With a bang, not a whimper: Pricking Germany's "stock market bubble" in 1927 and the slide into depression

In May 1927, the German central bank intervenedindirectly to reduce lending to equity investors.The crash that followed ended the only stockmarket boom during Germany s relative stabilization 1924-28. This paper examines thefactors that lead to the intervention as well asits consequences. We argue that genuine concernabout the exuberant level of the stock market,in addition to worries about an inflow offoreign funds, tipped the scales in favour ofintervention. The evidence strongly suggeststhat the German central bank under HjalmarSchacht was wrong to be concerned aboutstockprices-there was no bubble. Also, theReichsbank was mistaken in its belief thata fall in the market would reduce theimportance of short-term foreign borrowing,and help to ease conditions in the money market.The misguided intervention had important realeffects. Investment suffered, helping to tipGermany into depression.

Explaining movements in the labor share

In this paper we study the evolution of the labor share in the OECD since 1970. We show it is essentially related to the capital-output ratio; that this relationship is shifted by factors like the price of imported materials or the skill mix; and that discrepancies between the marginal product of labor and the real wage (due to, e.g., product market power, union bargaining, and labor adjustment costs) cause departures from it. We provide estimates of the model with panel data on 14 industries and 14 countries for 1973-93 and use them to compute the evolution of the wage gap in Germany and the US.

Betting on Hitler: The value of political connections in Nazi Germany

This paper examines the value of connections between German industry andthe Nazi movement in early 1933. Drawing on previously unused contemporarysources about management and supervisory board composition and stock returns,we find that one out of seven firms, and a large proportion of the biggest companies,had substantive links with the National Socialist German Workers Party. Firmssupporting the Nazi movement experienced unusually high returns, outperformingunconnected ones by 5% to 8% between January and March 1933. These resultsare not driven by sectoral composition and are robust to alternative estimatorsand definitions of affiliation.

Inflationary expectations during Germany's great slump

Was the German slump inevitable? This paper argues that -despite thespeed and depth of Germany's deflation in the early 1930s - fear ofinflation is evident in the bond, foreign exchange, and commodity marketsat certain critical junctures of the Great Depression. Therefore, policyoptions were more limited than many subsequent critics of Brüning'spolicies have been prepared to admit. Using a rational expectationsframework, we find strong evidence from the bondmarket to suggest fearof inflation. Futures prices also reveal that market participants werebetting on price increases. These findings are discussed in the contextof reparations and related to the need for a regime shift to overcomethe crisis.

Comparació de tres mètodes per a violí : Shinichi Suzuki, Paul Rolland i Mimi Zweig

Aquest treball és un anàlisi de tres aproximacions pedagògiques en el camp de la música sorgides al segle XX; la de Shinichi Suzuki, Paul Rolland i Mimi Zweig. Les tres estan centrades en l’ensenyament del violí i formen part de les aproximacions pedagògiques més conegudes i amb més reputació en aquest camp. S’han volgut estudiar i analitzar de manera separada cada una d’aquestes aproximacions i, posteriorment, fer-ne una comparació que permeti observar aquells aspectes que comparteixen i aquells amb els quals difereixen. La conclusió extreta és que el coneixement de diferents aproximacions pedagògiques i l’adequada combinació d’aquestes, a l’hora d’impartir la nostra tasca com a docents, és el que ens enriqueix com a pedagogs i també com a persones.

Long-range transport of Saharan dust to northern Europe: The 11-16 October 2001 outbreak observed with EARLINET

The spread of mineral particles over southwestern, western, and central Europeresulting from a strong Saharan dust outbreak in October 2001 was observed at10 stations of the European Aerosol Research Lidar Network (EARLINET). For the firsttime, an optically dense desert dust plume over Europe was characterized coherentlywith high vertical resolution on a continental scale. The main layer was located abovethe boundary layer (above 1-km height above sea level (asl)) up to 3–5-km height, andtraces of dust particles reached heights of 7–8 km. The particle optical depth typicallyranged from 0.1 to 0.5 above 1-km height asl at the wavelength of 532 nm, andmaximum values close to 0.8 were found over northern Germany. The lidar observationsare in qualitative agreement with values of optical depth derived from Total OzoneMapping Spectrometer (TOMS) data. Ten-day backward trajectories clearly indicated theSahara as the source region of the particles and revealed that the dust layer observed,e.g., over Belsk, Poland, crossed the EARLINET site Aberystwyth, UK, and southernScandinavia 24–48 hours before. Lidar-derived particle depolarization ratios,backscatter- and extinction-related A ° ngstro¨m exponents, and extinction-to-backscatterratios mainly ranged from 15 to 25%, 0.5 to 0.5, and 40–80 sr, respectively, within thelofted dust plumes. A few atmospheric model calculations are presented showing the dustconcentration over Europe. The simulations were found to be consistent with thenetwork observations.

Against the mainstream: Nazi privatization in 1930s Germany

The Great Depression spurred State ownership in Western capitalist countries. Germany was no exception; the last governments of the Weimar Republic took over firms in diverse sectors. Later, the Nazi regime transferred public ownership and public services to the private sector. In doing so, they went against the mainstream trends in the Western capitalist countries, none of which systematically reprivatized firms during the 1930s. Privatization in Nazi Germany was also unique in transferring to private hands the delivery f public services previously provided by government. The firms and the services transferred to private ownership belonged to diverse sectors. Privatization was part of an intentional policy with multiple objectives and was not ideologically driven. As in many recent privatizations, particularly within the European Union, strong financial restrictions were a central motivation. In addition, privatization was used as a political tool to enhance support for the government and for the Nazi Party.

Against the mainstream: Nazi privatization in 1930s Germany

The Great Depression spurred State ownership in Western capitalist countries. Germany was no exception; the last governments of the Weimar Republic took over firms in diverse sectors. Later, the Nazi regime transferred public ownership and public services to the private sector. In doing so, they went against the mainstream trends in the Western capitalist countries, none of which systematically reprivatized firms during the 1930s. Privatization in Nazi Germany was also unique in transferring to private hands the delivery f public services previously provided by government. The firms and the services transferred to private ownership belonged to diverse sectors. Privatization was part of an intentional policy with multiple objectives and was not ideologically driven. As in many recent privatizations, particularly within the European Union, strong financial restrictions were a central motivation. In addition, privatization was used as a political tool to enhance support for the government and for the Nazi Party.

Application of European accounting standards to the public healthcare sector: a comparative study on the application of the European System of Accounts ESA-95 to healthcare centres in the United Kingdom, France and Germany

This report aims to analyse how European accounting standards (European System of Accounts ESA-95) are interpreted and applied to the public healthcare sector, from the standpoint of comparative law. Specifically, the study focuses on the application of ESA-95 to healthcare centres in the United Kingdom, France and Germany, with the aim of reaching useful conclusions for the Public Companies and Consortia (EPIC, for their initials in Catalan) in the Catalan Public Healthcare System.

Naturaleza del héroe en las novelas de capa y espada (Le Bossu de Paul Féval)

Penetrar en el mundo de las novelas de capa y espada significa franquear el umbral del mundo encarnado de los cuentos de hadas en dónde el héroe y la heroína conservan todas sus características fundamentales, aquellas que les convierten en modelos utópicos del deseo y del ensueño. Le Bossu realiza además la fusión clara con el cuento de hadas al final de la primera partecuando astucia y maldad se unen paraproporcionar a la heredera de Nevers su entrada en el mundo que le corresponde por derecho de nacimiento. Como una nueva Cenicienta, Aurore recibirá de manos de su padastro con el beneplácito de Lagardére las más preciosas galas para asistir al baile del Regente, consagración del banquero Law. Cuento, realidad, ensoñación maravillosa, todos esos elementos se conjugan para estallar en el brillante dominó rosa que lucirá Aurore en el baile constituyendo el punto álgido de su destino. A partir de ese momento, Aurore perderá la inocencia y ya no le será permitido ignorar la lucha por la felicidad. Como Cenicienta, igual que Cenicienta tendrá que luchar con todas sus fuerzas paraque su príncipe pueda calzarle el zapato de cristal de la felicidad. A lo largo de todo el siglo xx el modelo de las novelas de capa y espada se repite. Como indiscutible padre del género debe de reconocerse a Alexandre Dumas con Les Trois Mousquetaires, publicada en 1844. En otras muchas de sus novelas reproducirá los elementos que le hicieron célebre aunque no supere a esta que se convierte en paradigmática. Paul Féval publica, a la sombra de Dumas, ello es evidente, Le Bossu en 1857. En los inicios del siglo xx, la novela de capa y espada encuentra un nuevo defensor, que cierra magníficamente el ciclo. Nos referimos a Michel Zévaco con Les Pordaillan. Situado en medio de Dumas y de Zévaco, Le Bos»u con su protagonista principal, Henri de Lagard6re, nos ofrece todos los elementos indispensables para el análisis del héroe en este tipo de creaciones.

Abbatouy, Mohammed; Renn Hürgen and Weinig, Paul (Eds.). Intercultural Transmission of Scientific Knowledge in the Middle Ages: Graeco-Arabic-Latin. Science in Context

As the editors explain in the introduction, a workshop dedicated to 'Experience and Knowledge Structures in Arabic and Latin sciences' was held at the Max Plank Institue for the HIstory of Science...