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Wachstumszwang in der Geldwirtschaft? Theoretische Erwägungen

Author

Listed:
  • Wenzlaff, Ferdinand
  • Kimmich, Christian
  • Koudela, Thomas
  • Richters, Oliver
  • Freydorf, Christoph
  • Schuster, Ludwig

Abstract

Dieses Papier soll als wissenschaftliche Grundlage einer Diskussion über die Vereinbarkeit einer positiven Zinsrate mit einer nicht mehr wachsenden Wirtschaft dienen. Erst eine Auseinandersetzung mit den komplexen und teils widersprüchlichen Fragen der Wirtschaftswissenschaft erlaubt, zu wirtschaftspolitischen Einsichten und schließlich zu politikberatenden Ansätzen zu kommen. Dazu soll zunächst der komplexe Zusammenhang von Geld und Zins (Ziffer 2.1) sowie die volkswirtschaftliche Bedeutung der Relation von Zins- und Wachstumsrate (Ziffer 2.2) aufgezeigt werden. Anschließend wird das Problem eines positiven Zins-Wachstumsdifferentials diskutiert und anhand der Liquiditätspräferenzhypothese erklärt (Ziffer 2.3). Der zu problematisierende Teil des Zinses wird außerdem von der Risikoprämie und der Bankmarge abgegrenzt (Ziffer 2.4) und ebenso wie die Zinsstruktur in seiner Wirkungsweise erklärt (Ziffer 2.4). Im Hauptteil der Analyse werden verschiedene Erklärungsansätze einer monetär bedingten Wachstumsnotwendigkeit dargestellt. Dabei wird zuerst das oft pauschal vorgebrachte Argument widerlegt, aus der verzinsten Kreditgeldschöpfung an sich folge bereits kausal ein Wachstumszwang (Ziffer 3.1). Danach wird gezeigt, dass und unter welchen Umständen trotzdem Wachstumszwänge resultieren, wobei der Verwendung der Zinseinkommen eine Schlüsselrolle zukommt (Ziffer 3.2). Weiterhin wird die Goldene Regel der Kapitalakkumulation behandelt (Ziffer 3.3) und das Zins-Wachstumsdifferential im engeren Zusammenhang mit dem öffentlichen Budget und der Staatsverschuldung analysiert (Ziffer 3.4). In dem Zusammenhang wird aufgezeigt, warum die Zentralbank bei schwachem oder ausbleibendem Wachstum in ein "geldpolitisches Dilemma" gerät (Ziffer 3.5). In Ziffer 4 werden einige ausgewählte Vorschläge zur Reform des Geld- und Finanzwesens aufgeführt und auf ihre Verträglichkeit mit Nullwachstum hin geprüft sowie zu typischen Bedenken im Zusammenhang mit Reformen Stellung genommen (Ziffer 5).

Suggested Citation

  • Wenzlaff, Ferdinand & Kimmich, Christian & Koudela, Thomas & Richters, Oliver & Freydorf, Christoph & Schuster, Ludwig, 2012. "Wachstumszwang in der Geldwirtschaft? Theoretische Erwägungen," EconStor Research Reports 237053, ZBW - Leibniz Information Centre for Economics.
    • Handle: RePEc:zbw:esrepo:237053
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    More about this item

    Keywords

    Geld; Wachstumszwang; Geldwirtschaft; Nachhaltigkeit;
    All these keywords.

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • O44 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Environment and Growth
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

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