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Der Weg in die Nullzins- und Hochverschuldungsfalle


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  • Gunther Schnabl

    (Universität Leipzig)


Das Papier zeigt den Ursache-Wirkungs-Zusammenhang zwischen expansiver Geldpolitik und Boom-und-Krisen-Zyklen auf Finanzmärkten einschließlich der Rückwirkungen auf die Finanzpolitik und Wachstumsperspektiven auf. Seit den 1990er Jahren reagierten die großen Zentralbanken mit Zinssenkungen auf Krisen in den Finanzmärkten. Die Liquiditätszufuhr in der Krise bewirkte erneute Spekulationsphasen, die beim Platzen der Blasen neue Zinssenkungen notwendig machten. Es wird gezeigt, dass die daraus resultierenden strukturellen Zinssenkungen gegen Null in den großen Industrieländern einen Anreiz zur Erhöhung der Staatsverschuldung gegeben haben. Hohe Staatsverschuldung wird als treibende Größe der Persistenz der Nullzinsfalle sowie für die Zerstörung der Allokations- und Signalfunktion von Zinsen identifiziert. Der Artikel zeigt am Beispiel Japan, wie die resultierende Niedrigzins- und Hochverschuldungsfalle die Wachstumsperspektiven eintrübt.

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Bibliographic Info

Paper provided by Friedrich-Schiller-University Jena in its series Global Financial Markets Working Paper Series with number 2013-50.

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Date of creation: 31 Mar 2014
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Handle: RePEc:hlj:hljwrp:50-2013

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Related research

Keywords: Geldpolitik; Finanzpolitik; Niedrigzinsfalle; Hochverschuldungsfalle; Finanzmarktkrisen;

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  1. Andreas Hoffmann & Holger Zemanek, 2012. "Financial repression and debt liquidation in the USA and the euro area," Intereconomics: Review of European Economic Policy, Springer, Springer, vol. 47(6), pages 344-351, November.
  2. Andreas Hoffmann & Gunther Schnabl, 2007. "Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View," CESifo Working Paper Series, CESifo Group Munich 2100, CESifo Group Munich.
  3. Randall Wright & Lixin Huang & Ping He, 2008. "Money, Banking, and Monetary Policy," 2008 Meeting Papers, Society for Economic Dynamics 347, Society for Economic Dynamics.
  4. Andreas Hoffmann & Gunther Schnabl, 2009. "A Vicious Cycle of Manias, Crashes and Asymmetric Policy Responses - An Overinvestment View," CESifo Working Paper Series, CESifo Group Munich 2855, CESifo Group Munich.
  5. anonymous, 2008. "Monetary policy report to the Congress," Web Site, Board of Governors of the Federal Reserve System (U.S.) 34, Board of Governors of the Federal Reserve System (U.S.).
  6. Gunther Schnabl, 2012. "Monetary Policy Reform in a World of Central Banks," Global Financial Markets Working Paper Series, Friedrich-Schiller-University Jena 26-2012, Friedrich-Schiller-University Jena.
  7. anonymous, 2008. "Monetary policy report to the Congress," Web Site, Board of Governors of the Federal Reserve System (U.S.) 16, Board of Governors of the Federal Reserve System (U.S.).
  8. Kornai, Janos, 1986. "The Soft Budget Constraint," Kyklos, Wiley Blackwell, Wiley Blackwell, vol. 39(1), pages 3-30.
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