Menu Expand

Cite JOURNAL ARTICLE

Style

Wesierski, B. Konflikte der monetären Steuerung bei flexiblen Wechselkursen. Credit and Capital Markets – Kredit und Kapital, 19(2), 213-232. https://doi.org/10.3790/ccm.19.2.213
Wesierski, Brigitte "Konflikte der monetären Steuerung bei flexiblen Wechselkursen" Credit and Capital Markets – Kredit und Kapital 19.2, 1986, 213-232. https://doi.org/10.3790/ccm.19.2.213
Wesierski, Brigitte (1986): Konflikte der monetären Steuerung bei flexiblen Wechselkursen, in: Credit and Capital Markets – Kredit und Kapital, vol. 19, iss. 2, 213-232, [online] https://doi.org/10.3790/ccm.19.2.213

Format

Konflikte der monetären Steuerung bei flexiblen Wechselkursen

Wesierski, Brigitte

Credit and Capital Markets – Kredit und Kapital, Vol. 19 (1986), Iss. 2 : pp. 213–232

Additional Information

Article Details

Author Details

Brigitte Wesierski, Berlin

References

  1. Baltensperger, E. / Böhm, P.: Stand und Entwicklungstendenzen der Wechselkurstheorie, in: Außenwirtschaft, 2/3 (1982), S. 109 – 157.  Google Scholar
  2. Branson, W.H.: Asset Markets and Relative Prices in Exchange Rate Determination, in: Reprints in International Finance, No 20, International Finance  Google Scholar
  3. Section, Department of Economics, Princeton University, New Jersey 1980.  Google Scholar
  4. Deutsche Bundesbank: Die Währungsreserven der Bundesbank im Spiegel des  Google Scholar
  5. Wochenausweises, in: Monatsbericht, Januar 1982, S.15 -19.  Google Scholar
  6. Deutsche Bundesbank: Geschäftsberichte der Jahre 1972 – 1982.  Google Scholar
  7. Ehrlicher, W.: Die außenwirtschaftliche Komponente der Geldversorgung, in: Jahrbuch für Sozialwissenschaft, Bd.14, Festschrift für Andreas Predöhl, Göttingen 1963, S. 591 – 605.  Google Scholar
  8. Fleming, J. M.: Domestic Financial Policies Under Fixed and Under Floating Exchange Rates, in: IMF Staff Papers, 1962, S. 369 – 380.  Google Scholar
  9. Mathieson, D.: The Impact of Monetary and Fiscal Policy Under Flexible Exchange Rates and Alternative Expectations Structures, in: IMF Staff Papers, 1977, S. 535 – 568.  Google Scholar
  10. Mundell, R.: International Economics, London 1968.  Google Scholar
  11. Niehans, J.: Some Doubts about the Efficacy of Monetary Policy Under Flexible Exchange Rates, in: Journal of International Economics, 5 (1975), S. 275 – 281.  Google Scholar
  12. Niehans, J.: Volkswirtschaftliche Wirkungen alternativer geldpolitischer Instrumente in einer kleinen offenen Volkswirtschaft, in: Ehrlicher, W. / Richter, R. (Hrsg.): Probleme der Währungspolitik, Schriften des Vereins für Socialpolitik, Band 120, 1981, S. 55 – 111.  Google Scholar
  13. Westphal, H.-M.: Internationaler Preiszusammenhang und Kaufkraftparitätentheorie, Berlin 1980.  Google Scholar

Abstract

Conflicts of Monetary Control under Flexible Exchange Rates

Since the German Bundesbank manifestly oriented its monetary policy in 1980 for the first time since the introduction of flexible exchange rates to foreign trade conditions, the debate on the dependence of the money supply on foreign trade has been revived. The central issue is intervention policy, which can be significant on the one hand for the domestic money supply and on the other for the trend of exchange rates. In this study it becomes evident that the intervention activities in the Federal Republic of Germany are quite lively even under flexible exchange rates and have taken on an ever greater magnitude especially since 1977/78. As, since that time, a considerable change in the (dollar) exchange rate was recorded, it suggested itself that the monetary policy of the German Bundesbank was again more closely oriented to foreign trade conditions. the ensuing consequences are depicted by the following deliberations: Proceeding from the theoretical finding that foreign exchange market intervention without a money supply effect has no lasting effect on the exchange rate, but that monetary policy by way of domestic instruments may also be pursued to attain a specific exchange rate change, situations can be described, which, in view of the constellation of cyclical phase and exchange rate movements, may prove rich in conflicts. An anticyclical monetary policy, which can still be observed currently at least in rudimentary form, can not only counter such conflicts, but due to its simultaneous impact on the exchange rate even aggravates under certain circumstances the cyclical fluctuations. Against this background, a more steadying monetary policy must be called for, which can contribute to reducing potentials for cyclical and exchange rate fluctuations.