Monetary Economics in Globalised Financial Markets
This book integrates the fundamentals of monetary theory, monetary policy theory and financial market theory, providing an accessible and comprehensive introduction to the many-sided interrelations between these fields of research. It provides the reader
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Ansgar Belke · Thorsten Polleit
Monetary Economics in Globalised Financial Markets
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Prof. Dr. Ansgar Belke University Duisburg-Essen Faculty of Economics and Business Administration Chair for Macroeconomics Universit¨atsstr. 12 45117 Essen Germany [email protected]
Honorary Prof. Dr. Thorsten Polleit Frankfurt School of Finance & Management Sonnemannstr. 9-11 60314 Frankfurt am Main Germany [email protected]
ISBN 978-3-540-71002-8 e-ISBN 978-3-540-71003-5 DOI 10.1007/978-3-540-71003-5 Springer Dordrecht Heidelberg London New York Library of Congress Control Number: 2009920050 c Springer-Verlag Berlin Heidelberg 2009 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, 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. Violations are liable to prosecution under the German Copyright Law. 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. Cover design: WMXDesign GmbH, Heidelberg Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com)
To our parents Ursula and Winfried Belke Anita and Horst Polleit
Preface
An old song has it that money makes the world go round. Indeed, money, the universally accepted means of exchange, plays a pivotal role in turning the wheels of an increasingly globalized world economy, characterised by increasing cross-border trade in goods and services and financial transactions. Given the undeniable importance of money for domestic and international economic dispositions, we therefore do not heed the old saying The best advice about money is not to talk about it in this book. On the contrary, we will talk about money quite extensively. At the time of writing, the global monetary architecture experiences an unprecedented credit market turmoil, which started in the US subprime mortgage market in July/August 2007 and spread to virtually all major financial markets. The ultimate consequences of this financial earthquake are hard to predict in terms of their impact on the global economy and its monetary order in the years to come. Nevertheless, throughout our book the reader will find plenty of analyses of the factors and events which may have sown the seeds of the current crisis. With this book we want to provide students with an integrated overview about the major building blocks of monetary economics – that are monetary theory, capital market theory and monetary policy theory. In doing so, we will draw heavily on
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