Japan's industrial and trade policies are often seen as the reason for high Japanese balance of trade surpluses. Does this theory stand up to a close examination of the relationships between balance of trade, trade policy and structural change?

The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...

Im Januar 2015 verkündete die Schweizerische Nationalbank, dass die feste Bindung des Franken an den Euro aufgehoben sei und die Währung fortan frei schwanken solle. Dies brachte den Franken unter starken Aufwertungsdruck, wie er für Währungen von Ländern mit persistenten...

Der Beitrag befasst sich mit der ultra-lockeren Geldpolitik als Ursache für Finanzmarktblasen, anhaltende Stagnation und wachsende Ungleichheit. Es wird auf der Grundlage der Überinvestitionstheorie von Mises (1912) und Hayek (1931) argumentiert, dass es zu Überinvestition und Spekulation...

For a long time, China’s impressive growth performance has been driven by investment and high productivity gains. Based on the recent discussion on possible overcapacities and overinvestment in China, the paper investigates the sustainability of China’s investment- and export-driven growth...

Currencies of countries with persistent current account surpluses and high foreign currency denominated assets such as the Swiss franc and Japanese yen are under a persistent appreciation pressure, what restricts the degree of freedom in the choice of exchange rate regime. Official announcements...