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Given the size and the relative strength of the British financial service industry, the decision to pull out of the Single Market may well have more severe consequences on financial services rather than manufacturing. Brexit will create serious non-tariff trade barriers, dampening foreign trade in financial services and the local production of financial services in the UK. In the short term, continuity of existing cross border contracts requires bilateral transitional agreements between the European Commission, individual member countries of the EU 27 and the UK. In the medium to long term, the international nature of financial markets in the UK suggests resilience as a global financial centre but business related to the EU 27 is likely to migrate due to regulatory demands by the European supervisory authorities and the European Central Bank.
in: Schwerpunkt Außenwirtschaft 2018/2019
Herausgeber: Wirtschaftskammer Österreich
Given the size and the relative strength of the British financial service industry, the decision to pull out of the Single Market may well have more severe consequences on financial services rather than manufacturing. Brexit will create serious non-tariff trade barriers, dampening foreign trade in financial services and the local production of financial services in the UK. In the short term, continuity of existing cross border contracts requires bilateral transitional agreements between the European Commission, individual member countries of the EU 27 and the UK. In the medium to long term, the international nature of financial markets in the UK suggests resilience as a global financial centre but business related to the EU 27 is likely to migrate due to regulatory demands by the European supervisory authorities and the European Central Bank.
in: Ján Šebo, Ştefan Dragoş Voicu, Pension Savings – The Real Return 2019 Edition
With around 90 percent of the average retirement income received from public pension entitlements, the Austrian pension system is very reliant on the first pillar. Occupational pensions are primarily offered through pension funds and insurance companies. Direct commitments are an alternative vehicle, but their usage stagnates. The option for defined contribution plans with favourable tax treatment offered by pension funds and insurance contracts definitely boosted the occupational pensions in Austria. While occupational pensions have become more popular over time, low interest rates and a high liquidity preference dampened demand for individual life insurance contracts. Over the years 2002 through 2018, the performance of pension funds in real net terms has been positive, with an annualised average return of 0.9 percent before tax. The life insurance industry followed a distinctly more conservative investment policy and achieved an average annual net real return before tax of 2.2 percent.
Schriften der Gesellschaft für Wirtschafts- und Sozialwissenschaften des Landbaues e.V., 2018, (53), S.287-297, http://www.gewisola.de/files/Schriften_der_GEWISOLA_Bd_53_2018.pdf
Herausgeber: – – – –
The effect of price-cost competitiveness on national exports and imports, and hence on the current account, is especially important for open economies, in particular for small open economies. In Europe the issue of short-term price-cost competitiveness gained specific prominence after the onset of the global crisis in 2008, although large external imbalances had been identified even before 2008. Across the Euro system, various (harmonised) indicators are used to monitor and assess national short-term price-cost competitiveness performance. In Austria, these indicators are compiled by the OeNB in cooperation with WIFO. National competitiveness indicators need to be revised regularly to ensure that they adequately reflect changing country-specific trade patterns, as the reliability of these indicators crucially depends on the weights of individual trading partners. In the current release for Austria, which reflects external trade data for the period from 2010 to 2012, the basic conceptual framework was left unchanged. A comparison of the country weights for six consecutive three-year periods, starting in 1995, that underly the current release highlights the re-orientation of trade flows towards countries that joined the EU in 2004 and 2007 as well as the rising importance of China as a destination for Austrian exports. The current revision of the competitiveness indicators for Austria, as described here, indicates only small variations in Austria's international competitiveness since 2008. Another purpose of this article is to establish which of the various price-cost competitiveness indicators best reflects our country's short-term price competitiveness. This is done by estimating standard export and import regressions and comparing the in-sample and out-of-sample fit of models that differ only with respect to the respective real effective exchange rate index. Performance indicators show that models including real effective exchange rates deflated by unit labour costs or by producer prices create comparatively smaller estimation and forecast errors than those using the HICP/CPI.
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