The Low Interest Rate Policy Of The European Central Bank Are European Savers Being Expropriated

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The Low Interest Rate Policy of the European Central Bank. Are European Savers being expropriated?

Author : Heiko Schmolke
Publisher : diplom.de
ISBN 13 : 3960676190
Total Pages : 142 pages
Book Rating : 4.9/5 (66 download)

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Book Synopsis The Low Interest Rate Policy of the European Central Bank. Are European Savers being expropriated? by : Heiko Schmolke

Download or read book The Low Interest Rate Policy of the European Central Bank. Are European Savers being expropriated? written by Heiko Schmolke and published by diplom.de. This book was released on 2017-03-16 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks around the world have lowered their key interest rates to historical lows and implemented large asset purchase programs in the past few years. Within the scientific and, most recently, also increasingly in the political debate, the nominal interest rate is mainly the subject of discussion. The question is often raised whether saving and retirement provision are still worthwhile for private households, especially in Germany. In this context it is often ignored or not considered that the purchasing power of the nominal interest rates fluctuates considerably with the inflation rate. Inflation-adjusted real interest rates are therefore decisive for the actual income from financial assets and crucial for the savings and investment behavior. This study, therefore, shall play ist part to investigate scientifically the influence and correlation of low and negative key interest rates on yield levels of selected asset classes within the sphere of influence of the European Central Bank. In this context, the mainly populist question is also answered whether savers are expropriated slowly.

Critique of Accommodating Central Bank Policies and the 'expropriation of the Saver'

Author :
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (91 download)

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Book Synopsis Critique of Accommodating Central Bank Policies and the 'expropriation of the Saver' by :

Download or read book Critique of Accommodating Central Bank Policies and the 'expropriation of the Saver' written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Low Interest Rate Policy of the European Central Bank. Are European Savers Being Expropriated?

Author : Heiko Schmolke
Publisher : Anchor Academic Publishing
ISBN 13 : 3960671199
Total Pages : 145 pages
Book Rating : 4.9/5 (66 download)

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Book Synopsis The Low Interest Rate Policy of the European Central Bank. Are European Savers Being Expropriated? by : Heiko Schmolke

Download or read book The Low Interest Rate Policy of the European Central Bank. Are European Savers Being Expropriated? written by Heiko Schmolke and published by Anchor Academic Publishing. This book was released on 2017-03 with total page 145 pages. Available in PDF, EPUB and Kindle. Book excerpt: Central banks around the world have lowered their key interest rates to historical lows and implemented large asset purchase programs in the past few years. Within the scientific and, most recently, also increasingly in the political debate, the nominal interest rate is mainly the subject of discussion. The question is often raised whether saving and retirement provision are still worthwhile for private households, especially in Germany. In this context it is often ignored or not considered that the purchasing power of the nominal interest rates fluctuates considerably with the inflation rate. Inflation-adjusted real interest rates are therefore decisive for the actual income from financial assets and crucial for the savings and investment behavior. This study, therefore, shall play ist part to investigate scientifically the influence and correlation of low and negative key interest rates on yield levels of selected asset classes within the sphere of influence of the European Central Bank. In this context, the mainly populist question is also answered whether savers are expropriated slowly.

Are Extremely Low Interest Rates Really Caused by Insufficient Growth and Inflation Rather Than by ECB Policy? An Examination of ECB's Defense Against German Critiques

Download Are Extremely Low Interest Rates Really Caused by Insufficient Growth and Inflation Rather Than by ECB Policy? An Examination of ECB's Defense Against German Critiques PDF Online Free

Author : Eric Dor
Publisher :
ISBN 13 :
Total Pages : 24 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Are Extremely Low Interest Rates Really Caused by Insufficient Growth and Inflation Rather Than by ECB Policy? An Examination of ECB's Defense Against German Critiques by : Eric Dor

Download or read book Are Extremely Low Interest Rates Really Caused by Insufficient Growth and Inflation Rather Than by ECB Policy? An Examination of ECB's Defense Against German Critiques written by Eric Dor and published by . This book was released on 2016 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: To fight deflationary pressures in the euro area, the ECB has been conducting exceptional policies, such as negative interest rates on excess reserves of banks on their accounts at the Eurosystem, or massive purchases of assets, essentially public bonds. The interest rate on the main refinancing operations is 0. Targeted long term refinancing operations are going to allow banks to borrow at potentially negative interest rates from the Eurosystem provided that they lend enough to the private sector. All these measures have pushed long term interest rates downward in the euro area. German public bonds yield negative returns for a whole set of maturities. Interest rates on saving accounts in German banks are extremely low. This policy of extremely low rates has been heavily criticized in Germany. The ECB is accused of exaggeratedly lowering the income of savers and retirees whose revenue partly depends on the return of accumulated wealth.The ECB has been defending its policy against the critiques in Germany. The main arguments of defense used by the ECB are:- Low interest rates would be the consequence of low growth and inflation, instead of being caused by the monetary policy of the central bank.- Current levels of real interest rates would be far from being abnormal in a historical perspective.- German households could still earn a good return on their saving if they bought equities.- German households are also borrowers benefiting from low rates.This paper critically examines the validity of these arguments of defense, both by confronting them to empirical evidence, and by assessing the relevance of the economic reasoning which is used.

Low Interest Rate Policy of the European Central Bank (ECB). Introductory Thoughts on the Current Situation

Author : Manfred Hennies
Publisher :
ISBN 13 :
Total Pages : 8 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Low Interest Rate Policy of the European Central Bank (ECB). Introductory Thoughts on the Current Situation by : Manfred Hennies

Download or read book Low Interest Rate Policy of the European Central Bank (ECB). Introductory Thoughts on the Current Situation written by Manfred Hennies and published by . This book was released on 2015 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the lack of sufficient information for the calculation of the price index is generally known, the ECB no longer sets the objective of achieving the statistical annual rate of zero per cent of price increase but aims for an annual increase of slightly less than two per cent. The task of the ECB is symmetrical by nature - both too high and too low inflation rates should be avoided. In reality, the rate of appreciation has remained considerably below the desired level for several months in the European Economic and Monetary Union and this development is continuing. The same also applies to the base inflation rate, i.e. without taking into consideration developments in energy and food prices. The reasons are besides the continuing stagnation of labour productivity also the decline in economic activity since 2009 and the related decrease in demand - particularly in the euro zone countries affected by crisis - adjustment of excessively high prices in certain countries and the continuing decline in oil prices and cheaper energy imports. The decreasing distance to the zero level at which - generally speaking - the so-called disinflation becomes deflation, is stirring up the sometimes very controversial discussions on urgently necessary investments that the ECB should make and on its role as the guardian of the currency.

Central Bank Independence, Regulations, and Monetary Policy

Author : Ranajoy Ray Chaudhuri
Publisher : Springer
ISBN 13 : 1137589124
Total Pages : 406 pages
Book Rating : 4.1/5 (375 download)

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Book Synopsis Central Bank Independence, Regulations, and Monetary Policy by : Ranajoy Ray Chaudhuri

Download or read book Central Bank Independence, Regulations, and Monetary Policy written by Ranajoy Ray Chaudhuri and published by Springer. This book was released on 2018-10-29 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the linkage between central bank structure, central bank autonomy—with respect to setting its monetary policy goals, choosing its policy mechanisms, legal independence, and financial independence—and monetary policy, both in select benchmark countries and at a broader theoretical level. Country-specific chapters on the US, UK, Germany, Greece, Russia, India, China, Japan, Brazil, and South Africa focus on the history, administrative structure, and independence of the central monetary authority in these countries. The chapters go on to explore the countries’ conduct of monetary policy, their interplay with political forces and the wider economy, their currency, and their macroeconomic outcomes. The book will appeal to researchers, students of economics, finance and business, as well as general readers with an interest in the subject.

The Transformation of the European Financial System

Author : Vitor Gaspar
Publisher :
ISBN 13 : 9789291813483
Total Pages : 334 pages
Book Rating : 4.8/5 (134 download)

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Book Synopsis The Transformation of the European Financial System by : Vitor Gaspar

Download or read book The Transformation of the European Financial System written by Vitor Gaspar and published by . This book was released on 2003-01-01 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Macroeconomics in Context

Author : Sebastian Dullien
Publisher : Routledge
ISBN 13 : 1317289668
Total Pages : 688 pages
Book Rating : 4.3/5 (172 download)

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Book Synopsis Macroeconomics in Context by : Sebastian Dullien

Download or read book Macroeconomics in Context written by Sebastian Dullien and published by Routledge. This book was released on 2017-08-23 with total page 688 pages. Available in PDF, EPUB and Kindle. Book excerpt: Macroeconomics in Context: A European Perspective lays out the principles of macroeconomics in a manner that is thorough, up to date, and relevant to students. With a clear presentation of economic theory throughout, this latest addition to the bestselling "In Context" set of textbooks is written with a specific focus on European data, institutions, and historical events, offering engaging treatment of high-interest topics, including sustainability, Brexit, the euro crisis, and rising inequality. Policy issues are presented in context (historical, institutional, social, political, and ethical), and always with reference to human well-being. This book is divided into four parts, covering the following key issues: The context of economic analysis, including basic macroeconomic statistics and tools; The basics of macroeconomic measurements, including GDP, inflation, and unemployment, as well as alternative measures of well-being, and the particular structures of the European economies; Methods for analyzing monetary and fiscal policy, including an in-depth coverage of the instruments and approaches of the European central bank and some coverage of an open economy; The application of the tools learnt to selected macroeconomic issues, such as the euro crisis, the global financial crisis, public debt, global development, and environmental sustainability. Far more than any other existing macroeconomic textbook, this book combines real-world relevance of the topics covered with a strong focus on European institutions and structures within an approach that explains multiple economic paradigms. This combination helps to raise students’ interest in macroeconomics as well as enhance their understanding of the power and limitation of macroeconomic analysis. Visit http://www.bu.edu/eci/education-materials/textbooks/macroeconomics-in-context-a-european-perspective/ for online resources for both lecturers and students. A video of a panel discussion about the book can be found at https://youtu.be/xjHJrW9WP44.

Introduction to Central Banking

Author : Ulrich Bindseil
Publisher : Springer Nature
ISBN 13 : 3030708845
Total Pages : 128 pages
Book Rating : 4.0/5 (37 download)

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Book Synopsis Introduction to Central Banking by : Ulrich Bindseil

Download or read book Introduction to Central Banking written by Ulrich Bindseil and published by Springer Nature. This book was released on 2021-05-18 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book gives a concise introduction to the practical implementation of monetary policy by modern central banks. It describes the conventional instruments used in advanced economies and the unconventional instruments that have been widely adopted since the financial crisis of 2007–2008. Illuminating the role of central banks in ensuring financial stability and as last resort lenders, it also offers an overview of the international monetary framework. A flow-of-funds framework is used throughout to capture this essential dimension in a consistent and unifying manner, providing a unique and accessible resource on central banking and monetary policy, and its integration with financial stability. Addressed to professionals as well as bachelors and masters students of economics, this book is suitable for a course on economic policy. Useful prerequisites include at least a general idea of the economic institutions of an economy, and knowledge of macroeconomics and monetary economics, but readers need not be familiar with any specific macroeconomic models.

Austerity

Author : Lorenzo Bini Smaghi
Publisher :
ISBN 13 : 9789461383303
Total Pages : 0 pages
Book Rating : 4.3/5 (833 download)

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Book Synopsis Austerity by : Lorenzo Bini Smaghi

Download or read book Austerity written by Lorenzo Bini Smaghi and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The crisis in the eurozone has had a dramatic impact on the economic and social fabric of European countries. However, the economic dimension is only the symptom of a broader problem. The crisis is primarily political in nature. Lorenzo Bini Smaghi argues in this book that the crisis reflects the inability of western democracies to solve problems that have been building for over two decades. He finds that democratically elected officials are loathe to take unpopular decisions that could jeopardize their reelection. Emergency thus becomes the engine of political action, and the justification for corrective measures vis-a-vis the voters. As a consequence, the cure in the form of austerity, administered belatedly under pressure from the markets, becomes even more painful and unpopular, giving rise to populist movements and endangering democracy itself."

The Global Financial Crisis

Author : Dick K. Nanto
Publisher : DIANE Publishing
ISBN 13 : 1437919847
Total Pages : 127 pages
Book Rating : 4.4/5 (379 download)

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Book Synopsis The Global Financial Crisis by : Dick K. Nanto

Download or read book The Global Financial Crisis written by Dick K. Nanto and published by DIANE Publishing. This book was released on 2009 with total page 127 pages. Available in PDF, EPUB and Kindle. Book excerpt: Contents: (1) Recent Developments and Analysis; (2) The Global Financial Crisis and U.S. Interests: Policy; Four Phases of the Global Financial Crisis; (3) New Challenges and Policy in Managing Financial Risk; (4) Origins, Contagion, and Risk; (5) Effects on Emerging Markets: Latin America; Russia and the Financial Crisis; (6) Effects on Europe and The European Response: The ¿European Framework for Action¿; The British Rescue Plan; Collapse of Iceland¿s Banking Sector; (7) Impact on Asia and the Asian Response: Asian Reserves and Their Impact; National Responses; (8) International Policy Issues: Bretton Woods II; G-20 Meetings; The International Monetary Fund; Changes in U.S. Reg¿s. and Regulatory Structure; (9) Legislation.

The Volatility Machine

Author : Michael Pettis
Publisher : Oxford University Press, USA
ISBN 13 : 9780195143300
Total Pages : 272 pages
Book Rating : 4.1/5 (433 download)

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Book Synopsis The Volatility Machine by : Michael Pettis

Download or read book The Volatility Machine written by Michael Pettis and published by Oxford University Press, USA. This book was released on 2001 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents a radically different argument for what has caused, and likely will continue to cause, the collapse of emerging market economies. Pettis combines the insights of economic history, economic theory, and finance theory into a comprehensive model for understanding sovereign liability management and the causes of financial crises. He examines recent financial crises in emerging market countries along with the history of international lending since the 1820s to argue that the process of international lending is driven primarily by external events and not by local politics and/or economic policies. He draws out the corporate finance implications of this approach to argue that most of the current analyses of the recent financial crises suffered by Latin America, Asia, and Russia have largely missed the point. He then develops a sovereign finance model, analogous to corporate finance, to understand the capital structure needs of emerging market countries. Using this model, he finally puts into perspective the recent crises, a new sovereign liability management theory, the implications of the model for sovereign debt restructurings, and the new financial architecture. Bridging the gap between finance specialists and traders, on the one hand, and economists and policy-makers on the other, The Volatility Machine is critical reading for anyone interested in where the international economy is going over the next several years.

The First Global Financial Crisis of the 21st Century

Author : Andrew Felton
Publisher : Centre for Economic Policy Research
ISBN 13 :
Total Pages : 212 pages
Book Rating : 4.3/5 (555 download)

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Book Synopsis The First Global Financial Crisis of the 21st Century by : Andrew Felton

Download or read book The First Global Financial Crisis of the 21st Century written by Andrew Felton and published by Centre for Economic Policy Research. This book was released on 2008 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Highlights how losses in the US subprime market had spread beyond the confines of the US mortgage sector and the borders of the United States, how risk spreads had ballooned and liquidity in some markets had dried up forcing large financial institutions to report significant losses. Bank runs were no longer the stuff of history." - Cover.

Financial Transition in Europe and Central Asia

Author : Alexander Fleming
Publisher : World Bank Publications
ISBN 13 : 9780821348147
Total Pages : 302 pages
Book Rating : 4.3/5 (481 download)

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Book Synopsis Financial Transition in Europe and Central Asia by : Alexander Fleming

Download or read book Financial Transition in Europe and Central Asia written by Alexander Fleming and published by World Bank Publications. This book was released on 2001-01-01 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains 21 papers focusing on a wide range of issues concerning financial sector transition in the countries of Europe and Central Asia (ECA). It places the transition economies in the context of recent and prospective developments in global financial markets. This book also evaluates the experience of the last 10 years and reviews the progress from a command financial system to a market-based one, identifying some of the key characteristics of the financial transition.

The Wealth Effect

Author : Jeffrey M. Chwieroth
Publisher : Cambridge University Press
ISBN 13 : 1107153743
Total Pages : 597 pages
Book Rating : 4.1/5 (71 download)

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Book Synopsis The Wealth Effect by : Jeffrey M. Chwieroth

Download or read book The Wealth Effect written by Jeffrey M. Chwieroth and published by Cambridge University Press. This book was released on 2019-03-21 with total page 597 pages. Available in PDF, EPUB and Kindle. Book excerpt: Shows how the politics of banking crises has been transformed by the growing 'great expectations' among middle class voters that governments should protect their wealth.

Diversified Development

Author : Indermit S. Gill
Publisher : World Bank Publications
ISBN 13 : 1464801207
Total Pages : 400 pages
Book Rating : 4.4/5 (648 download)

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Book Synopsis Diversified Development by : Indermit S. Gill

Download or read book Diversified Development written by Indermit S. Gill and published by World Bank Publications. This book was released on 2014-02-26 with total page 400 pages. Available in PDF, EPUB and Kindle. Book excerpt: Eurasian economies have to become efficient more productive, job-creating, and stable. But efficiency is not the same as diversification. Governments need to worry less about the composition of exports and production and more about asset portfolios natural resources, built capital, and economic institutions.

Cyprus Bail-in, The: Policy Lessons From The Cyprus Economic Crisis

Author : Alexander Michaelides
Publisher : World Scientific
ISBN 13 : 1783268778
Total Pages : 365 pages
Book Rating : 4.7/5 (832 download)

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Book Synopsis Cyprus Bail-in, The: Policy Lessons From The Cyprus Economic Crisis by : Alexander Michaelides

Download or read book Cyprus Bail-in, The: Policy Lessons From The Cyprus Economic Crisis written by Alexander Michaelides and published by World Scientific. This book was released on 2016-02-29 with total page 365 pages. Available in PDF, EPUB and Kindle. Book excerpt: On June 28th 2012, the small island of Cyprus became the fifth government to request an economic bail-out from the Eurozone after losing access to international capital markets. Less than a year later, a €10 billion second rescue deal was agreed upon — an unprecedented agreement that bailed in creditors of Cyprus' two largest banks, and triggered an economic crisis that the nation still struggles to recover from today.This resourceful collection of essays provides a thorough and in depth analysis of how Cyprus reached the point of failure and what lessons this experience holds for future economic crises. The various perspectives collectively address unanswered questions, including whether the bail-in can be considered successful, why the recession was less severe than expected, and what conclusions can be drawn about stress-testing exercises across borders.Focusing on one of the (proportionately) largest crises in financial history, the case study will prove essential to policy-makers and politicians, especially in the euro area.