Veränderungen im makroökonomischen Umfeld -- Die japanische Kreditwirtschaft in der Krise -- Rolle der Klein- und Mittelunternehmen für die japanische Kreditwirtschaft -- Entwicklung der Ertrags- und Kostenstrukturen der Regionalbanken im Vergleich -- Neue Ertragsquellen -- Perspektiven für...

The paper analyses the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan,...

The paper analyses the impact of Japanese monetary policy crisis management on the Japanese banking sector since the 1998 Japanese financial crisis. It shows how low-cost liquidity provision as a means to stabilize banks has created a growing gap between deposits above lending and has compressed...