Several countries experiencing conflict have been able to maintain a stable nominal exchange rate and thereby their real exchange rates were either stable or even increased due to high inflation. In contrast, nominal exchange rates have recently crashed in Syria, Ukraine and Russia, but high inflation has partially or fully counteracted its impact on the real exchange rate.
A strong political momentum on climate action has arisen worldwide on the way to Paris. However private and public investors will only conduct the necessary long-term investments if COP21 manages to put in place a sustained political commitment of all relevant parties to the 2°C pathway. Such a commitment requires a new global architecture for climate action.
While there is now consensus that financial supervision has to focus on the aggregate (macroprudential), in addition to the individual (microprudential), there is no agreed macroprudential framework for measuring financial imbalances and applying policies to correct such imbalances. This paper focuses on these two open questions in the so-called time dimension of macroprudential policy.
The ECB is often criticised for its low interest rate policy - especially in Germany, where this is felt to be an attack on savers. However, this argument fails to recognise that real interest rates have been falling since the 1980s.
Wer ernsthaft die Bankenunion will, kommt um die EU-weite Sicherung der Sparguthaben nicht herum. Es braucht Obergrenzen, wie viele Staatsanleihen Banken halten sollen.
As four tiny Italian banks are being restructured, Italy is again looking for a “creative” approach to bank resolution, which however looks a little bit like financial repression.
In the second half of 2014 and early 2015, international oil prices approximately halved. What have been the consequences of this sharp decline on net oil exporters, and what have been their policy responses?