Full currency convertibility in Eastern Europe?

In the countries of Eastern Europe the question as to the degree of currency convertibility is among the most important decisions to be taken when setting the framework for a free market economy. This article attempts to indicate the monetary and fiscal measures that will be required if the reform countries willing and able to be integrated into the EC and OECD are to proceed rapidly to the liberalisation of capital transactions.     

Systemically important banks: an analysis for the European banking system

In this paper we perform an empirical analysis to identify systemically important banks by a few individual bank characteristics that are easy to observe in practice. This analysis builds on a new method to construct measures of systemic relevance of individual institutions that are consistent with a risk analysis at the level of the banking system, taking correlations in bank asset returns into account. We derive asset return correlations for a sample of European publicly traded banks from market data and construct two risk measures: incremental value at risk and conditional expected shortfall. Incremental value at risk quantifies the individual contributions of banks to the system’s Value-at-Risk. Conditional expected shortfall measures the increase in the expected system wide deposit insurance liability that would follow from the default of an institution. The analysis of hypothetical defaults of institutions is performed consistently with the observed distribution of asset returns by using the conditional distribution. Both measures are then analyzed in a panel regression where individual characteristics are used to explain incremental value at risk and conditional expected shortfall.     

Die Bundesbestimmtheit der Länderausgaben

Die L?nder beklagen bei Verhandlungen über die Finanzausstattung eine starke Belastung durch die Bundesbestimmtheit vieler ihrer Ausgaben. Wie hoch sind die durch bundesgesetzliche Bestimmungen verursachten Ausgaben wirklich? Wie lassen sich diese berechnen? Welche Konsequenzen ergeben sich durch die errechneten „Ausgabenverursachungsquoten“ für die Politik? Prof. Dr. Helmut Seitz, 51, ist Inhaber des Lehrstuhls für Volkswirtschaftslehre, insbesondere Empirische Finanzwissenschaft und Finanzpolitik, an der Technischen Universit?t Dresden. Herrn Dirk Freigang, TU Dresden, danke ich für zahlreiche konstruktive Anregungen.     

Der soziale Überschuß und das Problem der externen Renteneffekte

Ohne Zusammenfassung     

I. Allgemeine wirstchaftslehre

Ohne Zusammenfassung     

Optimal price and advertising policy for new products

Extending a model originally proposed by Bass, a “diffusion model” is developed that allows us to investigate the effects of certain price and advertising strategies during and after the introduction of new products by means of numerical computer simulation. The distinction between “innovators” and “imitators” forms the core of the model. A wide variety of implications for marketing strategies is derived.     

Problem einer synthetischen Betrachtung der Produktionsfunktion

Ohne ZusammenfassungMit 5 TextabbildungenVortrag, 5. Februar 1964, Technische Hochschule Hannover.