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Konjunkturzusammenhang und Politikautonomie bei flexiblen Wechselkursen: Die Erfahrungen der Bundesrepublik Deutschland seit 1973

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  • Fels, Joachim

Abstract

Als Harry Johnson vor genau 20 Jahren sein Plädoyer für flexible Wechselkurse hielt, waren die Weichen zur Auflösung des Festkurssystems von Bretton Woods bereits gestellt. Die zu Beginn der fünfziger Jahre vielbeklagte Dollarknappheit war längst einer Dollarflut gewichen. Das Leitwährungsland, die Vereinigten Staaten, betrieb eine inflationäre Geld- und Fiskalpolitik ganz in Sinne des keynesianischen Zeitgeistes, auch um das amerikanische Engagement im Vietnamkrieg zu finanzieren. Mit dem Binnenwert des US-Dollars sank in den Augen der Geldvermögensbesitzer in aller Welt sein Außenwert. Bei der Bundesbank und bei anderen Zentralbanken häuften sich wegen deren Interventionspflicht die Dollarbestände und blähten die heimischen Geldmengen auf. Währungskrisen wurden immer zahlreicher und massiver; vermehrt wurden Kapitalverkehrskontrollen eingeführt oder verschärft, um überkommene Paritäten aufrechtzuerhalten. Die D-Mark und andere Währungen mußten dennoch mehrmals vorübergehend zum Floaten freigegeben werden. Im März 1973 zerbrach schließlich auch das im Dezember 1971 geschlossene Smithsonian Agreement, in dem man sich nach der Aufhebung der Goldkonvertibilität des US-Dollar durch den amerikanischen Präsidenten nochmals auf neue Paritäten geeinigt hatte. Die wichtigen Währungen der Welt gingen zum Floaten über.

Suggested Citation

  • Fels, Joachim, 1989. "Konjunkturzusammenhang und Politikautonomie bei flexiblen Wechselkursen: Die Erfahrungen der Bundesrepublik Deutschland seit 1973," Kiel Working Papers 362, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwkwp:362
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    References listed on IDEAS

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