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Sparen, Sparkultur und die neuen Wege der Geldpolitik
Credit and Capital Markets – Kredit und Kapital, Vol. 50 (2017), Iss. 2 : pp. 121–129
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Georg Fahrenschon, Präsident, Deutscher Sparkassen- und Giroverband, Charlottenstr. 47, 10117 Berlin. Der Beitrag basiert auf einem Vortrag in der Tagung "Nullzinspolitik und wirtschaftliche Ordnung„ an der Wirtschaftswissenschaftlichen Fakultät der Universität Leipzig am 20. Juni 2016 in Leipzig.
Abstract
Saving, Saving Culture and the New Ground of Monetary Policy
The article is about the effects of expansive monetary policy on saving and saving culture. The so-called „saving glut" construct has been rejected as a possible explanation for low interest rates. In Germany there are currently good reasons to save, as there have been before: Due to demographic developments we can expect fewer contributors and lower pensions in state pension systems. Monetary policies also mean that the effect of compound interest is absent from private pensions. This is why, particularly in times without interest, it is especially important to save more. It will be important, however, to channel the volume of savings into profitable investments. The restructuring of the economic system, due to the energy revolution, climate protection, new infrastructures, digitalisation and industry 4.0, shall encourage investments if the basic conditions are right. Even in developing and emerging countries, capital requirements remain high. In this respect, the article did not pursue the idea of secular stagnation. In addition, it considered the question of whether structural changes in European monetary policy, culminating in direct activities on the capital markets, can still be reconciled with a market economy system. The sale of corporate bonds allowed the central bank to take direct charge over the fine-tuned controlling of capital allocation, which meant that private market players were driven out. Last but not least, the boundaries between monetary and financial policy have become blurred. Furthermore, monetary policy is particularly damaging for small savers with few investments. In practice, this group is not able to diversify their modest assets into different asset classes. The negative example of Japan shows the kind of devastating effects which are associated with a prolonged low-interest-rate environment and a long-term decline in savings rates. Therefore the most important goal for European economic and monetary policy should be to restore confidence in a good economic order. This could contribute considerably to a larger number of investments.
Table of Contents
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| Georg Fahrenschon: Sparen, Sparkultur und die neuen Wege der Geldpolitik | 1 |