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Ultra-lockere Geldpolitiken, Finanzmarktblasen und marktwirtschaftliche Ordnung

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  • Schnabl, Gunther

Abstract

Der Beitrag befasst sich mit der ultra-lockeren Geldpolitik als Ursache für Finanzmarktblasen, anhaltende Stagnation und wachsende Ungleichheit. Es wird auf der Grundlage der Überinvestitionstheorie von Mises (1912) und Hayek (1931) argumentiert, dass es zu Überinvestition und Spekulation kommt, wenn die Zentralbanken den Zins zu niedrig setzen. Auf Finanzmarktblasen folgen Krisen, die von den Zentralbanken durch noch mehr billige Liquidität therapiert werden. Das Ergebnis sind wachsende strukturelle Verzerrungen, die negativ auf Produktivitätsgewinne und Wachstum wirken. Während reiche Bevölkerungsschichten vom graduellen Anstieg der Vermögenspreisen profitieren, stagniert das durchschnittliche Lohnniveau. Da die Kosten dieser Krisentherapien überproportional auf die jungen und ärmeren Bevölkerungsschichten verschoben werden, wird zunehmend die politische Stabilität gefährdet.

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  • Schnabl, Gunther, 2017. "Ultra-lockere Geldpolitiken, Finanzmarktblasen und marktwirtschaftliche Ordnung," Working Papers 151, University of Leipzig, Faculty of Economics and Management Science.
    • Handle: RePEc:zbw:leiwps:151
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    References listed on IDEAS

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    1. Grossmann, Volker & Steger, Thomas M. & Trimborn, Timo, 2013. "The macroeconomics of TANSTAAFL," Journal of Macroeconomics, Elsevier, vol. 38(PA), pages 76-85.
    2. von Prollius, Michael & Schnabl, Gunther, 2016. "Geldpolitik, Arabellion, Flüchtlingskrise," Working Papers 146, University of Leipzig, Faculty of Economics and Management Science.
    3. Schäfer, Andreas & Schneider, Maik T., 2015. "Endogenous Enforcement Of Intellectual Property, North–South Trade, And Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 19(5), pages 1074-1115, July.
    4. McKinnon, Ronald & Schnabl, Gunther, 2008. "China's exchange rate impasse and the weak U.S. dollar," Working Papers 73, University of Leipzig, Faculty of Economics and Management Science.
    Full references (including those not matched with items on IDEAS)

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    Keywords

    Geldpolitik; Finanzmarktblasen; säkulare Stagnation;
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