Lässt sich die Geldschöpfung der Geschäftsbanken noch kontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008
JOURNAL ARTICLE
Cite JOURNAL ARTICLE
Style
Format
Lässt sich die Geldschöpfung der Geschäftsbanken noch kontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008
Vierteljahrshefte zur Wirtschaftsforschung, Vol. 87 (2018), Iss. 3 : pp. 47–63
Additional Information
Article Details
Author Details
Mathias Binswanger, Fachhochschule Nordwestschweiz (FHNW).
References
-
Altavilla, C., G. Carboni und R. Motto (2015): Asset purchase programmes and financial markets: lessons from the euro area. ECB Working Paper No 1864.
Google Scholar -
Angelini, P., A. Nobili und C. Picillo (2009): The interbank market after august 2007: what has changed, and why? Banca d’Italia, Temi di discussione n. 731.
Google Scholar -
Asmussen, J. (2012): Bankenrettung durch die EZB? Europäische Zentralbank, Frankfurt a. M. www.ecb.europa.eu/press/key/date/2012/html/sp120618.de.html (heruntergeladen am 29.7.2014).
Google Scholar -
Binswanger, M. (2015): Geld aus dem Nichts. Weinheim, Wiley-Verlag.
Google Scholar -
Board of Governors of the Federal Reserve System (2018): Quarterly Report on Federal Reserve Balance Sheet Developments. März 2018.
Google Scholar -
Borio, C. und P. Disyatat (2010): Unconventional Monetary Policies: An appraisal. The Manchester School, 78 (s1), 53–89.
Google Scholar -
Breckenfelder J., F. De Fiore, P. Andrade, P. Karadi und O. Tristani (2016): The ECBs asset purchase programme: an early assessment. ECB Working Paper Series 1956.
Google Scholar -
Claeys, G. (2014): The (not so) Unconventional Monetary Policy of the European Central Bank since 2008. Policy Department A: Economic and Scientific Policy. Europäische Union.
Google Scholar -
Claeys, G. und M. Demertzis (2017): How should the European Central Bank ‘normalise’ its monetary policy? Policy Contribution Issue n˚31, November 2017.
Google Scholar -
Constâncio, V. (2018): Past and future of the ECB monetary policy. Speech at the Conference on „Central Banks in Historical Perspective: What Changed After the Financial Crisis?“ Konferenz der Central Bank of Malta. Valletta, 4. Mai 2018.
Google Scholar -
Deutsche Bundesbank (2016): The macroeconomic impact of quantitative easing in the euro area. Monatsbericht Juni 2016: 29–53.
Google Scholar -
Eberl, J. und C. Weber (2013): ECB collateral criteria: A carrative database 2001–2013. Ifo Working Paper No. 174. München.
Google Scholar -
ECB (2015): The financial risk management of the Eurosystem’s monetary policy operations. Frankfurt a. M.
Google Scholar -
EZB (2011): Die Geldpolitik der EZB im Jahre 2011. Frankfurt a. M.
Google Scholar -
Duhigg, F. (2008): The reckoning: Pressured to take more risk, fannie reached tipping point. The New York Times vom 4. Oktober.
Google Scholar -
Ferguson, N., A. Schaab und M. Schularick (2015): Central Bank Balance Sheets: Expansion and reduction since 1900. CESifo Working Paper Series 5379. CESifo Group Munich.
Google Scholar -
Financial Crisis Inquiry Commission (2011): The Financial Crisis Inquiry Report. Washington, D.C.
Google Scholar -
Goldberg, L., C. Kennedy und J. Miu (2011): Central bank dollar swap lines and overseas dollar funding costs. Economic Policy Review. Federal Reserve Bank of New York, May, 3–20.
Google Scholar -
Hancock, D. und W. Passmore (2014): How the Federal Reserve’s Large-Scale Asset Purchases (LSAPs) influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates. Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board. Washington, D. C.
Google Scholar -
Leonhardt, D. (2008): Lesson from a crisis: when trust vanishes, worry. The New York Times vom 30. September.
Google Scholar -
Shambaugh, Jay C. (2012): The Euro’s three crises. In: David H. Romer und Justin Wolfers (Hrsg.): Brookings Papers on Economic Activity, Frühjahr, 159.
Google Scholar -
Tintchev, K. (2013): Connected to whom? International Interbank Borrowing during the Global Crisis. IMF Working Paper. WP/13/14.
Google Scholar -
Tintchev, K. (2013): Connected to whom? International Interbank Borrowing during the Global Crisis. IMF Working Paper. WP/13/14.
Google Scholar -
Shambaugh, Jay C. (2012): The Euro’s three crises. In: David H. Romer und Justin Wolfers (Hrsg.): Brookings Papers on Economic Activity, Frühjahr, 159.
Google Scholar -
Leonhardt, D. (2008): Lesson from a crisis: when trust vanishes, worry. The New York Times vom 30. September.
Google Scholar -
Hancock, D. und W. Passmore (2014): How the Federal Reserve’s Large-Scale Asset Purchases (LSAPs) influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates. Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board. Washington, D. C.
Google Scholar -
Goldberg, L., C. Kennedy und J. Miu (2011): Central bank dollar swap lines and overseas dollar funding costs. Economic Policy Review. Federal Reserve Bank of New York, May, 3–20.
Google Scholar -
Financial Crisis Inquiry Commission (2011): The Financial Crisis Inquiry Report. Washington, D.C.
Google Scholar -
Ferguson, N., A. Schaab und M. Schularick (2015): Central Bank Balance Sheets: Expansion and reduction since 1900. CESifo Working Paper Series 5379. CESifo Group Munich.
Google Scholar -
Duhigg, F. (2008): The reckoning: Pressured to take more risk, fannie reached tipping point. The New York Times vom 4. Oktober.
Google Scholar -
EZB (2011): Die Geldpolitik der EZB im Jahre 2011. Frankfurt a. M.
Google Scholar -
ECB (2015): The financial risk management of the Eurosystem’s monetary policy operations. Frankfurt a. M.
Google Scholar -
Eberl, J. und C. Weber (2013): ECB collateral criteria: A carrative database 2001–2013. Ifo Working Paper No. 174. München.
Google Scholar -
Deutsche Bundesbank (2016): The macroeconomic impact of quantitative easing in the euro area. Monatsbericht Juni 2016: 29–53.
Google Scholar -
Constâncio, V. (2018): Past and future of the ECB monetary policy. Speech at the Conference on „Central Banks in Historical Perspective: What Changed After the Financial Crisis?“ Konferenz der Central Bank of Malta. Valletta, 4. Mai 2018.
Google Scholar -
Claeys, G. und M. Demertzis (2017): How should the European Central Bank ‘normalise’ its monetary policy? Policy Contribution Issue n°31, November 2017.
Google Scholar -
Claeys, G. (2014): The (not so) Unconventional Monetary Policy of the European Central Bank since 2008. Policy Department A: Economic and Scientific Policy. Europäische Union.
Google Scholar -
Breckenfelder J., F. De Fiore, P. Andrade, P. Karadi und O. Tristani (2016): The ECBs asset purchase programme: an early assessment. ECB Working Paper Series 1956.
Google Scholar -
Borio, C. und P. Disyatat (2010): Unconventional Monetary Policies: An appraisal. The Manchester School, 78 (s1), 53–89.
Google Scholar -
Board of Governors of the Federal Reserve System (2018): Quarterly Report on Federal Reserve Balance Sheet Developments. März 2018.
Google Scholar -
Binswanger, M. (2015): Geld aus dem Nichts. Weinheim, Wiley-Verlag.
Google Scholar -
Asmussen, J. (2012): Bankenrettung durch die EZB? Europäische Zentralbank, Frankfurt a. M. www.ecb.europa.eu/press/key/date/2012/html/sp120618.de.html (heruntergeladen am 29.7.2014).
Google Scholar -
Angelini, P., A. Nobili und C. Picillo (2009): The interbank market after august 2007: what has changed, and why? Banca d’Italia, Temi di discussione n. 731.
Google Scholar -
Altavilla, C., G. Carboni und R. Motto (2015): Asset purchase programmes and financial markets: lessons from the euro area. ECB Working Paper No 1864.
Google Scholar -
Tintchev, K. (2013): Connected to whom? International Interbank Borrowing during the Global Crisis. IMF Working Paper. WP/13/14.
Google Scholar -
Shambaugh, Jay C. (2012): The Euro’s three crises. In: David H. Romer und Justin Wolfers (Hrsg.): Brookings Papers on Economic Activity, Frühjahr, 159.
Google Scholar -
Leonhardt, D. (2008): Lesson from a crisis: when trust vanishes, worry. The New York Times vom 30. September.
Google Scholar -
Hancock, D. und W. Passmore (2014): How the Federal Reserve’s Large-Scale Asset Purchases (LSAPs) influence Mortgage-Backed Securities (MBS) Yields and U.S. Mortgage Rates. Finance and Economics Discussion Series Divisions of Research & Statistics and Monetary Affairs Federal Reserve Board. Washington, D. C.
Google Scholar -
Goldberg, L., C. Kennedy und J. Miu (2011): Central bank dollar swap lines and overseas dollar funding costs. Economic Policy Review. Federal Reserve Bank of New York, May, 3–20.
Google Scholar -
Financial Crisis Inquiry Commission (2011): The Financial Crisis Inquiry Report. Washington, D.C.
Google Scholar -
Ferguson, N., A. Schaab und M. Schularick (2015): Central Bank Balance Sheets: Expansion and reduction since 1900. CESifo Working Paper Series 5379. CESifo Group Munich.
Google Scholar -
Duhigg, F. (2008): The reckoning: Pressured to take more risk, fannie reached tipping point. The New York Times vom 4. Oktober.
Google Scholar -
EZB (2011): Die Geldpolitik der EZB im Jahre 2011. Frankfurt a. M.
Google Scholar -
ECB (2015): The financial risk management of the Eurosystem’s monetary policy operations. Frankfurt a. M.
Google Scholar -
Eberl, J. und C. Weber (2013): ECB collateral criteria: A carrative database 2001–2013. Ifo Working Paper No. 174. München.
Google Scholar -
Deutsche Bundesbank (2016): The macroeconomic impact of quantitative easing in the euro area. Monatsbericht Juni 2016: 29–53.
Google Scholar -
Constâncio, V. (2018): Past and future of the ECB monetary policy. Speech at the Conference on „Central Banks in Historical Perspective: What Changed After the Financial Crisis?“ Konferenz der Central Bank of Malta. Valletta, 4. Mai 2018.
Google Scholar -
Claeys, G. und M. Demertzis (2017): How should the European Central Bank ‘normalise’ its monetary policy? Policy Contribution Issue n°31, November 2017.
Google Scholar -
Claeys, G. (2014): The (not so) Unconventional Monetary Policy of the European Central Bank since 2008. Policy Department A: Economic and Scientific Policy. Europäische Union.
Google Scholar -
Breckenfelder J., F. De Fiore, P. Andrade, P. Karadi und O. Tristani (2016): The ECBs asset purchase programme: an early assessment. ECB Working Paper Series 1956.
Google Scholar -
Borio, C. und P. Disyatat (2010): Unconventional Monetary Policies: An appraisal. The Manchester School, 78 (s1), 53–89.
Google Scholar -
Board of Governors of the Federal Reserve System (2018): Quarterly Report on Federal Reserve Balance Sheet Developments. März 2018.
Google Scholar -
Binswanger, M. (2015): Geld aus dem Nichts. Weinheim, Wiley-Verlag.
Google Scholar -
Asmussen, J. (2012): Bankenrettung durch die EZB? Europäische Zentralbank, Frankfurt a. M. www.ecb.europa.eu/press/key/date/2012/html/sp120618.de.html (heruntergeladen am 29.7.2014).
Google Scholar -
Angelini, P., A. Nobili und C. Picillo (2009): The interbank market after august 2007: what has changed, and why? Banca d’Italia, Temi di discussione n. 731.
Google Scholar -
Altavilla, C., G. Carboni und R. Motto (2015): Asset purchase programmes and financial markets: lessons from the euro area. ECB Working Paper No 1864.
Google Scholar
Abstract
As a result of the recent financial crisis, the influence of central banks on money creation has largely disappeared. Controlling this process only works as long as money creation of commercial banks also leads to a need for additional reserves from the central bank. However, the large asset purchase programs of monetary authorities after the financial crises resulted in an enormous increase in reserves at commercial banks. Therefore, commercial banks have enough reserves to create additional money at large amounts and do not depend on central banks any more. This development is indicative for both the FED and the ECB. Therefore central banks face the challenge how they can restore their influence on the process of money creation. Just lowering or increasing interest rates, which was the major way of conducting monetary policy in the past, will not work anymore in the future.