rates
activity and inflation. In Section 3 we introduce rise because real rates rise due to tight credit.
the data used in the paper. Section 4 briefly The dynamics of the long-term rates, however,
discusses [...] short-term
for the European Central Bank. rates. A tightening of monetary policy reduces
available credit, and leads to a postponement of
investment and consumption; hence an ‘in-
verted’ yield curve is [...] influenced by the stance of monet-
ary policy, but also reflect a variety of other
conditions in the credit market. Given the low
liquidity of the market for bank bonds in
Germany until the mid-1990s the public
cover their end-of-day liquidity
needs at a rate of interest above the market rate. There are no credit limits or other
restrictions on counterparties� access to the facility (with the exception of the
Sys-
tem and the Federal Open Market Committee shall maintain long run growth of the
monetary and credit aggregates commensurate with the country’s long run potential to
increase production, so as to promote [...] .org, Mai 2002.
GREENSPAN, A. (1993): Testimony to the Sub-Committee on Economic Growth and Credit Forma-
tion of the Committee on Banking, Finance and Urban Affairs of the US House of Representa- [...] (2000): Interest Rates, Inflation, and Federal Reserve Policy since 1980, in: Journal
of Money, Credit and Banking 32, S. 417-434.
ISSING, O. / GASPAR, V. / ANGELONI, I. / TRISTANI, O. (2001): Monetary
use of trade credit (Petersen and Rajan 1994, Harhoff and Körting 1998).
Trade credit is a method of financing provided by suppliers to their clients. One form of trade
credit is to forgo discounts [...] difficult task. Taking the refusal of a
credit application as an indicator for financing constraints is not practical, because firms that did
not apply for a credit would be excluded from the analysis. [...] not available. Firms that rely heavily on trade credit are
therefore said to face financing constraints.
One could argue that the use of trade credit is not a good indicator for the presence of financing
July 2002.
1) The sum of the number of accepting terminals for cards with a credit function is reported by the
individual credit card institutions. This may result in double counting.
14
ECB
Work ing [...] Money, Credit and Banking, 28(4), pp. 914-939.
Humphrey, D.B., Kim, M., Vale, B. (2001), Realizing the Gains from Electronic Payments:
Costs, Pricing, and Payment Choice, Journal of Money, Credit and Banking [...] payment instruments.
Table 3: Use of payment cards (total value in € of transactions with debit and credit cards per inhabitant)
In this context, it is worth mentioning that in some countries, there are
der Spread-Analyse, da sich
Veränderungen im Credit Spread un-
mittelbar auf ihre Finanzierungskonditio-
nen auswirken. Drittens lässt sich anhand
eines Credit-Spread-Modells ein Fair Va-
lue von Anleihen [...] Restlaufzeit einen signifikanten Einfluss
ausüben.
Determinanten von Credit
Spreads: Theorie
Für unsere Analyse sind Credit Spreads
definiert als die Renditedifferenz zwischen
einer Unternehmensanleihe [...] Horst Rottmann und Franz Seitz*
Credit Spreads und ihre Determinanten in Deutschland
Sowohl für Unternehmen als auch für externe Beobachter kann die Analyse von Credit Spreads,
d.h. der Differenz
der Spread-Analyse, da sich
Veränderungen im Credit Spread un-
mittelbar auf ihre Finanzierungskonditio-
nen auswirken. Drittens lässt sich anhand
eines Credit-Spread-Modells ein Fair Va-
lue von Anleihen [...] Restlaufzeit einen signifikanten Einfluss
ausüben.
Determinanten von Credit
Spreads: Theorie
Für unsere Analyse sind Credit Spreads
definiert als die Renditedifferenz zwischen
einer Unternehmensanleihe [...] Horst Rottmann und Franz Seitz*
Credit Spreads und ihre Determinanten in Deutschland
Sowohl für Unternehmen als auch für externe Beobachter kann die Analyse von Credit Spreads,
d.h. der Differenz
–
Work Incentives and Options for Reform, May 2005.
No. 6 Holzner, Chr., Search Frictions, Credit Constraints and Firm Financed General Training,
May 2005.
No. 5 Sülzle, K., Duopolistic C
McCallum, B. T. (1985). On consequences and criticisms of monetary targeting. Journal of Money Credit and
Banking, 17, 570–597.
McCallum, B., & Nelson, E. (1999). Nominal income targeting in an o
and wealth effects
5.1.2.3 Liquidity effects
5.1.2.4 Exchange-rate effects
5.1.3 Credit channel
5.1.3.1 Bank lending channel
5.1.3.2 Balance sheet channel
5.1.4 The s
stabilises the overnight money
market through its operational design. Within the framework of credit institutions' refinancing with the
Eurosystem, open-market transactions, especially the weekly [...] that an expectation-induced
transmission process is becoming increasingly relevant and that the credit channel may need to be
reassessed.
Finally, Chapter Three is devoted to factors which could
stabilises the overnight money
market through its operational design. Within the framework of credit institutions' refinancing with the
Eurosystem, open-market transactions, especially the weekly [...] that an expectation-induced
transmission process is becoming increasingly relevant and that the credit channel may need to be
reassessed.
Finally, Chapter Three is devoted to factors which could
Demiralp, S. & O. Jordà (2004), The Response of Term Rates to Fed
Announcements, Journal of Money, Credit, and Banking 36, 387-405.
Diebold, F.X. & R. Mariano (1995), Comparing Predictive Accuracy,
F. Seitz: Bundesbank - University of Bonn Workshop:
„What Central Banks can Learn from Money and Credit
Aggregates“ am 27./28.10.2005 in Eltville.
H. Rottmann: Bundesfachtagung der Volkswirtsprofesso- [...] Dezember 2004, S. 740-741 (zusammen mit K. Ruckrie-
gel und E. Görgens).
F. Seitz, H. Rottmann: Credit Spreads und ihre Determi-
nanten in Deutschland, in: ifo Schnelldienst 24/2004, 57.
Jg., S. 10-14
den Kreditvergabeaktivitäten des
Geschäftsbankensektors. "The relationship between money and credit is an endogenous one,
and affected by economic policy (including monetary policy)." (Stiglit [...] No. 114, July 2002.
Borio, C., Lowe, P. (2004), Securing Sustainable Price Stability: Should Credit Come Back
from the Wilderness, BIS Working Paper No. 157, July 2004.
Brand, C., Reimers, H [...] Konferenz der Deutschen Bundesbank und der Universität Bonn "What
Central Banks can Learn from Money and Credit Aggregates" am 27./28.10.2005 in
Eltville.
Kajanoja, L. (2003), Money as an Indicator Variable
–
Work Incentives and Options for Reform, May 2005.
No. 6 Holzner, Chr., Search Frictions, Credit Constraints and Firm Financed General Training,
May 2005.
No. 5 Sülzle, K., Duopolistic C
defined)
and those loans create deposits“ (Howells, 2005, S. 3).
„The relationship between money and credit is an endo-
genous one, and affected by economic policy (including
monetary policy)“ (Stiglitz/Greenwald
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Credit Spreads und ihre Determinanten in Deutschland
page
FACHHOCHSCHULE
A WMBERG - EIDEN
Michael(1989), The Determinants of the Money Multiplier in the United Kingdom,
Journal of Money, Credit, and Banking, Vol. 2 1, S. 464-480
Becker, William E. (1 975), Determinants of the United States [...] Boeschoten, Willem C., Fase, Martin M.G. (1992), The Demand for Large Bank Notes, Journal
of Money, Credit, and Banking, Vol. 24, S. 3 19-337
Bordo, Michael D., Jonung, Lars (1987), The Long-run Behavior [...] Economy, Vol. 66, S. 303-328
Calvo, Guillermo A., Kumar, Manmohan S. (1994), Money Demand, Bank Credit, and Eco-
nomic Performance in Former Socialist Economies, IMF Staff Papers, Vol. 41, S. 3 14-349
vergleichbaren Niveaustufe nach GeR, Wor-
tentsprechung der Gesamtnote, Anzahl der erreichten
Credits nach ECTS.
Die Dozentinnen Dr. Ladislava Holubová (Tschechisch)
und AR Susanne Haas
SU Ref 0,5
SWS (Credits) insgesamt 140 185
page
8
2. Praktisches Studiensemester
1 2 3 4 5 6 7
lfd.
Nr.
Fach SWS Credit Points Art der Lehr [...] Eintritt in das Hauptstudium ist nur berechtigt, wer die Vorprüfung bestanden oder
mindestens 50 Credit Points erreicht hat.
(2) Der Eintritt in das praktische Studiensemester setzt voraus, dass die [...] Anlage 1
1. Studienfächer im Grundstudium
1 2 3 4 5 6 7 8 9 10
lfd.
Nr.
Fach SWS Credits Art der Lehr-
Veranstaltung
Prüfungen
Endnotenbildende
studienbegleitende
Leist
D. (2006): Inflation Persistence and Optimal Monetary
Policy in the Euro Area, Journal of Money, Credit and Banking 38, 587-614.
Bernanke, B.S. & Mihov, I. (1997): What does the Bundesbank Target [...] Policy Rules, Macroeconomic Stability and Inflation:
A View from the Trenches, Journal of Money, Credit, and Banking 36, 151-157.
Orphanides, A., Porter, R.D., Reifschneider, D., Tetlow, R. & Finan [...] adjustment Stephanus Arz
48 2006 Industries and the bank lending effects of Ivo J.M. Arnold
bank credit demand and monetary policy Clemens J.M. Kool
in Germany Katharina Raabe
01 2007 The effect
mdl LN
0,5
0,5 1
SWS (Credits) insgesamt 48 60
2. Hauptstudium
1 2 3 4 5 6 7 8
lfd.
Nr.
Fach SWS Credits Art der Lehr-
Veranstaltung
Prüfungen
[...] Kolloquium 2 3 SU Ref 0,5
SWS (Credits) insgesamt 90 120
3. Praktisches Studiensemester
1 2 3 4 5 6 7
lfd.
Nr.
Fach SWS Credit
Points
Art der
Lehrveranstaltung [...] u/o StA
u/o mdlLN
SWS bzw. Credits
insgesamt
56 60
2. Hauptstudium
1 2 3 4 5 6 7 8 9 10
lfd.
Nr.
Fach SWS Credits Art der Lehr-
Veranstaltung
Prüfungen
Informationen zu den einzelnen Modulen:
a) Lehrziele
b) Lehrinhalte
c) Leistungspunkte (credit points)
d) Voraussetzungen für die Zulassung
page
24. Oktober 2006 AMTSBLATT [...] n (SWS) pro Modul
c) Zeitlicher Gesamtaufwand der Studierenden pro Modul
d) Leistungspunkte (credit points) pro Modul
§6
Studienfortschritt
(1) Der Eintritt in den zweiten Studienabschnitt