Indications of a fundamental change in the climate, worsening pollution of international waters, destruction of the atmosphere, and other disconcerting changes in the environment are international problems that know no boundaries and affect the global community. Nevertheless there exist hardly...

Exchange rates, interest rates and share prices are subject—at least occasionally—to great fluctuations. Diverse economists regard the volatility of international financial markets as a threat to the goods and labour markets. They blame the price turbulences on the speculative behaviour of a...

Das US-Geldmengenrätsel: Eine Herausforderung an Theorie und Politik In den USA werden die bisherigen Geldmengenabgrenzungen obsolet, weil monetäre Innovationen das Spektrum liquider Aktiva verbreitern und die Transaktionskosten senken. Solange dieser Vorgang anhält, ist die Fed bei der...

The appearance of the international financial markets is changing rapidly; new instruments are constantly being hatched and marketed, often with considerable success. However, the ingenuity of the markets does not always meet with applause; the banking supervisory authorities and central banks...