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Cybersecurity at risk: How the EU's Digital Markets Act could undermine security across mobile operating systems
No full textAftershocks: Disruptive growth in low earth orbit creates new policy challenges
No full textThe emergence of large constellations of small satellites has disrupted the field of space safety services and changed how we think about the risk of collisions in space. The risk from space debris is compounded by the growing congestion from operational satellites in low-Earth orbit, particularly between 300 and 700 km above the Earth. These satellites have created an opportunity for commercial operators to assume roles that were once the exclusive domain of military or other state actors. While increasing commercial interest in providing the essential safety functions of space situational awareness and conjunction alerting may increase the pace of innovation, and emerging technologies may enable new approaches to reduce collision risk on orbit, there are associated core governance issues of safety, sustainability and security in outer space that must be considered
Iterative refinement of the QZ decomposition for solving linear DSGE models
No full textThe standard approach to solving linear DSGE models is to apply the QZ method. It is a one-shot algorithm that leaves the researcher with little alternative than to seek a different algorithm should the result be numerically unsatisfactory. We develop an iterative implementation of QZ that delivers the standard result as its first iteration and further refinements at each subsequent iteration. We demonstrate that our algorithm successful corrects for accuracy losses identified in particular cases of a macro finance model and does not erroneously attempt to refine sufficiently accurate solutions
The role of socio-historic factors and income inequality in global innovation
No full textIn order to better understand why some nations are more innovative than others, this paper considers the influence of socio-historic dimensions of colonialism and income inequality. Using data from 72 nations over the years 1997-2018, we find that ethnic income inequality (along with income inequality) and ethnolinguistic fractionalization of the population reduced the pace of innovation. These findings underscore the role of income distribution and other social factors in facilitating innovation. Furthermore, nations with a colonial past were more innovative, ceteris paribus, whereas nations with long histories (longevity) were no different from others. Finally, we found some support for presidential democracies fostering more innovation
Resiliente Immobilienfinanzierung in turbulenten Zeiten: Zur Relevanz der Relevanz der Vorfälligkeitsentschädigung
No full textDie letzten Jahre waren äußerst turbulent und stellten auch einen Stresstest für die Immobilienfinanzierung dar. In dem vorliegenden Beitrag ist dabei die Entwicklung in Deutschland international eingeordnet worden. Darüber hinaus ist eine zentrale Voraussetzung für Festzinssysteme - die Vorfälligkeitsentschädigung - diskutiert worden. Dies sind die zentralen Ergebnisse: Der Zinsschock hat Deutschland besonders hart getroffen, der Preisrückgang war mit 12,2 Prozent in zwei Jahren sehr stark. Ein Grund für den deutlichen Preiseffekt war der stärkere Zinsanstieg in Deutschland aufgrund höherer Inflationsraten, ein anderer der verschobene Immobilienzyklus gegenüber anderen Ländern. Im langfristigen Vergleich ist der Rückgang von 12,2 Prozent aber als moderat einzustufen. Der Anteil der Non-Performing Loans ist in Deutschland mit 0,8 Prozent konstant geblieben, in einigen anderen Ländern ist der Anteil dagegen leicht gestiegen. Insgesamt muss festgestellt werden, dass die Resilienz der Immobilienfinanzierungen in den europäischen Ländern als hoch einzustufen ist. Während dies aber in vielen Ländern mit starken Einschränkungen in der Kreditvergabe verbunden ist, kommt Deutschland ohne kreditnehmerbezogene makroprudenzielle Instrumente wie etwa Kappungsgrenzen bei Beleihungsausläufen oder Mindesttilgungen aus. Wesentlich hierfür ist die Festzinskultur, die den Haushalten Planungssicherheit gibt und sie gegenüber kurzfristigen Kapitalmarktentwicklungen immunisiert. Allerdings setzt ein Festzinssystem voraus, dass Banken bei vorzeitigen Kündigungen eine Vorfälligkeitsentschädigung erheben können, die für den entstandenen wirtschaftlichen Schaden kompensiert. Wie die Erfahrungen aus anderen Ländern zeigen, kann eine Kappung der Vorfälligkeitsentschädigung oder gar ein Verbot die Attraktivität langfristiger gegenüber kurzfristigen Zinsbindungen reduzieren, da die Banken zur Kompensation für die mögliche Kündigung höhere Zinsen verlangen müssen. Dies wiederum kann sich negativ auf die Finanzstabilität auswirken. Gerade in Zeiten fallender Zinsen kann die Vorfälligkeitsentschädigung hoch ausfallen, weshalb neue Diskussionen hierüber zu erwarten sind. Um Haushalte aber in besonderen Notlagen zu schützen, sollte nicht über eine Regulierung der Vorfälligkeitsentschädigung nachgedacht werden, sondern besser über eine Hypothekenversicherung nach niederländischem Vorbild.The last few years have been extremely turbulent and have also been a stress test for property finance. In this article, developments in Germany are categorised internationally. In addition, a central prerequisite for fixed-interest systems - early repayment penalties - are discussed. These are the key findings: The interest rate shock hit Germany particularly hard, with a very sharp fall in prices of 12.2 per cent in two years. One reason for the significant price effect was the stronger rise in interest rates in Germany due to higher inflation rates, another was the postponed property cycle compared to other countries. In a long-term comparison, however, the decline of 12.2 per cent can be considered moderate. The proportion of non-performing loans in Germany has remained constant at 0.8 per cent, while in some other countries the proportion has risen slightly. Overall, it must be stated that the resilience of property financing in European countries can be classified as high. However, while this is associated with severe restrictions on lending in many countries, Germany manages without borrower-related macroprudential instruments such as capitalisation limits for loan-tovalue ratios or minimum repayments. A key factor here is the fixed interest rate culture, which gives households planning security and immunises them against short-term capital market developments. However, a fixed interest rate system presupposes that banks can charge an early repayment penalty in the event of premature cancellation, which compensates for the economic loss incurred. As experience from other countries shows, a cap on early repayment penalties or even a ban can reduce the attractiveness of long-term versus short-term fixed interest rates, as banks have to charge higher interest rates to compensate for the potential cancellation. This in turn can have a negative impact on financial stability. Particularly in times of falling interest rates, early repayment penalties can be high, which is why new discussions on this are to be expected. However, in order to protect households in particular emergencies, it would be better to consider a mortgage insurance scheme based on the Dutch model rather than regulating early repayment penalties
Digitale Strategien im Diabetesmanagement: Interventionspunkte für digitale Gesundheitsanwendungen auf den Patientenpfad von Typ-2 Diabetes
No full textThis study explores the strategic integration of digital health applications (DTx) within the therapeutic pathways for managing Type 2 Diabetes Mellitus (T2DM) in outpatient settings. We aim to pinpoint effective junctures for DTx intervention, employing a comprehensive four-step methodology which involves crafting a guideline-oriented patient care pathway and performing a structured literature review. Key functionalities and actionable intervention points for DTx within this care continuum were identified, providing essential insights for enhancing patient adherence and personalizing T2DM treatment. Our findings can aid future DTx design and the development of integrated care models that optimize therapeutic outcomes for T2DM patients
Pareto-Nash Reversion Strategies: Three Period Dynamic Co-operative Signalling with Sticky Efficiency Wages
No full textThis paper uses Nash equilibrium reversion as an optimal tool for clearing dynamic prices and wages. Various exogenous competitive rigidities determine the balanced growth path of the efficiency wage and the outcome of repeated household/firm wage bargaining decisions. A location model is used to explore the extent to which a downstream spatial cooperation agreement might affect the price equilibrium. There is also an endogenous hiring function and a knowledge base that is increasing in output as is the real wage. As the article demonstrates after accounting for real rigidities in the baseline model the effect of wage growth on household utility through staggered bargaining can be best captured by adopting a policy of point scoring on the mobility of skilled labor against the model's key rigidities. Mobility point scores which serve to encourage mobility from skilled labor within the model not only increase the knowledge base but also place upward pressure on nominal wage growth
Hospital crowding and patient outcomes
No full textUsing high-quality administrative data from Upper Austria, we analyze the effect of hospital crowding on patients' short- and medium-term healthcare utilization and labor market outcomes. Focusing on acute inpatient diagnoses, we exploit idiosyncratic variation in daily diagnosis-related hospital occupancy rates to estimate the causal effect of hospital crowding. We find that higher crowding levels reduce hospital care intensity, as reflected in fewer medical services provided, lower hospital expenditures, and earlier discharges. Despite these changes, quality of care indicators, including readmissions and mortality, remain unaffected. However, no significant effects are observed either on inpatient and outpatient healthcare utilization in the short- and medium-term or on patients' labor market outcomes following initial hospitalization. These results suggest that crowding-induced differences in hospital care do not lead to changes in patients' health or economic situations over the medium term
Technological advance, social fragmentation and welfare
No full textThis paper models the welfare consequences of social fragmentation arising from technological advance. We start from the premise that technological progress falls primarily on market-traded commodities rather than prosocial relationships, since the latter intrinsically require the expenditure of time and thus are less amenable to productivity increases. Since prosocial relationships require individuals to identify with others in their social group whereas marketable commodities are commonly the objects of social status comparisons, a tradeoff arises between in-group affiliation and inter-group status comparisons. People consequently narrow the bounds of their social groups, reducing their prosocial relationships and extending their status-seeking activities. As prosocial relationships generate positive externalities whereas status-seeking activities generate negative preference externalities, technological advance may lead to a particular type of “decoupling” of social welfare from material prosperity. Once the share of status goods in total production exceeds a crucial threshold, technological advance is shown to be welfare-reducing
Mutual funds' appetite for sustainability in European Auto ABS
No full textUsing hand-collected data on European auto asset-backed securities (Auto ABS), we examine the role of mutual funds in financing the transition to zero-emission mobility. Mutual funds, particularly those with a green mandate, tend to have a higher exposure to sustainability-transparent Auto ABS and tend to allocate more capital to deals with a higher proportion of electric vehicles. However, we find no clear preference for portfolios with lower average CO2 emissions. This behaviour suggests that, in the absence of a globally recognized framework for green securitizations, asset managers rely on sustainability proxies that are associated with the lowest disclosure processing costs. Our analysis provides important new evidence on how standardized sustainability disclosures at both the prospectus and loan levels could influence asset allocation