Statistiken über die Lieferungen von durch die Deutsche Bundesbank
emittierten Banknoten über im internationalen Sortenhandel tätige Banken in Nicht-EWU-
Länder oder auf Befragungen von Reisenden hinsichtlich [...] Anbindung des schweizerischen Bankensystems an den Euro-Bargeldkreislauf eine wichtige
Rolle im internationalen Sortenhandel einnimmt, verzeichnete zu dieser Zeit einen kräftigen
Anstieg in der Nachfrage [...] großen
Bedeutung dieser Geldhäuser im weltweiten Sortenhandel zu sehen, in dem diese als
internationale Drehscheibe fungieren. Dabei verkaufen die eidgenössischen Banken die
erworbenen Euro-Banknoten
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..
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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
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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.
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Treynor, J., Black, F., 1973. How to Use Security Analysis to Improve Portfolio Selection.
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Cornish, E., Fisher, R., 1960. The Percentile Points of Dis [...] mulants. Technometrics 2, 209–226.
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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,
Econometrica, 33, 671–84.
Warnock, F. E. and Warnock, V. C. (2005) International
capital flows and US interest rates, International
Finance Discussion Paper No. 840, September 2005.
West, K. D. (1988) [...] Alongside the
more traditional determinants like core inflation, monetary policy and
the business cycle, we also include foreign holdings of US Treasuries.
The latter should capture the frequently [...] and Seitz (2005) construct a traditional
US-bond yield model driven by monetary policy,
the business cycle and inflation expectations.
Although the out-of-sample performance of their
model was
1994). Caballero/Engel (1992) show that these price rigidities are an international phenomenon. But the results of a recent business survey cast doubt on an asymmetric price setting behaviour of German [...] Asymmetric Business Cycles: Theory and Time-Series Evidence, Journal of Monetary Economics, Vol. 40, pp. 501-533
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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
System,
International Finance Discussion Papers 657, January.
European Central Bank (2008), The International Role of the Euro, July.
European Central Bank (2010), The International Role of the [...] Currency, Quarterly Re-
view of Economics and Business, 30, pp 75-89.
page
42
Thießen, U. (2010), The Shadow Economy in International Comparison: Options for
Economic Policy Derived [...] sent by banks and not those sent via other channels
of banknote migration, such as tourism, business trips and other instances of cash being taken
abroad. For example, according to anecdotal evidence
Clarida, R., J. Galí and M. Gertler (1998), Monetary policy rules in practice, Some
international evidence, European Economic Review 42, 1033-1067.
Clarida, R., J. Galí and M. Gertler (2000) [...] the measurement of the output gap and the design of monetary policy, Journal of
Economics and Business 52, 117-41.
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page
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Svensson, L. and M. Woodford (2002), Indicator
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
area countries (NDA(t)):
NDðtÞ ¼ NDDðtÞ þNDAðtÞ: ð1Þ
As a result of foreign travel (tourism, business trips) a certain amount of German Q1 coins
drifts to other euro-area countries. We assume that this [...] 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 pas-
sengers per day. Frankfurt is
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Keywords Money, business cycle, forecast comparison, VAR models
Keywords Money, business cycle, forecast comparison, VAR models
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dc:subject Money, business cycle, forecast comparison, VAR models
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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
C-arms are generally considered insufficient for cardiovascular
imaging and do not comply with international standards for cardiac imaging (Bonatti et al.,
2007). For hybrid rooms, fixed monoplane and biplane [...] Building a hybrid operating room is a considerable economic investment for every hospital.
Sound business models and optimal usage of the room are prerequisites to make this
endeavour a financial success [...] reports (see Fig. 22).
In summary, to justify the substantial investment in the hospital a detailed business plan
needs to be created, taking into account the specific situation in the hospital. Hospital
about a need for a third international rescue package for Greece and a newly elected
Greek Government which expressively refused structural reforms demanded by its
international creditors resulted in [...] trend over the past 30 years.
Figure 5: Small and large banknote denominations in circulation international (USD bn.)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
90 92 94 96 98 [...] and analyse the demand for small and large
banknote denominations since the 1990ies in an international perspective. Hereby, three
prominent examples for each of the type of a global crisis were
(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
al. (2016) provides an international comparison.
2 Symptomatic is the title of Kenneth Rogoff’s (2016) book “The Curse of Cash“, former chief economist of the
International Monetary Fund. The head [...] countries. In Germany, for instance,
cash is used in 80 percent of all transactions in retail business.1 In recent times, however, more
and more claims were put forward in order to restrict the use [...] legal tender in
the euro area. As a principle, payments in cash shall be accepted in retail business and no
higher prices should be charged if cash is used as a means of payment (EU Commission
Publisher and distributor: Munich Society for the Promotion of Economic Research ‐ CESifo
GmbH
The international platform of Ludwigs‐Maximilians University’s Center for Economic Studies
and the ifo Institute [...]
Germany – 92637 Weiden
f.seitz@oth-aw.de
Hans-Eggert Reimers
University of Technology, Business
and Design Wismar
Wilhelm-Epstein-Str. 14
Germany – 60431 Wismar
hans-eggert.reimers@hs-wismar [...] depend upon multiple
page
3
(2016) give a literature review on the finances of international crime organizations which shows
that cash is used in many crime activities. Therefore, re
*
Dies ist die überarbeitete Version eines Vortrags, der auf der Internationalen Fachtagung der VWL-
Professoren an deutschsprachigen Hochschulen in Jena im Mai 2011 gehalten [...] festhielt. Interessanter Weise hatte Deutschland während der Strategie mit
Geldmengenzielen stets international sehr niedrige Inflationsraten und wurde von
größeren Finanzmarktkrisen verschont.
Die [...] erfolgen.
page
6
Abb. 1: Der langfristige Geldmengen-Preis-Zusammenhang: internationale Evidenz
Quelle: Papademos/Stark (2010), S. 33.
Abb. 3 konzentriert sich dagegen
Kartengestützte Zahlungssysteme im Einzelhandel.
Cologne.
European Central Bank, 2011a. The international role of the Euro. July.
European Central Bank, 2011b. Guideline of the ECB of 30 June 2011 amending [...] 2004. Currency demand by federal reserve cash office:
what do we know? Journal of Economics and Business 56, 273–285.
Scheiber, T., Stix, H., 2009. Euroization in central, eastern and southeastern Europe—