André Kostolany
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André Kostolany
André Kostolany (February 9, 1906 – September 14, 1999) was a stock market expert, bon vivant and Chevalier de la Légion d'Honneur. He worked most of his life in France and Germany. Biography Kostolany was born in Budapest, a Hungarian Roman Catholic of Jewish descent. He originally studied Philosophy and History of Art in Budapest but his father forced him to abandon his studies and sent him to Paris in 1924, to work as a stockbroker. There he began his career as a speculator and arbitrageur. He was able to make a profit during the decline in market prices which began at the end of 1929, having been bearish at the time. When the Germans occupied France in 1940, he fled to New York. From 1941 to 1950, he was the general director and president of the ''G. Ballai and Co Financing Company''. From 1950 he lived mainly in Paris, with an office in Munich and a vacation home on the Côte d’Azur. After World War II, he invested heavily in the reconstruction of Germany, The subseq ...
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Budapest
Budapest (, ; ) is the capital and most populous city of Hungary. It is the ninth-largest city in the European Union by population within city limits and the second-largest city on the Danube river; the city has an estimated population of 1,752,286 over a land area of about . Budapest, which is both a city and county, forms the centre of the Budapest metropolitan area, which has an area of and a population of 3,303,786; it is a primate city, constituting 33% of the population of Hungary. The history of Budapest began when an early Celtic settlement transformed into the Roman town of Aquincum, the capital of Lower Pannonia. The Hungarians arrived in the territory in the late 9th century, but the area was pillaged by the Mongols in 1241–42. Re-established Buda became one of the centres of Renaissance humanist culture by the 15th century. The Battle of Mohács, in 1526, was followed by nearly 150 years of Ottoman rule. After the reconquest of Buda in 1686, the ...
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Leuphana University Of Lüneburg
Leuphana University Lüneburg is a public university in Lüneburg, Lower Saxony, Germany. Leuphana was founded in 1946 as a college of education (''Pädagogische Hochschule''). Leuphana established a unique university model within the German academic landscape that has received several awards. Leuphana University is one of the few universities in Europe to offer a liberal arts programme with their bachelor's programme ''Studium Individuale''. The university is designated as a "foundation under public law". The name '' Leuphana'' is derived from an ancient settlement on the Elbe that was mentioned in a 2nd-century geographical world atlas by Ptolemy. Leuphana College concentrates its bachelor's degree studies into eight departments and two teacher training courses. In 2008, a graduate college was opened that integrates master's degree and doctorate programmes. In addition are a pan-departmental research centre and a professional school for advanced study courses, like business co ...
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Economic Cycles
Business cycles are intervals of expansion followed by recession in economic activity. These changes have implications for the welfare of the broad population as well as for private institutions. Typically business cycles are measured by examining trends in a broad economic indicator such as Real Gross Domestic Production. Business cycle fluctuations are usually characterized by general upswings and downturns in a span of macroeconomic variables. The individual episodes of expansion/recession occur with changing duration and intensity over time. Typically their periodicity has a wide range from around 2 to 10 years (the technical phrase "stochastic cycle" is often used in statistics to describe this kind of process.) As in arvey, Trimbur, and van Dijk, 2007, ''Journal of Econometrics'' such flexible knowledge about the frequency of business cycles can actually be included in their mathematical study, using a Bayesian statistical paradigm. There are numerous sources of business ...
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Gold
Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile metal in a pure form. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions. Gold often occurs in free elemental ( native state), as nuggets or grains, in rocks, veins, and alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum), naturally alloyed with other metals like copper and palladium, and mineral inclusions such as within pyrite. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides). Gold is resistant to most acids, though it does dissolve in aqua regia (a mixture of nitric acid and hydrochloric acid), forming a soluble tetrachloroaurate anion. Gold is ...
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Exchange Rate
In finance, an exchange rate is the rate at which one currency will be exchanged for another currency. Currencies are most commonly national currencies, but may be sub-national as in the case of Hong Kong or supra-national as in the case of the euro. The exchange rate is also regarded as the value of one country's currency in relation to another currency. For example, an interbank exchange rate of 114 Japanese yen to the United States dollar means that ¥114 will be exchanged for or that will be exchanged for ¥114. In this case it is said that the price of a dollar in relation to yen is ¥114, or equivalently that the price of a yen in relation to dollars is $1/114. Each country determines the exchange rate regime that will apply to its currency. For example, a currency may be floating, pegged (fixed), or a hybrid. Governments can impose certain limits and controls on exchange rates. Countries can also have a strong or weak currency. There is no agreement in the econ ...
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Monetary System
A monetary system is a system by which a government provides money in a country's economy. Modern monetary systems usually consist of the national treasury, the mint, the central banks and commercial banks. Commodity money system A commodity money system is a monetary system in which a commodity such as gold or seashells is made the unit of value and physically used as money. The money retains its value because of its physical properties. In some cases, a government may stamp a metal coin with a face, value or mark that indicates its weight or asserts its purity, but the value remains the same even if the coin is melted down. Commodity-backed money One step away from commodity money is "commodity-backed money", also known as "representative money". Many currencies have consisted of bank-issued notes which have no inherent physical value, but which may be exchanged for a precious metal, such as gold. (This is known as the gold standard.) The silver standard was widespread a ...
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Gold Standard
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. The gold standard was the basis for the international monetary system from the 1870s to the early 1920s, and from the late 1920s to 1932 as well as from 1944 until 1971 when the United States unilaterally terminated convertibility of the US dollar to gold, effectively ending the Bretton Woods system. Many states nonetheless hold substantial gold reserves. Historically, the silver standard and bimetallism have been more common than the gold standard. The shift to an international monetary system based on a gold standard reflected accident, network externalities, and path dependence. Great Britain accidentally adopted a ''de facto'' gold standard in 1717 when Sir Isaac Newton, then-master of the Royal Mint, set the exchange rate of silver to gold too low, thus causing silver coins to go out of circulation. As Great Britain became the world's leading financ ...
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German Reunification
German reunification (german: link=no, Deutsche Wiedervereinigung) was the process of re-establishing Germany as a united and fully sovereign state, which took place between 2 May 1989 and 15 March 1991. The day of 3 October 1990 when the German Reunification Treaty entered into force dissolving the German Democratic Republic (GDR; german: link=no, Deutsche Demokratische Republik, DDR, or East Germany) and integrating its recently re-established constituent federated states into the Federal Republic of Germany (FRG; german: link=no, Bundesrepublik Deutschland, BRD, or West Germany) to form present-day Germany, has been chosen as the customary ''German Unity Day'' () and has thereafter been celebrated each year from 1991 as a national holiday. East and West Berlin were united into a single city and eventually became the capital of reunited Germany. The East Germany's government led by the Socialist Unity Party of Germany (SED) (a communist party) started to falter on 2 May 1 ...
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Economy Of Germany
The economy of Germany is a Developed country, highly developed social market economy. It has the largest national economy in Europe, the List of countries by GDP (nominal), fourth-largest by nominal GDP in the world, and List of countries by GDP (PPP), fifth by GDP (PPP). In 2017, the country accounted for 28% of the euro area economy according to the International Monetary Fund (IMF). Germany is a founding member of the European Union and the Eurozone. In 2016, Germany recorded the highest trade surplus in the world, worth $310 billion. This economic result made it the biggest capital exporter globally. Germany is List of countries by exports, one of the largest exporters globally with $1810.93 billion worth of goods and services exported in 2019. The Tertiary sector of industry, service sector contributes around 70% of the total GDP, industry 29.1%, and agriculture 0.9%. Exports accounted for 41% of national output. The top 10 exports of Germany are vehicles, machinery, chem ...
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Wirtschaftswunder
The ''Wirtschaftswunder'' (, "economic miracle"), also known as the Miracle on the Rhine, was the rapid reconstruction and development of the economies of West Germany and Austria after World War II (adopting an ordoliberalism-based social market economy). The expression referring to this phenomenon was first used by ''The Times'' in 1950. Beginning with the replacement of the Reichsmark with the Deutsche Mark in 1948 as legal tender (the Schilling was similarly re-established in Austria), a lasting era of low inflation and rapid industrial growth was overseen by the government led by West German Chancellor Konrad Adenauer and his Minister of Economics, Ludwig Erhard, who went down in history as the "father of the West German economic miracle." In Austria, efficient labor practices led to a similar period of economic growth. The era of economic growth raised West Germany and Austria from total wartime devastation to developed nations in modern Europe. At the founding of the E ...
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Economic Boom
An economic expansion is an increase in the level of economic activity, and of the goods and services available. It is a period of economic growth as measured by a rise in real GDP. The explanation of fluctuations in aggregate economic activity between economic expansions and contractions is one of the primary concerns of macroeconomics. Typically an economic expansion is marked by an upturn in production and utilization of resources. Economic recovery and prosperity are two successive phases of expansion, where as a recession is defined as two declining periods of GDP. Expansion may be caused by factors external to the economy, such as weather conditions or technical change, or by factors internal to the economy, such as fiscal policies, monetary policies, the availability of credit, interest rates, regulatory policies or other impacts on producer incentives. Global conditions may influence the levels of economic activity in various countries. Economic contraction and expa ...
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German Reconstruction
The reconstruction of Germany was a long process of rebuilding Germany after the destruction endured during World War II. Germany had suffered heavy losses during the war, both in lives and industrial power. 6.9 to 7.5 million Germans had been killed, roughly 8.26 to 8.86% of the population (see also World War II casualties). The country's cities were severely damaged from heavy bombing in the closing chapters of the war and agricultural production was only 35% of what it was before the war. At the Potsdam Conference, the victorious Allies ceded roughly 25% of Germany's pre-Anschluss territory to Poland and the Soviet Union. The German population in this area was expelled, together with the Germans of the Sudetenland and the German populations scattered throughout the rest of Eastern Europe. Between 1.5 and 2 million are said to have died in the process, depending on source. As a result, the population density grew in the "new" Germany that remained after the dismemberment. As ...
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