At the same time, there is a cyclical  4  5 6 7  8  See also Deutsche Bundesbank, External economic adjustments in the industrial countries after the crises in major emerging markets, Monthly Report, September 1999, p. 27 ff. In 1998 the Federal budget alone closed with a surplus of 1.6% of GDP; an even better result is expected for 1999.
Over the past decade we have witnessed significant advances in the way banks manage their economic capital, as well as the development of new and innovative capital instruments. The definition of capital topic highlights the importance of the supporting legal and accounting infrastructure, and the need to understand market dynamics within and across jurisdictions.