There have always been fluctuations of production, employment, and prices in economic history. A lot of strenuous work and intellectual efforts have been put into the study of these fluctuations. Huge amounts of time series data have been collected and indicators have been compiled to determine...

Money supply targeting has come out of fashion. The large changes in velocity in some countries and the fact that inflation is still low in spite of the strong monetary expansion in most industrial economies since 1985 have undermined the formerly accepted notion of a stable relationship between...

This paper deals with deregulation of the German banking system, which is one of the most liberal among the OECD member countries [IBRO, 1978], Nevertheless, there is still some potential for further deregulation. It has to be discussed whether this potential should be exploited.

Among recently discussed financial innovations aiming at facilitating financial problems of developing countries debt-equity swaps (DES) have received considerable attention and have been greeted by some advocates with enthusiasm (Fierman 1987, Rundt 1986). This paper analyzes how debt-equity...