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Differences between financial systems in Europe : consequences for EMU
(1999)
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Reinhard H. Schmidt
- Major differences between national financial systems might make a common monetary policy difficult. As within Europe, Germany and the United Kingdom differ most with respect to their financial systems, the present paper addresses its topic under the assumption that the United Kingdom is already a part of EMU. Employing a comprehensive concept of a financial system, the author shows that there are indeed profound differences between the national financial systems of Germany and the United Kingdom. But he argues that these differences are not likely to create great problems for a common monetary policy. In the context of the present paper, one important difference between the two financial systems refers to the structure of the respective financial sector and, as a consequence, to the strength with which a given monetary policy impulse set by the central bank is passed on to the financial sector. The other important difference refers to the typical relationship between the banks and the business sector in each country which determines to what extent the financial sectors and especially the banks pass on pressure exerted on them by a monetary policy authority to their clients in their national business sector. In Germany, the central bank has a stronger influence on the financial sector than in England, while, for systemic reasons, German banks tend to soften monetary policy pressures on their customers more than British banks do. As far as the transmission of a restrictive monetary policy of the ECB to the real economy is concerned, these two differences tend to offset each other. This is good news for the advocates of a monetary union as it eases the task of the ECB when it comes to determining the strength of its monetary policy measures. JEL classification: E51, E58, G20
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Corporate governance: the role of other constituencies
(1997)
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Reinhard H. Schmidt
- Paper Presented at the Conference on Workable Corporate Governance: Cross-Border Perspectives held in Paris, March 17-19, 1997 To appear in: A. Pezard/J.-M. Thiveaud: Workable Corporate Governance: Cross-Border Perspectives, Montchrestien, Paris 1997. The paper discusses the role of various constituencies in the corporate governance of a corporation from the perspective of incomplete contracts. A strict shareholder value orientation in the sense of a rule that at any time firm decisions should be made strictly in the interest of the present shareholders would make it difficult for the firm to establish long-term relationships as the potential partners would have to fear that, at a later stage of the co-operation, the shareholders or a management acting only on their behalf could exploit them because of the inevitable incompleteness of long-term contracts. One way of mitigating these problems is to put in place a corporate governance system which gives some active role to the other stakeholders or constituencies, or which makes their interests a well-defined element of the objective function of the firm. A commitment not to follow a policy of strict shareholder value maximization ex post can be efficient ex ante. Such a system would clearly differ from what is advocated by proponents of a "stakeholder approach", as it would limit the rights of the other constituencies to those which would have been agreed upon in a constitutional contract concluded between them and the founder of the firm at the time when long-term contracts are first established. JEL Classification: D 21, 23, L 21
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Transverse momentum spectra of J/psi and psi prime mesons from quark gluon plasma hadronization in nuclear collisions
(2001)
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Kyrill A. Bugaev
Marek Gazdzicki
Mark I. Gorenstein
- Recent results on transverse mass spectra of J/psi and psi prime mesons in central Pb+Pb collisions at 158 AGeV are considered. It is shown that those results support a hypothesis of statistical production of charmonia at hadronization and suggest the early thermal freeze-out of J/psi and psi prime mesons. Based on this approach the collective transverse velocity of hadronizing quark gluon plasma is estimated to be <v^H_T> \approx 0.2. Predictions for transverse mass spectra of hidden and open charm mesons at SPS and RHIC are discussed.
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Omega, J/psi and psi' production in nuclear collisions and quark gluon plasma hadronization
(2002)
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Mark I. Gorenstein
Kyrill A. Bugaev
Marek Gazdzicki
- The transverse mass spectra of Omega, J/psi and psi' in Pb+Pb collisions at 158 AGeV are studied within a hydrodynamical model of the quark gluon plasma expansion and hadronization. The model reproduces the existing data with the common hadronization parameters: temperature T=T_H = 170 MeV and average collective transverse velocity v_T = 0.2.
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Xi- and Xi+ production in central Pb+Pb collisions at 158 GeV/c per nucleon
(2002)
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S. V. Afanasiev
NA49 Collaboration
- Results of the production of Xi and Xi-bar hyperons in central Pb+Pb interactions at 158 GeV/c per nucleon are presented. This analysis utilises a global reconstruction procedure, which allows a measurement of 4pi integrated yields to be made for the first time. Inverse slope paramters, which are determined from an exponential fit to the transverse mass spectra, are shown. Central rapidity densities are found to be 1.49 +- 0.08 and 0.33 +- 0.04 per event per unit of rapidity for Xi and Xi-bar respectively. Yields integrated to full phase space are 4.12 +- 0.02 and 0.77 +- 0.04 for Xi and Xi-bar. The ratio of Xi-bar/Xi at mid-rapidity is 0.22 +- 0.03.
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Energy dependence of pion and kaon production in central Pb+Pb collisions
(2002)
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S. V. Afanasiev
NA 49 Collaboration
- Measurements of charged pion and kaon production in central Pb+Pb collisions at 40, 80 and 158 AGeV are presented. These are compared with data at lower and higher energies as well as with results from p+p interactions. The mean pion multiplicity per wounded nucleon increases approximately linearly with s_NN^1/4 with a change of slope starting in the region 15-40 AGeV. The change from pion suppression with respect to p+p interactions, as observed at low collision energies, to pion enhancement at high energies occurs at about 40 AGeV. A non-monotonic energy dependence of the ratio of K^+ to pi^+ yields is observed, with a maximum close to 40 AGeV and an indication of a nearly constant value at higher energies.The measured dependences may be related to an increase of the entropy production and a decrease of the strangeness to entropy ratio in central Pb+Pb collisions in the low SPS energy range, which is consistent with the hypothesis that a transient state of deconfined matter is created above these energies. Other interpretations of the data are also discussed.
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Omega, J/psi and psi' transverse mass spectra at RHIC
(2002)
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Kyrill A. Bugaev
Marek Gazdzicki
Mark I. Gorenstein
- The transverse mass spectra of J/psi and psi' mesons and Omega hyperons produced in central Au+Au collisions at RHIC energies are discussed within a statistical model used successfully for the interpretation of the SPS results. The comparison of the presented model with the future RHIC data should serve as a further crucial test of the hypothesis of statistical production of charmonia at hadronization. Finally, in case of validity, the approach should allow to estimate the mean transverse flow velocity at the quark gluon plasma hadronization.
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Search for deconfinement in NA49 at the CERN SPS
(2002)
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Peter Seyboth
NA49 Collaboration
- Experiment NA49 at the Cern SPS uses a large acceptance detector for a systematic study of particle yields and correlations in nucleus-nucleus, nucleon-nucleus and nucleon-nucleon collisions. Preliminary results for Pb+Pb collisions at 40, 80 and 158 A*GeV beam energy are shown and compared to measurements at lower and higher energies.
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Recent results on spectra and yields from NA49
(2003)
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Marco van Leeuwen
NA49 Collaboration
- The energy dependence of hadron production in central Pb+Pb collisions is presented and discussed. In particular, midrapidity m_T-spectra for pi-, K-, K+, p, bar p, d, phi, Lambda and bar Lambda at 40, 80 and 158 AGeV are shown. In addition Xi and Omega spectra are available at 158 AGeV. The spectra allow to determine the thermal freeze-out temperature T and the transverse flow velocity beta_T at the three energies. We do not observe a significant energy dependence of these parameters; furthermore there is no indication of early thermal freeze-out of Xi and Omega at 158 AGeV. Rapidity spectra for pi-, K-, K+ and phi at 40, 80 and 158 AGeV are shown, as well as first results on Omega rapidity distributions at 158 AGeV. The chemical freeze-out parameters T and mu_B at the three energies are determined from the total yields. The parameters are close to the expected phase boundary in the SPS energy range and above. Using the total yields of kaons and lambdas, the energy dependence of the strangeness to pion ratio is discussed. A maximum in this ratio is found at 40 AGeV. This maximum could indicate the formation of deconfined matter at energies above 40 AGeV. A search for open charm in a large sample of 158 AGeV events is presented. No signal is observed. This result is compared to several model predictions.
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Directed and elliptic flow of charged pions and protons in Pb + Pb collisions at 40 and 158 A GeV
(2003)
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Christopher Alt
NA49 Collaboration
- Directed and elliptic flow measurements for charged pions and protons are reported as a function of transverse momentum, rapidity, and centrality for 40 and 158A GeV Pb + Pb collisions as recorded by the NA49 detector. Both the standard method of correlating particles with an event plane, and the cumulant method of studying multiparticle correlations are used. In the standard method the directed flow is corrected for conservation of momentum. In the cumulant method elliptic flow is reconstructed from genuine 4, 6, and 8-particle correlations, showing the first unequivocal evidence for collective motion in A+A collisions at SPS energies.
