From submitting tax returns online right through to buying groceries on the internet, a myriad of possibilities already exist. Between 2005 and 2009 the use of e-government by individuals in the EU-27 climbed from 23% to 30% on average; the share of individuals shopping online rose from 24% to 37%. Cross-border purchases rose from 26% to 29% between 2006 and 2009 and the EU-27 average for those using online banking climbed from 19% in 2005 to 32% in 2009.
Die Wachstumsaussichten für die Kapitalmärkte in den Entwicklungs- und Schwellenländer (Emerging Markets, EM) sind sehr gut. Trotz des „Deleveraging“ in den entwickelten Volkswirtschaften und des „Leveraging“ in den EM wird der Löwenanteil des globalen Finanzvermögens auch künftig an den Kapitalmärkten der entwickelten Volkswirtschaften zu finden sein. Nicht nur verfügen die Schwellenländer Asiens über die größten Kapitalmärkte, sondern auch über die am weitesten entwickelten Märkte im EM-Universum. Aus Sicht globaler Investoren und, umso mehr, aus Sicht der Finanzdienstleister ist der Zugang zu einigen (Segmenten) der rasch wachsenden Finanzmärkte in Entwicklungs- und Schwellenländern nur schwierig möglich, und um an deren Wachstum zu partizipieren bedarf es einer wohldurchdachten und gezielten Strategie...
The global crisis has further enhanced the relative growth prospects of emerging markets (EM) capital markets. Advanced economies’ capital markets will continue to make up the bulk of global financial assets, developed markets (DM) deleveraging and EM leveraging notwithstanding. Emerging Asia has not only the largest capital markets, but also the most developed markets in the EM space. From the perspective of global investors and, even more so, financial services providers, some (segments) of the rapidly growing EM financial markets can only be accessed with some difficulty and tapping into their growth requires a well-thought-out, focused strategy. This fact notwithstanding, the "opportunity costs" of not building exposure to – or a platform in – the EM will be increasing over time...
The financial crisis and its regulatory consequences are set to change the landscape of financial centres worldwide. We have identified four drivers of financial centre competitiveness after the crisis: (1) The big-4 financial centres will remain strongholds of global finance. (2) The crisis accelerates the trend towards a multi-polar financial industry, with emerging financial centres gaining in size and competitiveness. (3) National financial market may benefit from domestically-oriented policies in the short run, but will find it harder to compete in the long run. (4) Providing a good regulatory framework will be a key determinant of competitiveness going forward.
Von der Online-Steuererklärung bis hin zum Einkauf von Lebensmitteln über das Internet ist bereits vieles möglich. Die Nutzung von E-Government durch Einzelpersonen hat im EU-27 Durchschnitt zwischen 2005 und 2009 von 23% auf 30% zugenommen; Interneteinkäufe legten von 24% auf 37% zu. Grenzüberschreitende Einkäufe sind zwischen 2006 und 2009 von 26% auf 29% gewachsen und der EU-27 Durchschnitt der Nutzung von Online-Banking stieg von 19% im Jahr 2005 auf 32% im Jahr 2009.
Following the creation of EMU, some observers predicted that the euro would emerge as the world’s major reserve currency. More recently, eurozone travails and rapidly rising US indebtedness have re-ignited the debate about alternative reserve currencies (incl. SDRs). Among the possible medium-term contenders for “top currency” status are the yuan and the euro. Neither the UK nor Switzerland, nor Japan, have or will have the necessary economic and financial size for their currencies to become the world’s dominant reserve currency. ...
Corrections in the heavily leveraged commercial real estate markets are causing high vacancy rates, rent declines and default rates, and leading to losses on the investor side. The securitisation market is a source of worry not least because the data on market volume and maturity structures are not unequivocally clear, and the atomistic investor structure makes debt restructuring more difficult. The strongest repercussions for the economy are likely to be seen in Ireland and Spain and, to a somewhat lesser extent, the US and the UK, with commercial real estate investors in these countries likely to feel the sting accordingly. This has major potential implications for the overall economy, but the consequences should not be as severe as during the housing crisis, one reason being that the commercial real estate markets are smaller than the residential markets.
Die fiskalischen Kosten einer Finanzkrise können grob in zwei Kategorien eingeteilt werden: a) Direkte Kosten wie die Zufuhr von Eigenkapital, Garantien von Passiva und Aktiva durch den Staat oder kurzfristige Liquiditätshilfen für in Not geratene Finanzinstitute und b) indirekte Kosten, die sich aus geringeren Steuereinnahmen und höheren Staatsausgaben angesichts einer durch die Krise ausgelösten Rezession ergeben. ...
At the United Nations Climate Change Conference 2009 in Copenhagen, a group of 77 developing nations and emerging markets led by China threw a controversial proposal into the negotiating ring. They called for an end to patent protection in general or compulsory licensing (governments limiting patent protection) for climate-friendly and/or energy-efficient technologies in order to speed up the growth-enhancing transfer of technology.
In real life people do not always decide rationally on the basis of established preferences and complete information. Much of their behaviour is caused through their trying to cope with the complexity of the world around them by approximating. As a rule these approximation methods deliver serviceable results, but they often also lead to distorted perceptions and systematic errors. To avoid making flawed decisions, investors and investment consultants should be aware of these effects when assessing financial products, when estimating factors of relevance to investment performance and their own appetite for risk, and when considering their personal investment behaviour.
