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,...

Introduction: Financial Stability in East Asia - A Tentative Assessment -- History and Legal Framework of the People's Bank of China -- The Independence of the Bank of Japan in the Light of Statutory Rules and Central Bank Independence Indices -- The Legal Framework for the European System of...