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Monetäres Gleichgewicht und Mechanismen zum Ausgleich der Zahlungsbilanz

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  • Siebert, Horst

Abstract

Die Diskussion um flexible versus fixe Wechselkurse und die Bemühungen um stabilere Wechselkurse, etwa im Rahmen des europäischen WährungsSystems, durch Präferenzzonen (Williamson 1985) oder einen Goldstandard ohne Gold (McKinnon 1988) geben der Literatur um die Mechanismen zum Ausgleich der Zahlungsbilanz neue Aktualität. Bei konstanten Wechselkursen kann die Zahlungsbilanz eines Landes durch sechs Mechanismen ausgeglichen werden: den Geldmengenpreismechanismus, Relativpreisänderungen, Einkommens- und Beschäftigungsänderungen bei fixen und flexiblen Güterpreisen, Bewegungen von Portfoliokapital, Faktorwanderungen sowie einen politischen Transfermechanismus. Diese Mechanismen wirken grundsätzlich auch bei flexiblen Wechselkursen, allerdings ändert sich der Wirkungsmechanismus, und teilweise treten neue Aspekte wie Wechselkurserwartungen hinzu. Im folgenden werden diese Mechanismen dargestellt. Dabei wird zwischen konstantem und flexiblem Wechselkurs unterschieden. In Abschnitt 1 werden realwirtschaftliches und monetäres Gleichgewicht erörtert. Das monetäre Gleichgewicht bei konstantem Wechselkurs (Abschnitt 2) und bei flexiblem Wechselkurs (Abschnitt 4) werden gegenübergestellt. Die Ausgleichsmechanismen bei konstantem Wechselkurs (Abschnitt 3) und bei flexiblem Wechselkurs (Abschnitt 5) werden miteinander verglichen. Schließlich werden einige Bedingungen herausgearbeitet, unter denen eher der eine als der andere Mechanismus funktioniert.

Suggested Citation

  • Siebert, Horst, 1988. "Monetäres Gleichgewicht und Mechanismen zum Ausgleich der Zahlungsbilanz," Discussion Papers, Series II 71, University of Konstanz, Collaborative Research Centre (SFB) 178 "Internationalization of the Economy".
    • Handle: RePEc:zbw:kondp2:71
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    1. Dornbusch, Rudiger, 1988. "Doubts About the McKinnon Standard," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 105-112, Winter.
    2. Obstfeld, Maurice & Stockman, Alan C., 1985. "Exchange-rate dynamics," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 18, pages 917-977, Elsevier.
    3. McKinnon, Ronald I, 1988. "Monetary and Exchange Rate Policies for International Financial Stability: A Proposal," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 83-103, Winter.
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