Leader of the pack? German monetary dominance in Europe prior to EMU

In this paper, the monetary policy independence of European nations in the years before European Economic and Monetary Union (EMU) is investigated using cointegration techniques. Daily data is used to assess pairwise relationships between individual EMU nations and ‘lead’ nation Germany, to assess the hypothesis that Germany was the dominant European nation prior to EMU. By and large our econometric investigations support this hypothesis, and lead us to conclude that the only European nation to lose monetary policy independence in the light of monetary union was Germany. Our results have important policy implications. Given that the loss of monetary policy independence is generally viewed as the main cost of monetary unification, our findings suggest a reconsideration of the costs and benefits of monetary integration. A country can only lose what it has, and in Europe the countries that joined EMU — spare Germany — apparently did not have much to lose, at least not in terms of monetary independence. Instead, they actually gained monetary policy influence by getting a seat in the ECB's governing council which is responsible for setting interest policy in the euro area.

Learning to think in a second language: effects of proficiency and length of exposure in English learners of German

The aim of the current study is to investigate motion event cognition in second language learners in a higher education learning context. Based on recent findings showing that speakers of grammatical aspect languages like English attend less to the endpoint (goal) of events than speakers of non-aspect languages like Swedish in a nonverbal categorization task involving working memory (Athanasopoulos & Bylund, 2013; Bylund & Athanasopoulos, this issue), the current study asks whether native speakers of an aspect language start paying more attention to event endpoints when learning a non-aspect language. Native English and German (a non-aspect language) speakers, and English learners of L2 German, who were pursuing studies in German language and literature at an English university, were asked to match a target scene with intermediate degree of endpoint orientation with two alternate scenes with low and high degree of endpoint orientation, respectively. Results showed that, when compared to the native English speakers, the learners of German were more prone to base their similarity judgements on endpoint saliency, rather than ongoingness, primarily as a function of increasing L2 proficiency and year of university study. Further analyses revealed a non-linear relationship between length of L2 exposure and categorization patterns, subserved by a progressive strengthening of the relationship between L2 proficiency and categorization as length of exposure increased. These findings present evidence that cognitive restructuring may occur through increasing experience with an L2, but also suggest that this relationship may be complex, and unfold over a long period of time.

Anti-Slavic imagery in German radical nationalist discourse at the turn of the twentieth century: a prelude to Nazi ideology?

By applying methods of cognitive metaphor theory, Jaworska examines metaphorical scenarios employed in the discourse of anti-Slavism, which featured prominently in radical nationalist propaganda in Germany at the turn of the twentieth century. She does so by analysing metaphorical expressions used to refer to the Polish population living in the eastern provinces of Prussia, in the so-called Ostmark. Her article is based on an analysis of a range of pamphlets and newspaper articles written by some of the leading figures of two nationalist organizations: the Pan-German League (Alldeutscher Verband) and the Eastern Marches Society(Ostmarkenverein). The main research questions it addresses are: What kind of metaphoric scenarios were used to depict the Polish minority, and to what extent were the metaphorical patterns of anti-Slavic imagery similar to those employed in the antisemitic propaganda of the Nazi era? Is there a discursive continuity between the radical nationalism of imperial Germany and the National Socialism of the Third Reich at the level of metaphorical scenarios? Ultimately, Jaworska attempts to contribute to a better understanding of the cognitive mechanisms underlying radical and essentially racist attitudes.

Review of recent research (1998-2012) in German for Academic Purposes (GAP) in comparison with English for Academic Purposes (EAP): cross-influences, synergies and implications for further research

This state-of-the-art review reports on the major studies conducted in the field of Deutsch als Wissenschaftssprache (academic German) since the late 1990s. To begin with, the current position of German as a language of academic communication nationally and internationally will be discussed, focusing especially on the challenges posed by the status of English as a lingua franca. Subsequently, the major research undertaken since the late 1990s will be reviewed and its contribution to the development of teaching materials evaluated. Since studies on academic German have been influenced, to some extent, by research in English for Academic Purposes (EAP), this paper also attempts to dovetail developments in EAP in order to highlight commonalties and differences. The final sections will discuss some potential synergies and implications for further research in both fields.

Where have all the linguists gone? The position of Linguistics in British German Studies from the mid-19th century until 2000

Retrospectively, Linguistics - understood as a scientific study of language - has been an important part of British German Studies. In fact, the establishment of modern language as academic disciplines in the UK is closely related to the Germanic philology and the interest in the history, and structure of languages. However, over the last few decades, a demise of Linguistics in the departments of modern languages has been observed. The aim of this paper is to survey the position of linguistic research and teaching in the discipline of German Studies in the UK. To begin with, I will give a brief account of the history of linguistic/ language studies in the discipline. Subsequently, the current position of Linguistics in research and teaching will be scrutinised. Finally, this paper will discuss the importance of linguistic insights for the discipline of German Studies, with particular reference to teaching.

80,000,000 hooligans. Discourses of resistance to racism and xenophobia in German punk lyrics 1991-1994

The late eighties and early nineties in Germany were not only marked by the fall of the Wall and German unification, but also by the dramatization of the political issue of asylum, resulting in outbreaks of xenophobic violence. In the context of the asylum debate of the early nineties, a number of punk bands produced songs between 1991 and 1994 which criticise the xenophobic climate created by the asylum debate and undermine an exculpatory official discourse about the violent attacks. The lyrics of these songs will be analysed as instances of counter-discourse emerging from a subcultural sphere that nurtures a critical distance towards hegemonic public and political discourse, arguing that Critical Discourse Analysis should pay more attention to defiance of hegemonic discourse.

Formulaic sequences in native and non-native argumentative writing in German

Whereas there is substantial scholarship on formulaic language in L1 and L2 English, there is less research on formulaicity in other languages. The aim of this paper is to contribute to learner corpus research into formulaic language in native and non-native German. To this effect, a corpus of argumentative essays written by advanced British students of German (WHiG) was compared with a corpus of argumentative essays written by German native speakers (Falko-L1). A corpus-driven analysis reveals a larger number of 3-grams in WHiG than in Falko-L1, which suggests that British advanced learners of German are more likely to use formulaic language in argumentative writing than their native-speaker counterparts. Secondly, by classifying the formulaic sequences according to their functions, this study finds that native speakers of German prefer discourse-structuring devices to stance expressions, whilst British advanced learners display the opposite preferences. Thirdly, the results show that learners of German make greater use of macro-discourse-structuring devices and cautious language, whereas native speakers favour micro-discourse structuring devices and tend to use more direct language. This study increases our understanding of formulaic language typical of British advanced learners of German and reveals how diverging cultural paradigms can shape written native speaker and learner output.

At the Front: common traitors in West German war films of the 1950s

The article looks at the figure of the traitor in 1950s’ West German films about World War II. It focuses on the representation of Wehrmacht soldiers who entertain relations with the Soviet enemy and are therefore seen to betray their nation. The discussion of three well-known films – 08/15, Der Arzt von Stalingrad, and Unruhige Nacht – shows these ‘traitors’ to have a highly ambivalent function: their narrative punishment is part of German post-war exculpation, yet they are also reminders of German guilt and ethical responsibility towards the ‘other’.

The blended approach to real estate allocations: performance implications of combining an exposure to German Spezialfonds with Global Listed Real Estate Securities

This paper seeks to increase the understanding of the performance implications for investors who choose to combine an unlisted real estate portfolio (in this case German Spezialfonds) with a (global) listed real estate element. We call this a “blended” approach to real estate allocations. For the avoidance of doubt, in this paper we are dealing purely with real estate equity (listed and unlisted) allocations, and do not incorporate real estate debt (listed or unlisted) or direct property into the process. A previous paper (Moss and Farrelly 2014) showed the benefits of the blended approach as it applied to UK Defined Contribution Pension Schemes. The catalyst for this paper has been the recent attention focused on German pension fund allocations, which have a relatively low (real estate) equity content, and a high bond content. We have used the MSCI Spezialfonds Index as a proxy for domestic German institutional real estate allocations, and the EPRA Global Developed Index as a proxy for a global listed real estate allocation. We also examine whether a rules based trading strategy, in this case Trend Following, can improve the risk adjusted returns above those of a simple buy and hold strategy for our sample period 2004-2015. Our findings are that by blending a 30% global listed portfolio with a 70% allocation (as opposed to a typical 100% weighting) to Spezialfonds, the real estate allocation returns increase from 2.88% p.a. to 5.42% pa. Volatility increases, but only to 6.53%., but there is a noticeable impact on maximum drawdown which increases to 19.4%. By using a Trend Following strategy raw returns are improved from 2.88% to 6.94% p.a. , The Sharpe Ratio increases from 1.05 to 1.49 and the Maximum Drawdown ratio is now only 1.83% compared to 19.4% using a buy and hold strategy . Finally, adding this (9%) real estate allocation to a mixed asset portfolio allocation typical for German pension funds there is an improvement in both the raw return (from 7.66% to 8.28%) and the Sharpe Ratio (from 0.91 to 0.98).