future international crises.
Keywords: IMF, Europe, debt, euro
JEL: F02, F53, F59
page
1
1. Introduction
Right from the beginning, the International Monetary [...] Wyplosz (ed.), The new international monetary system, London et al., Routledge, pp. 9f..
27 Jeanne, Olivier; Ostry, Jonathan D.; Zettelmeyer, Jeromin, “A theory of international crisis lending and IMF [...] The new international monetary system, London et al., Routledge,
pp. 9–28.
Borensztein, Eduardo; Panizza, Ugo (2008), The Costs of Sovereign Default, IMF Working
Paper 08/238, International Monetary
Factor forecasting using international
targeted predictors: the case of German GDP Christian Schumacher
11 2009 Forecasting national activity using lots of
international predictors: an application [...] abroad (NDA(t)):
(1) ( ) ( )DD DA DN t N t N+ = .
As a result of foreign travel (tourism, business trips) a certain amount of German
€1 coins drifts to other countries. We assume that this amount [...] from Fraport AG, 7.2 million passengers from other
euro-area countries landed at Frankfurt International Airport in 2007. This amounts
statistically to around 20,000 passengers per day. Frankfurt
Currency Substitution, International Finance Discussion Papers 657, Board of
Governors of the Federal Reserve System, Januar.
Europäische Zentralbank (2008), The International Role of the Euro, Juli [...] Juli.
Europäische Zentralbank (2010), The International Role of the Euro, Juli.
Europäische Zentralbank (2011), The International Role of the Euro, Juli.
Feige, E.L. (1997), Revised Estimates [...] for Currency, Quarterly Re-
view of Economics and Business, 30, S. 75-89.
page
44
Thießen, U. (2010), The Shadow Economy in International Comparison: Options for
Economic Policy Derived
Zinssätze, die über den langfristigen liegen.
Langfristige Aufwertungserwartungen können zudem internationale Anleger zu einem
längerfristigen Engagement am Kapitalmarkt bewegen und so entgegen den [...] Paper No. 157, July 2004.
Brand, C., Reimers, H.-E., Seitz, F. (2003), Narrow Money and the Business Cycle:
Theoretical Aspects and Euro Area Evidence, Jahrbuch für Wirtschaftswissenschaften,
Vol [...] 246-262.
Carlstrom, C.T., Fuerst, T.S. (2004), Thinking about Monetary Policy without Money,
International Finance, Vol. 7, S. 325-347.
Christiano, L., Rostagno, M. (2001), Money Growth Monitoring
producer Acrobat Distiller 5.0.5 (Windows)
Keywords Money, business cycle, forecast comparison, VAR models
Keywords Money, business cycle, forecast comparison, VAR models
access_permission:mo [...] pdf:producer Acrobat Distiller 5.0.5 (Windows)
dc:subject Money, business cycle, forecast comparison, VAR models
dc:subject Money, business cycle, forecast comparison, VAR models
access_permission:a [...] true
access_permission:can_print true
meta:keyword Money, business cycle, forecast comparison, VAR models
meta:keyword Money, business cycle, forecast comparison, VAR models
access_permission:
Seitz (2010), Should Monetary Policy Respond to
Money Growth? New Results for the Euro Area, International Finance 13, S. 409*441.
Shiller, R. (2001), Human Behavior and the Efficiency of the Financial [...] Innovation at the Firm Level”
von Horst Rottmann und Stefan Lachenmaier
4 “Financial Benefits of Business Process Management”
von Helmut Pirzer, Christian Forstner, Wolfgang Kotschenreuther und
Wolfgang [...] Seitz, Gerhard Rösl und Nikolaus Bartzsch
31 Labour Market Institutions and Unemployment. An International Comparison
von Horst Rottmann und Gebhard Flaig
32 The Rule of the IMF in the European Debt
S e i t z : Europäische Geld-
politik, 4. Aufl ., Stutt gart 2004, Kap. II.3.
2 Zu einem internationalen Vergleich der
operativen Umsetzung der Geldpolitik siehe
K. R u c k r i e g e l , F. S e i [...] 6 Siehe für die EWU C. B r a n d , H.-E. R e i -
m e r s , F. S e i t z : Narrow Money and the
Business Cycle: Theoretical Aspects and
Euro Area Evidence, in: Jahrbuch für Wirt-
schaftswissenschaften
Frankfurt am
Main, Germany
b Department of Business Studies, University of Applied Sciences Regensburg,
Seybothstrasse 2, D-93053, Regensburg, Germany
c Department of Business Studies, University of Applied Sciences [...] Frankfurt am Main, Germany
bDepartment of Business Studies, University of Applied Sciences Regensburg,
Seybothstrasse 2, D-93053 Regensburg, Germany
cDepartment of Business Studies, University of Applied Sciences [...]
53, 183–97.
Bank for International Settlements (2009) Statistics on pay-
ment and settlement systems in selected countries,
CPSS Publication No. 88, Bank for International
Settlements, Basel.
Bartzsch
of Investment Funds. Harward Business
Review 43 (1), 63–75.
Treynor, J., Black, F., 1973. How to Use Security Analysis to Improve Portfolio Selection.
Journal of Business 46 (1), 66–86.
Young, T. [...] Cornish, E., Fisher, R., 1937. Moments and Cumulants in the Specification of Distributi-
ons. International Statistical Review 5, 307–320.
Cornish, E., Fisher, R., 1960. The Percentile Points of Dis [...] mulants. Technometrics 2, 209–226.
Dowd, K., 2000. Adjusting for Risk: An improved Sharpe Ratio. International Review of
Economics and Finance 9 (3), 209–222.
Eling, M., Schuhmacher, F., 2007. Does the
1992, 1994,
for Finland and Goodhart and Krueger, 2001, as well as Snellman et al.,
2000, for an international comparison including these countries). This should
be mainly due to the influence of cash-substituting [...] ented monetary policy and the size of the euro currency area may
contribute to a rise in the international demand for euro banknotes for trans-
actions as well as for hoarding purposes over time, especially [...] exchange rate movements as the theoretical model
above suggests. But, as it is known from the international finance literature,
exchange rate movements are to a large extent unpredictable. Furthermore,
challenges of empirical business cycle research is the timely detection and
modelling of business cycle turning points. In the US and the euro area, there are the
Business Cycle Dating Committees [...] Monitoring the world business cycle, Economic
Modelling 51, 617-625.
Chauvet, M. & S. Potter (2010), Business Cycle Monitoring with Structural Change,
International Journal of Forecasting [...] in dating and forecasting US business cycles, International Journal of Forecasting 17,
403–417.
Nyberg, H. (2014), A bivariate autoregressive Probit model: Business cycle linkages and
transmission
System. International Finance discussion papers 657.
EHI Retail Institute. (2010). Kartengestützte Zahlungssysteme im Einzelhandel,
Cologne.
European Central Bank. (2011 July). The international role [...] hoarding demand for currency. Quarterly
Review of Economics and Business, 30, 75–89.
Thießen, U. (2010 July). The shadow economy in international comparison: Options for
economic policy derived from an OECD [...] The test statistic is asymptotically
standardized normal with 95% critical values of ±1.96.
international reputation of the euro and unstable developments
in the destination countries. Hence, foreign
travel, e. g., tourism, by cash remittances, and by international banknote shipments of
specialized financial institutions. Information about international cash distribution through
tourism is very limited [...] Expresión Monetaria.
Banegas, A., R. Judson, C. Sims & V. Stebunovs (2015), International Dollar Flows, International
Finance Discussion Paper, No 1144, Board of Governors of the Federal Reserve System [...] What lessons can be learned from other sub-
Saharan countries?, International Journal of Finance & Economics 27, 770– 801.
International Crisis Group (2018), After the Showdown in Libya’s Oil Crescent
banks (international foreign currency traders) to countries outside the euro area.
These net shipments correspond to the difference between the outpayments by the
Bundesbank to international foreign [...] Board of Governors of the Federal Reserve System,
International Finance Discussion Papers 657.
European Central Bank (2014), The international role of the euro, July.
Fischer, B, P Köhler & F [...] foreign currency traders and the inpayments by the international
foreign currency traders at the Bundesbank. The estimated regional distribution of euro
banknotes issued in Germany estimated using
rate rules of the
Taylor type. Interestingly, this is not specific to the US but seems to be
an international phenomenon (see Gerberding et al. (2005) for Germany,
Gerdesmeier/Roffia (2005) for the Euro Area [...] 300. – Canova, F./Menz, T. (2011): Does Money Matter in Shaping Domestic Busi-
ness Cycles? An International Investigation, Journal of Money, Credit and Banking
43, 577–607. – Chadha, J. S./Sarno, L./Valente [...] 363–412. – Clarida, R./Gal�, J./Gertler,
M. (1998): Monetary Policy Rules in Practice: Some International Evidence, Eur-
opean Economic Review 42, 1033–1067. – Clarida, R./Gal�, J./Gertler, M. (2000):
oup.de
Prof. Dr. Franz Seitz
University of Applied Sciences Weiden
Department of Business and Economics
Hetzenrichter Weg 15
D-92637 Weiden
e-mail: f.seitz@haw-aw.de
and
WSB Poznan [...] (2005), Empirical Exchange Rate Models
of the Nineties: Are any fit to survive?, Journal of International Money and Finance
24, pp. 1150-1175.
Chinn M.D., LeBlanc, M & O. Coibion (2005), The Predictive [...] Shore (2005), A Monthly Crude Oil Spot Price Forecasting
Model Using Relative Inventories, International Journal of Forecasting 21, pp. 491-
501.
Zamani, M. (2004), An Econometrics Forecasting Model
Canova, Fabio & Tobias Menz (2011), Does Money Matter in
Shaping Domestic Business Cycles? An International
Investigation, Journal of Money, Credit and Banking 43, pp.
577-607.
http://dx.doi [...] Roffia (2013),
Euro Area Money Demand and International Portfolio
Allocation: A contribution to assessing risks to price stability,
Journal of International Money and Finance 32, pp 377-404.
http://dx [...] Friedman Rule, International Economic Review 46,
pp. 1271-1301.
http://dx.doi.org/10.1111/j.1468-2354.2005.00367.x
Ireland, Peter N. (2004b), Money's Role in the Monetary Business
Cycle, Journal
July, p. 3.
Canova, F. and T. Menz (2011), Does Money Matter in Shaping Domestic Business Cycles? An
International Investigation, Journal of Money, Credit and Banking, 43, pp. 577-607.
Carlstrom [...] K. and F. Seitz (2000), Interest Rate Spreads as Predictors of German Inflation
and Business Cycles, International Journal of Forecasting, 16, pp. 39-58.
Judson, R. (2012), Crisis and Calm: Demand [...] September/October 2009, 91(5, Part 1), pp. 419-40.
Xu, T. (2012), The Role of Credit in International Business Cycles, Bank of Canada, Working Paper
2012-36, November.
ECB Working Paper 1803, June
152) und die international vergleichende Studie von Bagnall et al. (2016).
2 Bezeichnend ist der Titel der Monografie von Kenneth Rogoff, dem ehemaligen Chefökonom des
Internationalen Währungsfonds: [...]
19 Vgl. Rösl (2006, 2007), im internationalen Kontext Harper (1948), Timberlake (1987) und Warner (2014).
20 Agarwal und Kimball (2015) sprechen [...] (2016),
Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data,
International Journal of Central Banking, 1-61.
Bartzsch, N., G. Rösl und F. Seitz (2013), Currency Movements
No. 01/179.
Canova, F. & T. Menz (2011), Does Money Matter in Shaping Domestic Business
Cycles? An International Investigation, Journal of Money, Credit and Banking 43, pp.
577-607.
Canova, [...] Euro Area,
Journal of International Money and Finance 29, pp. 111-22.
Evans, Martin D. D. (2005), Where Are We Now? Real-Time Estimates of the
Macroeconomy, International Journal of Central Banking [...] and
the Role of Money and Credit, International Finance 13, pp. 377–407.
Gertler, M. & N. Kiyotaki (2011), Financial Intermediation and Credit Policy in
Business Cycle Analysis, in: B. Friedman and
152) und die international vergleichende Studie von Bagnall et al. (2016).
2 Bezeichnend ist der Titel der Monografie von Kenneth Rogoff, dem ehemaligen Chefökonom des
Internationalen Währungsfonds: [...]
19 Vgl. Rösl (2006, 2007), im internationalen Kontext Harper (1948), Timberlake (1987) und Warner (2014).
20 Agarwal und Kimball (2015) sprechen [...] (2016),
Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data,
International Journal of Central Banking, 1-61.
Bartzsch, N., G. Rösl und F. Seitz (2013), Currency Movements
access to ordinary
central bank accounts. According to the latest survey by the Bank for International
Settlement, 90% of 80 surveyed central banks are currently engaged in CBDC work, mainly
[...] (2014): Internet Payment Methods: Regulatory requirements for payment
services and the e-money business, Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).
Lalouette, L./Esselink, H. (2018): [...] Innovation at the Firm Level“
von Horst Rottmann und Stefan Lachenmaier
4 „Financial Benefits of Business Process Management“
von Helmut Pirzer, Christian Forstner, Wolfgang Kotschenreuther und
Wolfgang
Wahl einer festen Zinsbindung gegenüber einer variablen
Verzinsung bei Immobilienfinanzierungen international sehr unterschiedlich ist.8 Un-
einigkeit herrscht allerdings in der Literatur darüber, wie die [...] vorbehalten.
Open Access Dieser Artikel wird unter der Creative Commons Namensnennung 4.0 International Lizenz
(http://creativecommons.org/licenses/by/4.0/deed.de) veröffentlicht, welche die Nutzung [...] 836. OECD Publishing, Paris
Badarinza C, Campbell J, Ramadorai T (2017) What calls to ARms? International evidence on interest
rates and the choice of adjustable-rate mortgages. Manage Sci. https://doi
firms. It may build the
ground for new cooperation, e. g., between banks and retailers, and new business models.
The Corona pandemic starting at the beginning of 2020 has once again proven the [...] Iacoviello (2019), Measuring geopolitical risk, Board of Governors of the Federal Reserve System,
International Finance Discussion Papers, December.
Deutsche Bundesbank (2009), The development and de [...] review of evidence,
in: Deutsche Bundesbank (ed.), War on cash: Is there a future for cash?. International Cash Conference 2017,
conference volume, Frankfurt, 92-146.
Ro sl, G. & F. Seitz (2022)
Kriterien geordnet.
5. (Internationale) Vergleichbarkeit: Die weltweit einheitliche Klassifizierung der Patentdo-
kumente mittels der IPC ermöglicht eine international vergleichbare Analyse technischer [...] Information in Technology Business Planning I, in:
Research Technology Management, 6/1988, S. 42-46.
Ashton, W. B./Sen, R. K.: Using Patent Information in Technology Business Planning II, in:
Research [...] Everything, in: strategy + business, Winter 2005, S. 54-75.
Jaruzelski, B./Dehoff, K./Bordia, R.: Smart Spenders - The Global Innovation 1000, in: strat-
egy + business, Winter 2006, S. 46-61.