Das allgemeine Schema des wirtschaftlichen Kreislaufes

Ohne Zusammenfassung     

International banking: Current issues in perspective

Recent developments in international banking have raised new problems and policy issues as well as new opportunities for banks. To put these developments in perspective and analyze a number of policy issues of current concern is the purpose of the paper. In particular it sets out to explain three important aspects: the dollar's pre-eminence in spite of the ‘multinationalization’ of international banking, the more rapid growth of the international compared with the domestic banking sector, and the dominant role of banks in the expansion of international finance rather than other financial intermediaries or direct lending.     

Product-market competition and executive compensation

This paper examines how product-market competition affects the level and composition of executive compensation. The results of our theoretical and empirical models suggest that the incentive component of an executive's compensation tends to be higher in more competitive markets.     

Export taxes versus buffer stocks as optimal export policies under uncertainty

Optimal state-dependent export taxes and costly-to-store buffer stocks are compared in their welfare implications for an exporter possessing monopoly power in the international trade of a volatile commodity. Optimal stochastic control is used to derive the optimal buffer stock rules. It is shown that, if the internal and external fluctuations facing the exporter are large, if the storage costs are low, and if the price elasticity of export supply is small relative to that of export demand, the exporter would gain more from a buffer stock than from a optimal export tax. World welfare is always increased by buffer stocks, as opposed to tariffs; and, under some conditions, the foreign country might also benefit and, hence, not retaliate.     

Kommentare zu einem neuen kreislauftheoretischen Buch

Ohne ZusammenfassungMit 2 TextabbildungenV. L. Holý: Über die Zeitgebundenheit der Kreislauftheorien von Quesnay, Marx und Keynes. (Staatswissenschaftliche Studien. Neue Folge: Band 28.) Mit 12 Textabb., 197 S. Zürich: Polygraphischer Verlag AG. 1957. sfr. 18,65.