Since the breakdown of the Bretton Woods System diverging current account positions in Europe have prevailed. While the Southern and Western European countries have tended to run current account deficits, the current accounts of the Central and Northern European countries, in particular Germany,...

Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...

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...

Das Papier analysiert die EU-Richtlinie zum vorinsolvenzlichen Verfahren (2016/0359 (COD)) vor dem Hintergrund der anhaltend lockeren Geldpolitik aus ordnungspolitischer Perspektive. Es wird gezeigt, dass die Voraussetzungen geschaffen werden, durch strategische Kreditvergabe an Unternehmen im...

German Abstract: Das Papier analysiert die EU-Richtlinie zum vorinsolvenzlichen Verfahren (2016/0359 (COD)) vor dem Hintergrund der anhaltend lockeren Geldpolitik aus ordnungspolitischer Perspektive. Es wird gezeigt, dass die Voraussetzungen geschaffen werden, durch strategische Kreditvergabe an...

This paper studies the role of the yen/dollar exchange rate in the Bank of Japan?s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....

This paper studies the role of the yen/dollar exchange rate in the Bank of Japan?s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....

This paper studies the role of the yen/dollar exchange rate in the Bank of Japan’s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....