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  1. Macroeconomic policy making and current account imbalances in the euro area
    Author: Murai, Taiki; Schnabl, Gunther
    Published: June 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as... more

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    Verlag (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 63
    Inter-library loan:
    No inter-library loan

     

    The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2 balances, international rescue credit and government bond purchases of euro area central banks are identified. It is found that differing fiscal policy stances which have interacted differently with the ECB’s monetary policy have been at roots of first diverging and then converging current account positions in the euro area. Since the European financial and debt crisis, public financing mechanisms and the unconventional monetary of the ECB have contributed to the persistence of intra-euro area current account imbalances.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/236695
    Series: CESifo working paper ; no. 9153 (2021)
    Subjects: current account; current account imbalances; financial account; euro; EU; European Monetary Union; monetary policy; fiscal policy; TARGET2
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  2. The Japanese banks in the lasting low-, zero- and negative-interest rate environment
    Author: Schnabl, Gunther; Murai, Taiki
    Published: Dezember 2020
    Publisher:  Universität Leipzig, Wirtschaftswissenschaftliche Fakultät, Leipzig

    The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting lowzero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side,... more

    Access:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 279
    Inter-library loan:
    No inter-library loan

     

    The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting lowzero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly depressed, net interest revenues declined, which forced the banks to expand revenues from fees and commissions. The banks had to cut costs by reducing the number of employees, closing branches and merging into larger banks. The gradual concentration process has most recently cumulated in the relaxation of the monopoly law. With the capital allocation function of banks being undermined, the Japanese economy has become zombified, suffering from anemic growth.

     
    Export to reference management software   RIS file
      BibTeX file
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/229156
    Series: Working paper / Universität Leipzig, Wirtschaftswissenschaftliche Fakultät ; no. 169
    Scope: 1 Online-Ressource (circa 24 Seiten), Illustrationen