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Lässt sich die Geldschöpfung der Geschäftsbanken noch kontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008

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  4. Vol. 87, Issue 3
  5. pp. 47–63

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Binswanger, M. Lässt sich die Geldschöpfung der Geschäftsbanken noch kontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008. Vierteljahrshefte zur Wirtschaftsforschung, 87(3), 47-63. https://doi.org/10.3790/vjh.87.3.47
Binswanger, Mathias "Lässt sich die Geldschöpfung der Geschäftsbanken noch kontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008" Vierteljahrshefte zur Wirtschaftsforschung 87.3, 2018, 47-63. https://doi.org/10.3790/vjh.87.3.47
Binswanger, Mathias (2018): Lässt sich die Geldschöpfung der Geschäftsbanken noch kontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 87, iss. 3, 47-63, [online] https://doi.org/10.3790/vjh.87.3.47
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Lässt sich die Geldschöpfung der Geschäftsbanken noch kontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008

Binswanger, Mathias

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 87 (2018), Iss. 3 : pp. 47–63

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Article Details

Publisher Name
Duncker & Humblot
DOI
https://doi.org/10.3790/vjh.87.3.47
Language
German
Pages
17
Keywords

Author Details

Mathias Binswanger, Fachhochschule Nordwestschweiz (FHNW).

References

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  31. EZB (2011): Die Geldpolitik der EZB im Jahre 2011. Frankfurt a. M.  Google Scholar
  32. ECB (2015): The financial risk management of the Eurosystem’s monetary policy operations. Frankfurt a. M.  Google Scholar
  33. Eberl, J. und C. Weber (2013): ECB collateral criteria: A carrative database 2001–2013. Ifo Working Paper No. 174. München.  Google Scholar
  34. Deutsche Bundesbank (2016): The macroeconomic impact of quantitative easing in the euro area. Monatsbericht Juni 2016: 29–53.  Google Scholar
  35. 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
  36. 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
  37. 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
  38. 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
  39. Borio, C. und P. Disyatat (2010): Unconventional Monetary Policies: An appraisal. The Manchester School, 78 (s1), 53–89.  Google Scholar
  40. Board of Governors of the Federal Reserve System (2018): Quarterly Report on Federal Reserve Balance Sheet Developments. März 2018.  Google Scholar
  41. Binswanger, M. (2015): Geld aus dem Nichts. Weinheim, Wiley-Verlag.  Google Scholar
  42. 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
  43. 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
  44. 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
  45. Tintchev, K. (2013): Connected to whom? International Interbank Borrowing during the Global Crisis. IMF Working Paper. WP/13/14.  Google Scholar
  46. 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
  47. Leonhardt, D. (2008): Lesson from a crisis: when trust vanishes, worry. The New York Times vom 30. September.  Google Scholar
  48. 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
  49. 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
  50. Financial Crisis Inquiry Commission (2011): The Financial Crisis Inquiry Report. Washington, D.C.  Google Scholar
  51. 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
  52. Duhigg, F. (2008): The reckoning: Pressured to take more risk, fannie reached tipping point. The New York Times vom 4. Oktober.  Google Scholar
  53. EZB (2011): Die Geldpolitik der EZB im Jahre 2011. Frankfurt a. M.  Google Scholar
  54. ECB (2015): The financial risk management of the Eurosystem’s monetary policy operations. Frankfurt a. M.  Google Scholar
  55. Eberl, J. und C. Weber (2013): ECB collateral criteria: A carrative database 2001–2013. Ifo Working Paper No. 174. München.  Google Scholar
  56. Deutsche Bundesbank (2016): The macroeconomic impact of quantitative easing in the euro area. Monatsbericht Juni 2016: 29–53.  Google Scholar
  57. 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
  58. 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
  59. 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
  60. 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
  61. Borio, C. und P. Disyatat (2010): Unconventional Monetary Policies: An appraisal. The Manchester School, 78 (s1), 53–89.  Google Scholar
  62. Board of Governors of the Federal Reserve System (2018): Quarterly Report on Federal Reserve Balance Sheet Developments. März 2018.  Google Scholar
  63. Binswanger, M. (2015): Geld aus dem Nichts. Weinheim, Wiley-Verlag.  Google Scholar
  64. 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
  65. 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
  66. 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.

Table of Contents

Section Title Page Action Price
Mathias Binswanger: Lässt sich die Geldschöpfung der Geschäftsbanken nochkontrollieren? – Geldpolitik seit der jüngsten Finanzkrise 2007/2008 47
Zusammenfassung 47
Summary 47
1 Einleitung 48
2 Die Geldpolitik der US-Zentralbank (FED) nach 2008 49
3 Die Geldpolitik der Europäischen Zentralbank (EZB) nach 2008 52
4 Befinden wir uns in einer historisch einmaligen Situation? 47
5 Schlussfolgerungen 47
Literaturverzeichnis 47

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