The introduction of an auction system for the issuance of government bonds has brought the Austrian bond market closer to international standards. However, when issue prices are compared to theoretical prices derived from the secondary market, some issues show significant "overpricing". This...

With a GDP ratio of 36 percent indebtedness of Austrian private households is relatively low when compared with other OECD countries. Still, a total of AS 721 billion at the end of 1991 no longer allows to neglect issues related to debt accumulation. From a macroeconomic point of view, credit...