Sell, Friedrich L.
Zu den langfristigen Bestimmungsgründen der Umlaufgeschwindigkeit des Geldes: Ein sektoraler Ansatz
Arnold, Ivo J. M.
Monetary Targeting in the EMU: Lessons from the United States
Schmidt, Hartmut and Oesterhelweg, Olaf and Treske, Kai
Der Strukturwandel im Börsenwesen: Wettbewerbstheoretische Überlegungen und Trends im Ausland als Leitbilder für den Finanzplan Deutschland
Reischle, Julian
Divisa- Geldmengenindex: Ein Vorschlag zur theoretisch korrekten Erfassung des Geldes
Glaß, Stefan
Für ein direktes Preisniveauziel in der Geldpolitik (Jürgen Ehlgen)
Fischer, Bernhard und Reszat, Beate
Internationale Integration der Devisen-, Finanz- und Kapitalmärkte (Ulrich Dickel)
Sell, Friedrich L.
"On the Long-run Determinants of Income Velocity of Money: A Sectoral Approach"
Up to now, monetary explanations were in the limelight of the research on the trend reversals in the income velocity of money. Bordo/Jonung, among others, represent this type of research. Also, a greater variability of the money demand function has been observed. In this paper, an attempt is made to show that there
are also good reasons for variations/trend reversals in the income velocity of money founded in the "real" economic world. These effects result from the significant-different habits of money holdings in the formal economy on the one side and in the informal economy on the other side. Economic policy measures - above all those of (de)regulation - lead, at a given interdependence between the two sectors, to a shift of sizes which can in part explain the variability of the income velocity of money. The results are derived within a general equilibrium approach.
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Arnold, Ivo J. M.
"Money Targeting in the EMU: Lessons from the United States"
The economic arguments in favour of monetary targeting at the starts of the stage three of EMU are based on the presumed stability of European money demand and the effect of monetary targets on the credibility of central banks. Regional data from the United States show monetary aggregates to move closely together inside a monetary aggregates is caused by a lack of comovement between monetary aggregates in European countries. This comparison suggests that presently available European Money demand studies may overestimate money demand stability in the future EMU by more than 30 %. The paper therefore cautions against extrapolating empirical findings on European money demand stability to stage three. Given the uncertainties surrounding European money demand, the case for implementing monetary targeting right at the start of EMU rests solely on the presumed credibility effect of announcing targets for money supply growth.
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Schmidt, Hartmut and Oesterhelweg, Olaf and Treske, Kai
"Structural Change in Stock Markets: Competition-Theory-Based Considerations and Trends Abroad as Guideposts for Germany as a Financial Centre"
The ZEUS report sets out the strategic programme the Deutsche Börse (DBAG) seeks to implement in pursuit of its aim to become the leading stock-exchange organisation in the European time-zone. This study focuses on analyzing and assessing the effects of DBAG's plans on Germany's position as a financial centre in the international market of stock exchanges. The point of reference is not the present situation, but the foreseeable stock-exchange development. There are two methods for identifying this development: fundamental evolutionary and competition-theory-based considerations and an extrapolation of trends observable abroad. For this reason, the perspectives of the structural change currently under way in Britain and the United States have been included study.
Those orienting their actions by the internationally foreseeable developments will rather not expect that the mere realisation of the DBAG's plans will effect a giant leap in Germany's advancement as a financial centre in international competition. Rather more decisive is what competing stock-exchange members will contribute to structural change. Should the Frankfurt EHS represent the beginning of competition among German institutions and groups of institutions in the field of complementing in Germany's international competitiveness
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Bruhn, Manfred
"Measuring and Ensuring the Quality of Services of the Credit Industry Approaches to Comprehensive Quality Management in the Financial Services Sector (Part 1)"
The discussion about the cluster of topics that relate to the quality of services (from a corporate point of view) and/or to the satisfaction of clients (from a customer point of view) has substantially gained in intensity in the sector of financial services in recent years. A redefinition of rules of competition to be observed in wide areas has resulted in a need for developing and implementing~ a customer-oriented quality management system that must include all corporate units as well as the customers.
The first part of this contribution discusses the importance of quality management for the services sector with reference mainly to the latest developments in the financial services markets. The multi-level process of services production makes it necessary to adopt an approach encompassing all the corporate units involved where under this topic is tackled from more than one perspective. In order to meet these requirements, six central "gaps" are discussed within the framework of the FINSERV-GAP model that might impair the quality of services and are thus of special importance in terms of quality management.
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