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One of the dangers of harmonisation and unification processes taking place within the framework of the EU is that they may result in the codification of the lowest common denominator. This is precisely what is threatening to happen in respect of assignment. Referring the transfer of receivables by way of assignment to the law of the assignor’s residence, as article 13 of the Proposal does, would be opting for the most conservative solution and would for many Member States be a step backward rather than forward. A conflict rule referring assignment to the law of the assignor's residence is too rigid to do justice to the dynamic nature of assignments in cross-border transactions and it is unjustly one-sided. It offers no real advantages when compared to other conflict rules; it even has serious disadvantages which make the conflict rule unsuitable for efficient assignment-based cross-border transactions. It is not unconceivable that this conflict rule would even be contrary to the fundamental freedoms of the ECTreaty. The Community legislators in particular should be careful not to needlessly adopt rules which create insurmountable obstacles for cross-border business where choice-of-law by the parties would perfectly do. Community legislation has a special responsibility to create a smooth legal environment for single market transactions.
The Indian IT industry has received great attention. Although most studies cover South Indian locations, clustering has rarely been a topic. This study focuses on Bangalore addressing questions related to Bangalore’s successful development and lessons thereof for other regions in and outside India. The approach pertains to economic geography and international business; hypotheses have been developed from a multi-disciplinary literature survey and interview fieldwork in Bangalore. I emphasize human and social capital and networks. While the first chapter delineates cultural foundations of human capital formation, the second and third deal with bonding and bridging social capital (or dense and loose networks), respectively; the fourth is an outlook on future opportunities through intersectoral upgrading. The main hypothesis is that a combination of both forms of social networks - contingent upon sub-sectors – has helped Bangalore developing a successful IT industry. Positive attitudes towards education led to relatively more human capital spawning two positive feedbacks: 1) establishment of national research and educational institutes resulting in large inflows of a diversity of people providing the required setting for creativity and innovation; 2) transnational networks linking to Silicon Valley are dominated by people from South India, allowing for additional knowledge spillovers corroborating the regional clustering.
This thesis is concerned with the derivation of new methods for the analysis of nonstationary, cross correlated panels. The suggested procedures are carefully quantified by means of Monte Carlo experiments. Typical applications of the developed methods consist in multi-country studies, with several countries observed over a couple of decades. The empirical applications implemented here are the testing for trends in the investment share in European GDPs and the examination of OECD interest rates. In the first chapter, a panel test for the presence of a linear time trend is proposed. The test is applicable in cross-correlated, heterogeneous panels and it can also be used when the integration order of innovations is unknown, by means of subsampling. In the next chapter a cointegration test having asymptotic standard normal distributiun and not requiring exogeneity assumptions is derived. In panels exhibiting cross-correlation or cointegration, individual test statistics are asymptotically independent, which leads to a panel test statistic robust to dependence across units. The third chapter examines in an econometric context the simple idea of combining p-values from a series of statistical tests and improves its applicability in the presence of cross-correlation. The last chapter applies recent panel techniques to OECD long-term interest rates and differentials thereof, finding only rather week evidence in favor of stationarity when allowing for cross-correlation.
Die Börsenindustrie hat in den vergangenen zwei Jahrzehnten einen signifikanten Wandel durchlaufen - und das nicht nur in Deutschland. Börsen haben schon längst nicht mehr den Charakter vergangener Tage, in denen ihre Mitglieder auf dem Parkett um Aktienpakete und -kurse von inländischen Unternehmen feilschten und an den genossenschaftlich organisierten Handelsplätzen eher eine vertrauliche Clubatmosphäre herrschte. Eine Vielzahl der Börsen hat den Parketthandel abgeschafft, ist selbst an einer Börse gelistet und orientiert sich primär am Shareholder Value und somit an den Interessen einer internationalen Aktionärsbasis. Mittlerweile existieren Börsenplätze, die mehrere Länder umspannen. Der französisch dominierten Euronext kommt hier eine Vorreiterrolle zu. Aber auch andere Börsen, wie die Deutsche Börse und die Schweizer Börse, haben länderübergreifend ihre Derivatehandelsplattformen vereinigt und mit ihrem Jointventure Eurex die umsatzstärkste Derivatebörse der Welt geschaffen. In jüngster Zeit werden nun auch transatlantische Allianzen zwischen amerikanischen und europäischen Börsen angedacht. Sowohl die Strategie der Nasdaq, die bisher eine Sperrminorität von über 25% an der Londoner Börse hält, als auch die der New York Stock Exchange, die eine Fusion mit der Euronext anstrebt, belegen dies. Zudem stehen Börsen mittlerweile in direktem Wettbewerb mit ihren Kunden und ehemaligen Eigentümern, den Finanzintermediären wie Banken und Wertpapierhäuser. Sie konkurrieren um Wertpapieraufträge von Investoren, da Banken nicht mehr jede Order automatisch an sie weiterleiten. Stattdessen versuchen manche Finanzintermediäre, die erhaltenen Investorenaufträge im eigenen Haus mit einer entsprechenden reziproken Order zusammenzuführen, um somit die Geld-Brief Spanne des Wertpapiers als Gewinn einzubehalten. Diese Internalisierung von Auftragsausführungen ist seit einigen Jahren insbesondere in England und Deutschland eine bedeutende Einkommensquelle für Wertpapierhäuser geworden. Gleichzeitig stoßen Börsen immer stärker in Geschäftsbereiche vor, die bislang die Domäne ihrer Kunden repräsentierten. Hier sei der Handel von bestimmten Kreditderivateprodukten genannt, die bisher außerbörslich zwischen großen Wertpapierhäusern gehandelt wurden. Sowohl die Chicago Mercantile Exchange als auch die Eurex planen den Handel dieser Titel auf ihren eigenen Plattformen. Ein weiteres Beispiel ist die vertikale Integration von Wertpapierabwicklungs- und Wertpapierverwahrungsgeschäften. Große internationale Banken wie BNP Paribas, Citigroup und State Street kämpfen hier gegen Börsen um Marktanteile. Wie kam es zu dem hier beschriebenen Wandel? Der entscheidende Katalysator ist der gestiegene Wettbewerbsdruck auf traditionelle Börsen, welcher in vielen Fällen zu einer Umstrukturierung ihrer Organisationsform und Eigentümerstruktur führte. Diese neu ausgerichteten Börsen verstanden sich nun als reguläre, gewinnorientierte Firmen, die nicht mehr in erster Linie ihren Kunden, sondern ihren neuen Eigentümern, den Aktionären, verpflichtet waren. ...
One of the most acute problems in the world today is provision of a respectable living for the elderly. Today the process of aging population (as a result of a declined birth rate and increased life expectancy) has touched all countries of the world - developed countries as well as countries like Russia. Consequently, reforming traditional pension systems to deal with the changing situation has become an important issue around the world. These reforms typically center on the implementation of some form of funding of future pension benefits. This also holds for Russia, where in 1995 pension reform legislation introduced the so-called “accumulation pension”. In this context, this article will deal with the issues concerning the establishment of mutual funds, legal aspects of their operating and their investing opportunities. There will be carried out a comparative analysis of mutual funds with the other forms of public investments, namely: Common Funds of Bank Management, Voucher Investment Funds and Joint-stock Investment Funds.
Both banks and open end real estate funds effectuate liquidity transformation in large amounts and high scales. Because of this similarity the latter should be analyzed using the same methodologies as usually applied for banks. We show that the work in the tradition of Diamond and Dybvig (1983), especially Allen and Gale (1998) and Diamond and Rajan (2001), provides an applicable theoretical framework. We used this as the basis for our model for open end real estate funds. We then examined the usefulness of the modeling structure in analyzing open end real estate funds. First, we could show that withdrawing of capital resulting in a run is not always inefficient. Instead, withdrawing can as well be referred to the situation where the low return of an open end fund unit in comparison to other opportunities makes, (partial) withdrawal viewed from the risk-sharing perspective optimal. Even with costly liquidation, this result will hold, though we will have deadweight losses in such a situation. Second, introducing a secondary market in our model does, not in general, resolve the problem of deadweight losses associated with foreclosure. If assets are sold during a run, we do not only have a transfer of value but it can also create an economic cost. Because funds are forced to liquidate the illiquid asset in order to fulfill their obligations, the price of the real estate asset is forced down making the crisis worse. Rather than providing insurance, such that investors receive a transfer in negative outcomes, the secondary market does the opposite. It provides a negative insurance instead. Third, our model proves that the open end structure provides a monitoring function which serves as an efficient instrument to discipline the funds management. Therefore, we argue that an open end structure can represent a more adequate solution to securitize real estate or other illiquid assets. Instead of transforming open end in closed end structures, fund runs should be accepted as a normal phenomenon to clear the market from funds with mismanagement.
The paper examines challenges in effectively implementing the lender-of-last-resort function in the EU single financial market. Briefly highlighted are features of the EU financial landscape that could increase EU systemic financial risk. Briefly described are the complexities of the EU’s financial-stability architecture for preventing and resolving financial problems, including lender-of-last-resort operations. The paper examines how the lender-of-last-resort function might materialize during a systemic financial disturbance affecting more than one EU Member State. The paper identifies challenges and possible ways of enhancing the effectiveness of the existing architecture.
Inflation and relative price variability in the Euro area : evidence from a panel threshold model
(2006)
In recent macroeconomic theory, relative price variability (RPV) generates the central distortions of inflation. This paper provides first evidence on the empirical relation between inflation and RPV in the euro area focusing on threshold effects of inflation. We ¯nd that expected inflation significantly increases RPV if inflation is either very low (below -1.38% p.a.) or very high (above 5.94% p.a.). In the intermediate regime, however, expected in°ation has no distorting effects which supports price stability as an outcome of optimal monetary policy. JEL classification: E31, C23
Although stable money demand functions are crucial for the monetary model of the exchange rate, empirical research on exchange rates and money demand is more or less disconnected. This paper tries to fill the gap for the Euro/Dollar exchange rate. We investigate whether monetary disequilibria provided by the empirical literature on U.S. and European money demand functions contain useful information about exchange rate movements. Our results suggest that the empirical performance of the monetary exchange rate model improves when insights from the money demand literature are explicitly taken into account. JEL - Klassifikation: F31 , E41
The dynamic relationship between the Euro overnight rate, the ECB´s policy rate and the term spread
(2006)
This paper investigates how the dynamic adjustment of the European overnight rate Eonia to the term spread and the ECB’s policy rate has been affected by rate expectations and the operational framework of the ECB. In line with recent evidence found for the US and Japan, the reaction of the Eonia to the term spread is non-symmetric. Moreover, the response of the Eonia to the policy rate depends on both, the repo auction format and the position of the Eonia in the ECB’s interest rate corridor. JEL - Klassifikation: E43 , E52