Nothing Special   »   [go: up one dir, main page]

IDEAS home Printed from https://ideas.repec.org/p/zbw/ifwkbw/7.html
   My bibliography  Save this paper

Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte: Auswertung der bisherigen Erfahrung und mögliche Reformansätze

Author

Listed:
  • Boysen-Hogrefe, Jens
  • Gern, Klaus-Jürgen
  • Groll, Dominik
  • Jannsen, Nils
  • Kooths, Stefan
  • Plödt, Martin
  • van Roye, Björn
  • Scheide, Joachim
  • Schwarzmüller, Tim
Abstract
Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte (kurz: Ungleichgewichteverfahren) zielt darauf ab, makroökonomische Risiken frühzeitig zu erkennen und den Aufbau von gefährlichen makroökonomischen Ungleichgewichten zu verhindern bzw. bestehende Ungleichgewichte zu verringern, um krisenhaften Entwicklungen im europäischen Binnenmarkt und speziell in der Währungsunion vorzubeugen. Die Basis hierfür bildet das aus 11 Haupt- und 28 Hilfsindikatoren bestehende Scoreboard, mit dem ein für alle EU-Länder einheitliches makroökonomisches Monitoringsystem geschaffen wurde. In jährlichen Frühwarnberichten (Alert Mechanism Reports) werden die Ergebnisse des Scoreboards ausgewertet. Sofern Entwicklungen von bestimmten Indikatoren anhand von Schwellenwerten als problematisch erkannt werden, kann dies zu vertiefenden Länderanalysen (In-Depth Reports) führen, in denen der ökonomische Gehalt der Indikatorsignale interpretiert und gegebenenfalls wirtschaftspolitische Schlussfolgerungen gezogen werden. Die wirtschaftspolitischen Empfehlungen sind Teil des präventiven Arms, der zur eigentlichen Krisenabwehr dienen soll. Darüber hinaus existiert ein korrektiver Arm, der im Fall von exzessiven Ungleichgewichten die Vorlage von sanktionsbewährten Anpassungsprogrammen Umsetzung verlangt. Das vorliegende Gutachten bewertet das Ungleichgewichteverfahren hinsichtlich des Verfahrensablaufs (Kapitel 2) sowie der theoretischen Fundierung (Kapitel 3) und der empirischen Bewährung (Kapitel 4) des Scoreboards. Ferner werden die bislang vorliegenden Anwendungserfahrungen (Berichtswesen und wirtschaftspolitische Empfehlungen) mit dem präventiven Arm geprüft (Kapitel 5) sowie die potenzielle Eignung des korrektiven Arms (Kapitel 6) untersucht. Sämtliche Teilergebnisse fließen in eine abschließende Gesamtempfehlung ein, die neben grundlegenden Überlegungen konkrete Verbesserungsvorschläge zusammenfassend aufzeigt (Kapitel 7).

Suggested Citation

  • Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & van Roye, Björn & Scheide, Joachim & Schwarzmüller, Tim, 2015. "Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte: Auswertung der bisherigen Erfahrung und mögliche Reformansätze," Kieler Beiträge zur Wirtschaftspolitik 7, Kiel Institute for the World Economy (IfW Kiel).
  • Handle: RePEc:zbw:ifwkbw:7
    as

    Download full text from publisher

    File URL: https://www.econstor.eu/bitstream/10419/110449/1/826109489.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Erik Klär, 2013. "Potential economic variables and actual economic policies in Europe," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 48(1), pages 33-40, January.
    2. Axel Dreher, 2009. "IMF conditionality: theory and evidence," Public Choice, Springer, vol. 141(1), pages 233-267, October.
    3. Graciela Kaminsky & Saul Lizondo & Carmen M. Reinhart, 1998. "Leading Indicators of Currency Crises," IMF Staff Papers, Palgrave Macmillan, vol. 45(1), pages 1-48, March.
    4. Jean Pisani-Ferry & André Sapir & Guntram B. Wolff, . "An evaluation of IMF surveillance of the euro area," Blueprints, Bruegel, number 629, June.
    5. Hans-Werner Sinn & Timo Wollmershäuser, 2012. "Target loans, current account balances and capital flows: the ECB’s rescue facility," International Tax and Public Finance, Springer;International Institute of Public Finance, vol. 19(4), pages 468-508, August.
    6. Hans-Werner Sinn, 2011. "Target-Salden, Außenhandel und Geldschöpfung," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 64(09), pages 23-25, May.
    7. Gaëlle Garnier & Aleksandra Gburzynska & Endre György & Milena Mathé & Doris Prammer & Savino Ruà & Agnieszka Skonieczna, 2013. "Recent Reforms of Tax Systems in the EU: Good and Bad News," Taxation Papers 39, Directorate General Taxation and Customs Union, European Commission.
    8. Beckmann, Daniela & Menkhoff, Lukas & Sawischlewski, Katja, 2006. "Robust lessons about practical early warning systems," Journal of Policy Modeling, Elsevier, vol. 28(2), pages 163-193, February.
    9. Luc Laeven & Fabian Valencia, 2020. "Systemic Banking Crises Database II," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(2), pages 307-361, June.
    10. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    11. Karl Whelan, 2010. "EU Economic Governance: Less Might Work Better Than More," Working Papers 201041, School of Economics, University College Dublin.
    12. Kooths, Stefan & van Roye, Björn, 2012. "Nationale Geldschöpfung im Euroraum: Mechanismen, Defekte, Therapie," Kiel Discussion Papers 508/509, Kiel Institute for the World Economy (IfW Kiel).
    13. Babecký, Jan & Havránek, Tomáš & Matějů, Jakub & Rusnák, Marek & Šmídková, Kateřina & Vašíček, Bořek, 2013. "Leading indicators of crisis incidence: Evidence from developed countries," Journal of International Money and Finance, Elsevier, vol. 35(C), pages 1-19.
    14. Manasse, Paolo & Roubini, Nouriel, 2009. ""Rules of thumb" for sovereign debt crises," Journal of International Economics, Elsevier, vol. 78(2), pages 192-205, July.
    15. Tobias Knedlik & Gregor Von Schweinitz, 2012. "Macroeconomic Imbalances as Indicators for Debt Crises in Europe," Journal of Common Market Studies, Wiley Blackwell, vol. 50(5), pages 726-745, September.
    16. Graham Bird, 2009. "Reforming IMF Conditionality," World Economics, World Economics, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 10(3), pages 81-104, July.
    17. Dreher, Axel, 2006. "IMF and economic growth: The effects of programs, loans, and compliance with conditionality," World Development, Elsevier, vol. 34(5), pages 769-788, May.
    18. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    19. Bezemer, D.J., 2009. "No one saw this coming. Understanding financial crisis through accounting models," Research Report 09002, University of Groningen, Research Institute SOM (Systems, Organisations and Management).
    20. Hellwig, Martin, 1998. "Systemische Risiken im Finanzsektor," Sonderforschungsbereich 504 Publications 98-30, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
    21. Groll, Dominik & van Roye, Björn, 2011. "Price competitiveness divergence in the euro area: The level matters!," Kiel Policy Brief 24, Kiel Institute for the World Economy (IfW Kiel).
    22. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
    23. Alessi, Lucia & Detken, Carsten, 2011. "Quasi real time early warning indicators for costly asset price boom/bust cycles: A role for global liquidity," European Journal of Political Economy, Elsevier, vol. 27(3), pages 520-533, September.
    24. Mr. Axel Schimmelpfennig & Nouriel Roubini & Paolo Manasse, 2003. "Predicting Sovereign Debt Crises," IMF Working Papers 2003/221, International Monetary Fund.
    25. Anonymous, 1953. "International Monetary Fund," International Organization, Cambridge University Press, vol. 7(2), pages 273-274, May.
    26. Marek Dabrowski, 2006. "Rethinking balance-of-payments constraints in a globalized world," CASE Network Studies and Analyses 0330, CASE-Center for Social and Economic Research.
    27. Knedlik, Tobias, 2012. "The European Commission’s Scoreboard of Macroeconomic Imbalances – The Impact of Preferences on an Early Warning System," IWH Discussion Papers 10/2012, Halle Institute for Economic Research (IWH).
    28. Ms. Enrica Detragiache & Mr. Antonio Spilimbergo, 2001. "Crises and Liquidity: Evidence and Interpretation," IMF Working Papers 2001/002, International Monetary Fund.
    29. Bezemer, Dirk J, 2009. "“No One Saw This Coming”: Understanding Financial Crisis Through Accounting Models," MPRA Paper 15892, University Library of Munich, Germany.
    30. C. W. J. Granger, 1998. "Extracting information from mega‐panels and high‐frequency data," Statistica Neerlandica, Netherlands Society for Statistics and Operations Research, vol. 52(3), pages 258-272, November.
    31. repec:dgr:rugsom:09002 is not listed on IDEAS
    32. Dreger, Christian & Kholodilin, Konstantin A., 2013. "An early warning system to predict speculative house price bubbles," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 7, pages 1-26.
    33. Anonymous, 1953. "International Monetary Fund," International Organization, Cambridge University Press, vol. 7(1), pages 143-145, February.
    34. Barrell, Ray & Davis, E. Philip & Karim, Dilruba & Liadze, Iana, 2010. "Bank regulation, property prices and early warning systems for banking crises in OECD countries," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2255-2264, September.
    35. Bussiere, Matthieu & Fratzscher, Marcel, 2006. "Towards a new early warning system of financial crises," Journal of International Money and Finance, Elsevier, vol. 25(6), pages 953-973, October.
    36. Claudio Borio & Mathias Drehmann, 2009. "Assessing the risk of banking crises - revisited," BIS Quarterly Review, Bank for International Settlements, March.
    37. Haibin Zhu, 2005. "The importance of property markets for monetary policy and financial stability," BIS Papers chapters, in: Bank for International Settlements (ed.), Real estate indicators and financial stability, volume 21, pages 9-29, Bank for International Settlements.
    38. Anonymous, 1953. "International Monetary Fund," International Organization, Cambridge University Press, vol. 7(4), pages 576-583, November.
    39. Claudio Borio & Philip Lowe, 2002. "Assessing the risk of banking crises," BIS Quarterly Review, Bank for International Settlements, December.
    40. Mr. Amadou N Sy & Mr. Andrea Pescatori, 2004. "Debt Crises and the Development of International Capital Markets," IMF Working Papers 2004/044, International Monetary Fund.
    41. Krugman, Paul R, 1996. "Making Sense of the Competitiveness Debate," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 12(3), pages 17-25, Autumn.
    42. Katia Berti & Matteo Salto & Matthieu Lequien, 2012. "An early-detection index of fiscal stress for EU countries," European Economy - Economic Papers 2008 - 2015 475, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    43. Bussière, M., 2013. "In Defense of Early Warning Signals," Working papers 420, Banque de France.
    44. Mr. Fabian Valencia & Mr. Luc Laeven, 2012. "Systemic Banking Crises Database: An Update," IMF Working Papers 2012/163, International Monetary Fund.
    45. Anonymous, 1953. "International Monetary Fund," International Organization, Cambridge University Press, vol. 7(3), pages 419-420, August.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jannsen, Nils & Potjagailo, Galina & Stolzenburg, Ulrich, 2017. "Zur Entwicklung der deutschen Weltmarktanteile," Kiel Insight 2017.21, Kiel Institute for the World Economy (IfW Kiel).
    2. Boysen-Hogrefe, Jens, 2015. "Zu den Folgen der politischen Instabilität für die griechische Wirtschaft und den griechischen Staat," Kiel Insight 2015.3, Kiel Institute for the World Economy (IfW Kiel).
    3. Boysen-Hogrefe, Jens & Fiedler, Salomon & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & Potjagailo, Galina, 2015. "Deutsche Konjunktur im Winter 2015 - Aufschwung gewinnt wieder an Fahrt [German Economy Winter 2015 - The German economy is regaining momentum]," Kieler Konjunkturberichte 14, Kiel Institute for the World Economy (IfW Kiel).
    4. Boysen-Hogrefe, Jens & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Pirschel, Inske & Plödt, Martin & Wolters, Maik H., 2015. "Deutsche Konjunktur im Frühjahr 2015 - Deutschland auf dem Weg in die Hochkonjunktur [German Economy Spring 2015 - German economy on the road to overheating]," Kieler Konjunkturberichte 5, Kiel Institute for the World Economy (IfW Kiel).
    5. Boysen-Hogrefe, Jens & Groll, Dominik & Kooths, Stefan & Schwarzmüller, Tim, 2015. "Konjunktur im Euroraum im Frühjahr 2015 - Moderate Erholung im Euroraum," Kieler Konjunkturberichte 4, Kiel Institute for the World Economy (IfW Kiel).
    6. Ademmer, Martin & Boysen-Hogrefe, Jens & Fiedler, Salomon & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Potjagailo, Galina & Stolzenburg, Ulrich, 2017. "Deutsche Konjunktur im Winter 2017 - Deutsche Wirtschaft in voller Fahrt [German Economy Winter 2017 - German economy at full steam]," Kieler Konjunkturberichte 38, Kiel Institute for the World Economy (IfW Kiel).
    7. Kooths, Stefan & Felbermayr, Gabriel, 2020. "Stabilitätspolitik in der Corona-Krise," Kiel Policy Brief 138, Kiel Institute for the World Economy (IfW Kiel).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Boysen-Hogrefe, Jens & Gern, Klaus-Jürgen & Groll, Dominik & Jannsen, Nils & Kooths, Stefan & Plödt, Martin & Schwarzmüller, Tim & van Roye, Björn & Scheide, Joachim, 2014. "Finanz- und Wirtschaftspolitik bei einer anhaltenden monetären Expansion," Kieler Beiträge zur Wirtschaftspolitik 5, Kiel Institute for the World Economy (IfW Kiel).
    2. Alessi, Lucia & Detken, Carsten, 2018. "Identifying excessive credit growth and leverage," Journal of Financial Stability, Elsevier, vol. 35(C), pages 215-225.
    3. Lainà, Patrizio & Nyholm, Juho & Sarlin, Peter, 2015. "Leading indicators of systemic banking crises: Finland in a panel of EU countries," Review of Financial Economics, Elsevier, vol. 24(C), pages 18-35.
    4. Markus Holopainen & Peter Sarlin, 2015. "Toward robust early-warning models: A horse race, ensembles and model uncertainty," Papers 1501.04682, arXiv.org, revised Apr 2016.
    5. Patrizio Lainà & Juho Nyholm & Peter Sarlin, 2015. "Leading indicators of systemic banking crises: Finland in a panel of EU countries," Review of Financial Economics, John Wiley & Sons, vol. 24(1), pages 18-35, January.
    6. Lainà, Patrizio & Nyholm, Juho & Sarlin, Peter, 2015. "Leading indicators of systemic banking crises: Finland in a panel of EU countries," Review of Financial Economics, Elsevier, vol. 24(C), pages 18-35.
    7. Diana Zigraiova & Petr Jakubik, 2014. "Systemic Event Prediction by Early Warning System," Working Papers IES 2014/01, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2014.
    8. Schudel, Willem, 2015. "Shifting horizons: assessing macro trends before, during, and following systemic banking crises," Working Paper Series 1766, European Central Bank.
    9. V. Coudert & J. Idier, 2016. "An Early Warning System for Macro-prudential Policy in France," Working papers 609, Banque de France.
    10. Casabianca, Elizabeth Jane & Catalano, Michele & Forni, Lorenzo & Giarda, Elena & Passeri, Simone, 2022. "A machine learning approach to rank the determinants of banking crises over time and across countries," Journal of International Money and Finance, Elsevier, vol. 129(C).
    11. Seung Jung Lee & Kelly E. Posenau & Viktors Stebunovs, 2017. "The Anatomy of Financial Vulnerabilities and Crises," International Finance Discussion Papers 1191, Board of Governors of the Federal Reserve System (U.S.).
    12. Babecký, Jan & Havránek, Tomáš & Matějů, Jakub & Rusnák, Marek & Šmídková, Kateřina & Vašíček, Bořek, 2014. "Banking, debt, and currency crises in developed countries: Stylized facts and early warning indicators," Journal of Financial Stability, Elsevier, vol. 15(C), pages 1-17.
    13. Marcin Pietrzak, 2021. "Can Financial Soundness Indicators Help Predict Financial Sector Distress?," IMF Working Papers 2021/197, International Monetary Fund.
    14. repec:zbw:bofrdp:2014_014 is not listed on IDEAS
    15. Lainà, Patrizio & Nyholm, Juho & Sarlin, Peter, 2014. "Leading indicators of systemic banking crises: Finland in a panel of EU countries," Bank of Finland Research Discussion Papers 14/2014, Bank of Finland.
    16. Kauko, Karlo, 2014. "How to foresee banking crises? A survey of the empirical literature," Economic Systems, Elsevier, vol. 38(3), pages 289-308.
    17. Fendel Ralf & Stremmel Hanno, 2016. "Characteristics of Banking Crises: A Comparative Study with Geographical Contagion," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 236(3), pages 349-388, May.
    18. Mikkel Hermansen & Oliver Röhn, 2017. "Economic resilience: The usefulness of early warning indicators in OECD countries," OECD Journal: Economic Studies, OECD Publishing, vol. 2016(1), pages 9-35.
    19. Barbara Jarmulska, 2022. "Random forest versus logit models: Which offers better early warning of fiscal stress?," Journal of Forecasting, John Wiley & Sons, Ltd., vol. 41(3), pages 455-490, April.
    20. Tölö, Eero, 2020. "Predicting systemic financial crises with recurrent neural networks," Journal of Financial Stability, Elsevier, vol. 49(C).
    21. Giovanni Caggiano & Pietro Calice & Leone Leonida, 2013. "Working Paper 190 - Early Warning Systems and Systemic Banking Crises in Low Income Countries: A Multinomial Logit Approach," Working Paper Series 993, African Development Bank.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:ifwkbw:7. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ZBW - Leibniz Information Centre for Economics (email available below). General contact details of provider: https://edirc.repec.org/data/iwkiede.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.