http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/RSS_GROUP_HOME_EN.caliasHere are the latest publications and articles of DB Research. DB Research is one of the world's leading think tanks for trends in business, society and the financial markets.enFri, 05 Feb 2010 00:00:00 +0100ResearchCopyright 1996-2006, DB Research, Deutsche Bank AGmarketing.dbr@db.comhttp://www.dbresearch.com/dbr/images/rss/logo.gifhttp://www.dbresearch.comFor months now, soaring government debt has shaped public debate over economic policy in the eurozone. One often overlooked aspect is that the deficits of some countries are not only attributable to crisis-related revenue shortfalls and higher spending or poor budget policy. They are partly also due to reduced growth prospects resulting from a country’s lack of competitiveness. The differences in competitiveness are increasingly becoming a problem for EMU, especially since the gaps between the member states have grown over the past few years...http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000253541&rdLeftMargin=10&rdShowArchivedDocus=true&rwdspl=0&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODFri, 05 Feb 2010 00:00:00 +0100Economic trends, EMU, European policy issues, Exchange rates, Intern. economic system, Intern. relations, International financial markets, Monetary policyPROD0000000000253541The euro is going strong as a reserve currency: the chart shows the euro and US dollar shares in international foreign-exchange reserves and their annual percentage change...http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000253419&rdLeftMargin=10&rdShowArchivedDocus=true&rwdspl=0&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODTue, 02 Feb 2010 00:00:00 +0100Capital markets, EMU, European integration, European policy issues, Intern. economic system, Intern. relations, International financial markets, Monetary policyPROD0000000000253419A silent revolution is taking place at the municipal level in Germany. Cameralistics, which way back in the 19th century became established as the standard method of accounting, will in the foreseeable future be fundamentally revised by the introduction of double-entry accounting: the presentation and recording of public finances, that is the revenue and expenditure of a municipal authority, will be transformed...http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000253318&rdLeftMargin=10&rdShowArchivedDocus=true&rwdspl=0&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODFri, 29 Jan 2010 00:00:00 +0100Economic policy, Fiscal policy, Politics and elections, Privatisation/liberalisation, Social policy, Tax policyPROD0000000000253318The international financial position of the BRIC countries (Brazil, Russia, India and China) has improved beyond recognition, reflected largely in their large official FX reserves. However, as of 2008, only China and Russia were creditors in terms of their net international investment position. China is already the world’s second largest net creditor, trailing only Japan. On current trends, China will not only replace the US as the world’s largest economy over the course of the next two decades, but it will also replace Japan as the world’s largest net international creditor...http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000253249&rdLeftMargin=10&rdShowArchivedDocus=true&rwdspl=0&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODWed, 27 Jan 2010 00:00:00 +0100Asia, Eastern Europe, Emerging markets, LatAmPROD0000000000253249The German economy emerged from its deepest post-war recession in the middle of 2009. We are optimistic that during 2010 the recovery will continue and that the upturn which is currently still being largely driven by monetary and fiscal policy will become increasingly self-sustaining. This is indicated by the expansionary monetary and fiscal policies, the stabilisation of the financial markets, the synchronised global economic upturn, low inflation and the improved sentiment among both companies and households. This year we expect real GDP to grow more than 2%.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000253009.pdfTue, 26 Jan 2010 11:00:00 +0100Auto industry, Construction industry, Economic growth, Economic policy, Fiscal policy, Labour market, Macroeconomics, Monetary policy, Prices, inflation, Sectors / commodities, Tax policyPROD0000000000253009The Copenhagen Accord has disappointed many observers of the negotiations. Still, the Accord addresses many crucial elements of a framework for tackling climate change. The greatest near-term risk stemming from the Accord concerns the future of carbon markets. In order to reduce uncertainties it is necessary to make quick progress on both carbon market reform and financing of international mitigation projects. Many countries have embarked upon their own climate policies. The Copenhagen Accord does not end these policies or slow down the momentum that was gained in the run-up to Copenhagen. The weeks ahead will of course reveal countries’ willingness to register ambitious policies and thus keep up the momentum.http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000253015.pdfMon, 25 Jan 2010 00:00:00 +0100Economic policy, Energy and climate change, Energy policy, Energy sector, Environmental policy, Environmental protection, Globalisation, Megatopics, Sectors / commoditiesPROD0000000000253015The global automotive industry endured a year of turmoil in 2009. Many governments launched subsidy schemes in response to the deep recession afflicting the sector. These schemes triggered widely varying market developments last year. Although the global automotive sector has in recent months emerged from its trough, the expiry of support measures together with the overcapacities in the sector suggest that further difficulties will materialise in 2010 and beyond...http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000252639&rdLeftMargin=10&rdShowArchivedDocus=true&rwdspl=0&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODThu, 21 Jan 2010 00:00:00 +0100Auto industry, Sectors / commoditiesPROD0000000000252639http://www.dbresearch.com/PROD/DBR_INTERNET_EN-PROD/PROD0000000000252666.pdfFri, 15 Jan 2010 11:08:00 +0100Capital markets, Economic growth, EMU, International financial marketsPROD0000000000252666Empirical evidence suggests that savings rise after economic growth takes off. Economic reform and stabilization in Brazil seem to have triggered just such a growth take-off. However, in order for the virtuous cycle to be sustained at an ever higher level of 5% (or more), the government would need to allow domestic savings to rise. Officials frequently point to the significant levels of inequality and poverty and Brazil’s democratic political system in an attempt to rationalize why a reduction in government expenditure is neither desirable nor feasible. A look at India’s experience in the 2000s suggests that this view is overly pessimistic...http://www.dbresearch.com/servlet/reweb2.ReWEB?addmenu=false&document=PROD0000000000252596&rdLeftMargin=10&rdShowArchivedDocus=true&rwdspl=0&rwobj=ReDisplay.Start.class&rwsite=DBR_INTERNET_EN-PRODWed, 13 Jan 2010 00:00:00 +0100Emerging markets, Fiscal policyPROD0000000000252596