This paper is based on the traditional Austrian Theory of Capital which deals with expected values of future returns of investments over various periods of time. The longer the time period that elapses between the beginning of a production process and its end, the higher the (expected)...

This paper analyses the efficacy of the governance structure of occupational pension funds (Pensionskassen – PKs) in Austria. Based on the results of the analysis, it further investigates the politico- economic implications for the political and legislative process regarding recent changes to...

This paper reassesses John Wheatley’s contribution to the development of monetary doctrine at the beginning of the nineteenth century. His contribution is still underrated, despite an advanced methodological approach and his radical refinement of bullionist arguments. His contributions to...

The paper analyzes three neoclassical models of money with emphasis on the equilibrium concepts employed. It is argued that the neoclassical theories fail to analyze the emergence of the social institution of money. Instead, they focus on the consistency of individual decisions regarding the...

The following study analyzes the impact of demographic developments in Austria on the long-term average real interest rate, funded pension provision and the implications of demographic developments for the stability of the financial system. The key results of this study are twofold: (1)...

This paper analyses the effects of innovations in retail payment systems on the conduct and implementation of monetary policy. Recent innovations in retail payment systems (access products and electronic money products) are placed in the context of historical institutional change in the...

The paper questions the notion that the diffusion of electronic commerce will lead to disintermediation. Rather than interpreting intermediation as a single service it is pointed out that intermediaries can provide a number of services. The analysis based on the New Institutional Economics,...

A number of commentators have argued that technological innovation is about to change the institutional structure of the retail payments system. Through the potential private issue of currency via new electronic payments systems – electronic money – individuals will create currencies based...

This paper questions the widely held view that B2C eCommerce markets are characterised by a high intensity of competition, using a mixture of theoretical arguments and empirical evidence. We discuss two hypothesis and survey empirical studies which test them. We argue that the goods sold in B2C...

Este ensayo es una aproximación a la manera eficiente de seleccionar al universo de contribuyentes y asi obtener la muestra ideal que nos permita tener resultados eficaces al momento de someterlos a una fiscalización, trata de determinar los indicadores microeconomicos más relevantes para...