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Auswirkungen des globalen Finanzzyklus auf den Euroraum

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  • Reitz, Stefan

Abstract

Die ultralockere Geldpolitik der Federal Reserve seit dem Platzen der Dot-Com-Blase hat zu einer anhaltenden Diskussion über ihre Auswirkungen auf den internationalen Kapitalverkehr geführt. Die Beobachtung, dass Vermögenspreise im Wesentlichen durch globale Liquiditäts- und Risikofaktoren bestimmt werden, hat zur These der sogenannten "Globalen Finanzzyklen" geführt. Aus wirtschaftspolitischer Sicht relevant ist hierbei der Umstand, dass es den einzelnen Ländern unabhängig vom Wechselkursregime schwerfällt, sich vom globalen Zyklus abzukoppeln. Eine eigenständige Geldpolitik ist demnach selbst bei flexiblen Wechselkursen nur durch hinreichende Kapitalverkehrsbeschränkungen möglich.

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  • Reitz, Stefan, 2016. "Auswirkungen des globalen Finanzzyklus auf den Euroraum," Kiel Insight 2016.6, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwbox:20166
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    References listed on IDEAS

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