Europäische Währungsunion - institutionenökonomisch gesehen
Monetary Systems and Monetary Theory
Bohl, Martin T.
Modellierung einer stabilen Geldnachfragefunktion für Deutschlands M2
Liquiditätsmessung auf experimentellen Aktienmärkten
Derivative Finanzinstrumente im Kontext wirtschaftlicher Stabilität
Europäische Zentralbank und Mindestreservepolitik (Michael Frömmel)
Hopt, Klaus J. und Rudolph, Bernd und Baum, Harald (Hrsg.)
Börsenreform: Eine ökonomische, rechtsvergleichende und rechtspolitische Untersuchung (Sigrid Müller)
"European Monetary Union - Under the Aspeet of Institutional Economics"
This contribution begins with a brief summary of the situation that existed prior to the decision to set up the European Monetary Union (EMU), i. e. with a description of the problems that confronted the European Monetary System (EMS) set up in 1979 which soon turned out to be in need of repair. It is shown that EMU was neither the only nor the best repair Option for the EMS. Thereafter the discussion focuses on problems posed by the 1992 Maastricht Treaty; the main topics of the debate on the euro are briefly presented. This contribution closes with an outlook on the EMU. Two extreme ways of Iooking at it are presented: an optimistic and a pessimistic one. Both ought to be viewed as fixed points in a continuously scenario potentially helping to improve the capability of assessing the EMU development to be expected and of evaluating subsequent results more clearly.
"Monetary System and Monetary Theory"
The evolution monetary arrangements is analyzed from a theoretical perspective showing that, together with technology, the theory of money is an essential factor in the development of monetary institutions. The diffusion of non-tangible payment media will impinge on the monetary system, possibly allowing for the reestablishment of some of the positive features that characterized commodity standards. (JEL E 42, F 33)
Bohl, Martin T.
"Specification of a Stable Money Demand Function for German M2"
In this paper the German M2 money demand function is investigated using seasonally adjusted and unadjusted quarterly data over the period from 1960 to 1996. The findings show that the usage of seasonally adjusted time series may be responsible for the problems to model a money demand function for M2 Empirical evidence is found in favour of a stable long-run M2 money demand function relying on seasonally unadjusted data while it is not possible to establish a stable long-run relationship using seasonally adjusted time series. The seasonal error correction model exhibits satisfactory properties and fits the data quite well.
"Liquidity Measurement in Experimental Stock Markets"
The liquidity that goes along with various organisational forms of the trade in securities and its measurement are key issues in the shaping of security markets. This contribution starts with a discussion of the appropriateness of several liquidity measures proposed in the specialised technical literature. On the basis of a series of market experiments, a comparison is made of the liquidity of the three basic forms of security trading - total price determination, continuous auction selling and the market-maker system.
Both the volume of trade and the measure proposed by Roll (1984) are apparently inappropriate for comparing the liquidity of differently organised security markets. There is no support by empirical evidence of overestimated transaction costs prognosticated for total price determination on the basis of theoretical arguments.
The explicit bid/ ask price spread, however, is basically an appropriate measure of liquidity. Such a spread can be ascertained also for total price determination on the basis of experimental market data. This spread has turned out to be smaller than the ones existing in continuous auction selling and in the market-maker system. However, the bid/ ask price spread must be subjected to careful interpretation as well. Thos contribution shows that there may be systematic distortions in certain circumstances. These could be identified in the experimental markets examined by this contribution. But this is not necessarily possible with investigation to field date, which suggests that there is a real risk of distortions.
"Derivative Financial Instruments in the Context of Economic Stability - Basic Conclusions concerning Disclosure of Derivative-related Information within the Framework of External Accounting of Credit Institutions"
Ambivalent stability effects at the level of both individual businesses and financial markets or, as the case may be, of the financial system are the result of the profile of the properties and functions of derivative financial instruments in combination with the risk-mindedness and risk-bearing capabilities of the market players conducting the derivatives business. The lack of transparency characterising the markets for derivatives in respect of their numerical and structural developments must be deemed one of the most important sources of systemic risks favouring systemic volatility and liquidity risks. The most important determinant of this deficit in transparency has been the publicity given to derivatives, inadequate and hardly comparable so far, within the framework of credit and other financial institutions' external accounting practices resulting in increasingly severe losses of addresses and systemic follow-up risks. To develop system-stabilizing market-based disciplines, there is a reciprocal need, within the framework of the internationally comparable publicity given to derivatives, for disclosing mutually complementary qualitative and quantitative data showing, in a manner that is comprehensive and. detailed at the same time, the structure, volume and potential risks attaching to the use of derivatives in the trading and non-trading fields as well as to their handling within the framework of risk management an balance sheet preparation strategies, including evaluation. This approach allows to counteract the danger of misinterpretations in particular and, thus, to contribute to a generally improved efficiency of information about derivatives markets and to improved risk allocation.