Alternative approaches to the theory of the banking firm

During the past decade, the importance of a sound microeconomic foundation for aggregate economic analysis has been increasingly emphasized. In this context, a satisfactory theory of bank behaviour appears as an indispensable prerequisite for a clear understanding of the workings of the financial sector of the economy. This has led to the development of a substantial literature attempting to model and explain the behaviour of banking firms. This paper presents a survey and discussion of the various approaches which can be found in this literature. A special effort is made to present an integrated view of the real resource and financial aspect: of banking activities.     

Design and implementation of a survey of people parking at curbside meters

A practical procedure for planning and implementing a survey of the public to obtain relevant information for municipal decision-makers is illustrated with a study of motor vehicle parking at curbside meters. Principal components are: the definition of the problem; the development of a questionnaire in consultation with the politicians and their advisors; the design of a sampling plan to reflect the breadth of potential responses from the public, and the cost of obtaining interviews; the use of machine-readable forms to reduce the sources of error, and to facilitate the monitoring of interviewer performance; and the application of statistical analysis, using standard computer programs to obtain quickly and accurately the results that are most meaningful to the ultimate decision-makers. The conclusions and recommendations from the survey may be applicable to other cities.     

Financial integration and innovation in Europe

The creation of an internal market for financial services by the European Union, along with technological changes in communications and data management, will have a strong impact on banking and financial markets in Europe. This paper presents a selective review of discussions concerning the resulting processes of adjustment and their outcomes. Topics covered include effects on cost efficiency, competition production and trade patterns, and the dynamics of financial regulation in the open, integrated economy.     

“Imaginary” or “Real” Moneys of Account in Medieval Europe? An Econometric Analysis of the Basle Pound, 1365–1429

During the Middle Ages, the medium of exchange function of money was separate from the unit of account function. This has given rise to the misconception that the medieval pound was an “abstract” or “imaginary” unit of account whose purchasing power was independent of that of gold and silver coins. The joint behavior of the pound price of gold, the pound price of silver, and the silver–gold ratio in Basle between 1365 and 1429 cannot be reconciled with the notion that nominal values were autonomous. Instead, the monetary system was based on a silver standard, supplemented by gold coins whose money of account values were determined by this silver standard.     

Energy demand in the transportation sector of Mexico

This paper report results of an analysis of the demand for energy in the Mexican transport sectors, focusing on the railroad, air transport and motor vehicle modes. The approach is an econometric one with emphasis placed on the structure for each mode. For two of the modes a two-stage approach is employed where in the first stage demands for services from the particular mode are modeled, and in the second stage demand is treated as a derived demand from these transport services. For the motor vehicle mode, gasoline demand is considered as the product of gasoline consumption per vehicle times the total number of vehicles, and then these components are related to economic and structural variables. Diesel demand of motor vehicles is modeled in a more reduced from approach. The principal finding is that changes in income play a more important role in affecting energy demand than do changes in energy prices, especially in the railroad and air transport sectors. For the gasoline and diesel fuel demand in the monitor vehicle sector, however, price is of substantial importance.     

Österreichs Wirtschaftsstruktur und ihre Entwicklung

Ohne Zusammenfassung     

The way to win in cross-border alliances

Global competition has paved the way to new corporate combinations--and opened up new pitfalls along the way. In "The Way to Win in Cross-Border Alliances," Joel Bleeke and David Ernst offer the unconventional lessons of their study of 49 cross-border alliances. For example, alliances between a weak and a strong company usually don't work; but fifty-fifty ownership of joint ventures actually improves decision making.     

Lévy term structure models: No-arbitrage and completeness

The Lévy term structure model due to Eberlein and Raible is extended to non-homogeneous driving processes. The classes of equivalent martingale and local martingale measures for various filtrations are characterized. It turns out that in a number of standard situations the martingale measure is unique.Received: May 2004, Mathematics Subject Classification (2000): 60H30, 91B28, 60G51JEL Classification: E43, G13Work supported in part by the European Communitys Human Potential Programme under contract HPRN-CT-2000-00100, DYNSTOCH.