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Einführung in die Wirtschaftspolitik unter besonderer Berücksichtigung der Zoll- und Handelspolitik
(1927)
Wege zur Gemeinwirtschaft
(1928)
Although the world of banking and finance is becoming more integrated every day, in most aspects the world of financial regulation continues to be narrowly defined by national boundaries. The main players here are still national governments and governmental agencies. And until recently, they tended to follow a policy of shielding their activities from scrutiny by their peers and members of the academic community rather than inviting critical assessments and an exchange of ideas. The turbulence in international financial markets in the 1980s, and its impact on U.S. banks, gave rise to the notion that academics working in the field of banking and financial regulation might be in a position to make a contribution to the improvement of regulation in the United States, and thus ultimately to the stability of the entire financial sector. This provided the impetus for the creation of the “U.S. Shadow Financial Regulatory Committee”. In the meantime, similar shadow committees have been founded in Europe and Japan. The specific problems associated with financial regulation in Europe, as well as the specific features which distinguish the European Shadow Financial Regulatory Committee from its counterparts in the U.S. and Japan, derive from the fact that while Europe has already made substantial progress towards economic and political integration, it is still primarily a collection of distinct nation-states with differing institutional set-ups and political and economic traditions. Therefore, any attempt to work towards a European approach to financial regulation must include an effort to promote the development of a European culture of co-operation in this area, and this is precisely what the European Shadow Financial Regulatory Committee (ESFRC) seeks to do. In this paper, Harald Benink, chairman of the ESFRC, and Reinhard H. Schmidt, one of the two German members, discuss the origin, the objectives and the functioning of the committee and the thrust of its recommendations.
In a plain-vanilla New Keynesian model with two-period staggered price-setting, discretionary monetary policy leads to multiple equilibria. Complementarity between the pricing decisions of forward-looking firms underlies the multiplicity, which is intrinsically dynamic in nature. At each point in time, the discretionary monetary authority optimally accommodates the level of predetermined prices when setting the money supply because it is concerned solely about real activity. Hence, if other firms set a high price in the current period, an individual firm will optimally choose a high price because it knows that the monetary authority next period will accommodate with a high money supply. Under commitment, the mechanism generating complementarity is absent: the monetary authority commits not to respond to future predetermined prices. Multiple equilibria also arise in other similar contexts where (i) a policymaker cannot commit, and (ii) forward-looking agents determine a state variable to which future policy respond. JEL Klassifikation: E5, E61, D78
Market discipline for financial institutions can be imposed not only from the liability side, as has often been stressed in the literature on the use of subordinated debt, but also from the asset side. This will be particularly true if good lending opportunities are in short supply, so that banks have to compete for projects. In such a setting, borrowers may demand that banks commit to monitoring by requiring that they use some of their own capital in lending, thus creating an asset market-based incentive for banks to hold capital. Borrowers can also provide banks with incentives to monitor by allowing them to reap some of the benefits from the loans, which accrue only if the loans are in fact paid o.. Since borrowers do not fully internalize the cost of raising capital to the banks, the level of capital demanded by market participants may be above the one chosen by a regulator, even when capital is a relatively costly source of funds. This implies that capital requirements may not be binding, as recent evidence seems to indicate. JEL Classification: G21, G38
Die Geschichte der europäischen Integration wird in der Regel als Erfolgsgeschichte erzählt, vor allem als wirtschaftliche Erfolgsgeschichte, die sich in Folge kluger und aus historischer Erfahrung getroffener Entscheidungen ergeben habe (vgl. Loth 2014; vgl. auch Mittag 2008). Der Zweite Weltkrieg habe endgültig gezeigt, dass das durch zahlreiche Nationalstaaten gekennzeichnete Europa, sollte es nicht zusammenarbeiten, zu verheerenden Konflikten neige. Und die Zusammenarbeit sei nicht nur politisch klug; sie zahle sich zusätzlich wirtschaftlich aus. So seien allen Teilnehmerstaaten auch in einem ganz ordinär materiellen Sinne Profiteure der europäischen Einigung, die in dieser Logik dann auch gar nicht weit genug gehen kann, bedingen sich hiernach doch das politisch Sinnvolle und das ökonomisch Erfolgreiche gegenseitig – und zwar genau in der Form der supranationalen Organisation, die die Europäische Union mittlerweile angenommen hat. Liest man einen Satz der Bundeskanzlerin Angela Merkel so, dann ist die europäische Integration nach Brüsseler Art deshalb alternativlos, weil es kein vergleichbares Erfolgsmodell gibt. Aus der zunächst durch das Leid des Krieges geprägten Bereitschaft zur Zusammenarbeit ist unter der Hand eine Art Sachzwang geworden, denn von der einmal eingeschlagenen Straße der Integration kann man in dieser Sicht nur unter erheblichen Wohlstandsverlusten und politischen Risiken abweichen.
In dieser Sachzwanglogik war allerdings die Euro-Krise nicht vorgesehen. Sie konnte im strengen Sinne auch gar nicht passieren, war doch die weitere Vertiefung der europäischen Union zur Währungsunion in den 1990er Jahren gerade damit begründet worden, dass derartige Krisen zukünftig ausgeschlossen seien (vgl. Tietmeyer 2005). Dass die Politik auf sie zunächst überrascht, fast panisch und dann durch konsequentes Vorantreiben der institutionellen und finanziellen Integration reagiert hat, zeigt auch, dass hier ein Denken vorherrscht, das nach dem Motto funktioniert, es könne doch nicht sein, was nicht sein dürfe. ...