In der letzten Dekade kam es bei Rohstoffen zu heftigen Preisschwankungen. Gleichzeitig nahm der Anteil von Finanzinvestoren an Rohstoffterminbörsen erheblich zu. Im Zuge ist eine Diskussion entbrannt, ob Finanzspekulation Rohstoffpreise von ihren fundamentalen Bestimmungsgrößen entfernt. Wissenschaftliche Studien kommen diesbezüglich jedoch zu keinem eindeutigen Ergebnis. Die Politik hat trotzdem ...
Not just since the European Central Bank announced the large-scale purchase of government bonds a few weeks ago, large-scale asset purchases have always been a controversially discussed topic. This DIW Roundup summarizes the measures that have been taken by central banks in Japan, USA and UK and the empirical evidence about the impacts of these measures on financial markets and the real economy.
In the face of interest rates having hit their zero lower bound in major economies, large-scale asset purchases have become an important weapon of central banks in recent years. It is, however, not clear whether and under which circumstances such policy measures produce the desired effects. This round-up provides a selective overview of theoretical research that has been devoted to understand under ...
Am 6. November 2014 wurde die Umsetzung der Bankenunion mittels vier neuer Gesetze auch im Bundestag final besiegelt, nachdem sie zuvor bereits auf europäischer Ebene beschlossen wurde. Die Bankenunion ruht im Wesentlichen auf zwei Säulen: dem einheitlichen Aufsichtsmechanismus (SSM) und dem einheitlichen Abwicklungsmechanismus (SRM). Die Ausgestaltung der dritten Säule war bis zuletzt Gegenstand einer ...
The question of whether monetary policy should target asset prices remains a contentious issue. Prior to the 2007/08 financial crisis, central banks opted for a wait-and-see approach, remaining passive during the build-up of asset price bubbles but actively seeking to stabilize prices and output after they burst. The macroeconomic and financial turbulence that followed the subprime housing bubble has ...
After a period of stagnation that lasted for almost two decades, German house prices began to grow at an accelerated pace since late 2010. Real house prices that even had been declining in 2000-2008 started to climb up steeply from the second half of 2010, followed by a recovery of construction activities. This development raised concerns about the formation of a speculative house price bubble among ...
Die Regulierung von Risiken auf Ebene der einzelnen Bank reicht nicht aus, um die Stabilität des Finanzsystems zu sichern – das ist eine der Hauptlehren aus der Finanzkrise. Lag der Fokus der Regulierungs- und Aufsichtsbehörden bislang auf der Stabilität einzelner Finanzinstitute, so hat sich gezeigt, dass auch systemische Risiken beachtet werden müssen. Um das Finanzsystem krisenfester zu machen, ...
The introduced sanctions against Russia, which at the moment are on a level of travel bans and asset freezes against a limited group of individuals and firms, are unlikely to trigger a profound change in Russian foreign policy. This can primarily be attributed to the fact that the economic impact of the sanctions is rather low. However, the current political tensions have had an impact on financial ...
The recent financial crisis has exposed the fragility of the banking sector to sudden withdrawals of wholesale funding, asset price declines and market dry-ups. Governments and central banks had to step in to prevent major banks from defaulting. These events led to renewed interest in the question whether the fragility of banks should be tolerated as a necessary, even desirable feature of an efficient ...
Several leading policymakers – from ECB President Mario Draghi to EC President José Manual Barroso – have pushed Eurozone countries to adopt far-reaching structural reforms in labour and product markets in order to foster growth and employment. While there is a broad consensus that structural reforms enhance countries’ growth potential in the long-run, recent research shows that they may have harmful ...
