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Germany is an undervaluation regime, a regime that steers economic behavior towards deterioration of the real exchange rate and thereby towards export surpluses. This regime has brought the eurozone to the brink of collapse. But it is much older than the euro. It was established during the...
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Verlagsinfo: Wolfgang Stützel (1925-1987) war einer der anregendsten und prägendsten Gelehrten der letzten 50 Jahre. Stützels weitgefächerte theoretische Arbeiten sowie seine rechts- und wirtschaftspolitischen Vorschläge markierten anfänglich Außenseiterpositionen. Sie setzten sich jedoch...
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The paper discusses global current account imbalances in the context of an asymmetric world monetary system and asymmetric current account developments. It identifies the US and Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are...
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