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Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union

Schnabl, Gunther; Zemanek, Holger - 2010

In the current debate on the reasons and implications of the Greek and Irish euro crisis, the intra-European current … imbalances since the euro introduction and thereby the current European debt crisis. Based on this finding we argue that an … imbalances ; inter-temporal savings ; financial crisis ; euro crisis ; European debt crisis ; theory of optimum currency areas …

Persistent link: https://www.econbiz.de/10008798227

Monetary policies of large industrialised countries, emerging market credit cycles and feedback effects

Andreas, Hoffmann; Schnabl, Gunther - 2014

This paper explores the link between monetary policies of large industrial countries and international credit cycles. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of large centre countries can fuel credit booms in...

Persistent link: https://www.econbiz.de/10010337620

Monetary policy, vagabonding liquidity and bursting bubbles in new and emerging markets : an overinvestment view

Schnabl, Gunther (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003599390

China and its Dollar exchange rate : a worldwide stabilizing influence?

McKinnon, Ronald I.; Schnabl, Gunther - 2011

We argue that criticism concerning the Chinese dollar peg is misplaced as no predictable link exists between the exchange rate and the trade balance of an international creditor economy. The stable nominal yuan/dollar rate is argued to have stabilized Chinese, East Asian and global growth....

Persistent link: https://www.econbiz.de/10009127709

Central banking and crisis management from the perspective of Austrian business cycle theory

Schnabl, Gunther - 2016

The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek-Mises-Wicksell overinvestment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...

Persistent link: https://www.econbiz.de/10011561161

Adverse effects of ultra-loose monetary policies on investment, growth and income distribution

Hoffmann, Andreas; Schnabl, Gunther - 2016

The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...

Persistent link: https://www.econbiz.de/10011428355

Exchange rate regime, financial market bubbles and long-term growth in China : lessons from Japan

Schnabl, Gunther - 2016

The paper argues that persistent current account surpluses and increasing foreign currency-denominated asset positions constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate cuts and appreciation expectation shocks. For...

Persistent link: https://www.econbiz.de/10011475972

Reasons for the demise of interest : savings glut and secular stagnation or central bank policy?

Mayer, Thomas; Schnabl, Gunther - 2019

In this paper we compare the Keynesian, neoclassical and Austrian explanations for low interest rates and sluggish growth. From a Keynesian and neoclassical perspective low interest rates are attributed to ageing societies, which save more for the future (global savings glut). Low growth is...

Persistent link: https://www.econbiz.de/10012124862

The failure of ECB monetary policy from a Mises-Hayek perspective

Schnabl, Gunther - 2017

The paper analyses the common European monetary policy based on a Mises-Hayek overinvestment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable overinvestment booms...

Persistent link: https://www.econbiz.de/10011619626

Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European monetary union

Schnabl, Gunther; Zemanek, Holger - 2011

Persistent link: https://www.econbiz.de/10009356814