Picking Winners? Evidence on NATO’s Enlargement Strategy

The effectiveness of NATO conditionality for institutional reforms is highly controversial. Some papers argue that any effect this conditionality might have had may be due to endogeneity effects, i.e. NATO may have picked the winners. We argue that this is not the case. First, NATO-Mazedonia relations provide a case in point. Macedonia was granted entry into the Membership Action Plan (MAP) in 1999 due to country’s strategic importance. Only after the Ohrid agreement, effective conditionality set in and marked a switch in NATO strategy from security only towards institution building. Second, this is supported by econometric evidence based on panel data. An event study reveals that entry into NATO’s accession process was mainly driven by neighbourhood and good relations with the West. We conclude that empirical evidence clearly supports a stronger role of NATO’s political agenda, i.e., low entry barriers but strict accession conditionality.     

Soziologie der Zentralbanken. Makroökonomisches Wissen und Geldpolitik

The goal of our contribution is a systematic and critical appraisal of the respective studies of central banking and monetary policy in the social sciences. The starting point is the trends of modern monetary policy in the second half of the 20^th century. Central banks and macroeconomics name them as political independence, ensuring price stability and transparency and take them as a success. Social-scientific research of these phenomena oftentimes is in conflict with this narrative of progress. It can be divided in three perspectives: institutional analysis, communicational approaches, and the analysis of performativity. We argue that these studies all point towards the relation of macroeconomic knowledge and monetary policy-knowledge. The review reveals the precise analysis of the transformation of specific elements of macroeconomic knowledge into the practices of central banking as the desideratum in current research.     

Point sets in the unit square and large areas of convex hulls of subsets of points

In this paper generalizations of Heilbronn’s triangle problem to convex hulls of j points in the unit square [0,1]² are considered. By using results on the independence number of linear hypergraphs, for fixed integers k≥3 and any integers n≥k a deterministic o(n ^6k−4) time algorithm is given, which finds distributions of n points in [0,1]² such that, simultaneously for j=3,…,k, the areas of the convex hulls determined by any j of these n points are Ω((log n)^1/(j−2)/n ^{(j−1)/(j−2)}).     

Focused information criterion for locally misspecified vector autoregressive models

This paper investigates the focused information criterion and plug-in average for vector autoregressive models with local-to-zero misspecification. These methods have the advantage of focusing on a quantity of interest rather than aiming at overall model fit. Any (su?ciently regular) function of the parameters can be used as a quantity of interest. We determine the asymptotic properties and elaborate on the role of the locally misspecified parameters. In particular, we show that the inability to consistently estimate locally misspecified parameters translates into suboptimal selection and averaging. We apply this framework to impulse response analysis. A Monte Carlo simulation study supports our claims.     

Die Rolle des Bilanzrechts in der aktuellen Corporate Governance-Diskussion

This paper discusses the role of accounting and auditing and its regulation in the current debate over good corporate governance. Part I addresses the functional relationship of accounting and corporate governance and the extent to which the goals of accounting and auditing on one hand and of corporate governance on the other hand converge. Part II discusses the ways in which specific substantive and formal or procedural features of accounting and auditing are designed to foster the goals of good corporate governance. Finally, part III presents a number of regulatory steps taken recently in order to enhance efficiency of accounting and auditing as devices to promote good corporate governance. It becomes evident that despite strong emphasis on information and disclosure as core functions of accounting, the original and prime function of accounting is self-information and self-account, particularly with regard to corporate governance, as has been evidenced by recent attempts of regulators to exploit self-information and self-account functions of accounting in the context of risk-management and the relationship between accountant and supervisory board. From a regulator’s perspective this recent development is of particular interest since after a long period of focusing on transparency and disclosure the classical technique of material regulation is back in the center or legislative attention.     

Maternal knowledge,stimulation, and early childhood development in low‐income families in Colombia

Theoretical models assume that parental knowledge about child development and caregiving motivates parental stimulation, shaping child development. Evidence supporting these models is scarce in low‐ and middle‐income countries (LMICs). This study tests the relations between maternal knowledge, stimulation, and child development in a Colombian sample of 1,277 low‐income mothers and their children under the age of five. Mothers showed diverse knowledge about child development and caregiving. Moreover, maternal knowledge when children were 9–26 months old indirectly predicted growth in children's cognitive, receptive language, and gross motor skills at ages 27–46 months, partially through maternal engagement in stimulating activities with the child.