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Financial Crisis, Global Liquidity and Macroeconomic Exit (Finanzkrise, globale Liquidität und makroökonomischer Exit)
Belke, Ansgar Hubertus - 2010
A series of crisis and emergency interest rate cuts has brought global interest rates towards zero and government debt to historical records. The paper discusses the exit options from unconventional monetary policies and unsustainable government debt. First, the paper sheds light on the...
Persistent link: https://www.econbiz.de/10013135704
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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets - An Overinvestment View
Schnabl, Gunther; Hoffmann, Andreas - 2021
Credit booms have globally fuelled hikes in stock, raw material and real estate markets which have culminated in the recent US subprime market crisis. We explain the global asset market booms since the mid 1980s based on the overinvestment theories of Hayek, Wicksell and Schumpeter. We argue...
Persistent link: https://www.econbiz.de/10013316825
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Monetary policies of large industrialised countries, emerging market credit cycles and feedback effects
Andreas, Hoffmann; Schnabl, Gunther - 2014
. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of …
Persistent link: https://www.econbiz.de/10010337620
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Monetary policy reform in a World of Central Banks
Schnabl, Gunther - 2011
monetary policy reform in a world dominated by financial markets has led to the erosion of the allocation and signaling … world economy. The backlash of high government debt levels on monetary policy making is argued to have led to a hysteresis … displacement of the prevalent world monetary system. Enhanced competition between dollar and euro as international currencies …
Persistent link: https://www.econbiz.de/10009508892
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Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan
Schnabl, Gunther - 2016
The paper argues that persistent current account surpluses and increasing foreign currency-denominated asset positions constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate cuts and appreciation expectation shocks. For...
Persistent link: https://www.econbiz.de/10011475972
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Monetary policy, vagabonding liquidity and bursting bubbles in new and emerging markets : an overinvestment view
Schnabl, Gunther (contributor);  … - 2007
Persistent link: https://www.econbiz.de/10003599390
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Monetary policy, vagabonding liquidity and bursting bubbles in new and emerging markets : an overinvestment view
Schnabl, Gunther; Hoffmann, Andreas - In: The world economy : the leading journal on … 31 (2008) 9, pp. 1226-1252
Persistent link: https://www.econbiz.de/10003761509
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The East Asian dollar standard, fear of floating, and original sin
McKinnon, Ronald I.; Schnabl, Gunther - In: Global divergence in trade, money and policy, (pp. 45-71). 2006
Persistent link: https://www.econbiz.de/10003379342
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Policy implications of global asymmetric current account positions
Schnabl, Gunther; Freitag, Stephan - In: Review of economics 60 (2009) 2, pp. 103-137
Persistent link: https://www.econbiz.de/10003960214
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A vicious cycle of manias, crises and asymmetric policy responses : an overinvestment view
Hoffmann, Andreas; Schnabl, Gunther - In: The world economy : the leading journal on … 34 (2011) 3, pp. 382-403
Persistent link: https://www.econbiz.de/10009012139