Articles de revues sur le sujet « Corporate debt – Germany »

Abstract This paper presents the general design of thin-capitalization rules and summarizes the economic effects of such rules as identified in theoretical models. We review empirical studies providing evidence on the experience with (German) thin-capitalization rules as well as on the adjustment of German multinationals to foreign thin-capitalization rules. Special emphasis is given to the development in Germany, because Germany went a long way in limiting interest deductibility by enacting a drastic change in its thin-capitalization rules in 2008, and because superb German data on multinational finance allows for testing several aspects consistently. We then discuss the experience of the Nordic countries with thin-capitalization rules. Briefly reviewing potential alternatives as well, we believe that the arm’s-length principle is administratively too costly and impracticable, whereas we argue that controlled-foreign-company rules might be another promising avenue for limiting internal debt shifting. Fundamental tax reforms towards a system with either "allowance for corporate equity" (ACE) or a "comprehensive business income tax" (CBIT) should also eliminate any thin-capitalization incentive.

This article investigates the undertaking of corporate restructuring practices (employee downsizing and wage moderation) in Germany from 2008 to 2015. The article presents a political perspective that draws on the insights of the power resources approach and of institutional analyses. The theoretical framework highlights how institutional arrangements structure power relations within companies by empowering, in an asymmetrical manner, different categories of firm stakeholders (employees, managers and shareholders) as well as shaping how they relate to each other in an interactive manner. The article’s empirical findings point to the importance of extensive, but contingent, corporate restructuring in Germany. Companies are more likely to implement ‘defensive’ corporate restructuring practices under conditions of high leverage/debt than when confronted by shareholder value driven investors, thereby reflecting the presence of overlapping interests between employees and managers.

The green bond market helps to mobilize financial sources toward sustainable investments. Green bonds are similar to conventional bonds but are specifically designed to raise money to finance environmental projects. The feature of green bonds is the existence of greenium, or the lower yield compared to “conventional” bonds of the same risk. The relevance of the paper is underpinned by the mixed evidence on the existence of ‘greenium’, especially in corporate green bond markets; there has been limited research on the topic and a narrow focus on global, US, or Chinese green bond markets. Instead, the greenium in European debt markets remains underexplored. The objective of this study is to investigate the existence of greenium and its key determinants in European corporate debt capital markets, including the local markets of the United Kingdom (UK), France, Netherlands, and Germany. The sample included 3851 corporate bonds, both green and conventional ones, between 2007 and 2021 from 33 European countries. Linear regression was applied for the analysis. The results show that the climate corporate bonds in Europe are priced at a discount to the same-risk conventional corporate bonds. The magnitude of greenium is around 3 bps. Determinants of greenium include the presence of an ESG rating and belonging to the utility and financial industry. The remaining drivers of bond yields in the European corporate debt market are the credit quality (expressed by the level of credit rating), the coupon size, the bond tenor, the market liquidity, and macroeconomic variables (growth of gross domestic product and consumer price index). For the local corporate debt markets, our results are controversial. In all markets under consideration except for the UK and the Netherlands, we did not find sustainable evidence of greenium. The results of the research lead to a better understanding of the green bond market for investors, researchers, regulators, and potential issuing companies.

Many observers of the corporate restructurings that reached major proportions in the United States in the 1980s have believed that the market for corporate control had a serious negative impact on companies' long-term investment, which in turn contributed to the United States's decline in global competitiveness. In the following study, the author looks carefully at the effects of financial restructurings on investment, especially at expenditures on R&D, in a large set of companies categorized according to their level of technology and the length of their investment horizon. She then compares the U.S. situation with that in the United Kingdom, Germany, and Japan. She concludes that, though many such events occasioned no change at all in investment strategies, restructuring pressures and declines in investment tended to concentrate in certain industries. She also finds that investment decisions were usually rational, given high interest rates and a tax environment that favored debt over equity.

Existing empirical research on the determinants of capital structure has been largely restricted to the advanced countries like United States, Japan, France, U. K., Germany etc. The present paper makes an empirical attempt to study the determinants of capital structure of developing countries through a case of the Indian corporate sector by using a panel data approach. The present study, although an exploratory effort, is limited to 298 out of top 500 manufacturing firms selected on the basis of the turnover for the year 2004-2005 which covers the time span of eleven years commencing from 1995-96 to 2005-06. The results of the study demonstrate that that uniqueness and liquidity are the important determinants of capital structure of the Indian corporate sector during the period under study. It is also found that earning rate, cash flow coverage ratio, size (total assets), growth of assets, non-debt tax shield, dividend payout ratio and operating leverage are having a little influence on the capital structure of the Indian corporate sector during the period under study.

Starting with the Cadbury code in 1992, various national and international Corporate Governance (CG) codes have been issued all over the world. So far, empirical studies have revealed mixed results concerning the effects and outcomes of code implementation and thus supported the hypothesis of a ‘one system does not fit all’ approach in CG. Therefore, this paper empirically analyses influence factors on compliance with the German Corporate Governance Code for a large sample of 306 listed firms in 2015. We chose German companies because of the specific institutional settings in Germany, e.g., the strong influence of founder families on a firm’s management or the relevance of debt financing. It is assumed that the country-specific institutional setting limits the transferability of results of US and UK studies. Thus, we used the German setting to derive relevant influence factors on Code compliance. In addition, we applied a more sophisticated measure of Code implementation than previous studies. Overall, we find a significant positive effect of ownership dispersion and firm size on Code compliance, whereas the other influence factors, e.g., family influence or the supervisory board’s size, reveal the right direction of impact but not the required level of statistically significance. In contrast to institutional theory, we find a negative although statistically insignificant impact of the strength of foreign investors’ influence on Code compliance. Overall, our results indicate that the institutional setting is not decisive for Code compliance. Instead, we assume that the main rationale for Code compliance is not the reduction of agency conflicts but the alignment with peer group practices as indicated by the variable company size. Future research should investigate the peer effects on the level of Code compliance in detail.

This article revisits the macroeconomic foundations and political economy of national growth models. It argues that the neo-Kaleckian model, which inspired the emergent growth model perspective and focuses primarily on the functional income distribution, can be usefully complemented by theories of private household consumption that focus on the personal distribution of income. The examples of the export-led and debt-led growth models of Germany and the United States, respectively, show how institutional differences help to explain why different countries developed different patterns of income distribution and how income distribution and institutions interacted to generate financial imbalances in different sectors of the economy (i.e., the private household sector, the private corporate sector, and the government sector).

Synopsis The case highlights the ambitious growth strategy of Suzlon, an Indian company specializing in non-conventional (wind) energy. In 2007, Suzlon announced the acquisition of REpower of Germany, one of the top wind power companies in the world. It issued zero coupon and coupon bearing foreign currency (US dollar) convertible bonds (FCCB) amounting to $760 million to finance the acquisition. These bonds were listed in Singapore. Due to deteriorating business conditions the company experienced a sharp decline in profitability and stock price resulting in a debt overhang. At the same time, the Indian rupee depreciated from INR44 to INR55 leading to losses on largely unhedged, foreign currency coupon payments. The company had to restructure its capital structure to escape bankruptcy. Since FCCB holders did not agree to restructure the terms of the instrument, the company had to turn to senior lenders to restructure debt. Eventually Suzlon had to sell-off REpower to reduce leverage. Research methodology The case is based on interviews of market intermediaries and published information. The information relating to the restructuring has been taken from the information statement filed with the Securities Exchange Board of India and the Stock Exchanges. The timeline of events were constructed from the information available in company press releases. Financial statements and other details are from the documents filed with the regulators and supplemented with the information available in Prowess database. The stock price and stock market index data are from the websites of Bombay Stock Exchange and the National Stock Exchange of India. Exchange rates, inflation and interest rates have been taken from Bloomberg and the Reserve Bank of India website. Valuation inputs like multiples are from Prowess database and security analyst reports. Sources of information are documented appropriately in the case and instructor’s manual. Although we interviewed the investment bankers involved in the restructuring we have not included any private information in the case to preserve confidentiality. Relevant courses and levels This case can be used in a corporate finance course or in a module on debt restructuring in a corporate restructuring course or in the financing module in an advanced corporate finance course or in an International Finance course. It can also be used to teach an integrated approach to valuation and financing in a valuation course. Theoretical bases The case highlights the rationale for issuing FX convertible debt, parity conditions in international finance and the use of alternate valuation models.

The aim of this research is to describe corporate bankruptcy across Western European countries and propose a simple and reliable default prediction model for private manufacturing firms in six EU member states. Using firm-level accounting data taken from the Orbis-Europe Database, published by Bureau Van Dijk, we first propose a simple Indebtedness index which considers the multifaceted aspects of debt and allows to make interesting comparison among firms, countries, industrial sectors and over time. Second, we estimate a logit model, based on both the first step computed Indebtedness score and additional non-financial firms’ characteristics, which allows to compute firms’ predicted probabilities of default in each country. The empirical findings show that the Indebtedness score is statistically significant in explaining bankruptcy and it enters all the regressions with the highest coefficient and level of significance. However, while the indebtedness score is a valuable bankruptcy predictor for Italy, Germany, Portugal and Spain, which are bank-based economies, it is relatively less important for France and UK, being countries more strongly oriented toward the financial market. The overall evidence highlights a good reliability of our multi-country model for the prediction of corporate bankruptcies across Europe.

As background for this special issue of the Review, this article provides an overview of recent developments in financial structure in the major industrial countries using national flow of funds balance sheet data. We focus in particular on changes in the size and composition of the balance sheet for the major sectors — households, companies, general government, foreign and financial as well as banks and institutional investors separately. Two recent subperiods are distinguished, namely the ‘great moderation’ of high growth and low inflation from roughly 1997–2006 and then the crisis period 2007–10. We discern elements of convergence — notably in corporate leverage — but also some continuing contrasts — such as household debt — between market- and bank-dominated financial systems, while highlighting that short-run changes arising from the conjuncture may blur longer-term trends in financial structure. Looking ahead, the data highlight common challenges from public and household debt, albeit to an extent that varies markedly between countries. Bank deleveraging and recapitalisation appear slow, while a subsector including shadow banks continues to grow except in the US. There are contrasts between France and Italy on the one hand and Germany on the other which underline the vulnerability of the former in the ongoing Euro Area crisis.

The article examines the debt instruments of responsible financing, presented in world practice mainly in the form of green bonds, following the common principles of the International Capital Market Association (ICMA). A brief description of each bond issue model is provided: green bonds, social bonds, sustainability bonds, sustainability-linked bonds, and climate transition bonds. For each of the models for issuing responsible bonds, issuing companies are given as examples, with a brief description of the corresponding target parameters. The article focuses on the special measures of federal monetary support to Russian regions introduced in 2021. Based on the adopted comparative typological research method, these measures are analyzed from the standpoint of correlation with the established principles of sustainable financing and accepted widespread (general) international practice. Moreover, attention is paid both to interbudgetaryfinancial instruments presented in the form of infrastructure loans and new infrastructure projects for the purposes of regional economic development, and to the forthcoming issue of infrastructure bonds by Russian financial development institutions (in particular, Dom.RF). It is emphasized that the states themselves, and not only the corporate sector, are becoming active participants in the markets for sustainable financing, realizing the goals of long-term infrastructure development and the implementation of regional economic policies combined with a sectoral approach based on the principles of green economy (exemplified by Germany). A conclusion is made about the possibility of implementing new federal instruments of regional economic support in the system of target principles of sustainable development (ESG criteria). To achieve such a result, a qualitatively deep structuring of the proposed Russian financial instruments for infrastructure development will be required. Above all, this relates to the inclusion in the responsible debt policy instrument methodology of such four core components of the ICMA’s green bond principles (GBP) as the Use of Proceeds (1), Process for Project Evaluation and Selection (2), Management of Proceeds (3), and Reporting (4).

Following the literature of corporate law and finance, our study emphasizes on differences of legal origins and their laws influencing the capital structures of the private firms following suboptimal conservative policies. The countries considered in each legal origin represents common law countries (UK, Australia, India, Pakistan and Thailand) and Roman backed civil law countries (Japan, South Korea, Germany) respectively. The time series considered for the study is 2000-2017. The findings provide that the conservative private firms are smaller in size with less investments but are positively related with profitability in both legal origins. However, the dividend payouts and non-debt tax shields have significant positive relation with conservative policies in civil law countries. It shows that the presence of minority shareholders’ protection law in civil law countries directs the firms to pay more dividends which may also help them in reducing agency costs. We further exhibit that, before financial crises of 2008, the conservative firms in both legal origins are less directed towards dividends, especially in common law countries. Nevertheless, private conservative firms of civil law countries are more inclined towards dividend payouts after financial crises. The study implicates that the difference of laws in legal origins affect the capital structures of the conservative private firms. It further provides that because of the less effective credit markets, private firms may also be forced to adopt conservative policies in civil law countries but may also have less agency problems due to high probability of having dividend payouts.

This study develops a theoretical model of a multinational firm with an internal capital market. Hypotheses regarding the role of local versus foreign characteristics such as profit tax rates, lack of institutional quality, financial underdevelopment, and productivity for internal debt financing at the level of foreign affiliates are derived and assessed empirically in a panel dataset covering the universe of German multinationals. We show that differences in nontax incentives given by fundamentals in local and foreign markets can offset or reinforce tax incentives. The results point at a many times higher tax-sensitivity of internal debt financing compared to previous research. (JEL F23, G32, H25)

The basic legal source for Slovenian corporate law is the Companies Act (Slovenian Zakon o gospodarskih družbah (ZGD-1)), which regulates among Limited Liability Companies (LLC) as well as other commercial companies. Slovenian legislators took the German LLC as a framework when regulating the Slovenian LLC. LLCs are widely established in Slovenia primarily because they can be founded with relatively little capital (7,500 EUR) and the members are not personally liable for the LLC’s debts. An LLC may also be formed by only one natural or legal person, therefore it has become very popular in Slovenia among entrepreneurs who want to conduct business solo, but don’t want to be liable for any debt incurred by the LLC. This article presents the concept of the LLC and its regulation in Slovenian legislation.

AbstractThe paper aims to find the relationship between corporate expenditures on R&D and tax burdens comparing German with French R&D incentives. We use the OLS method for the financial and patent cross-sectional data retrieved from the Amadeus database. The results confirm that firms with higher tax spread (the difference between the nominal and effective tax rates) spend less on R&D. These are in line with findings of a positive relationship between corporate R&D investment and tax burdens. Thus, firms that invest in R&D more pay higher taxes. However, they are less profitable as the return on R&D investment is visible only in the long run. German corporate expenditures on R&D are significantly sensitive to internal funds (proxied by cash flow) and depend on debt, contrary to French. The results indicate that the French firm's age (a phase of life cycle) has a significant impact on spending on R&D compared to German. Whereas in both countries, corporate expenditures on R&D are sensitive to the number of obtained patents. The capability of reducing the level of tax burdens below the nominal tax rate in the case of older German firms stimulates them to increase their R&D expenditures. However, German firms can decrease tax due to the use of R&D grants (revenues without taxation) in the absence of other tax incentives related to R&D.

The recent Global financial crisis and the following European debt crisis show the significance of country financial stability and its impact on the private sector. Moreover, the sovereign debt as an essential element of government macroeconomic policy influences the financial performances of the companies and their future development and growth. The capital structure and financing decisions represent one of the most significant parts of company’s financial policy and its key to financial strength. There are a lot of external factors influencing the capital structure; however, due to the European debt crisis the aim of this study is to indicate the influence of sovereign debt on capital structure of the private held companies in different European countries. This study examines the evidence from European developed countries and emerging markets for the period 2005–2012, in order to compare the level of its impact on the capital structure according to the countries’ specifics. We find that after Global Financial Crisis the sovereign debt has tendency to increase in all investigated countries. Greece and Italy have the highest level of debt and it exceeds their Gross Domestic Product (GDP). In addition to that, the Czech Republic has the lowest level of sovereign debt to GDP, but at the same time the corporate capital structure exceeds 100%. The sovereign debt levels are strongly and statistically significantly correlated with each other, however, Hungarian debt has weaker relation with other countries. The findings also show the integration and interdependence of European countries. Moreover, Hungarian, Czech and German private sectors are the most depended on the level of sovereign debt.

This essay deals with a number of Italian and Austrian films produced around the mid-1930s as a result of the cinematic cooperation that developed between Rome and Vienna at the time. The essay’s goal is to investigate a complex chapter in the history of Italian and Austrian film which has yet received little attention. The Austro-Italian cooperation in the field of film, which developed against the backdrop of the political alliance between Fascist Italy and Austria’s so-called Corporate State, involved some of the biggest names in Italian and Austrian cinema of the time, including Italian directors Carmine Gallone, Augusto Genina and Goffredo Alessandrini, Viennese screenwriter Walter Reisch, and Italian novelist Corrado Alvaro. In particular, the essay will consider the Italian film Casta Diva (1935) and its debt to one of the most famous Austrian productions of the 1930s, Willi Forst’s film Leise flehen meine Lieder (1933). Further films to be discussed include Tagebuch der Geliebten (1935), Una donna tra due mondi (1936), Opernring (1936), and Blumen aus Nizza (1936). Tagebuch der Geliebten was based on the diary of Russian painter Marie Bashkirtseff, who lived in Paris in the late 19th century. Una donna tra due mondi starred Italian diva Isa Miranda, Opernring Polish tenor Jan Kiepura, Blumen aus Nizza German singer Erna Sack.These films should be truly regarded as transnational productions, in which various cultural traditions and stylistic influences coalesced. By investigating them, this essay aims to shed light on a crucial period in the history of European cinema.

This essay deals with a number of Italian and Austrian films produced around the mid-1930s as a result of the cinematic cooperation that developed between Rome and Vienna at the time. The essay’s goal is to investigate a complex chapter in the history of Italian and Austrian film which has yet received little attention. The Austro-Italian cooperation in the field of film, which developed against the backdrop of the political alliance between Fascist Italy and Austria’s so-called Corporate State, involved some of the biggest names in Italian and Austrian cinema of the time, including Italian directors Carmine Gallone, Augusto Genina and Goffredo Alessandrini, Viennese screenwriter Walter Reisch, and Italian novelist Corrado Alvaro. In particular, the essay will consider the Italian film Casta Diva (1935) and its debt to one of the most famous Austrian productions of the 1930s, Willi Forst’s film Leise flehen meine Lieder (1933). Further films to be discussed include Tagebuch der Geliebten (1935), Una donna tra due mondi (1936), Opernring (1936), and Blumen aus Nizza (1936). Tagebuch der Geliebten was based on the diary of Russian painter Marie Bashkirtseff, who lived in Paris in the late 19th century. Una donna tra due mondi starred Italian diva Isa Miranda, Opernring Polish tenor Jan Kiepura, Blumen aus Nizza German singer Erna Sack.These films should be truly regarded as transnational productions, in which various cultural traditions and stylistic influences coalesced. By investigating them, this essay aims to shed light on a crucial period in the history of European cinema.

Abstract . Body dissatisfaction is regarded as a powerful risk factor for dietary restraint and bulimic behavior among women. Objective. To compare Mexican and German women's body image and eating risk factors by developing structural models to find similarities or differences between the two samples. Participants. The non-random sample of N = 404 (Mexican: 175; German: 229) medical and nursing students (total Mage = 20.6, SD = 0.86) answered standardized scales (EAT and EDI) and a culture-free 10-silhouette scale on body dissatisfaction. Hypothesis. The main hypothesis proposed that Mexican women will show a stronger relationship between body dissatisfaction and restrained diet than the German women will. Results. The findings confirmed this hypothesis by showing that in the relationship dissatisfaction-dieting, the Mexican group obtained the highest values of the correlation and determination coefficients, compared to the German group. Discussion. Mexican women underestimated their body size, and it could be that body size underestimation lessens social pressure. It is concluded that whether this may be seen as a contradictory result or as a cognitive-defensive strategy in order to minimize the pressure experienced must be decided with further investigation. Key words: Mexican and German women, body image, restrained eating, risk factors for eating disorders, structural models. Resumen. La insatisfacción corporal es un poderoso factor de riesgo para dieta restringida y conducta bulímica en mujeres. Objetivo. Comparar imagen corporal y conducta alimentaria de riesgo en mujeres mexicanas y alemanas mediante el desarrollo de modelos estructurales detectando al mismo tiempo similitudes y diferencias. Participantes. La muestra no aleatoria de N = 404 estudiantes de medicina y enfermería (175 mexicanas y 229 alemanas) con una Media total = 20.6 años (DE = 0.86) respondió a escalas estandarizadas (EAT y EDI) y a una escala de insatisfacción corporal de 10 siluetas libre de influencia cultural. Hipótesis. Las mexicanas mostrarán una relación más fuerte entre insatisfacción corporal y dieta restringida que las alemanas. Resultados. Los hallazgos confirman la hipótesis, mostrando que el grupo mexicano obtuvo los coeficientes (de correlación y de determinación) más altos en la relación insatisfacción-dieta. Discusión. Las mexicanas subestiman el tamaño de su cuerpo y se asume que dicha subestimación podría tener como propósito disminuir la presión social. Se concluye que si esto puede interpretarse como un resultado contradictorio o como una estrategia cognitivo defensiva para minimizar la presión experimentada debe decidirse con nuevas investigaciones. Palabras clave: Mujeres mexicanas y alemanas, imagen corporal, dieta restringida, factores de riesgo en trastornos alimentarios, modelos estructurales

Summary One of the federal government’s most important projects is its reform of business taxation, planned for 2008. The key elements of this reform, published in summer 2006, provide for a reduction in the nominal tax burden on corporations from 38.65 % to 29.8 %. In return, an aspect of German taxation, namely the Hinzurechnung method, by which the interest paid on long-term debt was added back onto profit and which up to now has applied only with respect to the trade tax collected by the municipalities, is to be extended to corporation tax and is to include all interest paid as well as the financing part of rents, hire and leasing amounts. The key elements did not mention what percentage was to be added back on. One aspect which is important in terms of the effect the 2008 reform of business taxation has on the tax burden on companies is whether, despite a reduction in the tax rate, extending the Hinzurechnung method will lead to an increase in the burden on companies from taxes not dependent on earnings, and how this burden fares in international comparison. Attempts are being made to answer this question using a microeconomic and a macroeconomic approach. It would appear that the amendments as set out in the key elements published would lead to an increase in Germany’s currently very low burden from taxes not dependent on earnings. However, it should also be noted that even if this burden were to experience a strong percentage rise, it would still be relatively low in international comparison. In contrast to the extension of the Hinzurechnung method used in trade tax, a critical view should be taken of any inclusion into corporate taxation of non-earnings-dependent elements.

AbstractThis paper investigates how multinational banks use internal debt to shift profits to low-taxed affiliates. Using regulatory data on multinational banks headquartered in Germany, we show that banks use this tax avoidance channel more aggressively than non-financial multinationals do. We find that a ten percentage points higher corporate tax rate increases the internal net debt ratio by 5.7 percentage points, corresponding to a 20% increase at the mean. Our study also takes into account the existence of conduit entities, which simply pass through financial flows. If conduit entities are systematically located in low-tax countries, previous studies may have underestimated the extent of debt shifting.

This article studies whether firm-level and country-level factors affect to the corporation's debt maturity in case of Vietnam or not. The paper adopts the balance panel data of 267 listed companies on two trading board HOSE and HNX in the period from 2008 to 2015, estimated by FEM, REM, 2SLS and GMM method. To intrinsic factors, research results show that financial leverage and default risk control have high positive statistical significance with the debt maturity, but tangible assets are lower than those factors. In addition, growth opportunities and company quality have negative impacts to the debt maturity. To external factors, the results point out that economic growth, stock market development and governmental regulation's efficiency demonstrate the positive relationship to the debt maturity with fairly low correlation levels. 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AbstractUsing national account data, we define corporate balance sheet adjustment episodes as periods during which major increases in non-financial corporations’ net lending/ borrowing are experienced. An analysis of such episodes in Germany and Japan, and a more systematic exploration of a sample of 30 countries, show that corporate balance sheet adjustment tends to be long lasting and associated with significant effects on current accounts, wages and investment. Adjustment episodes lead to significant changes in corporate balance sheets ratios with a build-up of liquidity and a reduction of leverage. The adjustment is generally achieved by reducing investment and increasing savings on the back of a falling wage share. A panel econometric exercise shows that balance sheet adjustment periods are triggered by macroeconomic downturns as well as balance sheet stress due to high debt, low liquidity and negative equity price shocks.

SummaryThe main purpose of this paper is to evaluate corporate debt ratios by size classes in Continental Europe. Evidence is given on a sample of firms in manufacturing industry for ten European countries, all of them being in Euroland apart from Denmark (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Portugal and Spain). The descriptive analysis shows a 15 % point size gap in corporate leverage between small and large companies on average. Even after adjusting for structural factors, the size gap remains at 10 %. Yet, an overall assessment should not lead us to overlook national features when comparing small and large companies. In particular, three main groups emerge: in Germanic countries (Austria and Germany), the gap is the largest, mainly because of regulatory specificities. In a second cluster, companies from Denmark, France and Portugal exhibit significant differences in averages across sizes but at a lower extent than in the first group. As regards the other countries, even though the size gap is still the dominant pattern, the situation is less definite and deserves case by case analysis.

SummaryThe paper presents a new and comprehensive data set of all bonds issued by the sixteen German federal states (Länder) since 1992. It thus provides a complete picture of a capital market comparable in size to the combined corporate bond and commercial paper market in Germany. The quantitative analysis reveals that Länder follow different issuing strategies: while some concentrate to a greater extent on large issues or issue joint bonds with other Länder (Jumbos), others rely more on comparatively small but frequent issues. Moreover, some Länder issue a significant volume-share of their bonds in foreign currencies. Suitable bonds are used to compute time series of yields for the respective Länder at a daily frequency as well as a liquidity measure. Based on the unique data set, we document that spreads of Länder yields to the Bund are driven to a great extent by general risk aversion. Public debt only has an economically marginal impact. Moreover, the recent refusal of the Federal Constitutional Court to grant additional federal funds to the city-state of Berlin did not change the risk assessment of German Länder by financial markets. Recent market turbulences have manifestly contributed to widening spreads as well as increased responsiveness of Länder spreads to international measures of risk aversion.

provide a powerful lift to growth—both in the short and the long term—if they are well aligned with individual country conditions . These include an economy’s level of development, its position in the economic cycle, and its available macroeconomic policy space to support reforms. The larger a country’s output gap, the more it should prioritize structural reforms that will support growth in the short term and the long term—such as product market deregulation and infrastructure investment. Macroeconomic support can help make reforms more effective, by bringing forward long-term gains or alleviating their short-term costs . Where monetary policy is becoming over-burdened, domestic policy coordination can help make macroeconomic support more effective. Fiscal space, where it exists, should be used to offset short-term costs of reforms. And where fiscal constraints are binding, budget-neutral reform packages with positive demand effects should take priority. Some structural reforms can themselves help generate fiscal space. For example, IMF research finds that by boosting output, product market deregulation can help lower the debt-to-GDP ratio over time. Formulating a medium-term plan that clarifies the long-term objectives of fiscal policy can also help increase near-term fiscal space. With nearly all G-20 economies operating at below-potential output, the IMF is recommending measures that both boost near-term growth and raise long-term potential growth. For example: ? In advanced economies, these measures include shifting public spending toward infrastructure investment (Australia, Canada, Germany, United States (US)); promoting product market reforms (Australia, Canada, Germany, Japan, Korea, Italy) and labor market reforms (Canada, Germany, Japan, Korea, United Kingdom (UK), US); and fiscal structural reforms (France, UK, US). Where there is fiscal space, lowering employment protection is also recommended (Korea). ? Recommendations for emerging markets (EMs) focus on raising public investment efficiency ( India, Saudi Arabia, South Africa), labor market reforms (Indonesia, Russia, Saudi Arabia, South Africa, Turkey), and product market reforms (China, Saudi Arabia, South Africa), which would boost investment and productivity within tighter budgetary constraints particularly if barriers to trade and FDI were eased (Brazil, India, Indonesia). Governance (China, South Africa) and other institutional reforms are also crucial. Where policy space is limited, adjusting the composition of fiscal policy can create space to support reforms ( Argentina, India, Mexico, Russia). ? Some commodity-exporting EMs (Brazil, Russia, Saudi Arabia, South Africa) are facing acute challenges, with output significantly below potential and an urgent need to rebuild fiscal buffers. To bolster growth, Fund staff recommends product market and legal reforms to improve the business climate and investment; trade and FDI liberalization to facilitate diversification; and financial deepening to boost credit flows. IMF advice also aims to promote inclusiveness and macroeconomic resilience. The Fund recommends a targeted expansion of social spending toward vulnerable groups (Mexico), social spending for the elderly poor ( Korea), and upgrading social programs for the nonworking poor (US). Recommendations to bolster macrofinancial resilience include expanding the housing supply (UK), resolving the corporate debt overhang (China, Korea), coordinating a national approach to regulating and supervising life insurers (US), and reforming monetary frameworks (Argentina, China).

AbstractConcerning the Tax Reform 2000 point of time and design are controversial. Because of the anyway high level of public debt a pre-drawing of the next stage of tax reform can not be financed by government borrowing argues Rolf Peffekoven. Furthermore he points out that “Länder und Gemeinden” have to accept additional public debt. Though additional tax cut is necessary for higher growth and higher employment, it must be financed by cutting down public spending, particularly transfer payments and subsidies. The different treatment of revenues contravenes the tax structure and leads to efficiency losses. Therefore Peffekoven contributes that a reform must take into consideration the principle of equal treatment, independent of source. But a comprehensive tax reform is linked to the abolishment of German trade tax (Gewerbesteuer).Manfred Rose evaluates German tax reform by highlighting the conceptual framework that various reform measures can be attributed to. Due to a lack of understanding as regards economic effects of taxes, the German system of taxing personal and corporate income has become arbitrary and complicated. This makes the case for a fundamental reform towards an efficient, equitable and simple tax system. While some of the measures taken in the German tax reform contribute to a more efficient and equitable system, others seem to aggravate existing problems. This applies to income as well as corporate taxation. In his final section Rose characterizes a possible reform direction as proposed in the “Einfachsteuer” - a proposal for a fundamental reform of the German tax system.Wolfgang Schön determinates that although the year 2001 confronted taxpayers, tax advisors and tax administration with the largest tax reform for decades, the advocates of another, even more comprehensive tax reform raise their voice. They will have to bear in mind that a coming reform must answer various questions, the author argues. For example: Shall we retain the classical income tax or move to a consumption-based approach? How shall we reach tax neutrality with respect to the legal form, the source of income, the finance side of an investment and the allocation of profits? What substitute do we find for the anachronistic trade tax (“Gewerbesteuer”)? How do we guarantee the international compatibility of German tax law after another fundamental tax reform?

AbstractPrior research showed that in 1957, the German motor car industry provided 92 percent of its finance by internal ressources. This suggests a generally sound financial basis of German carmakers. However, the picture is misleading. The comparison of net cash flows of Volkswagen with that of BMW proves that corporate finance patterns among individual companies differed starkly. The reason for this was not only a different business policy but also the pre-1948 premises under which each company recommenced its production of cars. At Volkswagen, an assertive general director implemented a succesful economies of scale policy at a large industrial base that due to the historical circumstances was nearly free of cost of capital. On the other hand, BMW due to its substantial war and post-war damages as well as the market failure of its business policy had to rely on increasingly expensive debt. Against this background, Volkswagen was in a much better situation than BMW to benefit from the federal government’s stimulus to self-finance that was based on an expansive depreciation policy. As a result, Volkswagen financed nearly all of its capital expenditure with its operating cash flow, while BMW dragged to the edge of insolvency.

Futuristic fiction almost by definition enters into a dialogue with the present as a future past. As a consequence, history haunts even the most inane visions of the future in often quite subtle ways. An excellent prompt to speculate on this issue is provided by Luc Besson's popular film The Fifth Element (1997). Like many science-fiction films, it is about a future troubled by its own promises. It almost goes without saying that while not specifically figured around Y2K, the attention to dates and time in the film combined with its late '90s release date also inscribe it within Millennial anxieties about the end of the world. History plays a series of roles in The Fifth Element. In common with many science-fiction fables, the film stages an inverted fictional genealogy, in which the viewer is actively encouraged to revel in identifying extrapolated features and concerns of the present. This heralds a basic historicity: that is, it invites us to grasp our present as history through its defamiliarisation. Moreover, like another futuristic film of the same year, Gattaca, it is aesthetically marked by the pathos of what might be called millennial "nostalgia for the future" -- that lost utopian real of Modernist aesthetic desire which seems to haunt these "post-post-apocalyptic", Space-Age futures1. This is only enhanced by quoting generously from earlier moments of the science fiction genre (such as Blade Runner). Striking, however, is that despite all of this, everyday America -- globalised and projected two hundred and fifty years hence -- is not so much dystopian or utopian as just ordinary. People still smoke, but filters makes up three-quarters of a cigarette's length; we still get stuck in chaotic traffic, even if it flies above the ground; we still eat Chinese takeaway, only now the restaurants fly to you; and cops still eat take-away at drive-through McDonald's, which are now floating fixtures in the cityscape. That individuals are so stylish (thanks to costume design, everyone is wearing Jean-Paul Gaultier) also seems significant, because this aestheticised ordinariness helps focus attention on the lived time of everyday utopian yearnings. In these ways and more, our contemporary moment is immanent in the film. However, at certain other crucial moments in the film, History is directly presented as an excess. Let me explain. Two hundred and fifty years into the future, a "Supreme Being" -- Leeloo (Milla Jovovich) -- is genetically reconstructed by scientists. Dubbed the missing "fifth element", she belongs to a highly developed extra-terrestrial species who have a protectoral relation to humanity. In the beginning, Leeloo is cut off from human language -- speaking in a tongue that combines a mixture of European dialects with baby-speak (her favourite phrase, as anyone who has seen the film will recall, is "[Big] badda-boo!"). She speaks what a priest in the film calls the "Divine language", "spoken before time was time" -- evoking the theological dream of a universal pre-symbolic language, of a pure speech that speaks the world rather than speaks of it. Her very first English word is "Help!" -- which she reads off a taxi sticker advertisement for starving black orphans. And it is perhaps no accident that she identifies with this future's expropriated. Leeloo is a body cast into marginality. Caged as an exhibit from the moment of her arrival on Earth, with her exotic appearance, wide-eyed wonderment and capacity for mimicry, she displays all the tropes of the infantilised and sexualised Other. Romanticised as a primitivist fantasy, she represents a classically vulnerable redemptive figure2. Two hundred and fifty years into the future, a "Supreme Being" -- Leeloo (Milla Jovovich) -- is genetically reconstructed by scientists. Dubbed the missing "fifth element", she belongs to a highly developed extra-terrestrial species who have a protectoral relation to humanity. In the beginning, Leeloo is cut off from human language -- speaking in a tongue that combines a mixture of European dialects with baby-speak (her favourite phrase, as anyone who has seen the film will recall, is "[Big] badda-boo!"). She speaks what a priest in the film calls the "Divine language", "spoken before time was time" -- evoking the theological dream of a universal pre-symbolic language, of a pure speech that speaks the world rather than speaks of it. Her very first English word is "Help!" -- which she reads off a taxi sticker advertisement for starving black orphans. And it is perhaps no accident that she identifies with this future's expropriated. Leeloo is a body cast into marginality. Caged as an exhibit from the moment of her arrival on Earth, with her exotic appearance, wide-eyed wonderment and capacity for mimicry, she displays all the tropes of the infantilised and sexualised Other. Romanticised as a primitivist fantasy, she represents a classically vulnerable redemptive figure2. Leaving aside for the moment the perhaps inevitably romantic resolution to this predicament, we can interpret this scene as a critique of the Enlightenment pretension to "total History". The "arbitrary" order of alphabetisation, which replaces the seemingly determined disorder of historical narratives, is akin to the Kantian dream of a cosmopolitan state of "universal history". Think, too, of the aging Hegel, writing in 1830: We witness a vast spectacle of events and actions, of infinitely varied constellations of nations, states and individuals, in restless succession. ... Everywhere we see a motley confusion ... But ... we grow weary of particulars and ask ourselves to what end they all contribute. We cannot accept that their significance is exhausted by their own particular ends; everything must be part of a single enterprise. (325-7) Leaving aside for the moment the perhaps inevitably romantic resolution to this predicament, we can interpret this scene as a critique of the Enlightenment pretension to "total History". The "arbitrary" order of alphabetisation, which replaces the seemingly determined disorder of historical narratives, is akin to the Kantian dream of a cosmopolitan state of "universal history". Think, too, of the aging Hegel, writing in 1830: We witness a vast spectacle of events and actions, of infinitely varied constellations of nations, states and individuals, in restless succession. ... Everywhere we see a motley confusion ... But ... we grow weary of particulars and ask ourselves to what end they all contribute. We cannot accept that their significance is exhausted by their own particular ends; everything must be part of a single enterprise. (325-7) If The Fifth Element critiques the universal history lesson, it also revolves around a dialectical relation between past and present. Although the opening scene in late colonial Egypt locates the film's narrative historically, these later scenes suggest a break with conventional, clean historiographical separations between the past and the present5. Leeloo's reading of History implies that embodied historical reception is in a perpetual in-between state. Not only the representation of the past as History but the experience of Time itself becomes less a matter of chronology than of a Freudian retroactivity, a "present past" with everyday variations which belong as much to future possibilities as to what we perceive as the present. The necessary absence of a determinate "past object" (referent) in historical understanding means that historicity is a traumatic process of deferral. In psychoanalytic terms, Leeloo's forced recognition of the unnatural deaths of Others is a traumatic encounter which generates a hole in the symbolic order of Leeloo's "real". Leeloo's traumatised body metaphorically becomes the singular "truth" of the symbolic world6. A global history is in fact nobody's history in particular -- belonging to everybody and nobody. This is the fate of the CD-ROM: a "memory" overwhelmingly composed of media images, and an allegory for our own situation of image saturation (whose stereotypical symbol is the isolated individual glued to a flickering screen). Yet when Leeloo enters history with a kiss, a fragile dialogical exchange in which her own life "story" begins, the fate of media images is to become socialised as part of non-synchronous particular narratives7. The grand "nightmare" of History has become comprehensible through her particular access to universal History -- and the result is an appropriated, ongoing experience with an undisclosed future. The Fifth Element thus presents a distinctly everyday solution to the problem of historical time -- and is this not how media history is experienced? No doubt in the future no less than the present, history will be less a matter of the Past itself, than of the allegorical reverberation of events documented and encountered in the everyday mediasphere. Footnotes Mark Dery recently berated the trend for retro-futurism as a Wallpaper-inspired plot, poised to generate a nostalgia for ironic dreams of fading technological utopias, while revealing the banality of design fashions that demand the ever new. See "Back to the Future", posted to Nettime (5 Sep. 1999) It is also worth noting the sublime role of the Diva in the film, whose pained operatic performance embodies what Slavoj Zizek once called the jouissance of modernity. Humanity's potential will to "creative destruction" has previously been embodied in Gary Oldman's evil business figure of Zorg, who undoubtedly represents the excesses of corporate capitalism (he illustrates his Ayn Rand-style vitalist philosophy at one point by letting a glass fall from his desk and shatter on to the ground: gleefully watching as a team of mechanical robots whiz around the floor sweeping it up, he croons: "see -- a lovely ballet ensues, adding to the great chain of life -- by creating a little destruction, I am in fact encouraging life". See Jean-François Lyotard, The Postmodern Condition: A Report on Knowledge, trans. Geoff Bennington and Brian Massumi. Vol. 10, Theory and History of Literature. Minneapolis: U of Minnesota P, 1984; Jacques Derrida, Spectres of Marx: The State of the Debt, the Work of Mourning, and the New International, trans. Peggy Kamuf. London: Routledge, 1994. Historiographical time can be distinguished from psychoanalytic time on the basis of two different ways of organising the space of memory. While the former conceives the temporal relation as one of succession and correlation, the latter treats the relation as one of imbrication and repetition. Michel de Certeau, Heterologies: Discourse on the Other. Translated by Brian Massumi. Vol. 17, Theory and History of Literature. Minneapolis: U of Minnesota P, 1986. 4. An interesting sf intertext here is Andrei Tarkovsky's Solaris, in which a woman who is a projection of a man's memory unsuccessfully attempts to kill herself to prove that she is made of historical reality. In this traumatic scene, she consumes liquid nitrogen and writhes on a metallic floor in a frozen state until she gradually thaws into human movement. Leeloo is finally brought into the "un-Historical" time of everyday embodied subjectivity with a single kiss. To borrow the language of psychoanalytic film studies, her "screen memories" are reconfigured by an imaginary resolution in the present. I use the term screen memories with a nod to both the computer screen and Freud's compelling if problematic account of repressed mnemic material. Freud writes: "As the indifferent memories owe their preservation not to their own content but to an associative relation between their content and another which is repressed, they have some claim to be called 'screen memories'". Sigmund Freud, The Psychopathology of Everyday Life. Vol. 5, The Pelican Freud Library. Harmondsworth: Penguin, 1960. 83. References Fukuyama, Francis. The End of History and the Last Man. New York: Avon Books, 1992. Hegel, G.W.F. "The Philosophical History of the World: Second Draft (1830)." German Idealist Philosophy. Ed. Rüdiger Buber. London: Penguin, 1997. 317-39. Citation reference for this article MLA style: Daniel Palmer. "Nostalgia for the Future: Everyday History and The Fifth Element." M/C: A Journal of Media and Culture 2.9 (2000). [your date of access] <http://www.uq.edu.au/mc/0001/nostalgia.php>. Chicago style: Daniel Palmer, "Nostalgia for the Future: Everyday History and The Fifth Element," M/C: A Journal of Media and Culture 2, no. 9 (2000), <http://www.uq.edu.au/mc/0001/nostalgia.php> ([your date of access]). APA style: Daniel Palmer. (2000) Nostalgia for the future: everyday history and The Fifth Element. M/C: A Journal of Media and Culture 2(9). <http://www.uq.edu.au/mc/0001/nostalgia.php> ([your date of access]).