In 1994 earnings in Austrian manufacturing recovered markedly according to the revised methods used by the Austrian Institute of Economic Research to compile cash-flow statistics. Cash-flow rose by 12 percent; the ratio between cash-flow and turnover increased from 9 percent to almost 10...

Throughout the Member States of the European Union, economic policy debate has centred on the terms of corporate financing, and in particular on whether the companies of each country have sufficient equity to compete in a single market. Moreover, faced with the risk of corporate insolvency,...