Suchergebnisse

Abstract
The trust placed in a central back is considered its most important asset – especially in turbulent times for monetary policy. In order to avoid any appearance of conflicts of interest, the European Central Bank (ECB) felt motivated to tighten its Code of Conduct for high-level officials at the beginning of 2023. However, an analysis of current self-disclosures by the members of the ECB's Governing Council on their financial investments indicates a lack of clarity in the new investment rules, which seems to result in inconsistent and partly contradictory disclosures – especially with regard to "legacy assets". The clarity and comprehensibility of the rules as well as their consistent implementation should therefore be reviewed in order to prevent an erosion of confidence in the ECB.

While the economic effects of a rising population have been studied by many researchers, several countries will face a declining population in the near future or are even facing it already. How will this affect economic growth and public debt? Arne Hansen analyzes the economic consequences of a declining population using both a model of the closed economy and a model of the small open economy, in order to account for the specific characteristics of open economies. For each model, he discusses the long-run effects and the transitional dynamics.

This book studies the sustainability and optimality of public debt under different scenarios: the closed economy, the small open economy, and a two-country setting. Sustainability refers to the existence and the stability of the long-run equilibrium. Optimality relates to the path of public debt that maximizes discounted utility. The analysis is conducted within the framework of the Solow model, the overlapping generations model and the infinite horizon model. The government can follow different strategies, it either fixes the deficit ratio or the tax rate. As a result, a fixed deficit ratio generally can be sustained. By contrast, a fixed tax rate generally cannot be sustained. Depending on the chosen fiscal strategy, there exists either an optimal deficit ratio or an optimal tax rate that maximizes the sum of consumption and government purchases per capita.

This book studies the sustainability and optimality of public debt under different scenarios: the closed economy, the small open economy, and a two-country setting. Sustainability refers to the existence and the stability of the long-run equilibrium. Optimality relates to the path of public debt that maximizes discounted utility. The analysis is conducted within the framework of the Solow model, the overlapping generations model and the infinite horizon model. The government can follow different strategies, it either fixes the deficit ratio or the tax rate. As a result, a fixed deficit ratio generally can be sustained. By contrast, a fixed tax rate generally cannot be sustained. Depending on the chosen fiscal strategy, there exists either an optimal deficit ratio or an optimal tax rate that maximizes the sum of consumption and government purchases per capita.

Als Reaktion auf die Corona-Krise haben die Notenbanken des Eurosystems ihre Anleihekäufe im Rahmen des APP-Programms weiter aufgestockt und um das PEPP-Programm erweitert. Diese im Zusammenspiel mit weiteren Maßnahmen der "außergewöhnlichen Geldpolitik" geschaffene zusätzliche Liquidität müsste bei anhaltend höherem Inflationsdruck zurückgeführt werden. Als eine Neutralisierung auf dem Entstehungsweg wäre ein umfänglicher Verkauf von Anleihebeständen naheliegend. Mit den resultierenden Kursverlusten gingen allerdings abschreibungsbedingte Instabilitäten im Finanzsektor und insbesondere für Krisenstaaten problematische Zinsanstiege bei Staatsanleihen einher. Der Beitrag analysiert als alternative Möglichkeit die Emission von Schuldverschreibungen durch die EZB zur Liquiditätsabschöpfung. ; In response to the coronavirus crisis, the central banks of the Eurosystem have further increased their APP bond purchases and supplemented them with purchases under the PEPP programme. Together with other unconventional monetary policy measures, this generated additional liquidity would have to be reduced in the case of sustained higher inflationary pressure. The straightforward solution for the ECB would be to sell the once purchased bonds, as they are the source of the extra liquidity. However, the associated writeoffs would result in financial sector instabilities and interest rate increases on government bonds, which would be particularly problematic for crisis-hit countries. This contribution analyses the issuance of debt certificates by the ECB as an alternative way of absorbing liquidity.

In response to the coronavirus crisis, the central banks of the Eurosystem have further increased their APP bond purchases and supplemented them with purchases under the PEPP programme. Together with other unconventional monetary policy measures, this generated additional liquidity would have to be reduced in the case of sustained higher inflationary pressure. The straightforward solution for the ECB would be to sell the once purchased bonds, as they are the source of the extra liquidity. However, the associated writeoffs would result in financial sector instabilities and interest rate increases on government bonds, which would be particularly problematic for crisis-hit countries. This contribution analyses the issuance of debt certificates by the ECB as an alternative way of absorbing liquidity.

The coronavirus crisis has led to a sharp increase in the debt-to-GDP ratios of the euro area member states. Without external support, access to the capital market could be seriously threatened in the medium term for Italy, but also for other member states. While the Pandemic Emergency Purchase Programme, which is designed as a monetary policy instrument, is regarded by some as a violation of the prohibition of monetary financing, the Next Generation EU recovery fund is likely to direct the fundamental structures of the European Union towards a fiscal union with considerable redistribution elements. This article analyses an alternative strategy, namely debt relief by the European System of Central Banks through an EU debt agency. Such a scheme would be possible without amending the EU treaties and would avoid negative equity at the central banks. The question is under what circumstances would this approach be suitable and proportionate?

Das ANFA-Abkommen ist eine vertragliche Vereinbarung über Nettofinanzanlagen (NFA) zwischen den 19 nationalen Zentralbanken (NZB) der Eurostaaten und der Europäischen Zentralbank. Es beinhaltet Regeln und Obergrenzen von Wertpapierbeständen, die die NZBen eigenständig erwerben können, und ermöglicht den Notenbanken der Eurostaaten die Schaffung von Zentralbankgeld auf eigene Rechnung und eigenes Risiko im Rahmen ihrer nicht geldpolitischen Aktivitäten. Über TARGET-Verbindlichkeiten können die nationalen Notenbanken zudem die Verteilung der Schöpfung von Zentralbankgeld innerhalb der Währungsunion beeinflussen. Arne Hansen und Dirk Meyer, Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, zeigen die Gemeinsamkeiten sowie die Unterschiede der beiden Systeme auf und analysieren die Implikationen, die sich aus einer national-autonomen Geldschöpfung für das Eurosystem ergeben.