Arbeitspapier
Monetary Policy Reform in a World of Central Banks
The paper identifies based on the monetary overinvestment theories by Wicksell (1898), Mises (1912) and Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a neglect towards monetary policy reform in a world dominated by financial markets has led to the erosion of the allocation and signaling function of the interest rate, which has triggered an excessive rise of the government debt and structural distortions in the world economy. The backlash of high government debt levels on monetary policy making is argued to have led to a hysteresis of the liquidity trap. In this context, monetary reform is discussed with respect to the exit from low interest rate and high debt policies, an adaption of monetary policy rules to financial market dominated economic development, and the displacement of the prevalent world monetary system. Enhanced competition between dollar and euro as international currencies moderated by East Asia is proposed to constitute a more stable international monetary system.
- Sprache
-
Englisch
- Erschienen in
-
Series: Working Papers on Global Financial Markets ; No. 26
- Klassifikation
-
Wirtschaft
Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems
Central Banks and Their Policies
International Monetary Arrangements and Institutions
International Business Cycles
- Thema
-
Economic Instability
Credit Cycles
Monetary Policy
Hayek
Mises
Monetary Policy Rules
Monetary Policy Reform
Currency Competition
Finanzkrise
Geldpolitik
Öffentliche Schulden
Kredit
Konjunktur
Internationales Währungssystem
Reform
Währungswettbewerb
Welt
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Schnabl, Gunther
- Ereignis
-
Veröffentlichung
- (wer)
-
Graduiertenkolleg 'Konstitutionelle Grundlagen globalisierter Finanzmärkte - Stabilität und Wandel'
- (wo)
-
Jena und Halle (Saale)
- (wann)
-
2012
- Handle
- URN
-
urn:nbn:de:gbv:27-20131126-134300-6
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Schnabl, Gunther
- Graduiertenkolleg 'Konstitutionelle Grundlagen globalisierter Finanzmärkte - Stabilität und Wandel'
Entstanden
- 2012
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