Finanzkrise, globale Liquidität und makroökonomischer Exit
Ansgar Belke () and
Gunther Schnabl ()
No 184, IBES Diskussionsbeiträge from University of Duisburg-Essen, Institute of Business and Economic Studie (IBES)
A series of crises and emergency interest rate cuts has brought global interest rates towards zero and government debt to historical records. The paper discusses the exit options from unconventional monetary policies and unsustainable government debt. First, the paper sheds light on the probability of a coordinated monetary policy exit between the US and the euro area. Second, it discusses the options for a coordination of the supranational monetary policy with national fiscal policies in the European Monetary Union. Third, it analyses the fiscal activities of the European Central Bank in the context of sterilized outright government bond purchases. The paper concludes that - due to the complexity of the coordination task - the coordination of the non-exit is more likely than the coordination of the exit.
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (4) Track citations by RSS feed
Downloads: (external link)
Working Paper: Finanzkrise, globale Liquidität und makroökonomischer Exit (2010)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:zbw:udewwd:184
Access Statistics for this paper
More papers in IBES Diskussionsbeiträge from University of Duisburg-Essen, Institute of Business and Economic Studie (IBES) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().