KREDIT und KAPITAL - Issue 2/2001


Contents


Articles

Wohltmann, Hans-Werner and Clausen, Volker
Geldpolitik, Fiskalpolitik und ausländische Zinsschocks in einer asymmetrischen Währungsunion

Vijselaar, Focco W. and Albers, Ronald M.
Cyclical Convergence in Europe

Fase, M. M. G. and Folkertsma, C. K.
Measuring Inflation: Testing Carl Menger's Concept of the Inner Value of Money

Schneider, Friedrich and Winner, Hannes
Ein Vorschlag zur Reform der österreichischen Unternehmensbesteuerung

Köke, F. Jens
New Evidence on Ownership Structures in Germany


Book Reviews

Helmut Dietl, Markus Pauli and Susanne Royer (Hrsg.)
Internationaler Finanzplatzwettbewerb - Ein ressourcenorientierter Vergleich (Heiko Schmiedel)

Achim Machauer
Bankverhalten in Kreditbeziehungen (Christoph J. Börner)


Summaries

Wohltmann, Hans-Werner and Clausen, Volker
"Monetary Policy and Foreign Interest Rate Shocks in an Asymmetric Monetary Union"

This paper analyzes the dynamic effects of monetary policy, fiscal policy, and foreign interest rate shocks in a monetary union, which is small relative to the rest of the world and simultaneously characterized by supply- side and demand- side asymmetries. We investigate both, the implications at the aggregate European level as well as in the individual member countries. The analysis distinguishes between anticipated and unanticipated shocks. We find that monetary policy, which is expansionary at the aggregate European level, may have a contractionary impact in individual member countries. Whereas monetary and fiscal policy cause temporary cyclical divergences within the monetary union, shocks to the world interest rate lead to lasting cyclical divergences within the monetary union.

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Vijselaar, Focco W. and Albers, Ronald M.
"Cyclical Convergence in Europe"

In order to ensure smooth functioning of EMU it is important that business cycles of individual participating states do not diverge too much. The present study compares the business cycles of individual EU member states to the cycle of the euro area aggregate - which is considered the relevant reference cycle - over the period 1973- 1996. The degree of cyclical convergence among the 11 states participating in EMU is found to be high. This result proves to be robust to the particular de- trending method used. In addition, we find that the impact of German re- unification on cyclical convergence is relatively limited. The UK, however, shows a clearly different cyclical pattern compared to the present euro area. This may complicate the conduct of the single monetary policy if the UK were to enter EMU. (JEL E30, E50)

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Fase, M. M. G. and Folkertsma, C. K.
"Measuring Inflation: Testing Carl Menger's Concept of the Inner Value of Money"

This paper attempts to operationalize Carl Menger's concept of the "innerer Tauschwert des Geldes", i.e. the inner value of money. Since the change in the inner value of money is the component of price movements which is due to monetary influences, the operationalization provides an alternative measure of inflation. We consider several approaches for gauging the change in the inner value of money. Of these, we use a structural VAR model to identify the price movements in the Netherlands and the EU due to monetary shocks. (JEL E31)

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Schneider, Friedrich and Winner, Hannes
"A Proposal for a New Business Taxation in Austria"

This paper evaluates an alternative for the Austrian business taxation in which the company has to pay no taxes on retained earnings until repatriation to the shareholders. We analyze the effects of the proposal in a framework of effective marginal tax rates as developed by King and Fullerton. Effective marginal tax rates before and after the introduction of the new business taxation are calculated for national and international foreign direct investment. Our result is that the overall tax burden of corporations would be substantially lower both, for Austrian and international investors. Moreover, corporations face stronger incentives to finance investments at the margin with retained earnings. Therefore the tax disadvantage of equity would be reduced.

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Köke, F. Jens
"New Evidence on Ownership Structures in Germany"

This study documents the ownership structures of large listed and non- listed German manufacturing firms as an important element of corporate governance. We find that shares are concentrated in the hands of few large shareholders. This limits agency problems resulting from a separation of ownership and control. Also, pyramid structures and cross- ownership exist but are not as widespread as commonly assumed. However, mostly the largest shareholder is another non- financial enterprise giving rise to a different kind of agency problem. But significant variation in the corporate ownership structures suggest that there is an active market for large share stakes which could act as a control device. (JEL G32)

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