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Otmar Issing und die chinesische Frage: Zu seinem Ausflug in die Wechselkurspolitik

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  • Riese, Hajo

Abstract

Etwas Erstaunliches ist geschehen. Otmar Issing, renommierter Chefvolkswirt (und zugleich Direktoriumsmitglied) der Europäischen Zentralbank (EZB), hat jüngst (auf einer Konferenz in Zürich) mit einem Ausflug in die Wechselkurspolitik ein Tabu gebrochen, dessen geldpolitische Unantastbarkeit bisher als unumstößlich galt. Das ist aus mehreren Gründen erstaunlich. Denn der Bruch signalisiert eine Abkehr von den heiligen Grundsätzen einer zentral geleiteten Geldpolitik, sei es der Bundesbank unter dem Regime der Deutschen Mark, sei es der EZB unter dem Regime des Euro, indem eine Erweiterung der bisherigen, strikt auf eine Stabilisierung des Preisniveaus gerichteten Geldpolitik zur Diskussion gestellt wird – ein erstaunliches Phänomen deshalb, weil gerade Issing als Repräsentant einer geldmengenorientierten Geldpolitik diese Strategie entscheidend geprägt hat.

Suggested Citation

  • Riese, Hajo, 2005. "Otmar Issing und die chinesische Frage: Zu seinem Ausflug in die Wechselkurspolitik," Discussion Papers 2005/4, Free University Berlin, School of Business & Economics.
    • Handle: RePEc:zbw:fubsbe:20054
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    Cited by:

    1. Helmut Bester, 2009. "Externalities, communication and the allocation of decision rights," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 41(2), pages 269-296, November.
    2. Wolf, Nikolaus, 2007. "Endowments vs. market potential: What explains the relocation of industry after the Polish reunification in 1918?," Explorations in Economic History, Elsevier, vol. 44(1), pages 22-42, January.
    3. Christos Koulovatianos & Carsten Schröder & Ulrich Schmidt, 2005. "Non-Market Time and Household Well-Being," Vienna Economics Papers vie0507, University of Vienna, Department of Economics.
    4. Konrad, Kai A., 2006. "Silent interests and all-pay auctions," International Journal of Industrial Organization, Elsevier, vol. 24(4), pages 701-713, July.
    5. Bitzer, Jurgen & Geishecker, Ingo, 2006. "What drives trade-related R&D spillovers? Decomposing knowledge-diffusing trade flows," Economics Letters, Elsevier, vol. 93(1), pages 52-57, October.

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