Wandernde Blasen, Krisen und hektische geldpolitische Rettungsaktionen haben das globale Zinsniveau gegen Null und die Staatsverschuldung in den großen Industrieländern auf historische Rekordstände gebracht. Das Papier analysiert die Optionen für den Exit aus Niedrigzinspolitiken und nicht...

The paper identifies based on the monetary overinvestment (malinvestment) theories by Wicksell (1898), Mises (1912) and Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a benign neglect towards monetary policy reform in a...

The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting low-, zero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly...

This paper presents an analysis of the impact of the Bank of Japan's low-interest rate policy on the banking sector in the wake of the 1998 Japanese financial crisis. We show how the low-cost liquidity provision as a means to stabilize banks has created a growing gap between deposits and loans...

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...