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Wandel währungspolitischer Arrangements

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  2. Economics, Finance, Business & Management
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  4. Vol. 25, Issue 2
  5. pp. 211–232

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Berthold, N. Wandel währungspolitischer Arrangements. . Was tragen Multinationale Unternehmungen dazu bei?. Credit and Capital Markets – Kredit und Kapital, 25(2), 211-232. https://doi.org/10.3790/ccm.25.2.211
Berthold, Norbert "Wandel währungspolitischer Arrangements. Was tragen Multinationale Unternehmungen dazu bei?. " Credit and Capital Markets – Kredit und Kapital 25.2, 1992, 211-232. https://doi.org/10.3790/ccm.25.2.211
Berthold, Norbert (1992): Wandel währungspolitischer Arrangements, in: Credit and Capital Markets – Kredit und Kapital, vol. 25, iss. 2, 211-232, [online] https://doi.org/10.3790/ccm.25.2.211
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Wandel währungspolitischer Arrangements

Was tragen Multinationale Unternehmungen dazu bei?

Berthold, Norbert

Credit and Capital Markets – Kredit und Kapital, Vol. 25 (1992), Iss. 2 : pp. 211–232

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Duncker & Humblot
DOI
https://doi.org/10.3790/ccm.25.2.211
Language
Multiple languages
Pages
22

Author Details

Norbert Berthold, Würzburg

Cited By

  1. Grundlagen der Wirtschaftspolitik

    Internationale Währungs- und Handelsordnung

    2005

    https://doi.org/10.1007/3-540-27341-7_7 [Citations: 0]

References

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  37. Lessard, D. R. (1979): Transfer Prices, Taxes, and Financial Markets: Implications of International Financial Tranfers within the Multinational Corperation, in: R. G. Hawkins (Hrsg.), Research in International Business and Finance. the Economic Effects of Multinational Corperations, Bd. 1. Greenwich (Conn.) 1979, S.101 - 135.  Google Scholar
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  40. Monti, M. (1987): Integration of Financial Markets in Europe, in: Giersch, H. (Hrsg.), Free Trade in the World Economy: Towards an Opening of Markets. Tübingen 1987, S.492 - 503.  Google Scholar
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  47. Prindl, A. (1976): Foreign Exchange Risk. London u.a. 1976.  Google Scholar
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  49. Rodriguez, R. M. (1974): Management of Foreign Exchange Risk in the US-Multinationals, in: Journal of Financial and Quantitative Analysis, 9 (1974), S. 849 - 857.  Google Scholar
  50. Rometsch, S. (1974): Multinational Corporations and National Monetary and Financial Policy, in: Wilson, J. S. G. und Scheffers, C. F. (Hrsg.), Multinational Enterprise - Financial and Monetary Aspects. Leiden 1974, S. 202 - 211.  Google Scholar
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  52. Rugman, A. M. (1981): Inside the Multinationals. New York 1981.  Google Scholar
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  65. Aliber, R. Z. (1978b): The Integration of National Financial Markets: A Review of Theory and Findings, in: Weltwirtschaftliches Archiv, 114 (1978), S. 448 – 479.  Google Scholar
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  69. Boarman, P. M. (1975): Multinational Firms and the International Monetary System, in: Boarman, P. M. und Schollhammer, H. (Hrsg.), Relations in an International Context. New York u.a. 1975, S.41 – 49.  Google Scholar
  70. Brooke, M. Z. und Remmers, H. L. (1970): The Strategy of Multinational Enterprise. Organisation and Finance. London 1970.  Google Scholar
  71. Bryant, R. C. (1987): International Financial Intermediation. Washington, D. C. 1987.  Google Scholar
  72. Buiter, W. (1986): Borrowing to Defend the Exchange Rate and the Timing and Magnitude of Speculative Attacks. NBER-Working Paper 1844. Cambridge, MA 1986.  Google Scholar
  73. Coase, R. H. (1937): The Nature of the Firm, in: Economica, 4 (1937), S.386 – 405.  Google Scholar
  74. Dornbusch, R. (1976): Expectations and Exchange Rate Dynamics, in: Journal of Political Economy, 84 (1976), S.1161 – 1174.  Google Scholar
  75. Dornbusch, R. und Frankel, J. (1988): The Flexible Exchange Rate System: Experience and Alternatives, in: Borner, S. (Hrsg.), International Finance and Trade in a Polycentric World. Houndsmills u.a. 1988, S.151 – 197.  Google Scholar
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  88. Giavazzi, F. und Giovannini, A. (1989): Limiting Exchange Rate Flexibility. The European Monetary System. Cambridge, MA u.a. 1989.  Google Scholar
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  90. Evidence from the Gold Standard, Bretton Wood and the EMS. NBER-Working Paper 2766. Cambridge, MA 1988.  Google Scholar
  91. Gloystein P. und Köhler, K. (1975): Die Bedeutung Multinationaler Unternehmen für die deutsche Währungpolitik, in: Wirtschaftsdienst, 55 (1975), S.141 – 145.  Google Scholar
  92. Gros, D. (1988): Dual Exchange Rates in the Presence of Incomplete  Google Scholar
  93. Market Separation, in: IMF Staff Papers, 35 (1988), S.437 – 460.  Google Scholar
  94. Gros, D. (1989): The Effectiveness of Capital Controls, in: IMF Staff Papers, 36 (1989), S.621 -642.  Google Scholar
  95. Jacque, L. L. (1978): Management of Foreign Exchange Risk: Theory and Praxis. Lexington (Mass.) u.a. 1978.  Google Scholar
  96. Krugman, P. (1979): A Model of Balance-of-Payments Crisis, in: Journal of Money, Credit and Banking, 11 (1979), S.311 – 325.  Google Scholar
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  99. Lessard, D. R. (1979): Transfer Prices, Taxes, and Financial Markets: Implications of International Financial Tranfers within the Multinational Corperation, in: R. G. Hawkins (Hrsg.), Research in International Business and Finance. the Economic Effects of Multinational Corperations, Bd. 1. Greenwich (Conn.) 1979, S.101 – 135.  Google Scholar
  100. Loef, H.-E. (1988): Variabilität der Wechselkurse als Problem der Währungspolitik, in: Issing, O. (Hrsg.), Wechselkursstabilisierung, EWS und Weltwährungssystem. Hamburg 1988, S.123 – 159.  Google Scholar
  101. Marston, R. (1988): Exchange Rate Policy Reconsidered, in: Feldstein, M. (Hrsg.), International Economic Cooperation. Chicago u.a. 1988, S.79 – 136.  Google Scholar
  102. Monti, M. (1987): Integration of Financial Markets in Europe, in: Giersch, H. (Hrsg.), Free Trade in the World Economy: Towards an Opening of Markets. Tübingen 1987, S.492 – 503.  Google Scholar
  103. Naumann-Etienne, R. (1974): A Framework for Financial Decisions in Multinational Corperations Summary of Recent Research, in: Journal of Financial and Quantitative Analysis, 9 (1974), S.859 – 874.  Google Scholar
  104. Obstfeld, M. (1984): Balance-of-Payments Crisis and Devaluation, in: Journal of Money, Credit and Banking, 16 (1984), S.208 – 217.  Google Scholar
  105. Obstfeld, M. (1988a): The Effectiveness of Foreign-Exchange Interventions: Recent Experience. NBER-Working Paper 2796. Cambridge, MA 1988.  Google Scholar
  106. Obstfeld, M. (1988b): Competitiveness, Realigment, and Speculation: The Role of Financial Markets, in: Giavazzi, F. u.a. (Hrsg.), The European Monetary System. Cambrige u.a. 1988, S. 232 – 247.  Google Scholar
  107. Olson, M. (1982): The Rise and Decline of Nations. New Haven 1982. – Padoa-Schioppa, T. (1988): The European Monetary System: A Longterm View, in: Giavazzi, F. u.a. (Arsg.), The European Monetary System. Cambridge u.a. 1988, S. 369 – 384.  Google Scholar
  108. Plasschaert, S. (1979): Transfer Pricing and Multinational Corporations: An Overview of Concepts, Mechanism and Regulations. Westmead u.a. 1979.  Google Scholar
  109. Prindl, A. (1976): Foreign Exchange Risk. London u.a. 1976.  Google Scholar
  110. Robbins, S. M. und Stobaugh, R. B., Financing Foreign Affiliates, in: Financial Management, 1 (Winter 1973), S. 55 – 65.  Google Scholar
  111. Rodriguez, R. M. (1974): Management of Foreign Exchange Risk in the US-Multinationals, in: Journal of Financial and Quantitative Analysis, 9 (1974), S. 849 – 857.  Google Scholar
  112. Rometsch, S. (1974): Multinational Corporations and National Monetary and Financial Policy, in: Wilson, J. S. G. und Scheffers, C. F. (Hrsg.), Multinational Enterprise – Financial and Monetary Aspects. Leiden 1974, S. 202 – 211.  Google Scholar
  113. Rugman, A. M. (1980): Internalization as a General Theory of Foreign Direct Investment: A Reappraisal of the Literature, in: Weltwirtschaftliches Archiv, 116 (1980), S. 365 – 379.  Google Scholar
  114. Rugman, A. M. (1981): Inside the Multinationals. New York 1981.  Google Scholar
  115. Rugman, A. M. (1985): Internalization Is Still a General Theory of Foreign Direct Investment, in: Weltwirtschaftliches Archiv, 121 (1985), S. 570 – 575.  Google Scholar
  116. Rugman, A. M., Lecraw, D. J. und Booth, L. D. (1985): International Business. Firm and Environment. New York u.a. 1985.  Google Scholar
  117. Rutenberg, D. P. (1970): Maneuvering Liquid Assets in a Multinational Company: Formulation and Deterministic Solution Procedures, in: Management Science, 16 (1970), S. 671-684.  Google Scholar
  118. Streit, M. E. (1987): Economic Order and Public Policy – Market, Constitution and the Welfare State, in: Pethig, R. und Schlieper, U. (Hrsg.), Efficiency, Institutions, and Economic Policy. Berlin u.a. 1987, S.1 – 21.  Google Scholar
  119. Tobin, J. (1982): A Proposal for International Monetary Reform, in: Tobin, J., Essays in Economics: Theory and Policy. Cambridge, MA 1982, S. 488 – 494.  Google Scholar
  120. United States Senat, Committee on Finance (1973): Implications of Multinational Firms for World Trade and Investment and for US Trade and Labor, Washington D.C. 1973.  Google Scholar
  121. Vaubel, R. (1988): Monetary integration theory, in: Zis, G. u.a., International economics. London u.a. 1988, S. 223 – 262.  Google Scholar
  122. Vosgerau, H.-J. (1990): Multinationalisierung und Demultionationalisierung der Produktion, in: Jahrbuch für Neue Politische Ökonomie, 9 (1990), S. 35-49.  Google Scholar
  123. Williamson, O. E. (1975): Markets and Hierarchies: Analysis and Antitrust Implications: A Study in the Economics of Internal Organizations. New York 1975.  Google Scholar
  124. Willms, M. (1988): Wechselkursstabilisierung durch währungspolitische Kooperation?, in: Issing, O. (Hrsg.), Wechselkursstabilisierung, EWS und Weltwährungssystem. Hamburg 1988, S. 229 -260.  Google Scholar

Abstract

Changes in Monetary Policy Arrangements – what do Multinational Enterprises contribute thereto?

A preference for nominally more stable exchange rates has again been observed worldwide for some time. However, in systems of fixed exchange rates the conflicting monetary policy targets on account of imperfect political markets are removed for the most part not by means adequate to the causes, but by dirigist governmental interventions into the international financial markets. The possibilities multinational enterprises have for handling financial transactions via internal markets as well are helpful in overcoming state-erected barriers. Forced speculation ultimately contributes to a collapse of the inefficient monetary system and to a more efficient system of flexible exchange rates being adopted.

Table of Contents

Section Title Page Action Price
Norbert Berthold: Wandel währungspolitischer Arrangements. Was tragen Multinationale Unternehmungen dazu bei? 211
I. Einige einleitende Bemerkungen 211
II. Internationale Allokation kurzfristiger finanzieller Mittel über unternehmensinterne Finanzmärkte 215
1. Die kurzfristige Finanzpolitik von Multinationalen Unternehmungen 215
a) Aufgaben des kurzfristigen Finanzmanagements Multinationaler Unternehmungen 215
b) Organisatorische Struktur der Finanzfunktion Multinationaler Unternehmungen 219
c) Instrumente der kurzfristigen Finanzpolitik Multinationaler Unternehmungen 219
2. Determination des Einsatzes des spezifischen finanzpolitischen Instrumentariums 223
a) Wahl der finanzpolitischen Instrumente bei freiem internationalen Kapitalverkehr 223
b) Wahl der finanzpolitischen Instrumente bei beschränktem internationalen Kapitalverkehr 224
III. Folgen der kurzfristigen Finanzpolitik Multinationaler Unternehmungen für die staatliche Währungspolitik 226
IV. Einige Bemerkungen zum Schluß 228
Literatur 229
Zusammenfassung: Wandel währungspolitischer Arrangements - Was tragen Multinationale Unternehmungen dazu bei? 232
Summary: Changes in Monetary Policy Arrangements - what do Multinational Enterprises contribute thereto? 232
Résumé: Changement dans les dispositions de politique monétaire. Comment y contribuent les entreprises multinationales? 232

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