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Deutsche Reichsbank - Entstehung, Funktion und Politik

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Listed:
  • Heine, Michael
  • Herr, Hansjörg

Abstract

Zusammen mit der Gründung des Deutschen Reiches im Jahr 1871 wurde eine neue Geldverfassung mit der Mark als nationaler Währung geschaffen zusammen mit der Gründung der Deutschen Reichsbank im Jahre 1876. England folgend wurde der Goldstandard etabliert mit dem Recht Banknoten in Gold zu tauschen und umgekehrt. Die Deckung der Banknoten wurde durch ein kompliziertes System geregelt. Im Vergleich zur Bank of England konnte die Reichsbank ihre Funktion als Lender of Last Resort flexibler wahrnehmen. Das Hauptziel der Geldpolitik der Reichsbank, das dann auch bis zum Beginn des Ersten Weltkrieges 1914 erfüllt wurde, war die Einlösung ihrer Banknoten in Gold und damit implizit die Verteidigung der fixen Wechselkurse im Goldstandard. Andere Ziele, etwa Preisniveaustabilität oder Wachstum des Sozialproduktes, waren von zweitrangiger Bedeutung. Über die Jahre wurde die Reichsbank immer mächtiger, bekam neue Instrumente und entwickelte sich zu einer modernen Zentralbank. Jedoch blieb Gold immer eine Fessel für ein für eine kapitalistische Ökonomie funktionales Geldsystem.

Suggested Citation

  • Heine, Michael & Herr, Hansjörg, 2021. "Deutsche Reichsbank - Entstehung, Funktion und Politik," IPE Working Papers 163/2021, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  • Handle: RePEc:zbw:ipewps:1632021
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    References listed on IDEAS

    as
    1. Hansjörg Herr, 2009. "The labour market in a Keynesian economic regime: theoretical debate and empirical findings," Cambridge Journal of Economics, Oxford University Press, vol. 33(5), pages 949-965, September.
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    More about this item

    Keywords

    Deutsche Reichsbank; Goldstandard; Geldpolitik;
    All these keywords.

    JEL classification:

    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F02 - International Economics - - General - - - International Economic Order and Integration

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