The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting low- zero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. Gunther Schnabl and Taiki Murai show that with the capital allocation function of banks being undermined, the Japanese economy has...
Kategorie: Wissenschaftliche Papiere
The Japanese Banks in the Lasting Low-, Zero- and Negative-Interest Rate Environment
The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting low- zero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. In their working paper, Gunther Schnabl and Taiki Murai say that with the capital allocation function of banks being undermined,...
Japans Banken in der Krise
Seit dem Platzen der japanischen Blasenökonomie im Dezember 1989 befindet sich Japan in einer langanhaltenden Rezession. Gunther Schnabl analysiert die Auswirkungen der geldpolitischen Krisentherapie auf die japanischen Banken mit Fokus auf die kleinen und mittleren Regionalbanken. Nicht nur der Verfall der Vermögenspreise nach Platzen der japanischen Blasenökonomie, sondern auch die geldpolitische Krisentherapie selbst haben...
Post-COVID-19 EMU: Economic Distancing by Parallel Currencies
Based on the lessons from the German monetary union, this article proposes the introduction of parallel currencies to facilitate relative price changes in the EMU. Parallel currencies in the south would allow an increase in competitiveness of the south via real depreciation, say Thomas Mayer and Gunther Schnabl....
Alternative Measures of Price Inflation and the Perception of Real Income in Germany
Karl-Friedrich Israel and Gunther Schnabl develop alternative measures of inflation and real income....
The impact of (un)conventional expansionary monetary policy on income inequality – lessons from Japan
The paper of Karl-Friedrich Israel and Sophia Latsos has been published in Applied Economics. This paper analyzes the impact of conventional and unconventional monetary policy on income inequality in Japan, using hitherto unexplored data from the Japan Household Panel Survey....
(T)LTRO-Tracker
The (T)LTRO-Tracker from Gunther Schnabl and Nils Sonnenberg gives an insight into the scale and duration of the Eurosystem refinancing operations. Rising refinancing requests of banks are an indicator of financial market distress....
30 Jahre nach dem Mauerfall. Ursachen für Konvergenz und Divergenz zwischen Ost- und Westdeutschland
In diesem Papier zeigen Gunther Schnabl und Tim Sepp die unvollständige Konvergenz bei Produktivität, Einkommen, Steueraufkommen und Vermögen zwischen Ost- und Westdeutschland auf und diskutieren mögliche Gründe....
Monetary Policy, Financial Regulation and Financial Stability: A Comparison between the Fed and the ECB
In their paper, Gunther Schnabl and Nils Sonnenberg analyse in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. Whereas the Fed focused on the stabilization of the banking sector, the loose monetary policy had a destabilizing impact on the financial sector in...
The Impact of (Un)Conventional Expansionary Monetary Policy on Income Inequality – Lessons from Japan
In ihrem Papier analysieren Karl Friedrich Israel und Sophia Latsos die Auswirkungen von konventioneller und unkonventioneller Geldpolitik auf die Einkommensungleichheit in Japan....