WÃ¤hrungspolitik in der Ãbergangsphase zur EuropÃ¤ischen WÃ¤hrungsunion
Wandel wÃ¤hrungspolitischer Arrangements. Was tragen Multinationale Unternehmungen dazu bei?
Die Rolle der RegionalbÃ¶rsen am deutschen Kapitalmarkt heute und morgen (Teil II)
Wilhelm, Jochen and BrÃ¼ning, Lars
Die Fristigkeitsstruktur der ZinssÃ¤tze: Theoretisches Konstrukt und empirische Evaluierung. Untersuchung mit Daten des Kapitalmarktes der Bundesrepublik Deutschland
Debt-for-Nature Swaps: Ein Finanzierungsinstrument zur Entschuldung und zum Umweltschutz in der Dritten Welt?
Thieme, H. JÃ¶rg
Soziale Marktwirtschaft. Ordnungskonzeption und wirtschaftspolitische Gestaltung (Stefanie Hamacher)
Weber, Manfred (Hrsg.)
Europa auf dem Weg zur WÃ¤hrungsunion (Wolfgang Neumann)
Die Transformation von Wirtschaftsordnungen. Theoretische, phÃ¤notypische und politische Aspekte (Holger MÃ¼ller)
"Monetary Policy in the Phase of Transition to European Monetary Union"
In the treaty of Maastricht the members of the European Monetary System (EMS) agreed to start a European Monetary Union (EMU) by the end of the decade. Therefore, the current (de facto) asymmetric intervention and adjustment mechanism of the EMS has to be made symmetric, the exchange rates have to be fixed permanently and the reserve constraint within the exchange rate system has to be revoked. The implications of this transformation process for monetary policy are analysed in a two-country model of the Mundell-Fleming type. The sequencing of the structural adjustments from the EMS to the EMU is crucial. To fix the exchange rates permanently in the current asymmetric EMS strengthens the role of the Deutschmark as the nominal anchor. However, if monetary symmetry is established first, then the subsequent fixing of the exchange rates has the opposit effect. The previous nonreserve countries gain monetary influence upon the reserve country Germany. As the common European currency is supposed to be as strong as the Deutschmark, the transformation to the EMU has to start with the permanent fixing of exchange rates. The ex ante coordination of national monetary policies is desirable, but not necessary. The monetary policies will be adjusted automatically ex post to the policy of the reserve country through the exchange rate mechanism of the EMS. With the final transition to the EMU the asymmetric character of the EMS and the reserve constraint will be removed automatically.
"Changes in Monetary Policy Arrangements - what do Multinational Enterprises contribute thereto?"
A preference for nominally more stable exchange rates has again been observed worldwide f or some time. However, in systems of fixed exchange rates the conflicting monetary policy targets on account of imperfect political markets are removed for the most part not by means adequate to the causes, but by dirigist governmental interventions into the international financial markets. The possibilities multinational enterprises have for handling financial transactions via internal markets as well are helpful in overcoming state-erected barriers. Forced speculation ultimately contributes to a collapse of the inefficient monetary system and to a more efficient system of flexible exchange rates being adopted.
"The Role of Regional Stock Exchanges on the German Capital Market Today and Tomorrow"
V-7hilst part I of this contribution attempted to objectivate under framework policy aspects the controversial discussion about the future structure of the German stock exchanges, this Part II analyzes on the basis of the existing structure what the specific consequences would be for the German stock exchanges if competitiveness were made the basis of stock exchange policy also in Germany in order to strengthen and accelerate desirable evolutionary processes.
It would not be desirable to rely exclusively on the international competition among stock exchanges because this would cover only parts of the German stock exchange and loan markets. It would rather be more advisable to retransfer from the Working Party of the German Stock Exchanges to the regional stock exchanges the competences that exist in the shaping of products and in marketing so as to give them enough scope for clearly presenting themselves as competitors like their American and Japanese sisters.
The competitive pressure emanating from the regional stock exchanges and from systems such as MATIS and IBIS on fee volumes as well as bid and offer price spreads should continue to exist because this makes the German stock market attractive for domestic and foreign investors and because it tends to reduce the capital costs in the corporate sector. However, this presupposes that every stock exchange and every system offers equal opportunities in respect of all the securities for winning execution orders by means of the quality of the trading services and of the especially favourable bid and offer price spreads they quote.
The stock exchange supervisory and the legislative authorities must ensure such equality of opportunities and prevent the dominant member banks from using their power of directing order flows in a way that would dry out certain locations or systems, which would increase the costs of all transactions and represent a very heavy burden on investors and issuers in Germany.
Wilhelm, Jochen and BrÃ¼ning, Lars
"The Term Structure of Interest Rates: Theoretical Construct and Empirical Evaluation"
For a long time, the term structure of interest rates has been regarded as the central concept for analyzing the lending and the credit markets theoretically and empirically. The assumption of arbitrage-free markets (more precisely: markets with no risks and arbitrage-free gain possibilities) is usually applied at present as the theoretical foundation of this concept - an assumption that is justified only under idealized market conditions. This paper develops this assumption taking account of institutional constraints on arbitrage gain possibilities. The concept of markets approximately arbitrage-free is developed in a precise form for a whole class of variants; such precision is necessary for empirical evaluation. In two special cases, the result is a linear programming problem as estimation procedure for the empirically ascertained interest rate structure. The plausibility of these methods is verified for the German market for the first time on the basis of empirical data; for this reason, this paper reports on a number of market-specific methodical details and selected results.