KREDIT und KAPITAL - Issue 3/1970



Hansmeyer, Karl-Heinrich and Mackscheidt, Klaus
Die fiskalische Komponente einer Politik des Debt Management

Lipfert, Helmut
Limitierte Stufenflexibilität. Eine Lösungsmöglichkeit für das Wechselkursproblem

Adami, Manfred
Zur Problematik des Zielsystems von Mutual Funds


Scheffer, Cornelis F.
Unternehmensfinanzierung in Holland

Book Reviews

Wielens, Hans
Die Emission von Auslandsanleihen – eine Analyse ihrer Marktelemente, ihrer Entwicklung seit 1945 und ihre Bedeutung für die Integration der Kapitalmärkte
(Lutz R. Raettig)

Görgens, E.
Wettbewerb und Wirtschaftswachstum
(Karl-Heinz Dignas)

Jaeger, A. and Wenke, K.
Lineare Wirtschaftsalgebra
(Bernhard Korte)

Humbert, Christian
Internationale Anleihen
(Lutz R. Raettig)

Egger, Monika
Die Finanzierung mittelständischer Unternehmen durch Kapitalbeteiligungsgesellschaften in Österreich
(Walter Geiger)

Gaude, Bernhard
Die Mechanismen der Zentralbankgeldschöpfung und ihre Kontrollierbarkeit durch die Zentralbank
(Friedrich Dienethal)

Cristopeit, Joachim
Hermes-Deckungen – Inhalt und Funktion, Stellung im System der Exportförderung, wirtschaftspolitische Bedeutung mit rechtsvergleichender Bewertung
(Werner Terpitz)


Hansmeyer, Karl-Heinrich and Mackscheidt, Klaus
“The Fiscal Component of a Policy of Debt Management”

A modern debt policy should serve the attainment of several objectives, the aim of minimizing interest being confronted with a bundle of objectives embracing, among other things, liquidity-policy, wealth policy and growth policy objectives. To elucidate the difficulties involved in their realization, a policy is described which satisfies the objective of minimizing interest and substantially extends and refines the older fiscal approach. That approach interpreted the objective from the short-term standpoint, i. e. substitution of government securities to attain the currently lowest interest costs. Long-term analysis, on the other hand, must include market processes and market forecasts. It is shown that a phased strategy of adaption to and division of the market must be the consequence of such a policy. Only knowledge of the strategies serving to attain the objective of interest minimization reveals the conflicts of objectives which occur when conflicting, non-fiscal objectives are pursued to an increasing extent.


Lipfert, Helmut
“Limited Flexibility - A Possible Solution to the Exchange Rate Problem”

The monetary system created at Bretton Woods in 1944 did not provide an optimal solution to the problem of adjusting parities. Since freely floating exchange rates scarcely have a chance of realization owing to their feared disintegrating effect, only a reform “of small steps" can be considered. In such a reform the three following aspects must be taken into account:
1. individual economic interest in the calculability of the exchange rate risk;
2. national economic interest in exchange rate flexibility in order, if necessary, to escape as far as possible from the influences of other national economies;
3. supranational interest in unjeopardized integration so that General prosperity can improve unhindered.
These demands on a reform are satisfied by "limited" flexibility, under which system the most important members of the IMF undertake
1. not to adjust the parity more than 2 % per year,
2. to broaden (e. g. to double) the band.
In this way parity adjustments could become a normal "unpolitical" monetary instrument such as, say, bank rate policy. Since the exchange rate can fluctuate freely within the broader band, the parity adjustment would be of confirmatory character only, the band may merely be shifted. An important benefit of this 'limited" system consists in making the exchange risk calculable for the exporting and importing economy and sparing it extreme situations in which excessive risks of loss due to parity changes have to be accepted or excessive prices have to be paid for exclusion of these risks.


Adami, Manfred
“On the Problems of the Objective System of Mutual Funds”

In recent times, mutual funds have attained great importance as instruments of capital investment. Their varying objective systems merit attention above all because in investing funds provided by savers the latter's target conceptions must be taken into account. The investor's targets and behaviour are therefore important pointers for the formation and formulation of the external objective system of the mutual funds. That system of objectives serves as an orientation aid for investors when selecting a fund. The elements of that objective system are the desire for securing the capital value, income and capital growth. They are contained to varying degrees in the objective system of all funds. In addition, there is what is described here as an 'internal" objective system. This term is used for the objectives of the persons and organizations directly participating in the performance of a fund. These objectives are for the most part of a different nature than the external objectives. The main issue is the achievement of income for the participants and, since as a rule that income grows proportionally with the assets of a fund (management charges, agent's commission sales charges accruing on expansion of the fund), those taking part in the management are usually primarily interested in the growth of the fund. The necessity of making allowances for the investor's objectives to a great extent makes special measures synthesizing diverging objective conceptions essential. Almost always, however, they are adapted only to the external objective system. Consequently conflicts of interest arise between the management's desire for income and the opposing interest of investors in leaving as much of the returns as possible in the fund. In extreme cases such conflicts of interests have led to substantial impairment of investors' interests.



Scheffer, Cornelis F.
“Financing Business in Holland”

The article deals first with the possibilities of 'internal" financing from the cash-flow: residual depreciation allowances, rational use of working funds, self-financing. In the following remarks on external financing of firms by way of credit, etc., the institutional Situation and organizational arrangements in the Netherlands are thoroughly ventilated. The main emphasis in this presentation is placed on direct credits and government aid for the financing of small and medium-sized firms. In connection with financing by equity capital, the activity of investment and other finance companies is dealt with. Strong emphasis is placed on the assessment of the expected liquidity situation and future profit chances, which provide a good basis for examining the creditability of a firm.