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THIS PAPER SHOWS THAT BANK DEPOSIT CONTRACTS CAN PROVIDE ALLOCATIONS SUPERIOR TO THOSE OF EXCHANGE MARKETS, OFFERING AN EXPLANATION OF HOW BANKS SUBJECT TO RUNS CAN ATTRACT DEPOSITS. INVESTORS FACE PRIVATELY OBSERVED RISKS WHICH LEAD TO A DEMAND FOR LIQUIDITY. TRADITIONAL DEMAND DEPOSIT CONTRACTS WHICH PROVIDE LIQUIDITY HAVE MULTIPLE EQUILIBRIA, ONE OF WHICH IS A BANK RUN. BANK RUNS IN THE MODEL CAUSE REAL ECONOMIC DAMAGE, RATHER THAN SIMPLY REFLECTING OTHER PROBLEMS. CONTRACTS WHICH CAN PREVENT RUNS ARE STUDIED, AND THE ANALYSIS SHOWS THAT THERE ARE CIRCUMSTANCES WHEN GOVERNMENT PROVISION OF DEPOSIT INSURANCE CAN PRODUCE SUPERIOR CONTRACTS.

Central Lanera Uruguaya was honored by the Bank of the Republic of Uruguay as the country's leading exporter for 1986 based on such considerations as total volume, growth of annual sales and entry into new markets. Here a representative of the Inter-American Foundation tells how two decades of hard work by a producer-managed cooperative federation have begun to pay off

A COMPARISON OF BANKING POLITICS IN BRITAIN AND THE UNITED STATES IS OFFERED AS A CONTRIBUTION TO THE DEBATE ABOUT BUSINESS POWER UNDER MARKET CAPITALISM, PARTICULARLY IN THE LIGHT OF LINDBLOM'S PICTURE OF BUSINESS AS A PRIVILEGED INTEREST. IMPORTANT DIFFERENCES ARE NOTED BETWEEN BRITISH AND AMERICAN BANKING. CONTRASTS IN INDUSTRIAL STRUCTURE, FORMS OF INTEREST REPRESENTATION AND METHODS OF REGULATION ARE STRESSED PARTICULARLY. CONVERGENCE BETWEEN THE TWO SYSTEMS IN RECENT DECADES IS DESCRIBED, AND IS ATTRIBUTED TO THE WAY INNOVATION IN MARKETS DESTROYS PUBLIC CONTROLS AND CREATES COMMON PROBLEMS FOR REGULATORS. THE EXPERIENCE OF BANKING MARKETS THUS CONFIRMS MUCH OF LINDHOLM'S ARGUMENT. BUT REGULATION, AND THUS PUBLIC CONTROL, IS ALSO SHOWN TO PLAY A DECISIVE PART IN SHAPING BUSINESS BEHAVIOUR.

A detailed report on the marketing problems, which Sudan is facing in its various efforts of selling its dura (and cotton) harvest. Local merchants are said to be uncertain, whether they would be allowed to enter the export business and get the necessary credit facilities. To overcome the repercussions of the stringent credit policy declared by the Bank of Sudan, the government together with the bank representatives have been negotiating a series of commodity contracts with Saudi Arabia, Iran and the European Economic Community. Other measures include the expansion of storage facilities for a strategic reserve in case of future shortages or emergencies. (DÜI-Asd)

Despite the economic recession in the Middle East, executive-recruitment firms working in the region are reported to be prospering, especially in the Gulf. Middle Eastern banks trying to adapt to the new economic realities look out for experts who can help them to introduce new services. They comprise strategic and marketing planners as well as credit specialists. (DÜI-Asd)

An examination of Sudan's most successful export industry, the Livestock and Meat Marketing Corporation, which is funded by the Sudanese government, Saudi Arabia, the World Bank and the International Fund for Agricultural Development. The question raised is, whether the increasing problems of overgrazing and of acceleration of the spread of deserts in the arid north and west of the country are not bound to ruin part of the country's rural economy. (DÜI-Asd)

NUMEROUS AUTHORS, INCLUDING SHILLER, LEROY AND PORTER, AND SINGLETON, HAVE REPORTED EMPIRICAL EVIDENCE THAT STOCK PRICES AND LONG INTEREST RATES ARE MORE VOLATILE THAN CAN BE JUSTIFIED BY STANDARD ASSET-PRICING MODELS. THIS PAPER SHOWS THAT IN SMALL SAMPLES THE "VOLATILITY" OR "VARIANCE-BOUNDS" TESTS TEND TO BE BIASED, OFTEN SEVERELY, TOWARD REJECTION OF THE NULL HYPOTHESIS OF MARKET EFFICIENCY. THUS THE APPARENT VIOLATION OF MARKET EFFICIENCY MAY BE REFLECTING THE SAMPLING PROPERTIES OF THE VOLATILITY MEASURES, RATHER THAN A FAILURE OF THE MARKET EFFICIENCY HYPOTHESIS ITSELF. THE PAPER ALSO REPORTS SOME UNBIASED ESTIMATES OF THE BOUNDS ON HOLDING PERIOD YIELDS AND LONG INTEREST RATES. MUCH OF THE EVIDENCE OF EXCESS VOLATILITY DISAPPEARS WHEN THE TESTS ARE CORRECTED FOR SMALL SAMPLE BIAS.

Vor allem unter Bezugnahme auf Veröffentlichungen im "Wall Street Journal" seit 1973 wird die These erläutert, daß eine auf dem "Conventional Wisdom" beruhende Interpretation des Erdölproblems die Analyse nahöstlicher Politik höchst unfruchtbar macht