Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/162136 
Autor:innen: 
Erscheinungsjahr: 
2017
Schriftenreihe/Nr.: 
Working Paper No. 148
Verlag: 
Universität Leipzig, Wirtschaftswissenschaftliche Fakultät, Leipzig
Zusammenfassung: 
The paper analyses the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan, Southeast Asia and China. Similarly, it is shown how a one-size monetary policy within the European Monetary Union has not preserved the European Monetary Union from idiosyncratic economic development and crisis because of uncoordinated fiscal policies. With monetary policy crisis management being argued to impede financial and economic restructuring, a timely exit from ultra-expansionary monetary policies is recommended for both East Asia and Europe to reconstitute economic stability and growth.
Schlagwörter: 
Hayek
Mises
East Asia
European Monetary Union
monetary overinvestment theory
fiscal policy
asymmetric shocks
secular stagnation
JEL: 
E52
E58
F42
E63
Dokumentart: 
Working Paper

Datei(en):
Datei
Größe
445.66 kB





Publikationen in EconStor sind urheberrechtlich geschützt.