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Das geldpolitische Instrumentarium des Europäischen Systems der Zentralbanken — Eine Analyse des EWI-Vorschlages

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Feldmann, H. Das geldpolitische Instrumentarium des Europäischen Systems der Zentralbanken — Eine Analyse des EWI-Vorschlages. Credit and Capital Markets – Kredit und Kapital, 31(2), 273-302. https://doi.org/10.3790/ccm.31.2.273
Feldmann, Horst "Das geldpolitische Instrumentarium des Europäischen Systems der Zentralbanken — Eine Analyse des EWI-Vorschlages" Credit and Capital Markets – Kredit und Kapital 31.2, 1998, 273-302. https://doi.org/10.3790/ccm.31.2.273
Feldmann, Horst (1998): Das geldpolitische Instrumentarium des Europäischen Systems der Zentralbanken — Eine Analyse des EWI-Vorschlages, in: Credit and Capital Markets – Kredit und Kapital, vol. 31, iss. 2, 273-302, [online] https://doi.org/10.3790/ccm.31.2.273

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Das geldpolitische Instrumentarium des Europäischen Systems der Zentralbanken — Eine Analyse des EWI-Vorschlages

Feldmann, Horst

Credit and Capital Markets – Kredit und Kapital, Vol. 31 (1998), Iss. 2 : pp. 273–302

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Horst Feldmann, Tübingen

References

  1. Bank for International Settlements (Hrsg., 1995): Financial Structure and the Monetary Policy Transmission Mechanism, Basel.  Google Scholar
  2. Deutsche Bundesbank (1994): Die Geldmarktsteuerung der Deutschen Bundesbank, in: dies., Monatsbericht, 46. Jg., Nr. 5, S. 61 - 75.  Google Scholar
  3. Deutsche Bundesbank (1995a): Die Geldpolitik der Bundesbank, Frankfurt am Main.  Google Scholar
  4. Deutsche Bundesbank (1995b): Geschäftsbericht 1994, Frankfurt am Main.  Google Scholar
  5. Deutsche Bundesbank (1997a): Geldpolitische Strategie und Instrumentarium des Europäischen Systems der Zentralbanken, in: dies., Informationsbrief zur Europäischen Wirtschafts- und Währungsunion, o. Jg., Nr. 4, S. 3-16.  Google Scholar

Abstract

The Monetary Policy Instruments of the European System of Central Banks - An Analysis of the EMI Proposal

In 1997, the European Monetary Institute (EMI) submitted a proposal on the monetary policy instruments of the European System of Central Banks. This proposal includes three types of instruments: open-market operations, standing facilities and minimum reserves. The paper analyses all three types of instruments. Firstly, it demonstrates to what extent these instruments differ from the ones the Bundesbank has at its disposal at present. Secondly, it evaluates the proposed instruments, using as criteria efficiency of monetary policy, conformity with the principles of a market economy, and decentralized application. Finally, the paper shows which questions still need to be clarified and what kinds of monetary policy risk are associated with the European Monetary Union.