The Derailed Policies of the ECB

Schulden; Finanzmarktkrise; Zentralbank; Schuldenkrise; Europäische Wirtschafts- und Währungsunion

Crataego monogynae-Rosetum pervirentis, a hedge association from Navarra

De l’analyse de 800 relevés phytosociologiques de haies provenant d‘un paysage agraire traditionnel, 28 relevés furent extraits afin de montrer la variabilité d‘une association arbustive du nord-ouest de la Navarre, présente dans la Sierra de Urbasa (Espagne). La zone exacte se trouve au ‘Raso de Urbasa’, un haut plateau reservé au bétail (vaches, moutons, chevaux et chèvres), situé à une altitude comprise entre 840 et 870 m . L’association est divisée en cinq variantes, donnant des informations sur l’usage de cette région et sur les sols. Les relevés ont été effectués en automne au cours des années 1991, 1993 et 2001. Le nom de cette association devi ent d’un hybride entre Rosa sempervirens et Rosa arvensis, s’appelant Rosa x pervirens Gren.In the central part of the western mountain chain of Navarra (Northwestern Spain), Sierra de Urbasa, on the so called plain ‘Raso de Urbasa’ between 840–870 m above the sea level, a shrub association could be properly distinguished. This at present endemic association is named after a wild rose: Rosa x pervirens Gren., an hybrid between Rosa arvensis and Rosa sempervirens. Since the medieval age the plain has been used for grazing livestock, e.g. sheep and horses. As a result of this browsed woodland, clearing from beechwood led to open grasslands, scattered by small hedgerows and groups of bushes and shrubs, or solitary trees with light understorey of shrubs

Die EZB auf der schiefen Bahn

Zahlungsbilanz, Zahlungsbilanzungleichgewicht, Schulden, Leistungsbilanz, Wettbewerb, Europäische Wirtschafts- und Währungsunion

The Hazards of Debt: Rollover Freezes, Incentives, and Bailouts

We investigate the trade-off between incentive provision and inefficient rollover freezes for a firm financed with short-term debt. First, debt maturity that is too short-term is inefficient, even with incentive provision. The optimal maturity is an interior solution that avoids excessive rollover risk while providing sufficient incentives for the manager to avoid risk-shifting when the firm is in good health. Second, allowing the manager to risk-shift during a freeze actually increases creditor confidence. Debt policy should not prevent the manager from holding what may appear to be otherwise low-mean strategies that have option value during a freeze. Third, a limited but not perfectly reliable form of emergency financing during a freeze—a “bailout”—may improve the terms of the trade-off and increase total ex ante value by instilling confidence in the creditor markets. Our conclusions highlight the endogenous interaction between risk from the asset and liability sides of the balance sheet

Zehn Jahre Deutsche Währungsunion - was bleibt zu tun? - Aufbau Ost ein langwieriger Prozess

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