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From a cultural to a distributive issue: Public climate action as a new field for comparative political economy
No full textThis article reviews recent insights from the blooming Comparative Political Economy (CPE) literature on climate change with the aim to demonstrate the importance of integrating climate change into the field of CPE and to highlight the contributions of CPE to our understanding of the social and political obstacles to effective climate policies. In addition, we advance two key points to bring the CPE literature forward. To tighten the dialogue between the “electoral politics” and “interest group politics” approaches, we propose understanding climate politics as a triadic conflict between losers of climate change, losers of public climate action (PCA), and winners of PCA. Second, we argue that the scope of CPE studies needs expansion. While existing CPE literature predominantly focuses on climate change mitigation, it is essential to consider climate change adaptation due to its significant distributive implications at the macro‐ and micro‐levels of societies
The Dollar Channel of Monetary Policy Transmission
No full textThis paper documents a new dollar channel that transmits monetary policy across borders. Exploiting unique features of the syndicated loan market for identification, we show that changes in the euro-dollar exchange rate around ECB monetary policy announcements that are orthogonal to simultaneous changes in euro-area interest rates and stock prices affect U.S. leveraged loan spreads. Specifically, in response to dollar appreciation, investors require higher compensation for risk, and borrowing costs for U.S. firms increase. These findings imply a causal link between the U.S. dollar and investors' risk appetite
Leveraging religious leaders to increase voluntary tax compliance: Experimental evidence from Tanzania
No full textNon-state actors, such as religious institutions and leaders, play a central role in governance and social life in many low- and lower-middle-income countries. We examine whether information about how tax revenues are used for public goods and service provision increases voluntary tax compliance, and whether religious leaders can serve as more effective senders of this information than tax officials. Using a lab-in-the-field experiment in Tanzania, we find that providing information increases participants' compliance, but only when delivered by a religious leader. These findings highlight the potential of religious leaders in enhancing tax compliance where trust in state institutions is limited
Who benefits from place-based policies? Evidence from matched employer-employee data
No full textWe study the granular wage and employment effects of a German place-based policy using a research design that leverages conditionally exogenous EU-wide rules governing program parameters at the regional level. The place-based program subsidizes investments to create jobs with a subsidy rate that varies across labor market regions. The analysis uses matched data on the universe of establishments and their employees, establishment-level panel data on program participation, and regional scores that generate spatial discontinuities in program eligibility and generosity. Spatial spillovers of the program linked to changing commuting patterns can be assessed using information on place of work and place of residence, a unique feature of the data. These rich data enable us to study the incidence of the place-based program on different groups of individuals. We find that the program helps establishments create jobs that disproportionately benefit younger and less-educated workers. Funded establishments increase their wages but, unlike employment, wage gains do not persist in the long run. Employment effects estimated at the local area level are slightly larger than establishment-level estimates, suggesting limited economic spillover effects. On the other hand, spatial spillovers are large as over half of the employment increase comes from commuters. Using subsidy rates as an instrumental variable for actual subsidies indicates that it costs approximately EUR 25,000 to create a new job in the economically disadvantaged areas targeted by the program.This version: April 23, 202
Digitale Kompetenzen im Wandel: Eine Neubewertung digitaler Kompetenzen in der IT-Funktion eines Automobilunternehmens
No full textDie digitale Transformation verändert nicht nur die Geschäftsmodelle und Unternehmensstrategien von Automobilunternehmen, sondern impliziert ebenfalls einen Wandel der Anforderungen an die digitalen Kompetenzen in deren IT-Funktion. Obwohl die Unternehmen sich mit dem Wissen und den Fähigkeiten ihrer Mitarbeitenden auseinandersetzen, besteht ein Defizit hinsichtlich der Aktualität und Präzision der Kompetenzen, welche zu einer Anpassungsfähigkeit und Wertschöpfung beitragen können. Daher sind eine fortlaufende Identifizierung von Veränderungen digitaler Kompetenzen sowie eine kontinuierliche Weiterentwicklung von Kompetenzmodellen erforderlich. In diesem Beitrag wird die Aktualisierung des Kompetenzmodells der IT der Volkswagen AG beschrieben. Mittels einer Fokusgruppenstudie und unter Verwendung eines Kompetenzkataloges wurde der Weiterentwicklungsbedarf an Wissen und Fähigkeiten in der IT-Funktion ermittelt und in einem Kompetenzmodell konsolidiert. In einem Zeitraum von drei Jahren haben sich insgesamt 25 Änderungen in 9 Kompetenzfeldern ergeben. Die Ergebnisse unterstreichen den schnellen Wandel von digitalen Kompetenzen in der IT, insbesondere in den Bereichen persönliche und soziale Kompetenzen. Das entwickelte Kompetenzmodell sowie das Vorgehen zur Aktualisierung des Modells können anderen Unternehmen helfen, eigene Kompetenzmodelle zu entwickeln bzw. weiterzuentwickeln.The digital transformation is not only reshaping the business models and corporate strategies of automotive companies but also implies a shift in the requirements for digital competencies within their IT function. While companies are addressing the knowledge and skills of their employees, there is a deficit in terms of the timeliness and precision of competencies that can contribute to adaptability and value creation. Therefore, continuous identification of changes in digital competencies and ongoing development of competency models are necessary. This article describes the update of the IT competency model of the Volkswagen AG. Through a focus group study and the use of a competency catalog, the need for knowledge and skills development within the IT function was identified and consolidated into a competency model. Over a period of three years, a total of 25 changes in 9 competency areas emerged. The results highlight the rapid evolution of digital competencies in IT, especially in the areas of personal and social skills. The developed competency model and the approach to updating the model can assist other companies in developing or enhancing their own competency models
Wiederaufbau in der Ukraine: Herausforderungen und Potenziale für Österreichs Unternehmen
No full textSeit dem Beginn des russischen Angriffskriegs im Februar 2022 hat sich die ukrainische Wirtschaftsleistung stark verringert. Gemäß Schätzungen internationaler Organisationen belief sich das ukrainische BIP Ende 2024 auf real rund 77 Prozent des Vorkriegsniveaus. Hinzu kommen massive Zerstörungen der Infrastruktur, von Produktionsanlagen, Wohnbauten und vielem mehr. Gemäß viertem Ukraine Rapid Damage and Needs Assessment (RDNA4) vom Februar 2025 beläuft sich der aktuelle Wiederaufbaubedarf in der Ukraine auf rund 524 Mrd. Dollar, wobei die Bewertung der Schäden auch mit einer verbesserten Wiederherstellung der zerstörten Anlagen und Infrastruktur einhergeht (Building Back Better-Prinzip). Vor dem Hintergrund der großen Zerstörung in der Ukraine, der internationalen Bemühungen, den Aufbau des Landes nach Beendigung der Kriegshandlungen zu organisieren, sowie der räumlichen Nähe zu Österreich stellt sich die Frage, inwiefern und in welchen Bereichen Österreich und seine Unternehmen aktiv zum Wiederaufbau der Ukraine beitragen können und wie diese Anstrengungen am besten koordiniert werden könnten. Ziel dieser Policy Note ist es, einerseits einen Überblick des Wiederaufbaubedarfs zu geben, diesen den österreichischen Stärkefeldern gegenüberzustellen und abzuleiten, wo für österreichische Unternehmen zentrale Hebeln bestehen, den Wiederaufbau erfolgreich zu begleiten. Mittel- bis langfristig ergeben sich zusätzliche Chancen und Risiken, die gesondert dargestellt werden. Der letzte Abschnitt beschäftigt sich schließlich mit Maßnahmen, wie Österreichs Unternehmen im Wiederaufbau und danach begleitet und unterstützt werden können, um ihr volles Potenzial zu entfalten. (...
Staatliche Innovationsförderung braucht einen Innovationsbooster
No full textEuropa bleibt bei Sprunginnovationen hinter den USA und China zurück. Trotz neuer Initiativen wie dem European Innovation Council bestehen weiterhin strukturelle Defizite. Benötigt werden Reformen nach dem Vorbild der amerikanischen ARPA-Modelle und der deutschen SPRIND: mehr Unabhängigkeit, Schnelligkeit, Wettbewerb und Ergebnisorientierung in der Innovationsförderung. Neben neuen Institutionen sind eine Verschlankung der Förderlandschaft, steuerliche Anreize, mehr Venture Capital und eine bessere Unterstützung von Wissenschaftsausgründungen notwendig, um die Innovationskraft nachhaltig zu steigern
Chance-constrained stochastic assembly line balancing with branch, bound and remember algorithm
No full textAssembly lines are widely used mass production techniques applied in various industries from electronics to automotive and aerospace. A branch, bound, and remember (BBR) algorithm is presented in this research to tackle the chance-constrained stochastic assembly line balancing problem (ALBP). In this problem variation, the processing times are stochastic, while the cycle time must be respected for a given probability. The proposed BBR method stores all the searched partial solutions in memory and utilizes the cyclic best-first search strategy to quickly achieve high-quality complete solutions. Meanwhile, this study also develops several new lower bounds and dominance rules by taking the stochastic task times into account. To evaluate the performance of the developed method, a large set of 1614 instances is generated and solved. The performance of the BBR algorithm is compared with two mixed-integer programming models and twenty re-implemented heuristics and metaheuristics, including the well-known genetic algorithm, ant colony optimization algorithm and simulated annealing algorithm. The comparative study demonstrates that the mathematical models cannot achieve high-quality solutions when solving large-size instances, for which the BBR algorithm shows clear superiority over the mathematical models. The developed BBR outperforms all the compared heuristic and metaheuristic methods and is the new state-of-the-art methodology for the stochastic ALBP
Economic risks of agricultural enterprises in Ukraine: Analysis of threats and mitigation strategies to ensure financial security
No full textThe study aimed to identify economic risks, in particular the impact of currency fluctuations, inflation and changes in tax policy on the financial security of Ukrainian agricultural enterprises. The data of such companies as Myronivsky Hliboproduct, Kernel and Slobozhansky Agrocombine were studied. Comparative analysis methods were used to assess the impact of macroeconomic factors on the agricultural sector. For this purpose, the situation in Ukraine and Germany, which is an example of a stable economy in the European Union, was compared. The study identified key economic threats to agricultural enterprises, including currency fluctuations, inflation and high lending rates. The study determined that in 2022, the hryvnia exchange rate experienced significant fluctuations, which made it difficult to import agricultural inputs and increased production costs. The stabilisation of the exchange rate in 2023 was analysed, but in 2024, amid rising inflation of 12%, currency instability again created difficulties for farmers, in financing imports. In general, in 2025, new tax initiatives were also introduced, including a reduction in the value-added tax for small and medium-sized businesses from 20% to 10%, which helped ease the financial burden on farmers. However, large enterprises remained subject to the high corporate tax rate of 18%, which increased their costs and reduced their competitiveness. The study also revealed the effectiveness of government and international financial initiatives, such as the “Affordable loans 5-7-9%” programme, the United States Agency for International Development Agro, the European Innovation Council Accelerator, as well as projects of the European Union and the World Bank aimed at supporting the agricultural sector during economic instability. These initiatives provided agricultural enterprises with access to finance, reducing the risks associated with high interest rates and currency fluctuations. The practical significance of the study is to develop strategies to minimise economic risks for Ukrainian agricultural enterprises, which contributes to their financial security and increases the sector's resilience through business diversification and the introduction of digital technologie
Safe Havens, Machine Learning, and the Sources of Geopolitical Risk: A Forecasting Analysis Using Over a Century of Data
No full textWe use monthly data covering a century-long sample period (1915–2021) to study whether geopolitical risk helps to forecast subsequent gold volatility. We account not only for geopolitical threats and acts, but also for 39 country-specific sources of geopolitical risk. The response of subsequent volatility is heterogeneous across countries and nonlinear. We find that accounting for geopolitical risk at the country level improves forecast accuracy, especially when we use random forests to estimate our forecasting models. As an extension, we report empirical evidence on the predictive value of the country-level sources of geopolitical risk for two other candidate safe-haven assets, oil and silver, over the sample periods 1900–2021 and 1915–2021, respectively. Our results have important implications for the portfolio and risk-management decisions of investors who seek a safe haven in times of heightened geopolitical tensions