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Die Geldmenge und ihre bilanziellen Gegenposten: Ein Vergleich zwischen wichtigen Ländern der Europäischen Währungsunion

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  • Lang, Dimut

Abstract

In der Arbeit ist der Versuch unternommen worden, ein Schema, ähnlich dem, das bei der monetären Analyse der Bilanzgegenposten in Deutschland zugrunde gelegt wurde, auch für andere wichtige Länder in Europa zu entwickeln. Dies erforderte zunächst eine gewisse Harmonisierung der Datenbasis. Um das Muster im Zusammenspiel der bilanziellen Gegenposten in der europäischen Währungsunion besser zu verstehen, wurde dann untersucht, inwieweit die Struktur der konsolidierten Bilanz und die Verhältnisse, wie sie in der Vergangenheit in Deutschland zu beobachten gewesen sind, auch in diesen Ländern anzutreffen waren. Untersucht wurde auch, ob zwischen den Ländern Zusammenhänge in der Entwicklung einzelner Bilanzgegenposten existieren und welches Beziehungsmuster sich in einer ,~uropäischen" aggregierten konsolidierten Bilanz ergeben hätte. Obgleich in einzelnen Ländern teilweise verschiedene Muster des Zusammenhangs resultierten, konnten in der Untersuchungsperiode in dem "Währungsraum" ähnlich wie in der Vergangenheit in Deutschland -Beziehungsmuster festgestellt werden, die mit der Vorstellung vereinbar sind, daß geldpolitische Impulse zunächst auf der Passivseite der konsolidierten Bilanz zu Portfolioanpassungen zwischen liquiden und langfristigen Einlagen führen und erst dann auf die Aktivseite (auf die Kredite an den privaten Sektor) übergreifen.

Suggested Citation

  • Lang, Dimut, 1999. "Die Geldmenge und ihre bilanziellen Gegenposten: Ein Vergleich zwischen wichtigen Ländern der Europäischen Währungsunion," Discussion Paper Series 1: Economic Studies 1999,01, Deutsche Bundesbank.
    • Handle: RePEc:zbw:bubdp1:199901
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