Download as pdf or txt
Download as pdf or txt
You are on page 1of 30

German Economic Review

Crime, Deterrence, and Democracy

r
Fo
Journal:

Manuscript ID:

Wiley - Manuscript type:

Complete List of Authors:

GEER-100-11.R1
Original Article
n/a

Re

Date Submitted by the


Author:

German Economic Review

Duek, Libor; CERGE-EI,

Abstract:

The paper provides new evidence on the effects of a major shock to


deterrence on crime. The collapse of communism in the Czech
Republic in 1989 was followed by sharp reductions in the probability
and severity of punishment and by sharp increases in crime rates. I
investigate whether deterrence was a significant contributor to the
post-1989 growth in crime on a panel dataset of Czech regions. The
results show strong deterrence effects for robbery, theft, and
intentional injury, but not for murder and rape. About 25% of the
increase in robberies and 50% of the growth in thefts is accounted
for by weaker deterrence.

ew

vi

JEL Classification:

K42 - Illegal Behavior and the Enforcement of Law < K4 - Legal


Procedure, the Legal System, and Illegal Behavior < K - Law and
Economics, K14 - Criminal Law < K1 - Basic Areas of Law < K - Law
and Economics, P37 - Legal Institutions; Illegal Behavior < P3 Socialist Institutions and Their Transitions < P - Economic Systems

ly

On

Page 1 of 29


  !
$" #&%('*),+-.0/21
3/2%4)-56)87:96;4<(9>=?29

@ A*BDCDE8FHGIC
JLKNM!OQP8O>MSRLONRUTDVXWZYHM\[(]NMS^_MSV`WZYNMS]ba\McT]edfKbM$Mhg>M\a\dU[(T0ijPlkmP8nUTRL[UKNT`apomdpTqYHMSdpMSRsr
RU^M\P]N[ja\MtiTxuT0xZ]T^aSM\RUYqWukmMvw[UKbJP0KNRfMtORUa\MDTYXxuxy|bP0aSONdf[pWZMzT]bT0[i{WZ]laDT0dUkqKNMkOH|HRp]NT0WZQ[Uk}P0HWuWZxu]~WZdmdUKNP0M]NY4D[UM\M\VIapKM\RfWu!dlMSOHT0|Ni2HOHxu|NWyaz]HWZWu[U]KHkmDIMS] d
P0]NYe[UKbP0RUOWu]Na\RUMDP[UMD[{Wu]
aSRUWukmMRpP0dUMD[vWu]VIMD[fdUWuP8dpM^LKNM\dfKbMSR!YHM\dUMSRURUMS]ba\M^P[!P
[U4WZDMD]NapWbK~aRUP8M\]d{WZTa\]bT[D]`vqdfRUJLWuNKN|HMmdpT0RUR!M\[UdU|HTlxZdUdf[KbM[fKbO2TTI^:[Udfrp[fDdURUITI]Hl
YHRpTDMS^LdpMSdURfKeRpMSWu]N]
aDMmaSRfWuMhkmg>MDMcaSTdU[]iPlTRcObP0RUT]bNMS2x6MSYNRUP0IdpPdU[pKNMSd(MSiT0dDi
aSP0Rp]NMDYP[pWuM(]dUWu]zMS]`RUdUTWZTN]bP0MSxLRUWZWuM\][Lns|HP0RU]bYzjIN|Hdl]NT0Ti6ddUKNiM(TRIRpkTD^L|HRUdUYNKtMSRmWu]P0df]NKbYMhidURp[P0OWZ[MIvP0aD{a\T|HT]`|NdUdlM\YziT0R4`T0i(^dUKNMDMzP0oWu]XMSRr
YHM\dUMSRURUMS]ba\MIv

r
Fo

vi

Re

H(b80bQ>e>{X
8N$Xh>880H2X0cX0
X228S8hh08`0h>8hSX2hhH

ew

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

*Iphs*l\pQ>I*f>6$ssz8Iyss&88jpDqj0Ns0ISqI84Up8&mhhf!*>p*0ssIps!IsZ&qpD&4Lp&8U8$hh8Ish{&DhDlsf
IDp`h
sUh8!8I4Zs8DI&
s p&Q6DD*2pS*8sp
8sD&I>0D
L8fI6Dpqsb6D2{
D488 0stD` sbUZhX&hH0qs`*D&\uUID0es \U&c0!Lh&hDfz86&&pUI8Z2phDp(pQ*c`! ZsU8X>LS8p
fD0~ !s\pyI8f0\SSH

 







German Economic Review

 


Q8w>S8hh8002w0h
0 0yS8S`h>hh0p\! " #>`h 2S028hH
`l"280XXw
b>$cXl0
X
S 8 $%H8S&'2SHX(20*)+20`,->&0h
2S0 >\ Xh*X`S8 `,.$%X*cX8XNS08\S80H8X>HSh88cX h$Hh8hS8
"lSwSS0!H8/ 2h >
S0$`j( 0 1 #>& #2 fXwh$ %X0Uw` , 2w8N
3 & )4')y25
>6 (  3 8 7XX1 9; : 1 22 3 8 7<=19QXb!* >`2? h>@ #2' 2 3  717`; 9,9)A$0 0h
`!, m !hN(  "  ` `$* 0XhXh8w$C B& H0` %```hH S0hh80E D
yq, 08He> Fw8' SG X>%Xt" 
0pS`h0 S8hS80
$ H*0Sz,X2S LNS06 h\E I
SXJ )~S0& 'hHX( 20t8 %H8h0`
" z! 20hK #N S' `  B!'8m8NS> L`hX
Sh`S$ `1)NMQXw~`2" HtH_hhh
0NStXe( >X' X8w_8h0S80 3 & )4')y$ %Qyh
3 8 717H 9>O
%``X. P$0 3 & ==H1 9,9$Xc BQ'XS8G %``hSX * X, S> %Xl( >' H0 3 & )4!)
MR>* '20h 3  ==H 9,9tX8$
Xw* $ %``N" yXe" 2
6& 08$S0 , ~$ H*0S`lwT SX
, X6 Ifh0 , >b * )Ul2 4* >X2V
MQ( X, HQ 3 E =1=`R 9D$W  `U 4 #>`hh 3  =&=;X9
`Y S`QJ Z`C j`. : yh 3  =QH8 9L6 X6 HqS88hH280hS`0w8>'
X, Xl8S0`h8,( $ [IQ
0HX
* 8H00c," q$ m`4S8hhXhhh\` X
2>h' e\8hhH 0p\$ )\20h& 'hHX( 200] I!$ %X00XS8S
0c8hhw`Sl" q$ H*08h`
1 8NS86 %X0HSH 3  )^[)yQ 22Sh' m
Xh_
1 00
0eX
, p\08( 9(S" 0(" >X" 2` # I
8 %QXS jh* \X, 2 ?XS' `S8
#H,, q08X>X
q
b>$ *X8Sw` I(, W  #*U$80
"W S& #> #> U`~h$ %X8hyU~`O 2, 
0HX~" m0
SS0$ )
2W
> 08H@ #0,  `q '2hN`(  y"  " K Lh* )asm1 %H8h2 Nh0, 
$ H*0mX
8Sww`Y `, XX>8 2h1 8S0h08 #hH! 1H
 #*`2K #H, ,0& 2& h,`
8H
t>h " ,c b00( Nd* ! #[& )ease& h8hSS0m( w0X; %`0NSX> 28S8S08
 Hj88h,X, e
1 #>& #2 fXq( `" X80 1 #> #22 yf_`q8X; %b8hHjc` " . 0' `" `
2SH 0HS8>8& )f #2 U S8hw`S" $ H*0S,`l" 2" 2h00w>& Shh0
%`X& #'0l `
h8 %X0
0H" 2K S0h`S2h@ #08X`(" g X `{0`SS8N
8H1 %Q8SX~>\tH" 2g hi)jM)>h\S0Xc8HHS0* )lk
2
& #S! 2mh$ Xw( >`' Xn
m8 %X0@ #*8e8 7<17$`qhQX >I!0Y #HY %`0h, 6`6   I
$ 0q" K
h #> #22 yU~" >qX  Hj88mqXh0p\8j( >X, X0j4X 8H1 %Q8S0J )K2
%`XSX S8hS80
X80h`S8U #N " e, b tSX* y #2S0o %X8 c, h! 1
S2SSHp
)Oq>H! B2X '8 71<<QQ, ( >X200c, >`cX8X8XwwyhS' ztS #!#*8
$X' G #*l( >X, `0`& <;r?DX" Xh( X, H8" 1 #'#0pX] <H r !0q0X; %bS0`
<1Xr `!, Hhe8H1 %b8S0!0S0H\808 SG
hXp )4s_`>qH2lX0Xhi S08X[ y t1r
`qS #'#0h8ShX, `S8 Hh( >X6 X08X' u X`; r Xq( X, H8h8h' y\8 8H1 %28hX
`& t1r X!0`R %b8Sm!0h
SNS0200 \ hhHJ ) MQ
2 X20* 8q288>h0 Hq`, >8
& Hj8h8* )^v
w 2>hX>& 2XXm20h0`SLm0hwO
>`Sh0mH2h_ #*(Xq2$ BQ*88h0eX2m' '0`\N
h Hj8$`8wQ8S`8 )Oe0(\\>8h0`S8wS`x =')47H~8 7<1<qSzQ )jX~8 717H
y &Dfm $z8{fD4Ip4&c&!ILU80U8D&0p`ULU80hDs
l&| 0((f UH$ 4}2{`4I&&Df, l~ \lpph8SsDpbhf &fl\f{Z8Z{ N`s\s
 b$Is0{`s`s`Us8 }ILDQILDshf*$Xp\$h0&Ih
8spf\ sI$Ly4fspu6qD&8sf8sbhbDc!4q , 8h &0b ~ 5z>Xs&S&`*h8UjD8Z8I2uI b6c\Du
t0!`hsp086DbuDI{Dp`SDstDDphsDIZp$N&ZscN ,Dz$h{D&C z$`XsppspI0H zjDZ8$DZu I(

r
Fo

ew

vi

Re

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 2 of 29









Page 3 of 29

` 8HHSb8whShNS>>"0`hq8717= 3 h0 q2X>q89)Olh/>0hf8Sw
$X%X8 wXhghXH208p)Xh'
"L>h H6Ifh%HSX~H0j,tNK#8
`"St`> #2,1`S0q8S0`h8-L'%XCIfX2 S0zS#>2b80 `XhH2-<h
0
y\K $ %X$ >8
8Xwth ) h
G #0wH2`" ~8 ShXe*H`h>%``,08hw`
Hp6 ID* 71<7q$ %X*  w8Nc`XX*" 8 SH(0X80h$`Hh>Xp8S2b80{X(!*2`
1 S0X* ) 
2?
Xc,  8hwS8m" 
 2L`0`t2h` #N 
`q> N
\( 
b80( fd$ ' #' ) & #'" I( 8S
S\H ' HXpH41 ``> {`h
c
 0`N )( l," 2zc
b00( `h`' 2Hw0082S& #'#*8h0cX2~, 8hc>8h0`S8 b 
#Ntq`8SXX6f$zHwH$ 2bX6" , >h8c0X2bhh0* )O\ #!w0XHLSW
#cX' y
> 2hhS`h> %HlX`
a!X`l #'\
 #2D~h' F
80H, 8SX2 0~>`S``" 88X>HSh8
">e!X' _& 2Ih$ & #'
0 0 $`>& Q* )Yaq, 0h8H0H! L," G >& *8\
h' &0H2Nhh``$z8Xh$`p 8 %b' $8$ #>0o %X\`$`wH6 XH' q"0hXho If0XNhh
%`XSX #>2
`Y
#0 L>
`S' S$ XH& $>\" `0HHSX_\X> 028S8S08

`hh0X`Sq8H/ XS& #'l8 %H8cS


q`2X8hXh_ X0 XS '2& j>yS* )
2q>`\`h8c@
>X2* `, zc b08( Yd* ' #! $h* XX$ )5afXySHSt"  %Xh`SX
8 %X0$h
XH" 8Sl$' #\`NS& %``hS`
#8U!08~h* XX!w" ( >X' X,28S8S08
H " n  I\ 71<7 h( . *Hp, IS8 7<17 0bp ) a0pSh" h* `SH6 2 U#*U$80

`hh0X(S8Sh80
X2 8Swz\h0l`h B8hw0`S$ XH0
t>h200jh #[#8X
"8 3 * >! #2, 1`h! 9D4X> eSh' 'Hp Ih& X` bh0H\X> (E Sh *)G2
8, 08> L>0\Xh08w[ yh* S0h$ Hh8hhX
2$ ,  & 1X828S8S08
%`X& #'0$ )\aL>2, >`8h0S020i
>XS`ShS& >wX08X>X
0 2y2 H2> L>0`N$ H*0
X h #'#*8h00{" S8cHS8NS`> cT Sh00$X$ hH
~, 00 L>S`>8c& h X ( 
&`2 2hS
h' '*`h* )I!$ %H80 a$
X0 L>\Sp\0 >
S> X> LXH8S8hh020$ H*88S
X{>h8h!X
S 0$ )O0SwS0(X*" * \0yfe`" 0h
cS`hc" 
h8" 0
S" 2@ >h& #> #> U,`{( >`, XK #8f$08e Io=!)1 Xw>. Io=!)4<NeXl1 #'#0h08`>. #*U$80
I=!) X2`U
Io=Q) t1tHe" 28S$ ) 2* `hh8S0eXl" 0
h`S~,  S8, 0S ( 
8HySH> ] #6& #> yUX0H1 %b8SXX,, C B!0S8. 0' X,,X hH,h8HS08zXh
hE 28 w HyS2 ) a& h h8>?  " 0h
S\!X' u > %H$ %X >%X0
28\8h08G >XpD0H8_`, >8 7<7.$ %X$ $ )YP bXS8e`$( / XS"  h #'#0h8
` %H8lX2g >& `"  Xhc, ~" 8h`H\8HSX>& T SS0' (w8 771=
0X #m BQ'X20 #H,( & >j~8S8h08 )
w >Sh >0H200wL( >(, 0p\h0{q>`{S >0!, $ H*0$X! 0$28S8S08
#24, >{$ H*084X21 #0o %X& #'{, Q (`hhb0S0q" m, >(SS`hy\`mhX 8Xwt
Sq0
28S`t_ ( 
 q0XNS2 #2S0S, _ HhIc, 
8h
 )Oq>H B2X '`Hh* 'X8'
80NSh c!`>2' "  ( ? #`S2SS2hH2zX0& \& S %2y\& #' 20h0Xh8( 
 bppD6 $0U

&hU& jDI$&6&mCz &I*`8I{&{"zIIp &h`mhI`Dh8(I8&8I!IZh m&`hUq8&8pI 0~ `L42p&80D!6*I0hILsmm*cpsD`D{Q*IzImI X!&! Dhzp
`s&mN{Xh4>p$&u880ly\sp&&0zc8cDssI$s8`S0Ip8fDp8HDsS\qD&4UspcsI!
yD j6 z!*D&fc!**hsm*`*I`jDQ&*&IIhU &2Z8I6I `h&h8 X&hQ\>*D&yU86Ip
Z U2&DIL0pc!DIs*&D>Q>s8!$&0I8&6_ {S>D8s`00&fS\DI{ppfUs8>&s\phshU

r
Fo

ew

vi

Re

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review







German Economic Review

H`chX 8h
>&`\ %QyS00bS8qh\`2zwXqyX0hwh*>hS8 HbQc#hH`pD
*8.#Hh8S`hh\`S002lXhHhh,>`Xh`S8bhj\`,X8SXL1#'#0l`
"%X8*D[>10!8H
0>GXh*&!y"0h0X0,"`%`` Xb2{">`
#\& 0 D2`w" hw8NSh$ h8>8hE jXS %QfK
N%XhScSm8UR 0!Xj8H >8S
"> XS8bh& > wI #*0h >%X8u #N- %b1 08 ) d' 20 'Ibw8Nw080 ( 
 '*`hS2Ul0Xp\XQ0hw6& ``8S> %bh8* )mhb0 &'0`w8>h( Xh' X0T Q2X
SSE Fw ! (`> X" XX2 b80 0hw/ > %X, h0h8 , >SX80SX 0h
0mh>( _`
th8hXh #'#*8h0 3 $ S6E =1=X; 9C)
a(2tX I_
8' Hl, >$h( 6 >b X' #2S8' 
0XNSh> #2S8\m" ` HhIc, ,
0h
& )
a40`bhh1 `LhXwc`" 8 3 & )4!)N( >[ X0{20
'Ib
0N(HL20Xw2 N> f' 9 #2
y!(hy" 8SLSg  , 6$ 2>`*( 20 0X!  %H8c #0& 2\2h0,X$ #2S0o %`& #'_ %``S& #'0
:XH>`S`S ) MbS> 2, 0 `Sh$ %X8S mX6 H
0H\~X2 6 *80> L`hXh' 'Xhh'
"$ X , >`w" 8SwS8,XmS0h8>8  Hj88S~`h0NSh$  S %X8+ #N ( 
2> #h8, %`0, Q\N 3 h8h8bh0,>\`> j MQ0SX; 9)\~`h #>Xh8~H," W `\`
8Hh* `SH@ #8f$80
" 2 *X6 IS8 71<7l( X' X8(eS0hh80`>K 2h I\ 71<7 #h86 %`& #[0(
"* HX6& $ %`* s6" 2g >hS8hl~" 0hw`S8X0X0 L!BQ0 Hj88S8`" t& #>08
`hh>Sh #>h0 ~" q0SwS0S0S>0z$ H*08h* )

r
Fo



  

i

 A_

Re

2\h`hSHehX 0X
eh hz20wQ8SX#hH!NiX6Hc0$w28S8S08
"hX'$%H8S&(>X$$) Pt$`qwTSH, 8I \8mXh0820\ 8
ww02S$ wS0" 8 7<17{$>%`8`d%X12SHp)Oaf;%`1>%X8#"'"qS88S`EI
8X; b' &HH{* Hh`>' wXH >2206IsSX F
0002X,0H6N`>b0!z,lNS0>
S8ShX2n hb08S8* )i0hw0`S0h H8, 0lh02>88 3 ` XplS8/ HhXh> ! 9
"E > #> f `, ?  0
\Y h$ %X8N_1 %H8h2 Nh,0h
& )n~00X_ *H I
\`Nq( >X2* s aX, X`$Xq,hX' X!8> %Q2 4h2 H\SHh
l, >`m* 
>S0~( 
 'h8S> %X8>0(Xz #0q( {0Xwt2hQp\ ` 3 ] 9 S2hS0& ) 
X08\& >q I
S8h0" 2 *I!0hL`  82Xh08w0H!X2, HS08 XS88S80S2 b80L& HX2(88hSX
2\`S80X( `SmX2, HhyS00X~` >, 
0N0
8hh %H8h& )
MR*80> L >X`" 
0' X,
`6S
2h' q_( 
W *8hhXX #c8SX8eX(6 >XS08
H ; <~Se Xh8X "  wy`g #0! p\h8,  0QXh80p )w; %X8\> H`hX
2Sb002hXh' #>p\XHh >0H6 N`> b00J
) 2 N hQ80wX/ *`Sh> #'~S
0Xhp HQ1 %H8S> N`hXjc01 >8$ %Q08`lXX'  S0w" 6,2H "  " 0
& #*XQz, w( >`" `0* D" 
8 hb002S
h b2S8& 2R %`0p\2 X`SX>S
#*
`hh0 X2
& HX2$
>`S0' X5 0hhX_ g >`!Si #*2Hw8
 #*`2$, 0 H " 2 #* H! ')
2eh> 1HSX(X88>0n
*8SX0*S(  `" 2th> Nh,h8`h2 0H6" h> 1Hh 6* %X
 j(DIIpp0hzsph!t&c&fm*p8&p(IIfDhI0{Xp(D
6 0D&s {6TX~Zp8L I 4Ly,z48,I&D c08I(&"0C&pzZ&s 8N0s8fIc{pf, \*s 82!zcch  8u8$UsIDI!`fD&I&pDLD0s4{{XpI(j8SD!\bDpZ!p{f\0
s,sS$Z!$spIhpIf
*h&C I&hp8Ih`! &I84D`q $sps!jps *c8IfU }*fzI
 hDX08Ip
 >\&Sslp4D S6\IL\8ps~D2&LsUych

ew

vi

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 4 of 29





 

 



 

 

Page 5 of 29

8H'\SH ,0Xh$m~XH Sw`c,>h>1H\-8%` 0Xh* h8h0N~>'


NS0h1 X`SH*` "th2&b\h0` &>Q8w8NS`SHh$N`h'H `he>'
& 2S X8l`L,t8hw>pQ80!0S8_y.XS`NS8XBQ>X20p)_: 8S''w`
8H
t>0`hH #*f88~( lX08h8 0hH~>G !0X2>h$ j>h& 2I$8" X2
CB20$ 2S`p )5d* 0X(Xi #>`2 `XwX5 Hh2 #[& ) l88hX24* NS' `S0p>W SSh 
28\8HSX!06 h0hH" mp\`hzh\`h>QS S! H0$ )
q> 0 '$X' 
80_ > %b' tehQ8U,_ 8hm" m0 %b2 j2 1HS S>8h02 #0Xh
20>8p ) I!$ %X00] 
S' m"W I$8h`O :8H00
0NX2, >X\0c~ BQS8!
"h> 1HSmX!& Hj88Sm8S0`h0m" 2w( 60( >tG X22 U& H*08mq>` 2, 0J )
Mb>( ~pSS2SH>& >( >`' H8$X' G
#S >0S8h88S`," l8 h& ]> #>E I
#22 ft( `X,E Hj8>8{( >X, `0Q0H1 %b\0*6`,h8NS808SK
HQ& , X[ w!
w
22 F
0' yS,`hh8hl, >m0HHS2 #>QSXX" 80 L6m( >X' H8$ ) 80`\ $ %Q08t2* 20
h2, %X 0H28h0 `wX'  8 F
00e( 8> `t 717=_  X020S& 2 0HK I
!X0, >`
D"mK X 
(X," qS8NSX`S6 *88S$" >` Hh0`S81 #p\X$ 
~01 >0S' t$%Q08 &) k w 08Xh' eS

0X1 %X0hh`SH~"  S' H6 2 hX8hX


`LX0~" zX6  8 7&71=!0hhwh0Xe 2S* y hb08S& A`SX2>06S0q( 
1 02`H`> Q\t,  h! 0X,!0hW
%b S' mhH
`, q8 h> 1HS
` H*020* )
2q0
28SSh8`hwc& h808" q$ %H8hyU`
" 
0H_ #N, q* 
>S`
`*, `, /0 f[ kk1 #N S %X0
0H\L 2SX
0X2SX8b` #H
W X\`2> 6 >
$hH ShH2w8NSI$`S
 yS8h>`h> %XHh
e`` , 2w8b(  XK [ #'
$X 860XNShX8h>& 8S, 8w8N0 #8U!08 H*020X %b8hX2 2h1 #>\`p )
q>& >X8h0hh020!X' +
8 %XY  * y 0$ 20$ %X8 ( & #h80 `z`Nu * 
( >`' H8, hH! " >
80Hh8 SSS`hX w8( >Xh 3 q6 0~` m X 3 8 7H& <2
J) 1 t`; 9,9C)Oh (20S8Xh0h

0`S$  >I! "2 8 7<17h$ %`1 2hH


8H'  `, X> #'y #*`hhh2 #2S8S&8SXhl2S$ h0h8S0h80& ) 1 ' wh8SXh08
2$ %H`S0S0QXh80
0N L'BQ0 3 `h0 *`\`h2 ! 9D>hC  X B2 H8Xq0Xt
8Swm$H! 08e" zSXSXX( H*00, @ 1 0t`8XSqXht& #'zS$ * )
`,hS!X' 80XS `z& H*8>0S0Xw
!wXh8h
XQ *`S0HS >hS`hh'
%b8Xc8h* l_ >8wH0
W #h80
Hhq8h
 )
K
Mb$ %H8S *`2" Xh!; %X0pS2 H\" 2* S`>, > #*U$808wb0hX8`8h
c" X2
`h8S' e>S8hh80W 0!h& )O: 2 2X
(XG MQ0h 3  771X19L B!'X!"  %`X> & #22 yU`
`\X
8h
t( 0 MQ8 %b\ h2Heh! W*8h0pShX ! )A8e& #>h86 %H" `L0
\\8
" / h M'MQd `hw` Xh0qX!& Xh>K #* I " H "  h M w ` " >qS( 
X, X{2> H*0h80!X
>X' i #!C B!'`0g #H2> H*0h8038z20Xw08 b>& UX`, >8
80H2XwwXSH* ) P( " >8@ >X_Lh8wXh E =1=2T 9q0HpSh8hX_ h0>`S %H
S
th8S0qX H
00 dhh,SX " 6SX>  %b\& \Sp\0qXn L>2m" >
2>h'
"8 7<1=c( 2 Xw02S`h0. dhhw`, g hyS0e MbS`S8!0tH' 'y
b>&  ) w h0 X MQ* > 3 & ==;X9l`>& Q b8, >8h0w>XH\X %b1 0Hm0
e
y b8$e6 $Sf
y y j4Ipps&hp4DQpsDXI0IIjp!s88j!f$8&4Z
0p0
IpIhzZ{8L({ HfshDjs&I\ep6 $ Ds0, cLh0hl{&!`\{sIDpXfj*(pe &$hIlfIDpfSj(8Hpp&f*h*
I8DbhL IhppI0&s8lhf`\8s{ sz 6{0C\ff6$s0$yL4D8NI0hz&hqDqhD&z&8Q&D 0Iu8s` z{0 NDX5&szD,$8U msI

r
Fo

ew

vi

Re

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review












 

German Economic Review

Hp6I6MbT%b8gd2hh!)?_8b0zmX (
0>c8,>
` S0&8X>8
S"8q">` H wXhp\X2>Xh 8S0h020%X`hE#[8$)/MQ0e"0`\X8m08%X0hm(
X`hw77N8Ip&=1==2(`XmXh8Sg2 e((2
28S8S
>`Nhq`$8Sw(6`'H8
h8(  MQ8 %Q0 0hbp )
25
>& 84>0" z* \0zSq 3  ==H 9_ 2qh* Xh0h8(0hw!S`h0e!X, Q Is
X* 6Xj0HHSh8 3  XQe$ ' qS`wX*" 0
*`h6 If8H
t>2(8HH\8( 9( HX
`2 B`(20
Q8SX. L>2>" >20
28S`~XhQ8`h0y" .2 120SS0`

X( Hj8h8S2( !( 28 #22 !0!S`h0!Xh8hH$& Hj>h8h( X!t>0$ )O


L>! 0XNh\`S!, >X6 '
y" w,  B!*S08`, c
b80(  d* ' #!X2X, 0 *X6 I
8H
t>c8X>HSh0c_ >Sm >j0
08$ ' t>h8h8>8S0`h0h' #SXHS& 2 ) k s
3  ==N 9LE SqQ02w8Nh$, >`{wXhc8wb0SSc0HHSh8 8 %X`QH %`0S& H`b8 8
28\8h08)


W 

r
Fo

Z~n
>`$ (>\`hm08 %X8Sq"  0hQhX 8 7<1=hE =1==!) w 2 %XS& #'8`he1 #h86 %X0
w,e$%H$`q0>N,`2w>pSSS>%Xh$HX2 k v 3   9">?>%X8Xhhh2S8 (
wX,y\c`h$XH 10l`0Hp`>
SSSX
S087t=!)O>q
Xh8`
28\8h08Sl8HShS8~H "
     "!#$&%'('(  !#[,8G#Nw(
Z\p,XXpS0qh0q, 8 7H& =$ )5>8* Xhc, qNK
#60X`h08H/ !8h0
0X( 
\$ w*, >8Sw> RhQ08hLX(0`( E Hj8h L60 #He" 28hw> b0Q& )\q>X
">2Hhw`hH? a{0`hhh
{, G h #> #> yf ( >`, H`!
S0 Xt" bg #*8eXl2802>`NS( >X6 H0
P
8Hp,> %Q0U #H " Ng #*8wX& Hj8S8$ ) af S
`_
XhX"  $2SE I
2>8h> %bUX *1 8 iIySq& #22 yU~S20H\yX2 & 'S$ 02  H*020 S~0 >88
h! F
00Hl %b>>0qS #' eH*020S
8X )
X, 8HySX>& Qh1 #& #>2 fm`68H1 %b8SXjHw0`hh0`" bg #*8L`88>XHS
P
8H1 %Q8S0mX2 >Xh8' X*fQ (`2& H*0!2> %b8i #N" {NK #0`20XHS4( >X, X0J )
af& hh8" > $hQS %QfX" l0XS X!$$ 2`!" 2W
#h8X Q`h NS8
S0X; %bl0>`N06X~" m$ Xh8mXA 2Sb002S h2 Nh X\`Nh0~S
88>XHS$ )
*" tC B!0\ 0' X,X\ hHh8NS020e&X08Y #N8H1 %Q8h0  H*020* ) af8HQ I
F
S8S8m, 
NK #60qX$& Hj88Sqh8bh080 S hhH > %Q0n #N( 2
N@ #*8m`
& Hj80,0X; %b8\8j\w0" 2  %X0h XY0' `" `q >hhH h0HS8>8& )  %H8S& X
0' `" `c
hH h0Nh08m8X/ 2S8 H " w2H`hXX " wpSh2 #2hH`
2SH0NS808A
I" >{X`, #Q h* Xhh4" !N@ #*8X2 H*8>8hh8NS808t\l0 ShH
S0`p 0" `G tt
XN" 8' tmS,mXH" 0*$ IpqX`h0>T IoXqX`h02wH, >X XqHh0
/
2ShXw0HX, m"  *8> f ) k 
y |*)
Hp&S\&L(jym pDIsIuss UXD &(f`yDI 8`!lppf4jsD!jps8q\&*h8jsl Q{R `~ sppI0sI8hL6ps8&`Lsqp08
y  lS8pfD88sp88jS$ $ {8lXp8
y  Is" I8Nc`8&h0spsSLj&8e&8spLhL&,ch! Sf, sb
Z4e,$8hDIscp0hlQ!Z(p&I&sf*Ip0hSjs(h\IsDqshDbD!h8j8p06\&s$&6D DS8psfpDj8pIl
A

ew

vi

Re

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 6 of 29

Page 7 of 29

20wX e0h
> hh8 `X&#'0c`hm"mNK#0`56108w8~0 'IX8.#N
e4 0tXL  80 > C *HX_($X h8%Q0hw#b(
0SX2> >2 >`S
0H!L p\pX6,afH\8h`hX "20HS8S>&QS80X>8b`
m H0h HmS0 j$ Xm 2 2 qh88SX_2( hBQ8X"m8XX *18&)
2i
%``h& #!lh #m BQ'X202,>b@#0`H0h00>ch80Xh0"2iZhh,`
X2S0mX0X, #Q ' S8 77`' )q>hX 8 717HeHH$Xh8*" zbg #*8`& H*0h0` X #08
h0Hh8~" 2  $   '
     
   %  6XNS8h>& h* XX4( 
4 00 lh0SHh`S`Nh[ m, 2 N, t> H*8S8H!w" b1 & X)Aq>HL" 8 %H" E '>! mX`h
 77N8 I\ 717`> acS* 0m, >K
> 10X(" >tf$ %` 0lX" ebg #*8q`$& Hj8h88\& 2y
2S0( 2z`>& b* )
2,h$ & #2 f`" 
>`\0 %H8h' ,wh`DE SXhXe
0hb >0>zS #*wX0S0 )
P> N`
#e>SS& 28H80h20 " >"  F
0& pDSpS8Hh0NSH>& >0h I
HpS0z" !b@
#04`>0h
04X4{8wXh 3  =&=8 9Q0
0HS4S` > %Hc #0t" 2$`h$`
2Hw004g
dS! )Oq>Hp\>\* yXh( 8X80hL`K #$
2
2 b08mz" c b80( e`h& )
qhpH,  ZStXXS8``, #*b $X!`HS06& [H%X0h2w8b!b0>
0H0Q`$
2S >& HX>eS8S&  )OaU~Xy_
>X #*80~SS8`S8`$ XS L>0X~``m %X2  I
& #'qS
" g
' #'mX' `h0z 71721 )MQ08X6" >z>`S
0XwmS0" yhX}" g 1 0
\ShSXh>bw`_0X>p
X
SS`h> %XwS80X>
` " 8X/ 2S8h2 b80_0 288hX

8" b1 & X2~( >X' `8 %X8, >qSX 'W *8hbp )5>q>\eX_ 2208`h/ '
8HH\X4Hh
( c( q F
8& c L[8" 0`( p\* ~" q0h>&  Sb08h& ) k

2 Hh2 #> UXjH' `! 8H1 %b8SX2$h`h0!m> H*8S8N!0X08hp


)5afzX! Is* 2 `2#[
hX8hH@ 8hhH~8X1 %28h0 #N "  0`we2 S>0 $8h &X~2Q80H
"0 h1 #& #2 UzX8X; %b8hH
0`hhh\0whX , >`\q8 %H8hS`S8$" 0 2h1 #>E #2 Ut`
8H1 %Q8SXzX08@ #Nq( {Sh$& H*020* )5MQ( w0Xhh0
0HLSH8& I$ %H081 #`h0( 
8hhw`SX4" 2z28S8h0Nl H*88X40H1 %QSX>N`hl8q" qSW 1 #> #> yf
`8H1 %28hX~8* 0`h0q8 71<&7K#N 0, >X" 2z& #>h86 %H8e h #> #> yU )
a!& hhq$ %H8S& jSb0b08X>X

%``h& #'0{" > 8 Bbw( lh' ''y` *`h0NS&  Hj8Q I
8S2" 2` H`(S` 0H
wyhS' 8S
`Q`2" 20Xw 'HhS8LhHx * Xy\wS
`8S %b\0$ )5mh' '!~X *`S0Nh& & Hj>0` `" `*w$ *8>H, z& HmX X8>8
8H *XhhX
`,  1 ! `hX
X!, h HhH>\c\`SHw`0h
0({0H

hS8
#N HX2[ 
0p
)afXh0mSS %H, 2* H00Xh80X aq8XSh28S! S2 I
wX2 b0' ~w0Xh2S88hh8SXz"  $H*08S> %`h' '' X H*8>8h 0Xh' s
"  
, > ` h  ` ! w 8 ` $ & H a  > b% ' , * HX j  H  t  q " >
 X% 8 S  ` 3 ` 0 h X h
& 2
 h $ XX ( $
9 S ` 8 S H ~
X L 0 h
0 c 0 H

h S 8  N#  8 S h X  X L  X a / X H% 8 X 0 X 8 6 ( 2
Dzq0hs0&Zpc&$I88\Dft>D `D8 &00`pN\6z!& 08b>{&q8sII&uI$880!sD&O D{0hsS`28& (sI
S8ypsZIL8pI&u&&Iu0p0!S8hDs4Q`uU4IIhp {8s&j`\j*{&Us
 0I\DI hX8jj8I6p80$Z&js&H8&DhXp`sID
\D XI>*&& 8XD`4$>Z8U8* sDL8(DXspI`s8`&8&hZ(Ic{fscsL*phLsDXN4&sZt8S&pND86sh{&`pX4`p&0z$h Zs8ppsD(sI8
\8cpUss&8`8&j&ph\$8*0hQ&s64hh!zhUX&s&8IDs8pD6\sD8m&$ I{88\s\l*hh&Q&p>h8\c6SszsI&U$sjphs*DNcD8psIsspp*8D &&ps&u$sjhS>D` 8 0&4hh
({sD`&U80&sSp

 

'
&RS
W%
"

" cb ( d $ '#'

$ *
, _Z
" % &
& 
"  '#'







r
Fo

ew

vi

Re

On

ajt

ly

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

act






!#"
$%!&'")(%*+&'

German Economic Review

P
 Hj88h>%Heh'''y(80H 2S8 X

) 
m ` h t
" > "   $ *H 0 8 h > X%
ESF =
s q
h ' ' ' y  "  0 0 >L t X 0 X (  0 h w   S * XX  ) k N   K HX l H 
8 h w & 4 ` 8 S > b% h 0 l X h
2 S  QB 0  H# , ,  m  X% 0 S & H$  Xq , , > q h $ HX J 5)   W  $ N& 8 H w l  '  H h > h 8 c ` S 0  Q I
S h 8 H#  " 2  2 0 [   Q w 8 H ! S S  X
H ' qw  8 (  X0  T= pI & m7 X / N#
m
 X h  X j $ & H
b > E  U X b ,  l h ` S t ` j "  q  `% 0 S & H$  Hl w ( 2 l 0 ` h h h S X  2 h S p
S  , > l  H% 8 S & X
$  Hq ~ ,  W >L > X 2 0 E  S , b% 8 0  2 h S p 1 l) k 
 & [#  w ~ w w X 2 0b 8 " 
0 w e S ` h 0 m X 8 h 0 h 0 8 ,
 h > 0 i *# H h
X ` h 0 ( 
h * Xw  ( > ` [ X&A) fa 4   h , >    ' # \ ` N S   `% ` h ` S H X 8 h H  h * `H  # ` " z m ,  \   H% * H `
2 8 \ 8 h 0 8 X Q X H
H h c /  H p \ X H " y H t ,  ( > X ' H8( e \ 8 h h 8 0 h H 0 X w t 2 h S
2 0 w Q 8 S X  5) 6q X (  B ` '  X H  > >   " 2  8 X > y S X > & '  h  >#  2# 2  y U  ` j 0 X ; Q% 8 S X  H ( S  !# *# 8
$ 2 [ N# w X Q ) ; r ` ,  H% 8 S & HQ ,  0  { z * HX 3 $ 0 H S S &  $1 8 w 1 9 _  8 h l y L * > [ b#
m S
 != ) 1 r X 2 
l h $ HX 3 m ` h "  !1 0
 9 _  8 h c y  * > Q H# e ` L t ( w ` L H  ?r O)   O % X h ` S X
` 0 h X h h $ HX 2   S  Q% 8 l ` h H & j H h 8 m X  0 N h > >L 0 \ X p )
q 2 Xh ,  ,  I q " 2  S h 8 q 8 S
t h ` S 8 X  (  8 h
e 0 S $ HXh & K)   e H 8 X q ` { ( 
h * Xw c (  X ' H 3 8 7 < ;7 9 \ 2 2 ' 2 1HS 0 J )    t S 2 0 ( S ` h 8 S 0 ` h 0
h H  '  8 QB ` h * y
e t h 8  0 t 8 &= = = =
= h ~  
H l ! W)   e 1 '# # 0 p  h ` S t w X  "  X b > ` h ' '  8 j _  > 
"  ~
"   & # 2 , 1` h h ` S ~ 0  X 0
X h ~ , > X 8 = S
0 $ +) Z ` h 0 8 X% 0 8 $ "  ,  X 6 sI S 8 S
2 S    " 2 8 S l \ 8  8 &7 X7 6  H '   w ` h  *   # t h S h 2 # Q S 0 S , w ( > X ' H  *  X h h '

8 "  b 1  & Xh ` " 2 0 c " > ` h w ` N ` 8 S  j 8 *  > & ) d   z & ' * 0 ` S c h # q "  m X !  , 8 S w
0 ` S $ XHp w H ! _  (  "  l b @ # 0 c X  *H 0 2 h 0 8 6 ` \ 8 $ " 2 q y S & E hS / j ! > X $ h 8 h S 2 0  ># ` \
S e "  i   \I  17 < 7   X% *  * )
q 2 Xh  6  I c "   H%   2 \ X , X "   h  &    6# & # >  y U  X ( 6 ` 6 H&) sa c h ' # \ ` N S & 2 y
2 0 0 h 0 X 0 
"  0 L h $ X 0 X h ! X j > 8 w b 0 h X 8 e ` $  > > 0 w 8 {  QB 0 $ 2  t h 8 * O) :  >  H w  ;% I
8 S  Xq 17 r X  S  !# *# 8 S  ! 0 h W 2# h H ' &bc h t 0 X _ # 8 X h t 8 7 < 27 Q X '  ? `X ; r  S q ` h 0 p  X * )

 2 !
0 $  2  /    0   h Q 2 8 S > b% f
{ N >  2 y   S ` H 8 0 ` { ,  8 h 0 b _  0  ,   1 Q# I
& # 2  U t
` ( > X 6 H2 0 *  8 w H X ; r h 8 17 Gr A)    1 >#  2# 2  y f e ` ( > X , Xh * # X > 8 ,
"  q
w Q \I  7 17 =    w X  h
,  i  h C \I 8 7 < K7  $ X% *   X  2 j 8 S w 8 c  QB 0 $ 2  h 1 '# # 0 p 1 )
q 2 Xh , ,  I t "  $ H% &  h X c " >  8 /  h   5  1 ># & # 2  y f ` _ # 0 ! 0X ; b% S 8 8 H Q I
2 S X >  c ` u # 0 ' ( > X 6 X0J ) h 2 0
"  0 H
t h hS 0 h X  * 8 1 '  ( > ` , X8 ( 
8 S w  & 0 0 0 ` 6 sI 0 8 h \ N f  `  # 0 ' ,X X2  f G I 6 * 8 0 > L   >  X p 7 ;t ,r  X 1 ,r X 2 X< 1 r
y  j!f\q
*qh&l&p&hc68&&u&U 8 \shDXu08X(u6` 8{&{h&lcD8sqfLD6$8~pIm!&`pp&tD!6,\HhSp(`ZH8XszfwhD&fXil\8hj\D88sDpLX0&(phs
0\D&2
s\sDI
j8y  &Dj0uD8h60(&I!p*hs\q008&2s\hfD!p>Zs psUDID82h U$\p0
0DS\Dzp8*cDhDIf\,$0Z0sD8sIlhDDIOf!j j6p 8\8f6$I8hI8ss(hDs$D 8Q$8I,I 8s6p(ItI\0pI{8>f\I\0ssjhj84c>&h\&\8&IhI$IQ*I
pp\pI!0Dj$8I{Dp0lcDp80{ D(0!\eph&{p(sX&hp06sDZ8IDhDf>hp868{&6$ (86sII
$hhlj,h D"D8(ISDNsI*&s&s8I!pc\>Is\0f\8j`&Ij8s6p88$pL0*z"\z806s\sIsI
\ps\\8p`sItSjs4LD$s!ph\I\DIj8!&IpIs,$$zcy$yD4\88s44t6I$zs88lsI
6 DII*IS$hc&D\*cS\DDuDI0&th&Dq6{8\8ppSpDjsIuD&sz(h&hlDfS>\sD(y(,, TI~ *,$>D
lhD 0s`8DbND8\DjjpsDs$s>6$c*f D
cjt

ajt act

r
Fo

ew

vi

Re

qact

On

ly

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 8 of 29



<

%&'

Page 9 of 29

Xt>08HS#'#0XNX2e"Hh8"8\>%`*y1) w S0"c$%H&hX`"8hh#>#>yS8
2S '0hmHQ; t2`N` XX 000H0Q`e" 8h*#H20
wHpSl(IS871<7 $%X$
X& 28hw8c B20$ 2, 8h* )
q>& >X_
q2 H2h_8wXhhS`h0," 2 8XS chQ* > %bf S_n hhX:X`h `
2>6 
0N ) 8b0h`S!8HwySS0m XS`>& 220* !m( 2hX' hhX
3 , m" (1 #1%QH4 BQ0$ 2SH`2th8h( 9C)5q>X B2X
'XE X71r `2" 2$ %X0S!h0Nh080
S hSX~ 8 7<<2_ > H!  =1r !0hz ==1=!)
 



W 

 
    !"

2eSXS' ?XbH8hhw`S' (t* `SH,22 #*U$80 8h0hh020X8Swm


H1%H0HSX>&L!B28$H*88\c,*80>LhH
3 89
log Y = log P + log P + log F + X + + + 
X t 0 ` S  ,  l 8 h  ` h * H` H b S $ XX j Q ` X  ` 8 Y ! , > 0 S w
2h[#2h022S
i, j
S S ` ` X l X% 0 8 h X q X L 2 8 b 0 8 X H
W % X h  '#  0 * ) `> ` h  S  HX  X  X  `
!L 2B 8 $ *
H 0 8 h * 
) 
  t
H 0 ` !L QB 8  jH 8 8 h m X  8 17 &< ,7 X h  > X h w   2 0b 8 h ? 0b 8 h ' D , Q 2 l (  g !L 2B 8
 j
H 8 8 h
X c ` " > 8  X 0 X h _ >  X% q ,  m H \ "  8 \ S X  `    0 0 8 N \ & Hq( 6 ` ! Hq  0 h
l \ \ 8
8 H > X h 8  S 8 7 1< 7 , > ` 2  QB [  ` 8 H#  "  1 # 0 , %  !#  0 $ )
fa    * y  "  ` z "  8 h H z h 0 w  `S
0`Sh$S0 `0hXheEHj8S8z,*XHQI
X`8X2Xe&S
h0>8Xhh*\,>S$XHRIfH*0)X80XNH,gLh
8Hh*`SHj N>`SX z8hhw`S8`QpS0 Xh80
[y,2S*S8*H0S`*)
4X80XN`!"lS8hE*8Hh*SXjbXl!H'02ye*S0#Hwh*XX_8~0HKI
2S'w,>pD`Xh8hHh$)02e0X1%X0H\X>*hh0h'8Hh0\` >%X`J2!$%X0
QXh*8S0_>8"qQ2@#*8X$p\0chw> )5a{2 ,mh08H
w8>`hX
,`w8hH  $2#>`(,`?Z220 3 ==1<19L> w [Xhh!`>Lh( 3 ==1<QR!p)&7HTIpXH9
` 8hSSe"wSX>`h8hS`h#N #!b #*bXSp\h''') aU #'Q #QXhhhS'2'
"e0HShe$S8h!>h 3 *XX(9Xh@#0'SCIfhX/!0 S0X X{>>%b>1#QI
h0o%`SX*)
28hhw`S8Xch00H\8w@E#'$') w 2N0Q$F
00HS(`t"ch1##2h0`6(X,H
` 8H1%QS`Y>%X"2e$BQ*88h0 *N\>%`eh>Xp) w hj`&>0
t0S$HXS08*(
82F
08HcH``XlX"2Wh1#&#2S0L\Sh&2th2X>L>0`NQXG#`"`
"0 `hmS`ShhE2w2X> L>bcXch1#'#0pH,80SmX~TS) k
20SXhi6XS8NSE2f$w"608>L>0`SHh0,"#Xh@MQh d SX
8!H )P`
"cM!h d0p\S8X,{0Q$F
00HSX P !X[#* #Xh8SI$`S2I\!y2"!NK#8
`H*00w0`S2h0,8hhX0_(_ q\
8hS$*`hS'')lk  MQ08X>j
y  jsD4Z8*s sp`&fI>D0Dhjy8*I`I8
8`\`up
Ly  j`t&Ih&zDD{cU8IpsspD`8cwpsD*XpscIZh&ps0~&*Z
8 8 Dt0&h&`\ `D *8s$p sUy8u&fs*sDSf


ijt

r
Fo
A
i

A
ijt

C
i

C
ijt

F
i

X
i

ijt

Re

jt

ij

ij

it

it

ijt

ijt

ew

vi

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

German Economic Review

`hh' P P L` F #H ,08HH\8/XSX20X>%XE8t '0y"y`hh28


">(EHj80h5>%X\SX>bBQ*88S`SHL#X2L8h0hh08&) !$%X08Q$%H8S>pS8
228w8H\8 ,>`q>%b>>&`>%X 22[y~>>H*8h0HW0h8*2hH2m&#*X2l(2KS##2 I
yUXc>,
0N0`> " #>X
,>8
H,` ,0zIc` ,0i*80h >`h
CB!*8h808*)^s  am`>0@#*`"">8hwhh0g#N *'X0' ` (
"0lHCIf`X X*)  >%X0"2t\6#'8NqSb0E(>X!X0q`{,PeXP6 717=8F0
#
Hh`'>h>#'Se`hS2wl,>`cEHj80h#*>*%H 0`$ " 6~X>&2S>%`BQ0I
\SH84 )E)(28n#>X
"0q>88SX h8X
wyq0w
` S8hS80#S86%`0-`
X`$) t,08>L>0`SH_&Sh0
8%X0t">%bhX #`tXt,>?E1X0 %` P
2282`0HHSX~"q8XNS8/X\0H2N@#*8&H*02S8"q0Xw>`SX*)
2,S8h'yS`h,h$*`hS8 &#'!) $X >X0\(/h%2Xe6*80 L>SXj(
8hhw`S8 ` X>8c~#12h%`&0cX>0
qh*HXh8*)c2
&`8~">,( 0SwSX ,Sw&20,8H' # B!'8 #H:S8w8%Xm(
22%bH #*)5&`8{($,l8hw`S8!X Xh&Smhw20L10!'HS>#'
CB!'``SHm">4"{H*020hlz&XA8%X$h`SX>HB!0\SX2`z"20SHh{(
bg#*8l`{&H*02S8l0Hh*`S8wXhzShX',"2t02hh8N\"0(>Y&H8
$%X*lXzS8hh8>8&) P" `"0 >`" 8SwS8,Xm" 28S8h0N$H*88~`
CB!*8\8,w8N>%`l">B!88S0>*X`S %Xlh2X,&2]#2cXlS
S$HXX
"8
`h_`,X0Lw&#h2h_%`ce,"08>L>SX
y""0E1X0%0(X2
,>8
`hmS`S\&>
S>X L>XHX"&`>hlSh![*`6`ESp1)^s"k
20p\S0 8h0S80Hj88S/>%Hh
2XtwXyS>2,S "XhH2 SQI
0q' h)jM )p\`hI $%`*(Xq8XNf;I $%H$(>`\Qi0`hHh#'#0 X(28*)2
8hhw`S8 *`S0yS0X(20h
h\y( 06*88,h(.h#>&#2U_Xq(X,H
`h 0.25 3 h#'#0'9lX2 0.51 3 (C9C)@*`S8S0" h0,0q\,"2e0H2 I
SX h#>&#2U~`{0X;%Q8SX `h 0.15 3 h#'#*8!9lX2 0.14 3 "8C9)@MQXw_>`
h,2hh'&X>,t$`S8h0cy"0,*8h"2S%X8hU`\26>
0H >%`K2&0
\SpS0j2X>L>0`0m> H228c,EHhl`2*0hw8#cS&*&)4ss q>Xc0HKI
XhSXQL> 3 &===;9h$*HpS{(>$"w8`0pS`h 3 H2$XLX8<zh>8h26%HH9
D*QhI&LuUIp`U8Uups&cST l`8 uUsD8Q*{plU8LD>6phsf LD$8** hL&LQcs0u`fsh*p\sf8q`" &sQI&$clsX&$pE *u$*h_fQDX6pfp&8sDIX(puIfpsNX8C pz*
6 s${p qXII$IU4QUusXHpl&Xc{pspX\p0&!DlXL&s4pZ{\``hp*c&hcIDp8`8(&IhllcIpSs!z`ph!ssDsh&qsIp&hLIDDLjzIU&&IpUfspI
y|hDe, S&cDsh&spIj&sD
| y `&\&Ihs\6&6&LIuH`sIh868DI`s`Ds
0q&X{&!sZD 8cID`s&8!*I!`p_DI6(IU`yI8If0f &8h8&&`h!ff0D!`IjUyIuID0\fsp0`8L&s`8DsD
l\h&hI0\hh&8(y8&LppD0Dp!tuLSspI8 0z&Uu!8&q&$sf8
&I8hIhI8u`UDmU8hIz\s&&q&pt0`$D($80zS&spzmp`084&ss&pus\
ssm8sII
0I{6XspD2UHp4h cDD !SZZ8 &&sp0sh 2sy I8pIh&DZNs Uuhs&8sZ8{6yy
(!IsIX&*p8s p80D&&XIhU*84cI&&c\cs\bs6hm s>I8z6ssIUuhI4 h8scDsp &I8 z`
$I40`&h8UD&plZsIppyups&ISHy4psI(l hh&p8sDs2SS`D`8I&X>& 08Ih&h sbI(8&
| | j8fUsj6sR~ {"0Cz86&8p&upXfIps!2h8php
8=
A
ijt

C
ijt

ijt

A
ijt

C
ijt

ijt

A
i

C
i

A
i

C
i

r
Fo

ew

vi

Re

 

On

ly

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 10 of 29

P A|I

0.69

0.57
C

PA

0.38

0.2
iA 1.16

Page 11 of 29

` 4"q$XS8f`48hwlSSy"h0,0h@%``SXw0XS8`,W1#>&#>>yfw`
2>6
0N!$X
)5S22">$ 2S#>&#'e$H0p$hz
>c
h0w{`j(H8
`BQ'`>SX%X0.7
h#'0!`>,8SSX
h0( b0 3 $HhH$*>jX @#>'> 3 717X19,9
3 ,S"0
hnh#>&#>U l`hh8(9t`>
3 y(
L>e* Xh8S0`
0.36
0.28
h06*88Sh#>#>fw`0`;%Q8SH]9C) Z0pS`h0~S0hh80m$H*0SXhi`,H8$X
h#'#0X"80X &`2>htSh[!*Xz,>X Xzth80S&X`TSh`_(
&hG2""qX68S0hh80iS0h`S2h)
2
&24`{0H
t>h #hX'Nm#X2q8HH"0SqhQ8&` 08XH
tC`'H8q">
2>X'#2S0! `>0:` 0X 0
3 S0(h8hH+MQ88hH 89)f2
(>&20'HHw0Sw`h0$_8,>8c"880~h>0tX2S*\X"22X
28\8h08eS,8h
zX_">8"8Xh0HSS$~S %X0e#N#h8,%X8 6b l">
$8h 8Hh*S0 , 28S8hh8>8`  0X0 X:20h0Xh :0
) $* a
2S00Hwh%X0hX6X>
0HS_"00 L>SX(>8
">`0L0H2h20S8SH"80 $#H
".h*X0S0Xl(2$%b08h''Xh
"2*` ">`
"28SS0
08
02hSWH8b2mS0hh80z$H*08h*)
4 #*$X ,(0pS,h0z`h
2Xmh1*h %H8 #H "> S0S80w(
LSeSS`hhH H0`0\#e&he#Nht*#H 3 &"2H' Xth"?2SIs0
Q0S8
$%X*"9i#N (wwQI\877= *) w ,6th
X">0hw
SS0h'*8hH
8_tX
"0*0 06X2,m1#0o%H0,b !02h0>w&#',$%H&>%Q'K0S&[
">`
"0X,y 8771= $) w h$"0hw`S8`hES0`2_8Hh8,%`h>%HEDl"2H0`/L!B28
Hj88h02S2Sq1#2h06%#'m"2Q S0wl"6!0hz8X
X,SwE2*HX*)\2
X` L!BQ0w$H*0S(Hc8771=qX80%H8`,HXLh#'#0`>" 3 1)17qX) tHQ
h06*88S %X$!9) 80`?%X8e`,Xg`h`L(t2S8XH\b2H S> h1#!#*8h8`
"8hc``Sh2#2h0S,mh1~~8S8h08)
: y" ",h*XH> X0XgL'BQ8$H*08ht$0j4"0Q$F
00HSS0Hh>L>8X2
`_#*f$80!Ish*XX-%X`hX (X'H8e\Sh80&)n,8NSyQ'`hh2 2hH
#*2~ b>\` q,6c,>q(>X'H8>S0h020m$8hz0Xhh$`h0~,~,mQI
#h8,%#'e,>b zh8hwh`S8*)K0S`h0!X' ##`h0 >N$`S ((
h*XHlCB!*8h80'"`,X00$20>8h0h08
B!8S080 ">K`"X8
2>#h8,%#!,6>Q eh 0hw
SS0$)n4 >h8he,,0`>88Sj aS2h/'w*H0oI
hX2lBQ'X2'
(t(X'HtS0S80e
`hh8h'w"@Hp,I\7<17/0b`
28SX("eC>'He0,0"8hwzSS0H8h0h08
',, X
X`h
2S080'_87<17Q)nas,>?H6I\87<7C>`!H0e!0hb\8\82y h*\SY2hIS871<7
(>`'H80HzX!n#$Xhh0,>`q28S8hh08tXl&&2'SS>">t*HX
">$8hh0` 8hS0hCB!0h80~` >8h0`S, 8h
) I$%X08{2*`
`hS8S8w06X0$) W>XS*0Xhh$SXXhq2H L>b`'wHh#'#*8DHc`,>8
8Sw8"`S>h>X>>L`NcX2y"G%``hb!
h2X2*)
alhCIU0pS`h0,b*n4#'ey(">e`XqX{">`"X8q6>b Iq8717=
I$CB2$20p)2t8S`h0~S0S80tHj88hl`h`8S2y,,21H,?XhS0w&H I
S&)
w 2>hX>&j$%b08q">`c,q0p\S8c08~02h>h8S8h08iI!`hcH1#QI
#0zXz,>8 I0`@#$20h8h` "$%H2hXzX,$8hS\0qH0`OL!BQ8t$H*0S*)
28XW'`hS8q2XhiXXc,M'h`d ,00 L>SX"E1X028S8S08i%`X I
&#'8*)Oq>H4S#!#*8hXt"28`"$X`AL!BQ0$H*0S Sh t'6>X,!*717=X2t(8
H

r
Fo

ew

vi

Re

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

German Economic Review

2 X(>X'Hh2X>L>0`N"y HS2{"2 S717= *) $$%X80L",h#'#*h X "8


SS8!0h[#SXHS2yG20>jX0Xhl\z771=e">X 8771=Q)Z~NS06h\EI
SX$">c#h8,%#'&`8hHhXh28`h0,","q86Se8wQ8S`8w>
0Xm` #' c0`hh #'#0h8`," 8h #2$( w' >w`S8h > b00w& S2
8 7&71=m_ 2 c( lh' # b8N_ XhIc" 0`? #l BQ[`20 #Nw( >X' `0,8S0h020q`
hQ8b08HX
%``h #!0$ )
2/
`hq( 20 X{"  X `$0`hS$ hHe #8f$80 C `' H8z 8h0hh08` 21 #QI
h0o %`& #'8(O #>`h0Ht, Sh28\2S '#2h " c* S`>, > g#8U!08wS8Sh80`
8SwwS`h0* ).az8SS
" SX
,
Q>$ zX & #[8eX2, `( -%X #!
& hHS8\`S0_c" _8wb0hX8 >
 3 Xho I\8 7<7X0Xh" 9e`\8t" N' 2N; I
X, 0, >`$, 8Q Fw88NSX" lbh0hX8hH
%``h& #'8`h\ SHN"  b *h@ b08S' ) s v
2>D,,0 BQ2 #( 2
p\8h\& \#2h XU!`hX* )afz8X'  #wG
X8b
S8SS& #h0 #2hH' N& #H2_ #H" zh$ Hwq( X' X&) w yS8h>`h> %X* `>" m( X' H8
 #h8, % #'0w!08Hh* S0_,  ( >`' H0w 8h0S020`c" 8_!H'  & '``
2* NS> %`8Q F8bh!X
, NS0hX8hXh0h
!$ %X8,e" & #h8>8XW H0N\ I
SS& O#h0 )KE #' X,6 Im" eh8S' ySqHl, " 08> L>0SX"  8HHS0 HSX20X
28\8h08? %XSE #'8* )4s  20h %X0 yh" $ %Q80' 1X8hh' hS8h>SE #h0
S8Sh80& ) eN' > HQ `" 8SlS S88S8 H' yX&2 2SSh' 'Hpq`S `
& " 2H'  , 0`S`S " 8heS" 8w p\S`' X~ShSS& _#S8 _
0 ( 
$ XpS0U`L8hwqh`Sq, 06 *88lh
0 HS %Hz`h> H L>XH 3 9D>`>
20wQ8SX 2H L>`N, 080t"t$PXpS0Un#N 0.616 )nq>Xt>L(,+0.375
(8t0
00
2H`"bh0hX8hH_S8h
wH 8h0hh020.%X#!0
`hp\`hp\02y h2X2>L>0XH
> %Q>>HShXN") w wX'z"Sb0& If08X>X
%``h&#'08Q,l0h!S$,I h>&I
22L>0`Nq\8h\E#2h H'y,>
%X0hX
EHeX&`2SmS~S!'*`h 3 y"(
CB!*8\8h2X!2120j&H8`hSb0\8c"~K!0ch`SqX>S
''H(9)

r
Fo





      !"

ew

vi

Re

2wQQXwg%H8hhH `{(e
b>*`hh0 2\lS02h>he,>e0"> 8wXh8Sw
2S08t
Hh
0w$s
i#N 81`0>b0!,> 1#>&#22yU`>,
0Ne` ,>2b0
`(210lH0&) 1!"m02H08w8NS8hXh080L'BQ8jXBQ1`0H2l20h0Xh
_"~NK#0`H*00
h02>88w,h1##2f ``"
0H)P #h0o%Q' "0
&Hj80t2>L(QXhwS8H
wy%X8X8hw8m"qH0`*) 8H00
0HI
hXh802>XTShphQ>h20z`0Xz0Sw"cX0X22*Sh>1X8"'#'
20```>1882Xh08w0Hlh0H00lBblX0X$)_`hQ08hl8Xe#20h8S>#*8
#N,h8z N>`SH8
|  jQs&!!`&Z8hepDmZ$&lIUsps&hp&hp8\ImI
6$ 0&spIp\0h8L\DsD$`hD&h&sI$\p0Lj8ppslI0
|  jh&s2y>X Xp\s8sc8h!Usp`U\Dsh>D6`h{`hD&
`8el&
 8&e DD&\8pejhD8p(hIUD4q&UshDHqt8&SSD
|  jp8&Dc$IhhqIDe&6 h*DuDppD, $0f

#

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 12 of 29

Page 13 of 29

A
C
log Yijt = iA log Pijt1
+ iC log Pijt1
+ iF log Fijt1 + iX log Xjt +

+Yij + Yit + Yijt i

+Pij + Pit1 + Pijt1 i


X
E
=
iY log Yijt2 + E log Ejt2 + Z log Zjt1
+

log Ejt1

3 9
3 19

A
P
log Pijt1
= iE log Ejt1 + iY log Yijt1 + iZ log Zjt1
+

3 ;9

E
E
+E
ij + it1 + ijt1

N>`hX l"h'[!1IU` If&H*0h0q N6hH XXXS~ b>SH_y( &H8


28\8h08 %X#!0$) N>`SX8H82b80 P `  #Nh06>hS0 (
2Sb8SX
\`wXp18&)O2X,2!X0(">0#6&#>yUeXC>"X`2`
"q'2SXq8Xh08w8Nh0H00 E 3
Xh8#b"mN@#0cX 10lEFw80h
08==2 ==='>&#SXH\(9DN@#0mXEHj8h8
4` hQ8Q08XH
%X`hE#[8 Z )
Y
2`h08h0
h2X
`
\XSyS>%`XX >*X`S %X)^s
`h0N,S>b0cX"_10
Xh08>X0>b00 ,>,8` X@0
N6SX 3 ;9qc, "> 1`0 8Sw
SS8 Y 'H82b8q`,i*&8lXh8 E >`hQ8b00XX
`%``h&#!0 Z
`,mBQ'X>SXh/%``h&#'8 ) s 
2lhbp\8XIz N>`SH 3 19 I 3 ;9L(0p\wS0 #N"h8If\```$ Q`S8`
(
h0'hL`h!6Ie@4#'ctQ) s 5%X8e"X',c2S#>&#2UX(>X,X$02>H82b80j
"~wb$"
hhH! S8hh8>8$H*0S$)N~82F
08HSwX(#6&#>yU `
(>`,HwX1#'#0pXL"28X2hSS''X(X H\8NhH&{TShp `S/Xh0`S8t
&#h12S\%`2{,>Xz"$pDhM!h`d_8SS0,gH8z>S8hh80c%``hE#[8 3 &#'
;9)\zBQ*88h0Y0'`"X hX0H\80g>Xe\SS&>h2`>L68XH$H*0X
&`22hlh
h''Xh`2NS0HSH>&*ES) s 
|
D  p ` 8II&fqo ~QQ Ds! I hIq\ s& u D p IZsj sI I$ s p &j` t{ 8 Z& us U DU e &  8 I 8( >
pI8 `8 \ & f { b D l ps { L s I m X Ih U& !  ` \p 8D I D! I t sD D 6  DQ X pc $  p Sf ( ! & ` s
D LD & u8 U & 8 D s  4 X  H p `  \ s 8  p $ p s 8 p $ s I s m X b c  I h w s ` 8 & c s e I 0 y , D s p p ,
|j
p& h U & 8 c >  Z &D XjD p p  `I `  \ p p  ` Zp I j  s I  ( N`I {p  c I I D p ` c Z 8  cj S ` Z 8 * 2 u XU L L 0 8  \
D 8 &p `s \   8 p 0 0 h j j * j f   c S s 8  S s 6 c D I s u s s  ` $ , 0 D C 8 8z U p  & D  I8 I U  p
|j
D s q !  q \ (&  0 s&$ I s  p
4 h e II  8 X h D U  s ! I   &  I f $ w I I  & `D Lh q& h 8u p U q m u
\ 0 s  \H s  8 p I
! ` 8 & s & D 8  h0 4 D  8 & s & h $c w I \ I H p ` z s p $ I p p 8{    qS j 8 D
\ * 0 & h c  & I I I \ D s h 8 & ( S p 0 c s  \ y h !  Z I 8 \ I s 8 8 ! { & & 0 c f \ 0 { N D C $ \ z `  D h U & b I 8 ( f D Dj f D  I s 8 8 f f s ; U {
h| & j c m I & & c h \ s  L 2   f \p && h p  & c( & b D c 8 I U Lz & p& 8I I ` f 
8 D  D s q D &
8 : I
y` Lcs p s 0I X` pDsU Ss 8D& D  f& D4 s`{I !sZp8`(0p jD6ZN L` && Up Z h cUhp(f (6 I{ U Sss fI 8hs&NhH$s II c D { NX p(c I{ pcD Xb pf `` z&D hZ8 `0 8\&p m 0hDXhpf0f
&\j8$sh8DI,~!j`Uspf(&&shDph&D2`UZfUIIIchD0\&8b`8ps{sI
A

r
Fo

ijt2

ij

E
jt1

jt2

ew

vi

Re

C
Pijt

On

ZP

ly

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review


 



.038

0.68

German Economic Review

 g$  

2l02ES`j0XwtS
,lcb00(d*2'#'Xw,>_%X0p,>`,8*
I
S0h020">Lw
0`S$2I!0@2S%Q8Xt[6Hp\yfmSWHX8 %b80X
" b20SXj_8,08S8S08t02Sl8S
&)aH\SS&>`80XXI
 >h> X> L>`Nq\8hh80
$ H*0SmX1 #'#0 ` " h`_ >m$0 8z$ H*88S
XwNS8NSH>& E Sh `2 &X2 h8e\' [X #>2,h> H L>`Nw$ H*0SXwt>8
`~S & )\qh8S! S`hW X80h 2y1 #cS
 h0>`S %Hl, *88> L>0`hH2* )5ah8h0Nh0
 %Q80mS' !*XS' e(q* X " `c" m0h! S >88
0`>h& h$ `hH6 2  #*U$80
28\8h08`e0wS" 04" 6`e #h06 %`& #!&XSXh" >X[ t_ ( 0
b0\8g 0
S 2 0c8h
X %X8" 2H' S( X8hHh!08/ 2h0 >/ HSXH )
: y"  " 8hh0[ h/
`>j >`hS&  b20hhX \ X 05 :+>w!H'  , >8Sw
SS8 #*my4, q8wb0h`S X8%H8h
0NSX
* I wX>& H8,S 8* ~>8h0h020c( 
8H
t>  %H$ ( ae, 0b$ F
00NShH  #!~ S h08" 28hw,\\8
2>0" 2Xh hX " > P , P $X F !H' \
"~S`w$%X*`

7<17mX&>6"2I'mX`h$_>"Q8Q08XH
%``h#'0!X,X`cL!B28
Hj88h{!X'$%X>%XX,>8tp) >>h8S8w`
X8h>8h
SS8{&1Xh$NS0

">`hH$%X*`h '`hS8q>Xh t') MQ0,q0pS,h0eXc6I ehSX!


28\8h08zHj88c`t>h20hXS&*802y$X$h,hh["`cShX!H028S8S08
$X'`C>'Hm"zQ2@#*8`"20SzH*8>0*)_zwQ$h8S0I!$%H80*">
"NK#0X6h#'#8S80">\0N`tNh0HSH>bTSh2h84!H'@#h'#\`Nh>iI$8
yLS8hS80X2 )q>XB2X 'X>"zh#'#*8~h`Sm 16.6 87<7w` 48.4
==1=!) `28\8h08tSX0">mS`w`"m
Q$h8>Sc"`"mh&#[#8hh`S
$X'.8%`i#*80`' 40.5 )
3 =&=N9
0>#SS0
" CBb\0H~ _(, Hj8h0200~ 0wSS0 #*U$80
20wQ8SX88`~HQIs>0
Q8SX88`#m`hSh2#22S8,\e$0 828S8S08&)  L>
">w8 8,>8h0h08wh8"Xh2#'~H`,t2(X=EIoX=r `"20
b0\8
8HHSh2#2hH \20z0
)/a *8hH ``>&HXqCB28SS
, "2w8\\0
28\8h08$H*0S$) &#[w,,2I e( `!">(>X!Xw 0hwh`S8W#*U$80
7<17~` &=1=&=~m`08HH\8 `W#N ,
(>`[`
8h0hh08&) _0pSw`h0q 'y
">mS8Sh80`08HH\HmXr`!"e0h0X
h1#!#*8h80AXX1r X{"
20h0Xh
:,8S`ftX1r `" 8Sh :HS8NS`6&q8Shh0*) P %X8S>s,0 h0h!S
2S8%bzXy\X>*$%b80z">0
Q8SX80_>*%X> H*8S0H`>`S0>X8S
`">
28\8h08CB!!XcKX6X >`cX(2>>H*8h08qX08XH
8hw8h>(X"28S
`1#'#0h08j`2"`l28S8hh08eQ82XlCBQ'Xe2(`L,t2>H*0h808XX
h0X%Q&0N8h
0$hCXtS20h`S&*8*)


r
Fo

A
ijt

C
ijt

ijt

ew

vi

Re

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 14 of 29

Page 15 of 29



 _  

h0 )y`nMR*>8X\) 3 ==;X9D u


X l08X6`h&$X>8
g d>hyXe$1>00 )X`2 M2`K#` 3 0>)l9Djh0hSX'm$>%b>1:X T:`"
` ':X6!XSH@) )

 w ' XS04! )@)` LC  `L! ) IoM ) 3  ==1<19C) jZX"  X/
0SqL8HH
8hh80 w
L >0 c$X/ XX >(88SX h %X0hhyU~{008hHJ )
 t`w0X w )  * >#>X( ! ) )yX Z~2 208 @)\ ) 3  ==1<19D
 $2ShhS RI c`0U aU I
8 %H0
0HhX
aU2008 "  c >h0h8LhhXh id$ %b `
L0`H
0`
MbS`Shh08' 72X[ 'p)0E IUNXQ )
  t$ S,5 Z ) 3 & ==H1 9C)jP, H`2 b8T %XH b$b0 % $0 * ' #!8/
% 8S8(  8 717`E Ip =&=N y
qhw> \ %Q8& =1=HQ! afhhh20 S Sw  X6
hb0  h %H80&6{h& 6! )
 X
t$XhH$$ 2s )L` h>g #' 2 : )Am) 3 * 717`R 9C)LSwS[ ~",L8HX
? ZQ* 
Xc$hwe" 4X* `S yA d %b8 `cL0H2Xw0`- Mb\`hp\80 t2 [J)
 t=EIU1 t&t!)
 t glQ 4$ 2 di)XX
MQC >, H2 HN ) 3 & ==X; 9C)jlm& 8 d020$Sw (pSh0
hh! t" w 2Q0\Xw`4 0W
q>H08 w S0c@ 40hH w S\ y w
00`(0E I
Xw d %Q8q] 7`' 'p)`T XTI\X' )

glhX02p Z )y ZX( 2p M )*XY
: yh dW) 3  =2H8 9C)`zH( 2 MbSh0S`{H2Hj
4 0`2$
XQX, qX' y& =1=1Xi48ShX w hSX y w
0h0`,L0XH
` d %28q
 =2X! 'J)28 XHT IUQ8 <2 )
 < 5 , ( jp aC) 3 8 7H`1 9$)`hh0> >`hX a 2$ Hhw`S w \> %byS80 w 8HhS0 L`
L >E  aU1 %H8h2 NSX [`Hh X1 S& *(8H2HH] <QX' [J)XXQ$ IoX&t;XQ)
 7 L2X_
)y 3  ==1=9)(8HH
8z`$hw>  !*> %QX  $H `8h8 $X8 Sh
` l  00p  0hhy 3 02* ) 98qL>8b$  0 `e X L0X>`w0* )(2`h
2H`0c >8h0' >` )
5
 8= O %`X8] : )m)*`e
Pl$80j_ )  ) 3  =&=N 9)  Pq M`>0h
yXX>h& XLL[ #'
L0XXw88[ 7X! [J)8 <2 Ip =2 )
 H gq" 80J qc)` mlE HjJ @) 3 8 7N& <;9C)lPl" K
q60`h> #>2 f~X\ af8NSyQ[ ,"2$Sw
q>\Xe

MQt' SX0`{ b`SH Zb* >X$hwX M2XSX X cK I
p\8j w )yJ m& Hj @)*`$1 8! ) 3 8* ) 9J l8h0S80e`e aUE >X0y\`hXj$(o I
hw`S' ,z5 H*0SX$hw& pMQX8hH2`$h
W dS08' :`, [ `SX. ) )

  X8h80
) M2X88S\ )yl> MQC 0 `' ) w ) 3 8 717t19)u$wX MQb0 
afNS8SXSH l>Xh0, ~`Xh>& `LL8X>X
80XXX[ 'J)X&=HT I6X; <!)
 I m, bXX\ )yX$ %bh M )Eg)yN`
MRb2hS`S8 %b( H ) 3  =&=H1 9)LSX$`>hX8X S 
L>, 
0N8H`>g l8h0S80 w
0t_XtL0X>`w0A d %Q8q1 XQ& !p)`2 <EI
`H! )
  w

r
Fo

ew

vi

Re

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

TX

German Economic Review

  2!)y2`?&#>XS w ) 3 =&=;X9) jh'8hS` w 0p\!%H$$heLSw\c(


OH*08X&8qX$h 6X`S>EX `(8HX
801<2['p)6&tHTIpX&7')
 TX
$%byh M)p@) 3 717H19C)jhh'50SHhL!Q0z 418 h'hLSw`h(
H*08X& 8qX$h w w8S0XL0H2XwW d$%bm]<H2''J)X=TIp&71=!)
O
 8 t *Q Z )^IU! ) 3 & =1=X1 9) lb0c 0
28S`/
af0h0Xq$hw25%b80hXxafNh0oI
>S`6& pl\ y6`H2h> ($X >Xh`S %Hq(0`H
08>1 X2! 'p)>1 tN IU1 <HQ )

@ZpS{XS8tXL" 2
c b08(  d* ! #' 3 8 7<2$ Ip& =1=28 9)  '       $  

     
%    3 $Sw>
 MQ\SpS0 !, #2 9C)
 8 < @Z2\`hA @) ) 3  ==X1 9 jd8 B2`w' $h
  $$6* %QX8@
/ af/ HSX8
`
P
hh0
{X #' $ y2K d$ %bX((0X2Hw0`Y MbDSS00 <1XQ !p)j& =1XTI
XQ )
 8 7 4 0
lh88SXS`hc`*" c b08( ?d* ! #' 3 8 77HT Ip& ==2T 9) $  $       
3 Mb\`hp\cXh
q,, c


b08( Yd$ ' #[* 9)


  = LS0
Xh`A : ) w ) 3 & ==2T 9)jh' nm8_
y w %`X2 & #' Hw0 `\SY l$ #
$/
ZN,  w #H2  80l~` aUHS8S>SX XH\C Bb y Xw> MQS208 XQ
'J)& tNT IUH XQ)
 2 @M2& j dW) 3  7172T 9C) jM2b0E _Ph
Hh
` hS8hw`$h
y!XXh>& cXl41 hE 
L0XXt`] 7172' 'J)XH8 I\I 71XQ)
 H
@MQ2* '8S! )JZ ) 3  =&=N 9)4 0`jLhXh082SXh04$
>& 0`n
l8h0h
>SK MQ0Q I
h08' >  4hQ" ,& #*X2 SQ" QIfQ IoMQ0HS8>0' z4 `Hh >XXw(0E I
Xw00Q; X2' !p)X&=17TIoX`X' )
 X 4X
c Z ) 3 8 77QT 9) S8b S0` %Rb08S'  h
>& yU % hQ8 8 77=
af>pSy\2_

  H6
28& J 2S$ %`08sLS ! )
 ` 40 8  ) 3 8 777;9)j/
qA>8h>\X `${! #' P XY #*U$80 {`h8 717=
`  771<y]M2b0 1 `& *4 0h` m! ) )
 1 X
 (E SpS0( {8w&  ) 3 & =1=2T 9C)  h8 hSXHhwX8,Sh8hh2  b0 X22>S6 %Qc>h\ %
NSw>& fi b%N28 %``*0HS> %bXhh SS0_ %X_ %Rb8S N, #*$ b$08HS6 #*0`b d
%G2Hh> b0XNS~ & === y!afSh_
>h hw1  H6e2 p $ %H806LS >
  t i: > 2`w8! )L5 ){X2u
Mb0hh8 w )\M ) 3 8 717X9$)u$X/ >`h! l1 8N
$h
( 
MQ8 %b hXX2" 
hS8Y MQS\808 7<1XTI\ 771=y]MbS8lX$hwz`>$Sw
LS %X8NSXj>[ 'p)1 X`T Ip t&t')
 H
i: 1 22L
) a() 3  7<=;9) w cwG M208o I$Hh Mb08SH w > be`0 aUHS8h6SX> 
{X`hXw,$hwl`>L" 
0H '2W
d %b8:X(8XH
8c`>G Mb\`hh80
tHQ' 'p)>I8 IUN`! )
  < i: 2& h' X`' )AZ ) 3  ==H 9)L8HX
8Sh w  bht`$Hh
MQ08hX`_4X* 
\ y6`K
#2h! H`] Z w  Z a (0h$ )
  W

'

r
Fo


ew

vi

Re

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 16 of 29

8t

Page 17 of 29

!

E






+1






'

21
1






 








+
1

3*

3
2




 


% 







1
3
3

*


,



2

/
*

1


H 9




/1

F?










2






0

0

0

0

+,.*

+ -

 -

*

*


*

*

,.*

*



H >
7

ZG 5
7

Z 9

L 5
C

57

EG

? O

B 97

9F
@

@
F

M 7
d 5

97
H

>

856
O

Ef

H 9@

?5

L 5
?

9
MB R
Q 5

G5
V<

U
[ 7

B X
W 6
89 :
7

5
97

H 9

97

7
9F

9@

4 56



B C7

L 5

;<

?
7

B F

9_

J_ b

F?

MG

W 9

9@7

B
E @
J6

7
L 5
[

5@

4
/

+*




0

BG

E 9
/

0

0


J6

MY

9>
7=
/





3
*

G5

TU

$









G
H 9
G

96

9
B C7

A


F=

F?

MG

BF

ly

 

M 9

@ b

G
J6

MB

97
b

L 5
B

97
D @

?F

2

1

"$#


 

,
1

L[

M 9

97

9
F

M @
H F
8
?

?9@

Ecb

7C

9
G

On

>
@

?9

Q 5

EG

86

MG
@7

F
e

B 5@

G7
F
9
KI J

?@

G5

X
B

B 5@

F9
gi> h
7
H 9

EG

7
L 5

=
F7

85

\]

L
0

7
F

G
M 9

9
X

57
L

]^
@

@
5

7
5
?

5@

B C7

6
BF

0

@
F?
E

5
F

Z F
G

M 7
d 5

MN

?9

EU

E F

F7=

EG

M 5
9

?
G

MM

89
B

F7

9@

>

97



0

$

` X6

C
9

B 5@

?PO

M >
M
L 5

e
F

L 5

F9

G8
B F
E

J
5

?
G

>
5@

?J

L 5

*

1
0

3
1

ew

vi



[
a

Re

H 9

3
0

>
7C

97
6

57

Q 5

89
E

@
F

9
MB R

2



$



3
0

F?

B C7

X
B
E @
89
>

E
5
9_








S


\]

97

MG

& 

]^

G
Z

BG
3

H 9
@

Z F
G

BF





3


9
B

96

 

G
TU


 

3

M @
H F
8
?
,

*

r
Fo

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

5_
G
H 9
LG

MM G
F7
L 5

5
9
5@

German Economic Review


7
>

\^
g

E
b

M @

BG

9F

b
^

C
@

^
\

\


g
]

5
J

]
h

g
\


^ b

g
b

b


^
g

b


g
\

\
^

^ b
^

^ b

b
\

^
b

b
^

b
^

Re

9F

^


\ b

6C

b


g b

5
C

H
9

9
G7
F
9
J

85

^
9@

^ O
^
5

^\

E 9

8
@

F8

?C

^ b
^

C
85

F8

F8

F
Q

X
X

F
G

7
F

89@
7

=
9

57

8<

B 5@
8
BG

C
85

85@

Z
Q

57

b
g
h

F8

F
6C

89@
85
J

?9@

G
5

H
GX

?5@
B 7

9@

H 9
C

G?
7

G5

E 9@

B 5@

?
H

?9
Z

9
X

?5@
B 7

5@


X
H @
F8

F7=

9@

L 5

?9@

=
F

6C
85
9

9
@

7
F

89@

E 9

?C

5
C

9
@

X
G

F


9
>

H @
F8
?C

57

E 9

89
9@

B 5@
X
97
?
?
>

7
F8

89

E 9

J
?

Z
=

97

>
7

6C

89@
7

E 9

9
9

] b

?C

M BB G >

57

B
E

?5
h

H @
F8

b
g

^
h

M BB G >
X7

9@7
\]

g
b

]
b

^ b

MBB G >
9

b
\]

>
7

6C

89@
9

?9

F
B

Zcb
7

b


H @
F8

X
G

b


89
h

^ b

ZG 9

>
7

6C

F8

89@

E 9

B C

F
G

6C

?C

b


] b

H @
F8

F8

>
7

b
^g


H @
F8
8

\
]

85

b
^

?C

9_
@

b
^

^ b

9@

E
b

ly

H 9

\


^\

g
@

b
^\

^ b

g
\

C6
85

^
?

F9

\ b

On

\]

?C

^g

b
g

b
g

^
=

E 9

\ b

\ b
b

E 9

b


b
^



b
^

b
^

@
F

b


ew

57
F9

\


g
b

vi

\
b

g b

E
G

b
=

E 9

\]



>

O
\

^ b

B =
8
G
9
?J
97

^ b

>
9

E 9

]^

b
^

b
g

G
H 9

b


g


^
b

Z 9

5
b

]
b

F8

b
\

\ b

\ b

>
7

\


E 9

=
8

7
F

>

X
b

b
\

 

b
g

9F

 

b


\ b
b

97

b


^ b

]
b

g]

?
G




g


E
6

X7



b
\

b


B 6

b
\

b


\]
\

]


g b
^

E 9
J

]
b

^]



9F

^ b

? b

^ b

b
^gg

?
G

\ b

g b

g^

E
J

\


b


E 9
9

b
^

g
]

b
^

^ b


g
b


b


g


9@

\
b

\
b

?
G

F
B 5@
G

b
=

E 9

6


r
Fo

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 18 of 29

9
<

G5

F
G

89@
7

Q 9

Page 19 of 29





#

 








1
,

2 

(

3



#






$





3*
0

0

0




*
*

 




 
%


&



0

*
,




&

*
,

B
0


2




)


)

7
E

+
,






 

 





87



#


$




 


 


 

$


J
V
@

9
G

M 9
G

B 7
F

` F
B

9
?56

6
F=


6

MG

GJ
89

#
-

B X@
?
C

M 5
Z

8@

` F
B

M 5>

F
G

G5
85
T h
8

G
9@

?


F
G



 

97

@
F?
9

M 5

B X?@

? b

0


8@

` F
B

2
/

F
G

?@

E
!

 

G
7

FJ


#


9@7

57



?9

/
/


-


)


0



 



0


*

2


?Pb

 -

0


*



H 9

2





*
,

ly



/


)



)


0

0







*
,

2*

/
/


)




)


,



+
3

2
3

0


On

,
2*
1

2



0

0


0




21
0

0


2
/

,


/*

3*
0


0

!
(

+



0




+*

!






0

2*
0



0

,

2
+

/
3

!
(

/1

1

0

/
/

ew

!
(

0


)




(
!

21

(
(



0



)

/



!
3


0




vi







0



*




21


0

1


!
1

*

,
2,

*
,

!
(

3
3


/


)



(
!


)


0

0


21


-

2*



(


1


0




,


0


2,

!
+

+




+
,

Re



!
/

0


21




!


3*





2


3*



0



!
*

3
21








!
(



2*


!


(
/

!
3


0

+
2




1


!


2*


3*


0

!
(

(


3,

!
(

r
Fo

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

F=

F
8@

B X@
?
V

German Economic Review

!



2
2
#






0






/,


2



 

!


*
1

0


0


3


)





)

1


0



1



#








0



0

!
2

0


0

2,

0



0



 







&

 






 




=




75

` F
B
9
7


*
1




#


J
7


 


G5

M 5>

T h
8
9




5
9

9
G

M 9
G

B 7
F

` F
B

#
MG
Z

\
^

?
6


6

F=

V
@

GJ
89

B X@
?
C

M 5
Z
?

8@

` F
B

Z 5

F
G

 

G
9@

F
G

 

97
9

B
F?

G
E

M 5
@

8@

B X@
?

?Pb

E
+

 



G
7


 


#

G
@?

0


)


 


)

1


ly




\
FJ





79@

3

?9
H 9

/

0


? b
*

1




)

*
*



0

0


)



-

*

*
1


)

 

3,



3*
1




,







0


0


 

2,

3*



+,



+,





3 

/




*


/,
2*

,
0


0

0






!


0


(
!

1



,
0


)

2,

0



0

/
3

0

2
+

1


!
(

,

(
!

On

!
(


-




*


ew

2

0

*

,
1




0

!


vi




)





/






(
/


0


1

!
2





3
+

!
(



Re


)

!
2

0



2




0


+
/




/

3



(



+,




*

0


!
3


2



#


0


!
/

3,
1

!


3*

 


1







0


0




-

3


+




+1


2

*
0

!
/

!
(

,



(
!

2
/

r
Fo

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 20 of 29

6?5

F=

F
8@

B X@
?
V

Page 21 of 29

 Q 48hHchSSh# M'h`d ,00 L>SX


!f s` sUu yD&8&
68DD2f`D
z  8 I $ z0 I 0 *,88

0&sp&S&qI$Ips8U C 60$ II $z00 I , IS  *0


68DD2U
z$ ,8 I 66 z0 I *6 0 , *z$z8
0&sp&S&qI$Ips8U 0 IIS 0 I , *ICSz , $$8
I`hfhlIu$h8
CIS II C *z0 ISS I , z0$C8

0&sp&S&qI$Ips8U z$$0 I 8(6 0 I $,8z8 ,8$8


XhU8(&ID HpIs z0C z 0 I 0  zI $C0 > zz I*, 8z
0&sp&S&qI$Ips8U SII $8 8 > II 0  8 0 I I S
b8sD84j
*z0 > I $(0  $08D8 >zI zI 8
>z $0

0&sp&S&qI$Ips8U > z z$ 0 > II  $0 I $S > zI" h8


0h8s
, > I8 C $z0z 06 C8z 8 > z $8 0
> z z 0
0&sp&S&qI$Ips8U >z 88C 0 I z$8 I  z0 > z 0
$\8
$z z0 II z  II S 8 z0
 h
 h
 h
 h
p88  Ih `hUs
 hD  h `hUs
 h
 h
 h
 h
 & 0D\Ds
6 z 6 , 0$ I, 0
b4SpjpsZ8&pDU&uDsIDN hs } > z8 I $
0 ID zC$

$

0 $

IUDU8\DsDh s fI I 0 CC 0 $06 zC I 0, , z II $Ch


N\DIsL\SjI LUh2&D`IhD$sh\&ssp*0lDs8s88
{`p0DL *0{ {`p0D $0{ {8D{"
 &#' iX \



 




r
Fo




 




 

 

 

 


 





 

 
 








  
 
 

  

 




 



  
 

 

Re

vi



 
  


  
 

 

>




 

 
 
 
  

ly

  



 



>

On

 
  

  

 


 
 

 





ew

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

 

s DX
z0 ,I 8 h
I 6  0
I  8
I 0 C $8z
6 $$z8
IS( $
II 6 z $0
> I $8
sI8  I$, z8
sI $6$8
I $$ 0
II C8  8
, 8
 h
 h
,0$
" ` I 0 *, z
z $$
















 
 
  




 

 
 

 
 

 

\Is
zIIz" z08
$08
,$$8z
I $ $008D
80"C 8
2 I C 0
ff Iz8 Sz
>z *$8
> z 0C 8
\
2 I 8 8
2 I  I*, S
8$
 h
 h
, 0 z
I 0 ICz
I $8













 
 







 





 

 
 

German Economic Review




  


   
 
  


 





 



 



 




 



 













 


 





)
% 

&  & # & $ &


& ""
"# &
! () # $( ( !) (! '#) $  (# $ '
        '  % !    % )    %    
  %  %  % 


""



 



 



'!

&$
'

!




(  %! 

""

"! &#
## (
% 
 

 &
 )
  % 

$ &

'# & !
(
 
  %  !  % 
(

!(

(
% 
"
& # "" &
') ! $
  %   ( %  

 

''$

&' " & $ & $ &


 ! )$ )  # (

) 
)
  %    %    %!    %( 

"# &!
# '
  %  

&

!# & $
(  (( 
 %




$ &
!)
  # 
 %

$$ &

!)
   
 %
"
' & $ "" & #!
(
!) ' ! 
#
  %   % 


$ &(
( )
  %  

 & " &#


)) ') ( #)
  %   (  %  

$ &
($
!  # 
%(




"

  !
  




  %( 

""

')

&' "$ &


! ! 
 
%    % 

&
 &
 ' $ $
 !)
(
  %  #  %' 




"'

'#

 

&
'$ & 
($ '
#

(       
 %
%

&!

((

   
 %

# &'
  ' 
 %


&

$ &'

$(#








     
  
  
      




  



  
 


 
 





    

 


  
     
 +  

+   
,
*








/

.

(

  (




0


  
 
 











(






 






 


  

  

1  



4 


 
 
 " 
   ""

   5 6
   $
  
 
  
  4 

    
2  "
  "
  576

 


  3 
    
   4 
   
  
,  , " 


      

    

  
(
(
(



 

 

  %    % 



&
&
&
&
&
&
&
   !  # #$ $ )  #(    )$ !
 !

!
!

(
)

)


           !         
   %   %   %  ( %  %   %    % 





"
& ' "" & '
!) '# 
!
%   % 


ly

 





((

On



 





&

!

&$ " &


!  (

 %    %  


&#
#

$


 
 



ew

&

$ &

#)

vi



 






 
 

 




"
# & # " $

'
  (  (
 %  

# & #

   
%

Re









 











 
 

"
& ! "" &
 '(
        ( ( 







)  %
%  %  %
% 
 

&

"'

" &
& " &
&
&
& ' &
  " ! #   "  ) ! ##  ( ' (!  !
  
$



(
$

(   
 !        


    %   %    %    %  % (  %   % 




""

r
Fo

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 22 of 29

Page 23 of 29

4 Q{$XNhS>#2SH`4$0 8lS8hS80q\e,i*X6IS87<17@HIc"~0

q>\`SX`, 
w 8h> 
LS8S8 ( `' HzX08X>HS8
0
qS`h 8Swh\  H #H! 0
8S8h08
Zh8
 71<7
 )
& =1==
! )jX
! ) =
X r
d1 #'#0p
 71<7
 t')4t
& =1==
1 <')
1 =!)jX
 Xr
28
 71<7
8 7H! )47
& =1==
T XXHQ )
<N X!)4t
XX r
q6X> h
h' 'Xh  71<7
`[ )
& =1==
1 XQ)4t
t<!) <
tH r
d 
 71<7
XQ)jX
& =1==
XQ)
XQ) t
m  w
aUHh0NSX6& E Sp
 71<7
1 t')47
& =1==
 X!)
XXQ ) =
t1Xr
\DII0!`D2 Hp`{ LI8fp
\hIphps\s\s8DN88\s*D2& h\hZssI!4
X `\s8D8IUspsUL\DjD>Q `>IsLhDf\uL, $
I(Is`DIcD6s80scD>p0ufQ0I(DlD&
h8LDspuDL, !p
 #'

r
Fo

ew

vi

Re

  

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

German Economic Review

r
Fo
vi

Re
Figure 1: Crime rates
101x73mm (300 x 300 DPI)

ew

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 24 of 29

Page 25 of 29

r
Fo
vi

Re
Figure 2: Probability of charge
101x73mm (300 x 300 DPI)

ew

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

German Economic Review

r
Fo
vi

Re
Figure 3: Conditional probability of conviction
101x73mm (300 x 300 DPI)

ew

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 26 of 29

Page 27 of 29

r
Fo
vi

Re
Figure 4: Conditional probability of prison sentence
101x73mm (300 x 300 DPI)

ew

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

German Economic Review

r
Fo
vi

Re
Figure 5: Coefficients on year dummy variables
101x73mm (300 x 300 DPI)

ew

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

Page 28 of 29

Page 29 of 29

r
Fo
vi

Re
Figure 6: Crime rates: actual versus predicted under unchanged deterrence
101x73mm (300 x 300 DPI)

ew

ly

On

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60

German Economic Review

You might also like