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Abstract
The large economic divergences among the euro area member states pose a challenge on the
stability of the currency union since its inception. In the case of asymmetric shocks, no
instrument exists to stabilise the economies of the euro area as the interest rate channel of the
common monetary policy is not able to account for heterogeneity and the national fiscal
policies, especially the automatic stabilisers, are constrained by the Fiscal Compact and the
reinforced Stability and Growth Pact. The solvency crisis has shown that such divergences
can no longer be disregarded. Now a consensus has been reached at the EU level for the need
of a fiscal stabilisation mechanism in the form of a shock absorption capacity. In this respect
this paper analyses and discusses the proposal of a “Cyclical Shock Insurance” (CSI) as a
solution to the destabilising divergences in the euro area. The general framework and essential
simulation results of the CSI are reviewed. The emphasis is placed on a critical appraisal of
several economic and political issues which reveal the shortcomings of the model. The
consideration of more as well as less ambitious alternative proposals and the presentation of a
modified version of the CSI in the form of a ‘real’ fiscal insurance mechanism among the
euro area member states show that the CSI is not an optimal solution. The main findings of
the analysis are twofold. On the one hand the attempt to create a fiscal stabilisation
mechanism has to be appreciated. On the other hand the effectiveness and added value of the
CSI are highly questionable and there are several obstacles to the implementation of such a
model as it is not as minimally invasive as claimed.
In recent years, the vast development of the Chinese economy has attracted many internation-al firms to enter the Chinese market. A number of foreign companies have launched new strategies that explore this untapped market potential. Luxury firms are no exception. Howev-er, reaching the market with about 1.35 billion people poses both enormous opportunities and unique challenges to international brands. Hence, international brands need to have compat-ible marketing strategies to successfully penetrate the Chinese market. This study aims at out-lining the marketing-mix challenges for international firms in China through the lense of the-ories on luxury consumption and cultural impacts on luxury consumer behaviors. Finally, this thesis seeks to recommend some possible strategies for luxury brands to overcome these chal-lenges.
Abstract
The “war for talents” is in full effect. Companies have to deal with the consequences of
acute shortage of skilled personnel, changes in technology, and a new generation that is
entering the working world. Therefore, companies have to find new creative and proactive
ways to source employees. Social media recruiting is becoming more and more
important to survive in this fight for talent.
This thesis presents an overview of the possibilities and risks that recruiting through
social media provides.