Foreign exchange interventions in a small emerging market: the case of Croatia

This paper studies the impact of daily official foreign exchange interventions on the exchange rates in Croatia for the period from 1996 to 2004. Using the event study methodology and a variety of GARCH models reveals that the Croatian central bank was in a position to influence, to some extent, the level of the exchange rate during the period studied. This lends support to the view that foreign exchange intervention may be effective in emerging market economies.     

Regulating for media pluralism and the pitfalls of standortpolitik: the reregulation of German broadcasting ownership rules

Germany has witnessed a veritable television boom over the last ten years. However, the plethora of new private channels masks an underlying duopoly, a concentration of media power that has not been prevented by an elaborate system of regulation. This article maps these developments, particularly the Lander competition for investment, the structural power of the media industry, and the emergence of a media policy ‘Grand Coalition’ between SPD North Rhine‐Westphalia and CSU Bavaria. It assesses the Federal Constitutional Court's role and highlights the public broadcasters’ crucial function to act as a pluralistic counterbalance in the dual public/private broadcasting system.