CENTERfor
FINAN
CIAL
STUDIES
Center for Financial Studies
The Center for Financial Studies is a nonprofit research organization, supported by an
association of more than 120 banks, insurance companies, industrial corporations and
public institutions. Established in 1968 and closely affiliated with the University of
Frankfurt, it provides a strong link between the financial community and academia.
The CFS Working Paper Series presents the result of scientific research on selected top-
ics in the field of money, banking and finance. The authors were either participants in
the eenter´s Research Fellow Program or members of one of the eenter´s Research Pro-
jects.
If you would like to know more about the Center for Financial Studies, please let us
know of your interest.
Prof. Dr. Jan Pieter Krahnen
Prof. Volker Wieland, Ph.D.
Center for Financial Studies
an der J. W. Goethe-Universitat ■ Taunusanlage 6 ■ D-60329 Frankfurt am Main
Telefon: (+49)069/242941-0
Fax: (+49)069/242941-77 ■ http://www.ifk-cfs.de ■ E-Mail: [email protected]