Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central...

Since the 1980s inflationary pressures seem to materialize overproportionately outside of the sectors of consumer goods and services. We combine the Harmonized Index of Consumer Prices with indices for asset prices, such as stocks and real estate, as well as the costs of public goods to develop...

Since the 1980s inflationary pressures seem to materialize overproportionately outside of the sectors of consumer goods and services. We combine the Harmonized Index of Consumer Prices with indices for asset prices, such as stocks and real estate, as well as the costs of public goods to develop...

Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central...

Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central...

Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central...

Die Europäische Zentralbank hat im Zuge der Finanzkrise und der sich verschlechternden realwirtschaftlichen Entwicklung im Euroraum die Leitzinsen auf ein historisches Allzeittief gesenkt. Welche Risiken birgt die Niedrigzinspolitik? Nach Ansicht von Michael Schubert, Commerzbank AG, Frankfurt...

Die Europäische Zentralbank hat im Zuge der Finanzkrise und der sich verschlechternden realwirtschaftlichen Entwicklung im Euroraum die Leitzinsen auf ein historisches Allzeittief gesenkt. Welche Risiken birgt die Niedrigzinspolitik? Nach Ansicht von Michael Schubert, Commerzbank AG, Frankfurt...

Given low interest rates in the large industrial countries and buoyant capital inflows into the emerging markets East Asian central banks have accumulated large stocks of foreign reserves. As the resulting easing of monetary conditions has become a threat to domestic price and financial...

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...