How the German crisis of 1931 swept across Europe: a comparative view from Stockholm†

According to conventional wisdom, the fall of the Swedish currency in September 1931 was caused by the sterling crisis. This article shows that the road towards devaluation began earlier and that financial linkages with Germany proved to be more important than Sweden's economic and monetary relations with Great Britain. It all started in late 1929 when the Swedish financier Ivar Kreuger gave a loan to the German government in exchange for the match monopoly, thus tying his business ventures to Germany's solvency. In addition, a part of this loan was financed by large US dollar credits from the two largest Swedish banks that, in turn, accumulated a sizeable foreign short‐term deficit. When in June 1931 the German fiscal crisis began to escalate, international investors ceased to consider Sweden a safe haven because they knew about the linkages between the German government, Kreuger, and the Swedish banking system. This downgrading, in combination with the foreign short‐term deficit of the banking sector, proved lethal for the reserve position of the Swedish central bank, once the international liquidity crisis in mid‐July 1931 erupted. The sterling crisis only put the final nail in the coffin.     

Gut versorgt nach der Herz-OP

Pflegerische Betreuung kardiochirurgischer Kinder - Herzfehler sind die h?ufigsten angeborenen Erkrankungen und machen oft noch im ersten Lebensjahr eine korrigierende Operation erforderlich. Um den Therapieerfolg zu sichern, ben?tigen die Kinder auch nach der Operation eine intensive überwachung. Festgelegte Handlungsanweisungen sorgen dafür, dass keine Komplikationen übersehen werden.     

Die Bundesbank und ihre Rolle im unbaren Zahlungsverkehr

Die Bundesbank spielt eine bedeutende Rolle im unbaren Zahlungsverkehr in Deutschland und der Eurozone. Sie hat die Aufgabe, einen reibungslosen und insbesondere sicheren Zahlungsverkehr zu gew?hrleisten. Die Besonderheit des Marktes für Zahlungsverkehrssysteme macht es — den Autoren zufolge — notwendig, dass eine unabh?ngige Zentralbank als staatlicher Anbieter im Markt auftritt.     

The brand anchoring effect: A judgment bias resulting from brand awareness and temporary accessibility

Following the Selective Activation, Reconstruction, and Anchoring (SARA) and consumer‐based brand equity models, high awareness brands are expected to serve as anchors for forming impressions of co‐branded entities. Comparing the brand personality profiles of fictitious brand alliances with high and low awareness brands, the brand anchoring effect is found in Studies 1 and 2. Moreover, Study 3 shows that the effect generalizes to specific brand characteristics and results from making brand‐related information more available. Future research on brand awareness and on the brand anchoring effect is discussed. © 2009 Wiley Periodicals, Inc.     

Evaluation uncertainty of venture capitalists' investment criteria

This paper analyzes the decision process of venture capitalists. The study focuses on aligning the evaluation uncertainty in the decision criteria of venture capitalists with the progress of the process. The reasoning builds from the concept of search, experience and credence qualities, which was developed in the economics of information and allows the identification of the varying uncertainty of a single decision criterion compared to other criteria, along with uncertainty variations throughout the process. Exploratory empirical evidence suggests that in the early steps of the process in particular, management criteria are uncertain, while at the end of the process other criteria couple with uncertainty.     

CO2 abatement policy with learning-by-doing in renewable energy

This paper analyzes the implications of CO₂ abatement when there is endogenous technological change in renewable energy. A multi-sector numerical general equilibrium model for Denmark is proposed to reflect two basic assumptions about technological progress in renewable energy. First, there is learning-by-doing and unit costs of production are a decreasing function of cumulated output. Second, technological progress only benefits new vintages of capital. The learning-by-doing process is calibrated to match current projections for technological progress in wind-based electricity. The implications are a marked reduction in the total and marginal cost of abatement and a decline in the optimal level of near-term abatement.