[Einleitung] Die enormen Preisanstiege auf fast allen Märkten für Rohstoffe und landwirtschaftliche Grunderzeugnisse werden in Politik und Öffentlichkeit mit der zunehmenden Spekulationstätigkeit und allgemein der fortschreitenden Finanzialisierung' der Märkte in Verbindung gebracht. Das...

In contrast to academic recommendations monetary authorities all over the world intervene on the foreign exchange market to actively manage the exchange rate. Particularly in the aftermath of the global financial crisis the exchange rate is abused by some countries in a currency war to...

This Kiel Policy Brief demonstrates the calculation of a new stock market index informing about the price competitiveness of a country's assets vis-à-vis its foreign competitors. In line with the portfolio balance approach we empirically identify net foreign holdings of a country's assets as...

[Conclusion] It is being increasingly held in the literature that, in a globalizing world, flexible exchange rates are no longer enough to insulate an economy against external shocks. Our empirical results corroborate the observation that, in the past few years, global factors have had a crucial...