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Sichtweisen Der Wechselkursbestimmung

Sichtweisen Der Wechselkursbestimmung

          
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About the Book

Die Aufbruchstimmung der spaten siebziger Jahre im Gebiet der Wechselkurstheorie hat sich gelegt. Der Auftrieb beruhte damals vor allem darauf, daB eine ganz neue Sichtweise der Wechselkursbe- stimmung entstand: An der - die Okonomen zunachst irritierenden - Beobachtung, daB die Wechselkurse eine Variabilitat zeigten, wie man sie sonst nur von den Finanzmarkten her kannte, entzUndete sich die naheliegende Grundidee, daB der Wechselkurs Uberhaupt als ein "asset"-Preis aufzufassen ist, der durch das momentane Gleich- gewicht auf den Finanzmarkten determiniert wird. Diese neue fi- nanzmarkttheoretische Sichtweise der wechselkursbestimmung wurde mit dem Anspruch vorgetragen, die "traditionelle Theorie" radikal in Frage zu stellen. Nach anfanglich durchaus ermutigenden empiri- 1 schen tlberprUfungen folgte dann sehr schnell die empirische Er- nUchterung. Vor allem die vielbeachteten Arbeiten von Meese und Rogoff, in denen die vellig unbefriedigende PrognosegUte der bekannten Finanzmarktmodelle herausgestellt wurde, haben zu dieser 2 ErnUchterung beigetragen. Aber schwerwiegender war vielleicht noch, daB die Finanzmarktan- satze sich gegenUber dem spektakularen Kursverlauf des US-Dollars in den achtziger Jahren, dem Anstieg bis 1985 und der nachfolgen- den starken Abwertung, als vellig hilflos erwiesen. Die partielle Abkehr von den Finanzmarktansatzen zeigte sich dann auch darin, daB die Erklarung fUr diese Kursentwicklung in neuen Adhocerien, vor allem in sogenannten "speculative bubbles" und "sunspot 3 equilibria", gesucht wurde. Mittlerweile zeichnet sich eine Ent- wicklung ab, die fUr viele wirtschaftstheoretische und wirt- schaftspolitische Debatten so typisch ist: Am Anfang ist die De- 1) Hier sind insbesondere zu nennen die Arbeiten von Bilson (1978b), Frenkel (1976) und Frankel (1979b).


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Product Details
  • ISBN-13: 9783790805611
  • Publisher: Springer-Verlag Berlin and Heidelberg GmbH & Co. KG
  • Binding: Paperback
  • Language: German
  • Returnable: Y
  • Spine Width: 14 mm
  • Width: 189 mm
  • ISBN-10: 3790805610
  • Publisher Date: 25 Sep 1991
  • Height: 246 mm
  • No of Pages: 264
  • Series Title: Wirtschaftswissenschaftliche Beiträge
  • Weight: 494 gr


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