Time lags der Geldpolitik. Systematik der Zusammenhänge, Ursachen und Verkürzungsmöglichkeiten
Fusionen im amerikanischen Bankwesen. Probleme und Tendenzen
Korte, Bernhard and Oberhofer, Walter
Verteilungsformen der Einlagenbestände auf Sparkonten
Wirtschaftswachstum und Währungsstabilität in Österreich
Johnson, Harry G.
Beiträge zur Geldtheorie und Geldpolitik
Die Standortfrage bei Kreditinstituten
Gunzert, R. (Hrsg.)
Aspekte der Stabilitäts- und Wachstumspolitik
(Karl Heinz Dignas)
Die kontinuierliche Liquiditätsversorgung des Bankensystems
Vermögensbestand, Sparverhalten und Wirtschaftswachstum
Time Lags in Monetary Policy
Theoretical research shows that the frequently observed time lags in monetary policy can be attributed to cause which can be manipulated by policy measures so that such time lags need not be accepted as inevitable, but can be shortened. The recognition lag can be shortened by the use of early indicators, that is by watching labour market statistics, incoming orders and delivery dates at the beginning of an upswing, and by watching the incoming orders of the capital goods industry at the beginning of a downswing. Measures which suggest them-selves for reducing the decision lag are automatic mechanisms which make monetary policy less dependent on political influences. Conflicts between home trade and foreign trade objectives, which frequently delay monetary policy decisions, can be eliminated by early exchange rate adjustments or flexible ex-change rates. The intermediate lag can be shortened by more stringent rediscount quotas, the extension of open market policy to the capital market and non-bankers, and by safeguards against external economic influences. The liquidity theory of money offers points of departure for shortening the outside lag -inclusion of credits in minimum reserves calculations, credit ceilings, regulation of share issues by taxation, and minimum reserve requirements for financial intermediaries. The attempts made hitherto to quantify the overall time lag in monetary policy are problematical for various reasons, in particular because with many computation methods the later monetary policy is put into effect, the time lag erroneously appears to be all the shorter.
Mergers in the American Banking Business Problems and Trends
Starting from the increasing number of bank mergers in the past 15 years, the first chapter of this monograph gives a survey of the latest developments in the pertinent legislation of the United States. In particular, the Bank Merger Act of 1960 was intended to exercise control over mergers and provide uniform criteria for the authorities' decisions on merger applications. The act was amended in 1966 when divergent opinions occurred among the authorities in the so-called Philadelphia case. Banking must be ranked somewhere between the controlled and non-controlled sectors of the economy. The second chapter goes a little more thoroughly into the economic and social objectives. Bankers and authorities support the view that the banks compete with other institutions over almost the intire range of their business activities, but this opinion is not uncontested. Incidentally, some authors feel that competition could be intensified by amending the regulations and standards applied by the authorities. For example, they are of the opinion that mergers restrain competition. On the other hand, the establishment of bank branches should be liberalized in the USA. The arguments advanced from various quarters against such measures to intensify competition from the standpoint of control of business and central bank policy are dealt with in detail and refuted. However, essential differences in banking competition, as compared with other business undertakings, are the criteria of financial standing and solvency. Proceeding from the consideration that the concentration within a market is usually a measure of the degree of competition, the study examines whether competition, financial standing and solvency conflict with each other as social objectives for the banking business. Empirical studies based on statistical series of interest rates for debit and credit balances have not produced uniform results. But there is much to support the view that credit mobility, which depends inter alia on the balancing of liquid resources, is better in larger institutions. Studies of costs and benefits show slight advantages for a branch banking system. This thesis is substantiated in the third chapter. In a branch banking system the conflict of social objectives is the least serious. Merger policy should be judged from this standpoint.
Korte, Bernhard and Oberhofer, Walter
Forms of Distribution of Savings Account Deposits
Analyses of savings account deposits have hitherto been limited essentially to investigations of average values. Predications as to the form of distribution, i. e. as to the distribution function and its parameters, could not be derived from those analyses. On the basis of comprehensive empirical material, this study shows that the deposits on savings accounts satisfy the conditions of a mixed distribution comprising two log-normal distributions. For savings deposits this verifies a predication analogous to Gibrat's law of personal income distribution. Furthermore, the two components of the mixed distribution characterize a group of small savers and one of big savers. The investigations have shown that these groups are relatively disjunct, remain almost constant over time and manifest little mutual permeability. In addation, for certain subgroups of savers defined by social criteria the study examines in what ratio they are distributed between the two components of the mixed distribution, i. e. to what extent hese subgroups belong to the small or big savers.
Economic Growth and Monetary Stability in Austria
The author attempts an appraisal of Austrian economic policy since 1945,applying the criteria of growth and stability, and comes to the conclusion that, from the long-range viewpoint, despite the fact that initially material and organizational reconstruction enjoyed priority these objectives were realized to no less a degree than in other countries. With regard to economic growth, in the fifties Austria kept abreast of the leading western industrial countries. Then came a period of slower growth resulting from the fact that primary and raw Material production, which had previously been a prominent growth factor, began to suffer from sales difficulties occasioned by world market conditions and from unfavourable output structures. However, in 1967 and 1968 Austria again held a midfield position among the European industrial countries and in 1969 and 1970 will more likely be among the leaders. The fact that Austria's export figures are very good and that it was possible to achieve those good results even in 1967 when her most important' customers were undergoing a recession shows that the intentioned structural difficulties have been successfully overcome. Monetary stability was put on short commons in the first few years of reconstruction. The monetary reform intended to establish equilibrium between money and goods by way of money-absorption measures could only be put into effect step by step owing to the difficulties caused by the four power military occupation. Following the stabilization that was completed in 1953 with the declaration of the initial parity to the Monetary Fund, at first a high degree of stability persisted for some years, but this then gave way to a secular depreciation of money, though this trend was no more marked than in most western industrial countries. Austria is in the gratifying position of having squared her balance of payments over a long period and is therefore not bothered with upward or downward revaluation problems. Judged from monetary standpoints, Austria's economic policy has been expedient and has ensured crisis-free settlement of payments with foreign countries coupled with a maximum of liberality. Although there are no convincing and consequentially implemented conceptions, in individual cases obstinate and difficult problems have been solved with effective measures.