The European Monetary System five years on: Achievements and prospects

The record of the European Monetary System at the five-year mark is rather a disappointment for the System’s advocates. Has the “EMS experiment” failed? Or is there potential for developing the System further to the advantage of all member countries?     

Verbraucherpolitische Probleme bei der Anwendung des Gesetzes zur Regelung des Rechts der Allgemeinen Geschäftsbedingungen (AGBG). Zugleich eine Würdigung neu erschienener Erläuterungsliteratur

Zusammenfassung Der Beitrag untersucht den Schutzzweck des neuen AGB-Gesetzes anhand der Entstehungsgeschichte des Gesetzes. Er weist darauf hin, daß in der neuen Kommentarliteratur der verbraucherpolitische Schutzzweck nur unzureichend reflektiert wird. Dies zeigt sich insbesondere an der Auslegung des gesetzlichen Zentralbegriffs der »Allgemeinen Geschäftsbedingung« und an seiner Ausnahme, den »im einzelnen ausgehandelten« Bedingungen. Hier ist nach Meinung des Autors eine Differenzierung in Geschäftsbedingungen zwischen Unternehmen einerseits und im Verhältnis Unternehmen-Verbraucher (Nichtkaufleute) andererseits erforderlich. Schließlich wird auf Probleme der Verbandsklage eingegangen.

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On the difficulties of protecting the consumer by means of the new german law on standard terms of contract (ABGB)

The paper analyses the attempts made in this Law to increase the protection of the consumer against unfair contract clauses. It reviews recent legal writings which have tried to evaluate the substance and scope of the protection provided by the Law. It is maintained that in these writings, the aims of the legislation are not examined at sufficient depth. Criticism is levelled especially against the way in which the concept standard contract term has been expounded.The author argues that standard contract terms have to be given different interpretations depending upon whether contracts are made between an enterprise and consumers or between two enterprises. In the first case (enterprise-consumer) a wide definition of standard contract terms should be applied in order for the courts to be able to deal with most consumer contracts. In particular, the author opposes the notion of individually negotiated contracts in Art. 1 § 2, which by literal interpretation would provide loopholes enabling enterprises to evade the law. In the second case (enterprise-enterprise), one should pay attention to the distribution of market power; the more powerful an enterprise in relation to the contract partner, the greater the need for legal control of contract terms.The paper also contains a commentary on the legal procedure of collective action (Verbandsklage) whereby consumer organizations can protest against unfair standard form contracts; some first practical experiences with the procedure are mentioned.

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Norbert Reich ist Professor für Rechtswissenschaft an der Hochschule für Wirtschaft und Politik, 2000 Hamburg 13, Von-Melle-Park 9.     

Child Health and Economic Crisis in Peru

The effect of macroeconomic crises on child health is a topicof great policy importance. This article analyzes the impactof a profound crisis in Peru on infant mortality. It finds anincrease of about 2.5 percentage points in the infant mortalityrate for children born during the crisis of the late 1980s,which implies that about 17,000 more children died than wouldhave in the absence of the crisis. Accounting for the precisesource of the increase in infant mortality is difficult, butit appears that the collapse in public and private expenditureson health played an important role.     

Land use change, biomass production and HANPP: The case of Hungary 1961-2005

This paper presents an empirical analysis of the human appropriation of aboveground net primary production (aHANPP) in Hungary in the years 1961-2005. In this period aboveground HANPP dropped from 67% to 49% of the potential vegetation's NPP. The trajectory was not smooth, but aboveground HANPP fluctuated with changes in factors affecting agricultural production conditions. Both aboveground net primary production (aNPP) of the prevailing vegetation and harvested aNPP increased during the socialist regime, dropped when the system collapsed and has shown considerable fluctuations since. We discuss the development of aboveground HANPP and the Hungarian land use system in the context of socioeconomic changes during three distinct phases: (1) industrialisation of agriculture (1961-1989), (2) regime collapse (1989-1993) and (3) restructuring of a new economy (1993-2005). Within these periods, different driving factors influenced aboveground HANPP and its constituents. In the phase of industrialisation, mechanisation and agrochemical inputs reduced aHANPP while harvested amounts of biomass increased progressively. In the second phase, political and economic circumstances devastated production conditions resulting in a decline of productivity of actual vegetation and a temporary rise in aboveground HANPP. During the last twelve years, industrialisation patterns of agricultural production recovered. The restructuring of inefficient agricultural production systems raised harvest at moderate levels of agricultural inputs, while climatic conditions intimidated high yield and harvest security. The paper discusses the effect of different economic and political regimes and of major socioeconomic restructuring on the development of the land use system, biomass production and aboveground HANPP.     

Ungleichheit,Mitarbeiterbeteiligung und Politik

Ohne Zusammenfassung Norbert Berthold ist Inhaber des Lehrstuhls für Volkswirtschaftslehre an der Universit?t Würzburg     

Investment planning under uncertainty and flexibility: the case of a purchasable sales contract*

Investment decisions are not only characterised by irreversibility and uncertainty but also by flexibility with regard to the timing of the investment. This paper describes how stochastic simulation can be successfully integrated into a backward recursive programming approach in the context of flexible investment planning. We apply this hybrid approach to a marketing question from primary production which can be viewed as an investment problem: should grain farmers purchase sales contracts which guarantee fixed product prices over the next 10 years? The model results support the conclusion from dynamic investment theory that it is essential to take simultaneously account of uncertainty and flexibility.