Europäische Geldpolitik und Zombiefizierung

David Herok; Gunther Schnabl

Juni 2018

Abstract

Während die Arbeitslosigkeit in Europa stetig sinkt und immer weniger Unternehmen Insolvenz anmelden, wächst im Schatten der anhaltenden Flut des billigen Geldes durch die EZB die Anzahl von sogenannten Zombie -Banken, Zombie-Unternehmen und Zombie Staaten. Diese Entwicklung erinnert an eine Rückkehr zu planwirtschaftlichen Strukturen und erschwert den Ausstieg aus der sehr lockeren Geldpolitik. Nur ein Ausstieg kann jedoch entscheidend der fortschreitenden Zombiefizierung Einhalt zu gebieten, die die marktwirt-schaftlichen Prinzipien unterhöhlt, das Wachstum lähmt und den sozialen Frieden stört.

While unemployment and bankruptcies in Europe are steadily on decline, the number of so-called zombie banks, zombie companies and zombie states is growing in the shadow of the ECB's persistent ultra-easy monetary policy. This development is reminiscent of a return to planned economic structures and makes it much more difficult to exit from the very loose monetary policy. However, an exit is crucial to halting the zombification process which un-dermines free-market principles and growth, and disrupts social peace.

Keywords: , , , , , , , , .

JEL Codes: , , .

Erschienen in

Austrian Institute Paper 21 (2018).

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Regional Heterogeneity, the Rise of Public Debt and Monetary Policy in Post-Bubble Japan: Lessons for the EMU

Raphael Fischer; Gunther Schnabl

April 2018

Abstract

Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for public debt and monetary policy in the context of crisis. It is shown for Japan that the attempts to maintain regional cohesion via a regional transfer mechanism has contributed to the unprecedented rise in public debt and persistent monetary expansion. Econometric estimations show that in Japan regional redistribution of funds has ensured homogeneous living conditions across Japanese regions pre- and post-crisis. The side condition is monetary expansion. A similar effect could emerge in Europe, if the crisis persists.

Keywords: , , , , .

JEL Codes: , , .

Erschienen in

International Economics and Economic Policy (April 2018), Volume 15, Issue 2, pp 405–428.

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