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The Japanese Banks in the Lasting Low-, Zero- and Negative-Interest Rate Environment

Murai, Taiki; Schnabl, Gunther - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 1, pp. 1-16

The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting low-, zero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly...

Persistent link: https://www.econbiz.de/10014522518

Applying Complexity Theory to Interest Rates: Evidence of Critical Transitions in The Euro Area

van den End, Jan Willem - In: Credit and Capital Markets – Kredit und Kapital 52 (2019) 1, pp. 1-33

We apply complexity theory to financial markets to show that excess liquidity created by the Eurosystem has led to critical transitions in the configuration of interest rates. Complexity indicators turn out to be useful signals of tipping points and subsequent regime shifts in interest rates. We...

Persistent link: https://www.econbiz.de/10014523281

Conducting Monetary Policy in a Complex, Adaptive Economy: Past Mistakes and Future Possibilities

White, William R. - In: Credit and Capital Markets – Kredit und Kapital 50 (2017) 2, pp. 213-235

Geldpolitik in einer komplexen, anpassungsfähigen Wirtschaft: Bisherige Fehler und zukünftige Möglichkeiten Die … Geldpolitik der letzten Jahre die wirtschaftlichen Aussichten bislang sogar verschlechtert hat, was auf einem fundamentalen …. Unbeabsichtigte Folgen der lockeren Geldpolitik waren bisher ein signifikanter Anstieg des Volumens der Schulden außerhalb des …

Persistent link: https://www.econbiz.de/10014523326

The Costs of Zombification in Europe: Why Austrian Economics Fails and the Empirical Findings for Japan are a Misleading Guide

Schlotmann, Olaf; Eberhardt, Frank - In: Credit and Capital Markets – Kredit und Kapital 53 (2020) 1, pp. 17-42

Supporters of the Austrian School of Economics and a number of empirical studies have claimed that the increasing number of "zombie" companies is a supply-side reason for the low growth rates in Europe. Often, these studies cite empirical findings for Japan to justify their claims, and conclude...

Persistent link: https://www.econbiz.de/10014523490

Sudden Stops and Asset Purchase Programmes in the Euro Area

Fabiani, Josefina; Fidora, Michael; Setzer, Ralph; … - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 375-421

This paper analyses the incidence and severity of sudden stops in euro area countries before and after the introduction of the ECB's asset purchase programmes. We define sudden stops as abrupt declines in private net financial inflows, i.e. total flows adjusted for EU and IMF loans and changes...

Persistent link: https://www.econbiz.de/10014523846

Interest Rates and Macroeconomic Investment under Uncertainty

Belke, Ansgar; Göcke, Matthias - In: Credit and Capital Markets – Kredit und Kapital 54 (2021) 3, pp. 319-345

The interest rate is generally considered as an important driver of macroeconomic investment characterised by a particular form of path dependency, "hysteresis". At the same time, the interest rate channel is a central ingredient of monetary policy transmission. In this context, we shed light on...

Persistent link: https://www.econbiz.de/10014523877

Excess Liquidity and the Usefulness of the Money Multiplier

Berk, Jan Marc; van den End, Jan Willem - In: Credit and Capital Markets – Kredit und Kapital 55 (2022) 4, pp. 457-488

We model the behaviour of banks as a main driver of the changing components of the money multiplier (MM). So we provide behavioural underpinnings for the supply and demand for inside and outside money. We illustrate how the creation of large outside money balances by central banks induces...

Persistent link: https://www.econbiz.de/10014523916

Ein Drei-Punkte-Plan zur Reform der Geldpolitik

Krueger, Malte - In: Credit and Capital Markets – Kredit und Kapital 46 (2013) 4, pp. 421-437

Prominente Ökonomen wie John B. Taylor oder William R. White sehen geldpolitische Fehler als wesentliche Ursache der gegenwärtigen Finanzkrise. Zentralbanken sind gegenwärtig jedoch hauptsächlich mit Trouble-Shooting und der Neugestaltung der Bankenregulierung beschäftigt. Unter Rückgriff...

Persistent link: https://www.econbiz.de/10014523929

Versicherungswirtschaft: Herausforderung Niedrigzinsumfeld

Ketzler, Rolf; Wiener, Klaus - In: Credit and Capital Markets – Kredit und Kapital 50 (2017) 2, pp. 237-260

Die extrem lockere Geldpolitik der EZB ist ein wesentlicher Treiber des ausgeprägten Niedrigzinsumfelds im Euro … Geldpolitik sind in den letzten Monaten immer deutlich zu Tage getreten. Aus Sicht der Versicherungswirtschaft wiegen dabei das … Geldpolitik einzuleiten. …

Persistent link: https://www.econbiz.de/10014524079

Central Bank Policies and Climate Change. Where Do We Stand?

Vollmer, Uwe - In: Credit and Capital Markets – Kredit und Kapital 55 (2022) 3, pp. 381-411

The article reviews the literature on the relationship between climate change and central bank policies. Central banks conduct monetary policy and are responsible for macroprudential supervision. The article focuses on the consequences of transition and physical risks for financial stability and...

Persistent link: https://www.econbiz.de/10014524222