Die Erfindungskraft des Bankiers im Dienste des internationalen Kapitalmarktes

Abstract

The Banker’s Inventiveness in the Service of the International Capital Market

The more perfect the international capital market, the greater are the services it performs for both the common good and individual interests. To this end it is necessary to encourage active motivations and reduce passive motivations of all involved. Those involved comprise on the one hand the market participants, that is, the providers and seekers of capital, and on the other hand those who establish the basic conditions, that is to say the national governments and central banks, and the international and supranational institutions. In applying their inventiveness in the service of the international capital market, bankers have to observe a number of action panameters. Apart from the parameters of liquidity, creditworthiness and the risk of exchange rate and interest rate changes, in particular the action parameter of standing plays a decisive role. Action parameters with special peculiarities are the preferences, with the subparameters of preference creation and preference conservation on the one hand, and preference elimination and preference .dilution on the other. With regard to the points of application of the banker’s inventiveness, known grounds for passivity of those involved must be rendered less virulent, know grounds their activity must be stressed, new grounds for activity must be found and invigourated, and the interest of new, potential actors on the international capital market must beawakened. Above all, howewer, itis necessary toanticıipate expectations and adjust to them, and lastly to continue development of the institution of the !bankıng entrepeneur, adapting it to the combination of tasks. In respect of the possible modes of behaviour of the banker, attention must be paid to three fields of action: First, bankers should participate in creating optimal basic conditions for the international capital markets. Secondly, all possible means must be exhausted of optimizing the organization of the individual banking institution and the banking industry as a whole. Tihe multiplicity of forms of mixed-banking institutions and specialized banks will exert a favourable influence in this connection on the perfection of the market. In the third field of action, the issue is optimal minimization of market participants’ risks. In the case of risks which may influence cost and yield accounting, bankers must endeavour to find a compromise between the interests of capital investors and capital seakers. In contrast, in the case of risks wihich jeopardize the very existence of capital market transactions, it is essential to safeguard that existence by way of credit and liquidity risk policy. Special importance attaches to the risks of exchange rate and interest rate changes. Despite the great variety of constructions and modes of 'behaviour on the international capital market, on the non-resident currency markets in particular there still remain substantial risks which can be countered only with an adequate amount of managerial common sense.