Taming the real estate boom in the EU: Pathways to macroprudential (in)action

In the fallout of the 2008 crisis, macroprudential policy has been installed as the policy remedy against future financial instability, a primary focus being developments in the real estate sector. With house prices consistently rising in the EU since 2014, causing alarm among macroprudential supervisory bodies, a core question of EU regulatory governance is how far macroprudential bodies have been capable of bringing about countercyclical actions against the build-up of such vulnerabilities. This paper investigates this question using a novel dataset of macroprudential intensity coded for the 17 EU countries that experienced real estate vulnerabilities post-euro crisis. Specifically, it asks which configuration of conditions account for the (in)capacity of countries to impose stringent countercyclical regulations against housing booms? Using fuzzy set qualitative comparative analysis technics coupled with qualitative analysis of country cases using expert interviews, we find that the absence of political salience of homeownership and the political independence of macroprudential authorities to be crucial conditions that jointly explain countercyclical macroprudential activity. These findings, which show two pathways to action have implications for the capacity of the EU to prevent future crises and future reform of the EU prudential framework.     

“One size fits all”? Convergence in international corporate social responsibility communication—A comparative study of CSR mission statements in the United States and India

So far, no study has investigated determinants that shape corporate social responsibility (CSR) communication in mission statements, as previous studies have focused on CSR reports and homepages. Our study, which is based on institutional theory, fills this gap. By conducting a directed content analysis of the statements of 200 listed companies in the United States and India, we examine the content conveyed with respect to 5 CSR dimensions, the 5 most prominent stakeholder groups, and additional components of CSR mission statements. Moreover, we examine whether Unted States and Indian companies' CSR communication varies according to their (a) home country, (b) industry affiliation, (c) degree of internationalization, (d) company size, (e) profitability, (f) founding year, (g) length of the CSR mission statement, and (h) compliance with the guidelines of the Global Reporting Initiative. Whereas the findings reveal that the companies' home country, degree of internationalization, and size have no considerable bearing on their CSR communication, we evidence that their communication can be explained by their industry affiliation, the profitability ratio return on assets, founding year, length of the statement, and compliance with the Global Reporting Initiative guidelines. Moreover, we explain the cross-country conformity of CSR communication by a convergence towards global and universal CSR communication approaches.     

Tragedy of the Fiscal Common?: Fiscal Stock Externalities in a Leviathan Model of Federalism

The paper deals with vertical tax competition between self-interested governments in a dynamic environment. In a federation, competition between the federal and the state governments arises when tax sources are not separated but pooled. Since dynamic inefficiencies will be stressed, the focus is on fiscal stock externalities rather than on flow externalities. The paper shows that the Leviathans in a federation tax the fiscal common resource more extensively than the single Leviathan in a unitary state. Furthermore, the positive impact of political stability on public consumption of the fiscal common will be discussed.     

Fine Art, High Finance

正China becomes the art market's boomtown in the emerging East Buying art can be as prestigious as owning a downtown luxury apartment, a high-powered Mercedes-Benz or other pricy toys the rich use to fight ennui and establish status. In China's modern times, the main difference between a fancy limousine and a painting is that the limousine     

Informationsverein Lentia und die Folgen

Der Europäische Gerichtshof für Menschenrechte hat mit dem berühmten "Lentia"- Urteil Ende 1993 die österreichische Rundfunkrechtslage als konventionswidrig qualifiziert. Die Öffnung des Rundfunkmonopols erfolgte daraufhin nur zögerlich und war zudem durch mehrere Aufhebungen der Rechtslage durch den VfGH begleitet. Seit dem Jahr 2001 hat sich der rechtliche Rahmen für das duale Rundfunksystem dynamisch entwickelt und stark wettbewerbsrechtliche Züge angenommen. Michael Holoubek hat sowohl als Wissenschaftler, als auch als Mitglied der Rundfunkbehörden maßgeblich zur Entwicklung dieses Rechtsgebiets beigetragen.