Die internationale Wettbewerbsfähigkeit ganzer Volkswirtschaften: Ein Phänomen auf der Suche nach einer Theorie
Spekulative Seifenblasen auf den Devisenmärkten - Ein kurzlebiges Phänomen?
Finanzintermediation und Reputationseffekte
Untersuchung der Renditestruktur im Markt der DM-Euroanleihen
Konstanz Seminar on Monetary Theory and Monetary Policy 1995
Makroökonomische Szenarien für das vereinigte Deutschland (Jochen Michaelis)
Von Stein, Joh. Heinrich
Banken in Japan heute (Beate Reszat)
"International Competitiveness of National Economies: a Phenomenon Encountered in Searching a Theory"
On the basis of a Ricardian model, this contribution attempts to place the concept of the competitiveness of national economies on theoretical foundations. Within the framework of this theory approach, exchange rate-induced disturbances of the international division of labour can be identified that are independent of the individual economic determinants of foreign trade. Contrary to Krugman, it would thus be correct to say that it is meaningful indeed to operate with the concept of the competitiveness of national economies. It is congruent with Balassa's approach towards an economy's overall ability to sell. The yardstick, compatible with this concept, for measuring the competitiveness of national economies is the real exchange rate calculated on the basis of unit labour costs. EmpiricaI studies show that this indicator is, as a rule, well suited for explaining in import and export flows. Contrary to the widely discussed concept of competitiveness - within the meaning of a country's relevant variables pertaining to real income and employment - the approach used in this contribution specific exchange rate-induced disturbances of the international division of labour to be much more accurately defined.
"Speculative Bubbles in the Foreign Exchange Market - A Short-Lived Phenomenon?"
From an empirical viewpoint the existence of speculative bubbles in the foreign exchange market is not well established. This paper tests the hypothesis that speculative bubbles are a short-lived phenomenon. To explain large exchange rate changes is a new test procedure is developed that allows to distinguish between bursting bubbles and new effects. For the (daily) deutsche Mark/ U.S. dollar exchange rate the existence of speculative bubbles and the short duration of life-hypothesis is supported. Evidence is also found that news effects influence the exchange rate, but these effects are not permanent. News effects quickly reserved over the following few days.
"Financial Intermediation and Reputation Effects"
In order to explain the existence of financial intermediaries, it is necessary to demonstrate the advantages of a two-tier over a single-tier financing relationship. In the relationship between an intermediary and a financed enterprise, problems can be avoided that would otherwise arise from non-co--operative modes of behaviour where several capital donors directly invest in a company. On the other hand, it is common practice for a single intermediary to fund a large number of enterprises simultaneously. It has been common knowledge for quite some time that the diversification effects made possible thereby mitigate possible incentive problems between the intermediary and the investors. Another advantage of intermediaries, not yet noted to any significant extent, is that - over time, i. e. where a sequential approach is taken - there is greater probability that the capital demand intermediaries is more often more substantial than that of an individual company. This explains why, in order to build or cultivate, as the case may be, their reputation, financial intermediaries are, more often and more widely than individual companies, prepared to behave properly. This holds true for young enterprises in particular, which see little point in investing in their own reputation because of their still limited perspectives of continuing in operation. Using the services of financial intermediaries is thus a logical proposition especially for young enterprises, in order to avoid incentive problems.
"Study of Yield Structure in the Euro Market for DM-Denominated Loans""
This study examines the correlation between the rating and yield to maturity of DM-Euromarket bonds. We find that, c.p. the yield to maturity of a bond increases with a decreasing rating between 1988 and 1991. We control for DM interest rate, bond's liquidity and time to maturity.