Universitätspublikationen
85 search hits
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Integrated Land and Water Management: Policy and Institutional Issues
(2007)
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Wolfgang Werner
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Integrated Water Resources Management in the Namibian Part of the Cuvelai Basin, Central Northern Namibia
(2007)
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Patrik Klintenberg
Clarence Mazambani
Komeine Nantanga
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Alkaloide von Pfeilgiftfröschen : über das Vorkommen, die Wirkmechanismen und die Synthese verschiedener Alkaloide der Pfeilgiftfrösche (Dendrobatiden)
(2007)
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Stephan Frömmel
- In dieser Arbeit wird auf die Herkunft, Entwicklung und Verbreitung der Pfeilgiftfrösche (Dendrobatiden) Mittel- und Südamerikas eingegangen. Ebenso werden die Gewinnung, Verwendung, Strukturaufklärung und Wirkmechanismen der Pfeilgifte erklärt. Der Hauptteil befasst sich mit der biologischen und chemischen Synthese ausgewählter Pfeilgiftfroschtoxine (Pumiliotoxine, Histrionicotoxin). Eine Auflistung und Erläuterung aller innerhalb der Synthesen verwendeten Names- und Schlüsselreaktionen ist ebenfalls vorhanden.
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Net worth and housing equity in retirement
(2007)
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Todd Sinai
Nicholas Souleles
- This paper documents the trends in the life-cycle profiles of net worth and housing equity between 1983 and 2004. The net worth of older households significantly increased during the housing boom of recent years. However, net worth grew by more than housing equity, in part because other assets also appreciated at the same time. Moreover, the younger elderly offset rising house prices by increasing their housing debt, and used some of the proceeds to invest in other assets. We also consider how much of their housing equity older households can actually tap, using reverse mortgages. This fraction is lower at younger ages, such that young retirees can consume less than half of their housing equity. These results imply that ‘consumable’ net worth is smaller than standard calculations of net worth. JEL Classification: G11, E21
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Wozu ein Hauptschulabschluss ohne Hauptschule?
(2007)
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Valentin Merkelbach
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Household debt and credit : economic issues and data problems
(2007)
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Giuseppe Bertola
Stefan Hochguertel
- We survey contributions to the analysis of household liabilities, highlighting relevant theoretical aspects and outlining how data sources may support empirical testing and measurement efforts. Specifically, we classify aspects of household debt, discussing the theoretical and policy relevance of heterogeneity across individual and country dimensions. Aiming to illustrate conceptual and measurement issues, we refer to the approaches and results of some recent relevant country-specific work on administrative and survey data, and we argue that research in this area would greatly benefit from availability of appropriately classified household liabilities data and of cross-country institutional information. JEL Classification: G1, E21
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Household saving behavior : the role of literacy, information and financial education programs
(2007)
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Annamaria Lusardi
- Individuals are increasingly in charge of their own financial security after retirement. But how well-equipped are individuals to make saving decisions; do they possess adequate financial literacy, are they informed about the most important components of saving plans, do they even plan for retirement? This paper shows that financial illiteracy is widespread among the US population and particularly acute among specific demographic groups, such as those with low education, women, African-Americans and Hispanics. Moreover, close to half of older workers do not know which type of pensions they have and the large majority of workers know little about the rules governing Social Security benefits. Lack of literacy and lack of information can affect the ability to save and to secure a comfortable retirement; few individuals rely on the help of financial advisors and ignorance about basic financial concepts can be linked to lack of retirement planning and lack of wealth. Financial education programs can help improve saving and financial decision-making, but much more can be done to improve the effectiveness of these programs. JEL Classification: D91
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Households’ saving and debt in Italy
(2007)
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Tullio Jappelli
Mario Padula
- We review savings trends in Italy, summarizing available empirical evidence on Italians’ motives to save, relying on macroeconomic indicators as well as on data drawn from the Bank of Italy’s Survey of Household Income and Wealth from 1984 to 2004. The macroeconomic data indicate that households’ saving has dropped significantly, although Italy continues to rank above most other countries in terms of saving. We then examine with microeconomic data four indicators of household financial conditions: the propensity to save, the proportion of households with negative savings, the proportion of households with debt, and the proportion of households that lack access to formal credit markets. By international comparison, the level of debt of Italian households and default risk are relatively low. But in light of the deep changes undergone by the Italian pension system, the fall in saving is a concern, particularly for individuals who entered the labor market after the 1995 reform and who have experienced the largest decline in pension wealth. JEL Classification: D91
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Finance and welfare states in globalizing markets
(2007)
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Giuseppe Bertola
- It is theoretically clear and may be verified empirically that efficient financial markets can make it less necessary for policy to try and offset the welfare effects of labour income risk and unequal consumption dynamics. The literature has also pointed out that, since international competition exposes workers to new sources of risk at the same time as it makes it easier for individual choices to undermine collective policies, international economic integration makes insurance-oriented government policies more beneficial as well as more difficult to implement. This paper reviews the economic mechanisms underlying these insights and assesses their empirical relevance in cross-country panel data sets. Interactions between indicators of international economic integration, of government economic involvement, and of financial development are consistent with the idea that financial market development can substitute public schemes when economic integration calls for more effective household consumption smoothing. The paper’s theoretical perspective and empirical evidence suggest that to the extent that governments can foster financial market development by appropriate regulation and supervision, they should do so more urgently at times of intense and increasing internationalization of economic relationships. JEL Classification: G1, E21
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A direct test of the buffer-stock model of saving
(2007)
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Tullio Jappelli
Mario Padula
Luigi Pistaferri
- Recent models with liquidity constraints and impatience emphasize that consumers use savings to buffer income fluctuations. When wealth is below an optimal target, consumers try to increase their buffer stock of wealth by saving more. When it is above target, they increase consumption. This important implication of the buffer stock model of saving has not been subject to direct empirical testing. We derive from the model an appropriate theoretical restriction and test it using data on working-age individuals drawn from the 2002 and 2004 Italian Surveys of Household Income and Wealth. One of the most appealing features of the survey is that it has data on the amount of wealth held for precautionary purposes, which we interpret as target wealth in a buffer stock model. The test results do not support buffer stock behavior, even among population groups that are more likely, a priori, to display such behavior. The saving behavior of young households is instead consistent with models in which impatience, relative to prudence, is not as high as in buffer stock models. JEL Classification: D91
