Concluding assessment of the decoupling hypothesis
The stated goal of the present study is to document and classify the debate about the potential decoupling of the financial sector from the real economy, and then to introduce it into the context of established scientific lines of research. In our conclud
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Springer-Verlag Berlin Heidelberg GmbH
Lukas Menkhoff · Norbert Tolksdorf
Financial Market Drift Decoupling of the Financial Sector from the Real Economy? With 52 Figures and 10 Tables
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Springer
Prof. Dr. Lukas Menkhoff Universitiit Hannover Department of Economics Konigsworther Platz 1 30167 Hannover Germany Norbert Tolksdorf RWTH Aachen Faculty of Economics Templergraben 64 52056 Aachen Germany
We kindly thank Wissenschaftsforderung der Sparkassenorganisation e.V., Bonn for subsidizing this volume.
ISBN 978-3-642-62507-7 Cataloging-in-Publication Data applied for Die Deutsche Bibliothek - CIP-Einheitsaufnahme Menkhoff, Lukas: Financial Market Drift: Decoupling of the Financial Sector from the Real Economy?; with 10 Tables I Lukas Menkhoff; Norbert Tolksdorf. - Berlin; Heidelberg; New York; Barcelona; Hong Kong; London; MiIan; Paris; Singapore; Tokyo: Springer, 2001 ISBN 978-3-642-62507-7 ISBN 978-3-642-56581-6 (eBook) DOI 10.1007/978-3-642-56581-6 This work is subject to copyright. AII rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of ilIustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law.
© Springer-Verlag Berlin Heidelberg 2001 Originally published by Springer-Verlag Berlin Heidelberg New York in 2001 Softcover reprint ofthe hardcover Ist edition 2001 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Hardcover-Design: Erich Kirchner, Heidelberg SPIN 10733697
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Preface This book is a revised version of a research project funded by WissenschaftsfOrderung der Sparkassenorganisation e.V. (Bonn), the research promotion arm of the German savings bank organization. The text of the original German edition (Menkhoff and Tolksdorf 1999) has been updated, and the authors wish to thank Deutscher Sparkassen Verlag for agreeing to this translation. The chapter dealing with a number of economic crises has also been dropped because these issues have already been comprehensively covered in the literature appearing in English. The objective of this book is to present a structured overview of the critical debate on the financial markets. The framework is provided by the "decoupling hypothesis" that dominates this discussion in Germany. According to this hypothesis, the sharp growth of the financial markets indicates a functional decoupling from the real economy. We have incorporated this hypothesis into a stylized ar
