By Paul J. J. Welfens, Holger C. Wolf (auth.), Professor Dr. Paul J. J. Welfens, Professor Holger C. Wolf (eds.)
Paul J.J. Welfens and Holger C. Wolf whereas the economies of Asia and, extra lately, South in addition to North the United States have loved sustained excessive development, the expansion functionality of western Europe and specifically continental Europe has been quite modest. Coupled with good sized advancements in exertions productiveness and - at most sensible - regular capital productiveness, development proved inadequate to maintain employment degrees, less to duplicate the U.S. activity production luck. Relative inflation functionality has been far better: within the run-up to ecu financial Union inflation charges have dramatically converged in the direction of the reduce finish of the distribution whereas hazard premia on previously excessive inflation economies have fallen. but, having a look ahead, the undoubted luck achieve rate balance is mitigated by way of the lackluster development -and particularly employment -performance. certainly, the relative little cognizance paid to projects directed at elevating fiscal progress is startling, not just within the mild of the U.S. coverage list but in addition in mild of the extraordinary rebound of these eu economies that have aggressively tackled the structural difficulties, so much prominently the united kingdom and Ireland.
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Additional resources for Banking, International Capital Flows and Growth in Europe: Financial Markets, Savings and Monetary Integration in a World with Uncertain Convergence
9 . between resIdents and non-resIdents . * Gross purchases and sales of secunties Source: BIS, 66th Annual Report, Basle , p. 122. 6 • Where avadable, mcludmg short-term money market mstruments, government bonds, corporate bonds and equities at market value. b Percentage share of the ten most active stocks in the total value traded in 1994. For the United States and Japan, share of total volume traded. "Total value traded as a percentage ofaverage market capitalization in 1994. d 1995. • Government bonds only.
While the fundamentals determine price developments in the long term, short-term price changes can be caused by various impulses. Analysis of short-term financial market volatility for Germany - based on standard deviation of relative daily price changes which was computed over a moving period of 20 days and extrapolated to yield an annual rate (DEUTSCHE BUNDESBANK, 1996; see Table A2) - showed that the standard deviation oflongterm interest rates has slightly increased in the first half of the 1990s and that of short term interest rates has decreased.
An increase in product and process innovations should help to. improve the international competitiveness of the US and France in the long term - in the UK the impact will be rather small due to the small size of the manufacturing sector. West Germany's firms temporarily neglected international markets and R&D during the first stage of German unification when east German markets offered uncontested outlets for most products, but overall German R&D expenditures are gradually picking up. Interestingly, the growth rate of labor productivity in services matched that of manufacturing industry in the period 1973-92 in Germany, while in the previous decade it was much lower in the service sector.
Banking, International Capital Flows and Growth in Europe: Financial Markets, Savings and Monetary Integration in a World with Uncertain Convergence by Paul J. J. Welfens, Holger C. Wolf (auth.), Professor Dr. Paul J. J. Welfens, Professor Holger C. Wolf (eds.)