming. By 2070, we need a world economy that is nearly 100% carbon-free to prevent global warming from running dangerously out of control. Den Rest des Beitrags lesen »

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Managing Debt in an Overleveraged World

Posted by hkarner - 28. April 2016

Photo of Michael Spence

Michael Spence

Michael Spence, a Nobel laureate in economics, is Professor of Economics at NYU’s Stern School of Business, Distinguished Visiting Fellow at the Council on Foreign Relations, Senior Fellow at the Hoover Institution at Stanford University, Academic Board Chairman of the Asia Global Institute in Hong Kong, and Chair of the World Economic Forum Global Agenda Council on New Growth Models. He was the chairman of the independent Commission on Growth and Development, an international body that from 2006-2010 analyzed opportunities for global economic growth, and is the author of The Next Convergence – The Future of Economic Growth in a Multispeed World.

APR 27, 2016, Project SyyndicaTE

MILAN – What ever happened to deleveraging? In the years since the 2008 global financial crisis, austerity and balance-sheet repair have been the watchwords of the global economy. And yet today, more than ever, debt is fueling concern about growth prospects worldwide.

The McKinsey Global Institute, in a study of post-crisis debt trends, notes that gross debt has increased about $60 trillion – or 75% of global GDP – since 2008. China’s debt, for example, has increased fourfold since 2007, and its debt-to-GDP ratio is some 282% – higher than in many other major economies, including the United States. Den Rest des Beitrags lesen »

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Amerika zielt auf das Herz der deutschen Wirtschaft

Posted by hkarner - 28. April 2016

Date: 27-04-2016
Source: Die Welt

Das Klischee lautet: Die USA sind uneinholbar, was digitale Technologie betrifft. Bei klassischer Industrie und Maschinenbau ist Deutschland spitze. Doch jetzt greift das Silicon Valley auch hier an.

Ein Motor, der die Werkstatt schon vorab informiert, dass er wohl bald kaputtgehen wird. Eine Straßenlaterne, die auch WLAN-Hotspot ist, E-Autos auftankt und nebenbei die Feinstaubkonzentration an die Verkehrsleitzentrale schickt. Ein Smartphone, das Fußgänger und Fahrradfahrer für Autofahrer auch im toten Winkel sichtbar macht.

Viele Ausstellungshighlights auf der Industrieschau Hannover Messe haben eines gemeinsam: Die schicke Hardware aus Stahl und Kunststoff mit der zugehörigen Mechanik haben deutsche Firmen hingestellt. Doch die Intelligenz der Maschine kommt von amerikanischen Software-Giganten – so wie in den genannten Beispielen vom Windows-Erfinder Microsoft.

Kein Zweifel: Der bislang weltweit führende und erfolgsverwöhnte deutsche Maschinenbau lässt sich auf der Messe vom Partnerland USA die Schau stehlen. Digitalisierung der Produktionsprozesse, Internet der Dinge, Industrie 4.0: Die derzeit heißesten Schlagworte der weltgrößten Industrie-Ausstellung scheinen exklusiv von Intel, Google, Microsoft und HP besetzt zu sein. Den Rest des Beitrags lesen »

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Antrag von Stefan Gara im Wiener Gemeinderat; SOCIAL IMPACT BONDS

Posted by hkarner - 27. April 2016

GaraWien (OTS/RK)  27/4- GR Dipl-Ing. Dr. Stefan Gara (NEOS) sagte: Dass FPÖ und ÖVP in der heutigen Sitzung gegen Finanzspekulationen wetterten, sei eine „Chuzpe“ – im Jahr 2002 hätten beide Fraktionen den „hochspekulativen“ Cross-Border-Leasing-Verträgen zugestimmt. Die NEOS seien „froh“ über den vorgelegten Ausstiegspfad; generell dürfe aber „nie mit Steuergeldern spekuliert werden“. Für künftige Investitionen forderte Gara einen „nachhaltigen, transparenten und risikoarmen“ Finanzierungsplan. Sogenannte „Social-Impact-Bonds“ würden diese Kriterien erfüllen. Dabei platziere die Kommune Anleihen auf dem Finanzmarkt, private Investoren beteiligten sich daraufhin an der Realisierung von öffentlichen Infrastrukturprojekten. Diesbezüglich brachte Gara einen Antrag ein.

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Der lange Weg zu einer einheitlichen IT bei Raiffeisen

Posted by hkarner - 27. April 2016

26. April 2016, 18:20, derstandard-at

Die Umstellung der IT-Systeme im Raiffeisen-Sektor auf ein gemeinsames Softwaresystem könnte nach einem längeren Anlauf heuer klappen

Wien – Das Projekt einer einheitlichen IT im Raiffeisensektor, das 2008 bereits Erwin Hameseder angestrebt hat, sei „im Laufen“, sagte Raiffeisenlandesbank-OÖ-Chef Heinz Schaller. Nach der „erfolgreichen Umstellung“ von der RLB Steiermark im Oktober 2015 auf das künftig gemeinsame IT-System ist Schaller überzeugt, dass die Umstellung der RLBs von Niederösterreich, Burgenland und Vorarlberg auf das gemeinsame IT-System 2016 ebenfalls „problemlos über die Bühne geht“. Für eine Fusion mit anderen Raiffeisen-Landesbanken oder der RZB „stehen wir nicht zur Verfügung“, bei einer Kooperation, etwa bei der Verwaltung, „sind wir sehr offen“, so Schaller. Den Rest des Beitrags lesen »

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