Showing papers in "Austrian Economic Quarterly in 2003"
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TL;DR: In this paper, the authors proposed a reform of the Common Agricultural Policy of the EU that decouples direct payments from farm output and the reduction of administrative prices, and model simulations show that the intended outcomes are likely to be realised in Austria.
Abstract: On the 26th of June 2003 an agreement was reached by farm ministers to reform the Common Agricultural Policy of the EU. Decoupling direct payments from farm output and the reduction of administrative prices are core elements of this reform. The goals of the reform are less output of cereals, beef, and milk, stabilised farm incomes and a farm sector that will be more competitive. Model simulations show that the intended outcomes are likely to be realised in Austria.
10 citations
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TL;DR: In this paper, an analysis of the impact of accession to the EU for Austria, Finland and Sweden suggests that the Finnish economy has benefited most, ahead of Austria and Sweden.
Abstract: After the establishment of the Internal Market ten years ago, the EU has implemented the Economic and Monetary Union as the highest stage of economic integration. An analysis, based upon an integration model, of the impact of accession to the EU for Austria, Finland and Sweden suggests that the Finnish economy has benefited most, ahead of Austria and Sweden.
10 citations
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TL;DR: Hahn et al. as mentioned in this paper provided an overview of the key macroeconomic implications of the New Accord and proposed a new framework for regulating bank capital, which is made up of risk-sensitive minimum capital requirements, a supervisory review process and enhanced disclosure duties.
Abstract: The Basel Committee on Banking Supervision and the EU Commission have submitted harmonised proposals for reforming the minimum capital requirements for banks ("Basel II"). The new frame for regulating bank capital is made up of risk-sensitive minimum capital requirements ("first pillar"), a supervisory review process ("second pillar") and enhanced disclosure duties ("third pillar"). The reform aims to improve the stability of the financial market by better matching bank risks (and in particular credit risks) and regulatory capital adequacy requirements to be met by banks. Both proposals have so far mostly ignored the macroeconomic aspects of bank regulation. Stability and efficiency of the banking system have been viewed primarily from the banks' point of view and with regard to microeconomic effects. The possible impact of this neglect on the overall economy and financial system has triggered a lively debate among experts and politicians within the scope of the consultative framework. This article provides an overview of the key macroeconomic implications of the New Accord. Franz Hahn is an economist at WIFO. The author is grateful to Helmut Kramer for useful and constructive comments. The data were processed and (
6 citations
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TL;DR: In 2000, occupational pension systems comprised 430,000 individuals as eligible for a future old-age pension, with one out of six dependently employed persons entitled to a future company pension as discussed by the authors.
Abstract: In 2000, occupational pension systems comprised 430,000 individuals as eligible for a future old-age pension. With one out of six dependently employed persons entitled to a future company pension, this figure is markedly below EU average. Company pensions are most prevalent among major corporations, where generally all employees are included in the scheme, whereas among small and medium-sized enterprises they are a decidedly rarer phenomenon. Employee pension schemes are similarly unequally distributed across economic sectors. The highest prevalence is among energy and water utilities and the financial sector, whereas the tourism and educational services have few companies that offer this fringe benefit.
3 citations
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TL;DR: A stagnating economy and a marked rise in unemployment prevented the attainment of a balanced public budget in 2002, and because of the persistent cyclical weakness and of the tax reform envisaged for 2004-05, a balanced budget position will be achieved only after 2007 as mentioned in this paper.
Abstract: A stagnating economy and a marked rise in unemployment prevented the attainment of a balanced public budget in 2002. Because of the persistent cyclical weakness and of the tax reform envisaged for 2004-05, a balanced budget position will be achieved only after 2007. In spite of a noticeable increase in the debt ratio, which is the result of statistical revisions, Austria's budgetary position compares favourably with the EU average. To achieve medium-term fiscal consolidation the government aims at reducing the revenue and expenditure ratios. Starting with 2004 there will be a decline in the share of transfer expenditures. Tax revenues will gain in importance within total federal revenues; a shift from direct taxes to indirect taxes can be observed.
1 citations