Uebersicht - Overview

Abstract: This paper analyses the use of intellectual property in financing contracts. It defines intellectual property assets as the codified, physical, fungible representation of an intangible asset. Such intellectual property assets have two functions: there primary use is to serve as property right on the usage of the intangible asset, there secondary use is as representation of future cash flows resulting from the intangible asset. Under the condition that primary and secondary function can be separated, financial instruments can be constructed from the latter. Such instruments have certain properties that distinguish them from other financing instruments. First, their valuation is still an unresolved question, why this paper sketches and comments the valuation techniques in use today. Second, markets for intellectual property assets are still small and illiquid. The institution of the intellectual property assets intermediary therefore is introduced. Having found a price for the asset and a marketplace, this paper finally introduces the existing instruments for financing.

Abstract: This paper first gives a concise overview of the currency board era in Argentina, then offers a summary of why economies may adopt fixed exchange rate regimes, and how the currency board is canonically defined. 
The main part of the paper then states eight conditions necessary to make a currency board sustainable and analyzes these conditions both in general and in respect to  the situation in Argentina in the currency board era. 
It then turn to what may be considered the two main factors (these two being peso overvaluation and fiscal policy) which led to the collapse of the currency board system, analyzes them in some more detail and shows the linkage between the two. 
In the last part, this paper addresses alternatives Argentina could have taken in  different phases of the currency board era, first and foremost dollarization, and what lessons might be learned from Argentina's experience.

Powerpointpraesentation (deutsch)
Dateiname: cbrd_arg.ppt
Groesse: 391K

Abstract: This paper offers an overview of the distinctive features of convertible bonds for both investors and issuers. For investors, it focuses on diversification potential and the derivative character of the product. It shows that reasonable potential exists when adding convertibles to bonds and stocks. For issuers, the paper presents the academic justification for convertible bonds, namely information related problems like the overinvestment problem, divergent risk perception or adverse selection at the issuance of conventional equity. In a third part, the paper introduces three classical pricing models (contingent claim analysis, the no-arbitrage equilibrium condition and the binomial tree approach, where the latter is discussed to some extent) and finally sketches a few of the more recent developments in this field of research.

Powerpointpraesentation (deutsch):
Dateiname: cb_pres.ppt
Groesse: 552K

Abstract: This paper analyzes capital controls with a focus on conversion taxes as proposed by Tobin and Spahn. To understand the problems associated with these models, it first offers a description of the foreign exchange markets and their decentralized, concentrated form of organization. In a second part, the paper turns to financial crises, their causes and their costs both domestic and international. Central issues are bad allocation of resources, loss of information in the banking sector and contagion. In a third part, the paper analyzes capital control models as preventive measures to such events, with a focus on conversion taxes. The paper shows possible advantages of capital controls in general (a more independent monetary policy) and of conversion taxes in particular (systemic stability and tax payoffs). It then turns to counterarguments to conversion taxes. A Tobin Tax would punish all short-term investors indiscriminately. It would rise hedging costs. There is a tax evasion problem not easily overcome. The paper ends with a simple, qualitative model where a Tobin Tax increases volatility contrary to expectations. The paper concludes that Spahn's proposal shows most promise, if the remaining issues, mainly related to hedging costs, can be overcome. 

Powerpoint (deutsch):
Dateiname: cap_con.ppt
Groesse: 57K

Handout:
Dateiname: handout.pdf
Groesse: 45K