Optimierung der Geldpolitik in Schwellenländern durch einen International-Lender-of-Last-Resort
Europäische Hochschulschriften, Reihe 5 Volks- und Betriebswirtschaft, Band 3202,
Current currency crises in emerging market economies show the insufficiency of preventive measures on national, regional and international level. The task of the book is therefore to analyze systematically which conditions monetary policy has to fulfill in order to prevent currency crises. In a first step optimal, crises-preventing monetary policy is modeled. Further the chances for overcoming the limitations of national policy are discussed on the regional and international level. The main result of the descriptive, theoretical and econometric analysis is the construction of an instrument for international monetary policy: the International Lender of Last Resort.
Optimale Geld- und Währungspolitik in Südafrika – Modellierung und Schätzung
Berichte der Internationalen Wissenschaftliche Vereinigung Weltwirtschaft und Weltpolitik e.V. Vol. 15,
THE AIM OF THIS PAPER is to combine the estimation of the Monetary Conditions Index (MCI) with the theoretic modelling of monetary policy rules for open and emerging market economies using the example of South Africa. The idea that monetary policy is not only interested in optimal monetary conditions but also in external stability, constitutes the basis for the analysis. This idea emerged from studying currency crises that are caused by inadequate monetary policy and in particular from the experience of the Asian crisis of 1997/98 and its worldwide spread also to South Africa. The Monetary Conditions Index is a potentially useful tool for the development of monetary policy rules.
The MCI as a Monetary Policy Guide in a Small, Open Emerging Market Economy
The South African Journal of Economics,
The MCI as a monetary policy guide in a small, open and emerging market economy
Economic Working Paper Series,
Are the Central and Eastern European Transition Countries still vullnerable to an Financial Crisis? Results from the Signals Approach
IWH Discussion Papers,
The aim of the paper is to analyse the vulnerability of the Central and Eastern European accession countries to the EU as well as that of Turkey and Russia to a financial crisis. Our methodology is an extension of the signals approach. We develop a composite indicator to measure the evolution of the risk potential in each country. Our findings show that crises in Central and Eastern Europe are caused by much the usual suspects as in others emerging markets. In particular an overvalued exchange rate, weak exports and dwindling currency reserves have good predictive power for assessing crisis vulnerabilities.
Self-employment – Ideal or emergency solution?
Wirtschaft im Wandel,
Im Beitrag wird der Wunsch junger Menschen nach beruflicher Selbständigkeit näher betrachtet. Hinter diesem Wunsch können ganz unterschiedliche Motive stehen und zwischen Wunsch nach Selbständigkeit und der Wirklichkeit – gemessen am Anteil junger Erwachsener, die diesen Weg tatsächlich einschlagen – gibt es beachtliche Diskrepanzen.