China’s banking market is one of the most attractive investment targets for financial institutionsworldwide especially since the opening up of the market in December 2006. Based oninterviews with experts this paper analyses the question of benefits and risks of foreign directinvestments into...

The paper analyzes if and how the experiences of European integration can be used for theprogress of East Asia integration especially of the ASEAN+3 countries1. Of special interest isthe relevance of the new endogeneity approach of monetary integration for East Asia. Thequestion is discussed in...

One major outcome of the review of the ECB’s “two pillar monetary policy strategy”, whichwas published on 8 May 2003, has been the de facto downgrading of the hitherto prominentrole assigned to the stock of money. According to the authors’ judgement, however, there is astrong theoretical...

Eine kapitalgedeckte Altersvorsorge wirkt positiv auf die Entwicklung der Kapitalmärkte.Das stetige und kräftige Wirtschaftswachstum der 90er Jahre in den USAist sicherlich auch Ergebnis der zunehmenden Bedeutung von Pensionfonds. DieKonzentration von Geldern und deren Anlage an den...

Die NE hat vielfältige ökonomische Dimensionen. Die wichtigsten sind die Überwindungdes Konjunkturzyklus, die Dynamisierung und Vernetzung der Aktienmärktemit der Realwirtschaft, der Strukturwandel zur Informations- und Wissensökonomie,schließlich die zunehmende Bedeutung von...

This paper studies the effects that heterogeneous multiple bank financing hason a firm’s risk- and information-policy, particularly with respect to credit rene-gotiation efficiency. We find that a significant, yet limited, degree of relationshiplending enables firms with high asset specificity...

With the development of new internet technologies new security problems arise. Thus, it isimportant to consider security aspects during the complete development process of a web application.Every participant of such a process should have the appropriate knowledge. Classicallearning methods are...

In many analyses of the Chinese so-called economic miracle, cultural factors loom large. Thispaper offers a brief overview of recent economic approaches to culture and puts these into ananalytical framework that highlights the dynamic and creative aspects of culture. I argue thatChina is a model...

Sovereign Wealth Funds (SWFs) have become active investors on the financial markets. Thisworking paper meets the increasing thirst for information on the investment activities of SovereignWealth Funds, their legal environment and the implications on German stock listedcorporations. Thus, this...