aktualisiert/updated: 20 November, 2016
WELCOME TO MY WEBSITE
For summer holiday readers:'The Capital Market Union - a dubious vision' (Achtung: in deutscher Sprache!).
Abstract: This essay examines critically the latest concept of the EU-Commission to establish a capital market union for the European Union. It finds that the overarching goals of stimulating stagnation of EU-wide financing by facilitating cross-border securitization a n d making financial markets more resilient might fail. Facilitated securitization might raise systemic risks through a deteriorated risk transformation in the banking sector, imperfect risk transfer (also abroad), and excessive leverage. It creates new liquidity glut completely separate from the needs of the real economy. In addition, this concept is in contradiction to the year-long efforts to install proper regulation and controls to European financial markets. The essay favors the regulation-and-control attempt combined with far going EU-reforms of the financial sector.
The Big 2016 PUBLICATION:
'Improving Competitiveness in the Balkan Region – Opportunities and Limits' WIIW-Research Report No. 411. Download via WIIW website: http://www.wiiw.ac.at/
This report is the English Version of:
‘Steigerung der Wettbewerbsfähigkeit in der Balkanregion – Möglichkeiten und Grenzen‘. (with Doris Hanzl-Weiss, Mario Holzner, Michael Landesmann, Johannes Pöschl and Hermine Vidovic. wiiw Research Report in German language No. 3, Dezember 2015 , 217 pages including 27 Table and 110 Figures. Download: http://wiiw.ac.at/steigerung-der-wettbewerbsfaehigkeit-in-der-balkanregion--moeglichkeiten-und-grenzen-p-3755.html
Eastern 2016: Monetary policy independence reconsidered: evidence from six non-euro members of the European Union
study measures the degree of de-facto monetary policy independence
Christmas 2015: Cross-border finance, trade
imbalances and competitiveness in the euro area.
The nearly exclusive explanation for current account imbalances in the euro area blames real economy differences between countries, prominently the competitiveness of the participating states. This essay questions the common opinion that wage policy is crucial for rebalancing the European economies. This essay attempts to unfurl the real economy processes from the perspective of money and finance. This essay identifies an interregional asset-price-interest mechanism at work in the monetary union: A general change in the state of confidence provokes asset prices and the effective long-run interest rate to change and to affect aggregate demand and trade flows. A change in competitive positions of countries follows as the second-round effect. The policy implications prefer a downscaling of the financial sector against government interventions into wage formation.MPRA Paper No.68518.Download: https://mpra.ub.uni-muenchen.de/68518/