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Finanzkrise, globale Liquidität und makroökonomischer Exit

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Author Info

  • Belke, Ansgar
  • Schnabl, Gunther

Abstract

A series of crisis and emergency interest rate cuts has brought global interest rates towards zero and government debt to historical records. The paper discusses the exit options from unconventional monetary policies and unsustainable government debt. First, the paper sheds light on the probability of a coordinated monetary policy exit between the US and the euro area. Second, it discusses the options for a coordination of the supranational monetary policy with national fiscal policies in the European Monetary Union. Third, it analyses the fiscal activities of the European Central Bank in the context of sterilized outright government bond purchases. The paper concludes that - due to the complexity of the coordination task - the coordination of the non-exit is more likely than the coordination of the exit. --

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Bibliographic Info

Paper provided by University of Leipzig, Faculty of Economics and Management Science in its series Working Papers with number 92.

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Date of creation: 2010
Date of revision:
Handle: RePEc:zbw:leiwps:92

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Postal: Marschnerstraße 31, 04109 Leipzig
Web page: http://www.wifa.uni-leipzig.de/en/dekanat.html
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Related research

Keywords: Geldpolitik; Fiskalpolitik; monetäre Überinvestitionstheorien; internationale Politikkoordination; Exit;

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References

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  1. Ansgar Belke & Andreas Rees, 2009. "The Importance of Global Shocks for National Policy Makers - Rising Challenges for Central Banks," Ruhr Economic Papers 0135, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  2. Aizenman, Joshua & Marion, Nancy, 2009. "Using Inflation to Erode the U.S. Public Debt," Santa Cruz Department of Economics, Working Paper Series qt6xf174rs, Department of Economics, UC Santa Cruz.
  3. Ansgar Belke & Niklas Potrafke, 2011. "Does Government Ideology Matter in Monetary Policy?: A Panel Data Analysis for OECD Countries," Discussion Papers of DIW Berlin 1180, DIW Berlin, German Institute for Economic Research.
  4. Claudio Borio & Piti Disyatat, 2010. "Unconventional Monetary Policies: An Appraisal," Manchester School, University of Manchester, vol. 78(s1), pages 53-89, 09.
  5. Andreas Hoffmann & Gunther Schnabl, 2007. "Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View," CESifo Working Paper Series 2100, CESifo Group Munich.
  6. Frederic S. Mishkin, 2009. "Is Monetary Policy Effective during Financial Crises?," American Economic Review, American Economic Association, vol. 99(2), pages 573-77, May.
  7. McKinnon, Ronald & Schnabl, Gunther, 2008. "China's exchange rate impasse and the weak U.S. dollar," Working Papers 73, University of Leipzig, Faculty of Economics and Management Science.
  8. Tesfaselassie, Mewael F., 2009. "Looking forward: Exiting unconventional monetary policy," Open Access Publications from Kiel Institute for the World Economy 32849, Kiel Institute for the World Economy (IfW).
  9. Ansgar Belke & Yuhua Cui, 2009. "US–Euro Area Monetary Policy Interdependence – New Evidence from Taylor Rule Based VECMs," Ruhr Economic Papers 0085, Rheinisch-Westfälisches Institut für Wirtschaftsforschung, Ruhr-Universität Bochum, Universität Dortmund, Universität Duisburg-Essen.
  10. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-40, June.
  11. Jean-Claude Trichet, 2009. "The ECB's Enhanced Credit Support," CESifo Working Paper Series 2833, CESifo Group Munich.
  12. Schnabl, Gunther & Freitag, Stephan, 2010. "Reverse causality in global current accounts," Working Paper Series 1208, European Central Bank.
  13. Carlo Cottarelli & José Vinãls, 2009. "A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies," IMF Staff Position Notes 2009/22, International Monetary Fund.
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Citations

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Cited by:
  1. Kristina Spantig, 2012. "International monetary policy spillovers in an asymmetric world monetary system - The United States and China," Global Financial Markets Working Paper Series 2012-33, Friedrich-Schiller-University Jena.
  2. Gawel, Erik, 2011. "Political drivers of and barriers to Public-Private Partnerships: The role of political involvement," Working Papers 98, University of Leipzig, Faculty of Economics and Management Science.
  3. Schäfer, Andreas & Schneider, Maik T., 2011. "Endogenous enforcement of intellectual property, North-South trade, and growth," Working Papers 96, University of Leipzig, Faculty of Economics and Management Science.

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