Geldpolitik, Arabellion und Flüchtlingskrise: Die sehr lockere Geldpolitik der großen Industrieländer kommt in Form der Flüchtlingskrise auf Europa zurück

Michael von Prollius () and Gunther Schnabl
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Michael von Prollius: Forum Freie Gesellschaft, Schloßgarten 1 a, 37699 FürstenbergGermany

Zeitschrift für Wirtschaftspolitik, 2016, vol. 65, issue 3, 299-320

Abstract: Since the year 2015, Europe is confronted with a wave of refugees from the Middle East and North Africa. It is argued that the monetary policy of the large industrialized countries is (indirectly) an important determinant of the European migrant crisis. Since the turn of the millennium the large central banks cut strongly interest rates in response to the bursting dotcom bubbles, what contributed to unprecedented speculation on commodity markets. The resulting dramatic increase in (inter alia) oil and wheat prices had strong redistribution effects on the Middle East and North Africa, where small elites control large oil and gas resources, whereas large parts of the populations live in poverty. The Arab spring is not seen as a struggle for democracy. Instead, it is interpreted as an upheaval against high food prices and growing inequality, which have been triggered by the very expansionary monetary policies of the large industrialized countries.

Keywords: Monetary Policy; Financial Market Bubbles; Crisis; Income Inequality; Redistribution; Arab Spring; European Refugee Crisis; Geldpolitik; Finanzmarktblasen; Krisen; Umverteilung; Arabischer Frühling; Flüchtlingskrise; Monetary Policy; Financial Market Bubbles; Crisis; Income Inequality; Redistribution; Arab Spring; European Refugee Crisis (search for similar items in EconPapers)
JEL-codes: E14 E52 F22 (search for similar items in EconPapers)
Date: 2016
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DOI: 10.1515/zfwp-2016-0018

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