영문목차
Presidential Preface/Hans Tietmeyer=xxiii
Foreword/Otmar Issing=xxv
Part One: LEGACY AND FRESH START=3
I. The Reichsbank 1876-1945/Harold James=3
1. Introduction=3
2. Designing a central bank=3
3. The practice of central banking=13
4. Inflation and hyper-inflation=17
5. Deflation and depression=24
6. The Reichsbank and the economics of control=31
7. The Second World War=41
8. Conclusion=48
9. Sources and bibliography=49
II. The Establishment of the Bank deutscher Ladiaeresisnder and the West German Currency Reform/Christoph Buchheim=55
1. Introduction=55
2. The general economic situation in western Germany before the currency reform=56
a) The state of manufacturing industry=57
b) The lack of any serious incentive to produce=59
3. The German banking system in the early post-war years=62
4. Allied reforms of the central bank structures in West Germany=67
a) Inter-allied negotiations on the banking system=67
b) The Land Central Banks=68
c) The Bank deutscher Ladiaeresisnder as the central bank of the Land Central Banks=74
5. The currency reform=80
a) German and American plans for currency reform=81
b) Currency reform negotiations in the Control Council=85
c) The currency reform in western Germany=90
d) Currency reforms in the Soviet Zone of Occupation and West Berlin=93
e) Economic reform in western Germany=94
f) The consequences of currency and economic reform=95
6. Sources and bibliography=97
Part Two: THE CENTRAL BANK IN THE CONSTITUTIONAL AND FINANCIAL SET-UP OF THE FEDERAL REPUBLIC OF GERMANY=103
III. The Note-Issuing Bank within the State Structure/Klaus Stern=103
1. Introduction=103
2. The constitutional status of the Bundesbank as a currency and note-issuing bank=104
a) The criteria set by constitutional law=104
b) Statutory allocation of functions=108
c) Role of the Bundesbank as a constitutional body=108
d) Highest executive body of a special kind=110
3. The Bundesbank Act dated 1957 and its further legal development=111
a) The three fundamental decisions contained in the Bundesbank Act=111
b) The amendments made to the Bundesbank Act as a result of German reunification=115
c) Changes to the rights and status of the Bundesbank through the legislation of the European Union=118
4. The organization of the Bundesbank=121
a) The governing bodies of the Bundesbank=121
b) The pluralism of the appointing institutions=123
c) Other agencies and employees of the Bundesbank=124
5. Duties, powers, and policy instruments of the Bundesbank=126
a) The statutory allocation of duties=126
b) Main aim: safeguarding the currency=128
c) The monetary policy instruments and their legal qualification=129
d) Problems posed by legal protection against measures carried out by the Bundesbank=135
e) The participation of the Bundesbank in banking supervision=137
f) The involvement of the Bundesbank in national and international economic, financial, and business cycle policy=139
6. Independence and relations with national governing bodies as a constitutional basic issue facing central banks=144
a) The constitutional and political significance of the problem=144
b) Independence in accordance with the Basic Law=144
c) The corresponding structure of independence under the Bundesbank Act=148
d) The Bundesbank and the Federal Government=151
e) The Bundesbank and parliament=155
7. Bibliography=158
IV. Public Finance and the Central Bank/Wolfgang Kitterer=165
1. Introduction=165
2. The problem of budget surpluses in the 1950s=168
a) The fiscal policy environment=168
b) The 'Julius Tower' and monetary policy=170
c) The failure of anticyclical fiscal policies during booms=171
3. Changes and reforms in the 1960s=172
a) The road to budgetary reform=172
b) Fiscal reform: between unitarianism and federalism=175
c) Conflicts between fiscal and monetary policy=176
d) The breakthrough of anticyclical fiscal policy in the 1966-7 recession=180
4. Growth and inflation in the early 1970s=183
a) Growing collective needs of the affluent society=183
b) The distribution struggle hots up=184
5. Hopes of, and undue demands on, monetary and fiscal policies (1973-82)=185
a) Fiscal and monetary policy under a floating exchange-rate regime=185
b) The search for new solutions after the first oil crisis=188
c) Demand management shows signs of strain=189
6. Consolidation and coordination in the 1980s=192
a) The changeover to supply-side economics=192
b) Consolidation between demand risks and stimulated supply=194
c) The growing need for the international coordination of economic policy=197
d) Limited cooperation in the interests of a stable currency=199
7. Double unification: Germany and Europe=200
a) Adjustment problems posed by the financing of German unification=200
b) The failure to consolidate public sector budgets=203
c) Tensions in the European Monetary System=205
d) The fiscal convergence criteria of the Maastricht Treaty=207
e) The risks of short-termism in debt management=210
8. Bibliography=212
V. The Bundesbank and Financial Markets/Gudiaeresisnter Franke=219
1. Caught between safeguarding the value of money, financial market stability, and free competition=219
2. The German banks=221
a) The banking system in Germany=221
b) The economic importance of the banks=222
c) The emergence of new financial intermediaries=225
3. The Bundesbank's services for domestic credit institutions=228
a) Refinancing=228
b) Provision of information=229
c) Provision of payment services=230
The automation of the payment system=230
Limiting payment risks=231
4. The impact of the Bundesbank's interest rate policy on the financial markets=233
a) The Bundesbank's instruments of interest rate policy=233
b) Expected reactions in efficient financial markets=234
c) Empirical findings=235
The shifting interest rate policy environment since 1948=235
Reactions to changes in the discount and Lombard rates=237
Reactions to securities repurchase transactions=242
5. The role of the Bundesbank in the liberalization of the financial markets=244
a) Liberalization: pro and contra=244
b) The actors involved in the liberalization process=245
c) The liberalization of the market for foreign D-mark debt securities=246
d) The Bundesbank's stance on new financial instruments=248
e) The Bundesbank's minimum reserve policy=250
f) The effects of the Bundesbank's policy on Germany as a financial centre=252
6. The Bundesbank's role in banking supervision=253
a) The reasons for supervising credit institutions=253
b) The allocation of banking supervision responsibilities=255
c) The regulation of lending and deposit rates=256
d) Deposit protection=258
e) Banking supervision beyond German borders=259
f) The dispute about 'liable capital'=260
7. The strengths and weaknesses of the German financial market=262
8. Sources and bibliography=265
Part Three: MONETARY POLICY IN THE FEDERAL REPUBLIC OF GERMANY=269
VI. Monetary Stability: Threat and Proven Response/Manfred J. M. Neumann=269
1. Guaranteeing the value of money as an essential prerequisite of a market economy=269
2. The purchasing power of the Deutsche Mark-an international comparison=270
a) The facts=270
b) Shifts in the price level as a problem for monetary policy=272
c) Price stability: a drag on growth?=274
3. Characteristic features of the German monetary constitution=275
a) The independence of the Bundesbank as an institution=276
b) Personal independence=278
4. Areas of conflict=280
a) Support for electoral interests=280
b) Selected cases of conflict=289
Adenauer's 'guillotine speech'=289
The foundation of the Franco-German Finance and Economic Council=292
5. Exchange-rate-policy considerations=294
a) The problem of underpinning the external economic position=295
b) The Bundesbank agrees to the setting-up of the European Monetary System=297
6. Strategic safeguarding by means of monetary targeting=299
7. Stability culture=303
8. Sources and bibliography=304
VII. Monetary Policy under Fixed Exchange Rates (1948-70)/Carl-Ludwig Holtfrerich=307
1. Initial hypothesis=307
2. A summary of economic and monetary trends=309
3. The institutions, goals, and instruments of monetary policy=317
4. Monetary and credit policy 1948-70=322
a) The 'weak D-mark' period: 1948-51=323
b) Monetary and fiscal policy mercantilism: 1951-6=341
c) Monetary policy on the horns of a dilemma: 1956-61=362
d) Monetary policy without massive external pressure: 1961-7=376
e) An attempt to resolve the dilemma: 1968-70=384
5. Conclusion=391
6. Sources and bibliography=397
VIII. A New Approach to Monetary Policy (1971-8)/Judiaeresisrgen von Hagen=403
1. Introduction=403
2. Powerless in the face of disequilibrium: German monetary policy at the start of the 1970s=404
a) The German economy in disequilibrium=404
b) The Bundesbank's monetary concept=407
c) The monetary policy dilemma=408
3. Emancipation of monetary policy=411
a) A bulwark against imported inflation=411
b) Regaining money stock control=414
c) Experiences with open market policy=419
4. Monetary stabilization policy=421
a) Monetary policy, fiscal policy, and macroeconomic stabilization=421
b) Economic developments 1974-8=423
c) Monetary targeting=423
Steadying monetary policy=424
The first monetary target=424
'Limited steadiness' versus 'consistency with the situation'=426
Initial experiences with monetary targets=427
d) Predominance of counter-cyclical policy-end of the monetary targeting strategy=428
e) The European Monetary System: saviour of monetary targeting=431
f) The policy of monetary targeting: an interpretation=433
5. Bibliography=436
IX. Monetary Policy under Conditions of Increasing Integration (1979-96)/Ernst Baltensperger=439
1. Introduction=439
2. Monetary restriction: 1979-81=441
a) Point of departure and economic environment=441
b) The monetary policy of the Bundesbank in detail=444
Monetary targets and monetary growth=444
Steering the money market=446
Other monetary aggregates=448
c) Controversy over the appropriate degree of restriction=448
Orientation of monetary policy to the external position=449
Monetary target and monetary target variable=451
Target corridor=452
d) New forms of steering the money market=453
3. Relaxation and normalization of monetary policy: 1982-5=454
a) General trends and the monetary policy environment=454
b) The monetary policy of the Bundesbank in detail=456
Monetary targets and monetary trends=456
Money market steering measures and further development of open market policy instruments=458
Movement of other monetary aggregates=461
c) Public debate on monetary policy=462
d) Reorientation of monetary policy?=464
4. Monetary growth in excess of targets and slow return to restriction: 1986-9=465
a) General trends and the monetary policy environment=465
b) The monetary policy of the Bundesbank in detail=467
Monetary targets and actual monetary trends=467
Money market steering measures and additions to the range of instruments=470
c) Was monetary growth above the target corridor Justified=473
d) Change of monetary target variable=475
5. German monetary union: 1990-1=476
a) General trends and the monetary policy environment=476
b) The monetary policy of the Bundesbank in detail=478
Extension of the currency area and 'jump' in the money stock level=478
Monetary growth, monetary target, and money market steering=479
c) Should the policy of monetary targets be retained in the face of the structural break caused by reunification?=482
d) Public debate and international criticism=483
6. The Bundesbank at the centre of international censure: gradual relaxation and monetary growth way above the target: 1992-4=484
a) General trends and the monetary policy environment=484
b) The monetary policy of the Bundesbank in detail=486
Monetary targets and actual monetary trends=486
Money market steering=489
Modification of money market steering instruments=492
c) Missed targets and 'special factors'=493
7. Normalization of monetary growth and continued interest-rate cuts: 1995-6=495
a) General trends and the monetary policy environment=495
b) The monetary policy of the Bundesbank in detail=495
Monetary target and monetary growth=495
Money market steering measures=498
c) Monetary policy in the public debate=500
d) Monetary targets for 1997-8=500
8. The Bundesbank's monetary policy strategy: do monetary targets make sense?=501
a) A policy of monetary stabilization with discretionary elements=501
b) Fundamental objections and alternatives=504
c) Objections to the form of implementation=507
9. The instruments deployed by the Bundesbank=509
a) Open market operations=510
b) Refinancing policy=511
c) Minimum reserve policy=512
10. The Bundesbank as role model?=513
a) Strategy, current policy, and conflicting goals=514
b) To what extent has the Bundesbank met its targets?=517
c) The independence of the Bundesbank=518
11. Sources and bibliography=521
X. German Monetary Policy as Reflected in the Academic Debate/Rudolf Richter=525
1. 1948-60: the economic miracle and Keynesian seductions=526
a) The international debate, 1948-60=526
b) The German discussion-basic themes and examples=527
The debate on the goals of central bank policy=527
The debate on the convertibility of the D-mark=530
The opinion in the Bank deutscher Ladiaeresisnder/Deutsche Bundesbank=532
2. 1961-72: Keynesianism, the exchange-rate debate, and the start of the monetarist counter-revolution=533
a) The international debate, 1961-72=534
b) The German discussion-basic themes and examples=536
Safeguarding the currency under fixed or floating exchange rates: the exchange-rate debate in Germany in the 1960s=537
Monetary stabilization policy in the world of the neoclassical synthesis=538
The advent of the monetarists=540
The opinion in the Bundesbank 1961-72=541
3. 1973-84: monetarism under scrutiny: a new monetary policy, managed floating=542
a) The international debate-a brief sketch=543
b) The debate in Germany-basic themes and examples=544
Monetary targeting versus liquidity policy=545
Central bank intervention on the foreign-exchange markets: managed floating 1973-84=548
The opinion in the Bundesbank 1973-84=550
4. 1985-96: monetarism goes, institutional economics comes-in small steps=551
a) The international debate=552
b) The debate in Germany-basic themes and examples=554
Pro and contra monetary targeting by the Bundesbank=555
Coordination of central bank intervention on the foreign-exchange markets=557
The opinion in the Bundesbank 1985-96=559
5. Conclusion=559
6. Postscript=561
7. Bibliography=562
Part Four: ASPECTS OF MONETARY POLICY IN THE TWO GERMANYS=575
XI. The Central Bank and Money in the GDR/H. Jodiaeresisrg Thieme=575
1. Introduction=575
2. Origins and development of the monetary system after 1945=576
a) The restructuring of the banking system=576
Nationalization and reconstruction (1945-8)=576
Centralization of the banking system and establishment ot a central bank (after 1948)=578
b) The currency reform of 1948=580
Political background, policy framework,and implementation=580
Political and economic effects of the currency reform=584
3. Money and credit in the GDR=587
a) The role of money in the socialist planned economy=587
b) Monetary planning and the central economic plan=590
How the system worked=590
Domestic economy=591
Foreign economy=593
c) Functions of the Staatsbank and the banking system=594
Structure and political integration=594
Tasks in the domestic economy=595
The system of international payments=598
d) Money supply and monetary targets=599
The production of money in accounting terms=599
Definitions of the money stock=600
Targets and indicators of monetary policy=600
4. Effects and functional problems of monetary control in the GDR=603
a) Control of the money supply and inflation=603
Measurement problems and empirical findings=603
Causes of monetary mismanagement=606
The effects of monetary stimuli=608
b) Foreign trade, foreign debt, and currency reserves=611
5. Monetary experiments in socialism: conclusions=613
6. Key events in monetary policy=614
7. Sources and bibliography=615
XII. The Role of the Bundesbank in Intra-German Payments/Jochen Plassmann=619
1. Introduction=619
2. Interzonal payments following the division of Germany into occupation zones=620
3. System of payments under the Allied foreign exchange control laws; responsibility and role of the Bank deutscher Ladiaeresisnder and the Land Central Banks=622
4. Clearing transactions and the 'swing' under the Berlin Agreement and the inter-bank agreements between the Deutsche Bundesbank and the Staatsbank der DDR=623
5. Provision of tied and untied loans to the GDR; GDR debt owed to the Federal Republic=625
6. Non-commercial payments with the GDR=627
a) Legal basis for the Bundesbank's policy on authorization=627
b) The Bundesbank's approach to authorization and its underlying objective=628
c) Non-commercial payments not covered by government agreements=629
d) Agreements of 25 April 1974 with the GDR of blocked funds and maintenance payments=630
e) Travel payments=631
7. Payments with the GDR in untied D-marks via 'free' accounts and foreign accounts authorized under foreign exchange rules; concealed transfers to purchase the freedom of prisoners=632
8. Political and legal background to the role played by the Bundesbank in intra-German trade and payments=633
9. Bibliography=638
XIII. German Monetary Uhion/Manfred E. Streit=639
1. Introduction=639
2. The currency reform of 1948: a historical parallel?=640
a) Initial monetary conditions=640
b) Initial conditions of the real economy=643
c) Initial institutional conditions=645
3. The monetary system to be transformed by monetary union=647
a) Money and credit as instruments of economic planning=647
The control via the Mark=647
The quality of the money=650
b) Implications for the monetary transition=651
4. Monetary union as part of a shock therapy=654
a) Conditions for a monetary union=654
b) Economics and politics of the monetary conversion=655
Dubious grounds for the setting of the conversion rate=655
Monetary and economic policy aspects of the conversion=656
Political decisions and safeguarding the value of money=661
5. The monetary transition=664
a) Implementation of monetary union=665
Currency conversion=665
Establishment of means for refinancing=665
Conversion of the banks' balance sheets=665
b) Transformation of the banking system=667
Institutional transformation=667
Restructuring of the banking system=668
Processing of the inherited debt=669
6. Concluding assessment=674
a) Responsibilities of the Bundesbank=674
b) Responsibilities of the political decision makers=675
7. Sources and bibliography=678
Part Five: THE INTERNATIONAL SCENE=685
XIV. The International Role of the Deutsche Mark/Jacob A. Frenkel;Morris Goldstein=685
1. Introduction=685
2. Factors affecting international currency use=686
a) Confidence in long-term value=686
b) Open, deep, broad; and dynamic financial markets=687
c) Economic size and political muscle=688
d) Structure of foreign trade, choice of exchange arrangements, and currency-denomination of debt payments=689
e) Optimal portfolio considerations=690
f) Advantages of incumbency, and network effects among the functions of money=691
g) Official attitudes, policies, practices to promote or discourage international currency use=692
3. The D-mark as an international currency=693
a) Relative inflation performance=693
b) Behaviour of nominal, bilateral exchange rates=696
c) Net creditor/debtor position=696
d) Economic size=699
e) Open, deep, and broad financial markets and official attitudes/practices toward international currency use=701
f) Currency composition of official holdings of international reserves=707
g) Private holdings of reserve currencies abroad=711
h) Currency share of international assets=712
i) Trading in foreign exchange markets=713
j) Currency pegs=715
k) Currency invoicing in international trade=716
4. Other dimensions of the international role of the D-mark (and the Bundesbank)=719
5. Concluding remarks=723
6. Bibliography=725
XV. The Bundesbank and the Process of European Monetary Integration/Peter Bernholz=731
1. The economic background=731
2. The principal actors and their interests=733
3. European monetary integration-initial scenario and approaches=737
4. The period until the collapse of the Bretton Woods system=741
a) Background and problems=741
b) Developments up to 1964=742
c) Developments 1964-73=746
5. The EEC's Exchange Rate Mechanism=750
6. The European Monetary System (EMS)=754
a) Origins and features=754
b) Further plans for the EMS=759
c) The development of the EMS=760
7. The plans for European Monetary Union=772
a) The road to Maastricht=772
b) The main provisions of the Maastricht Treaty on European Monetary Union (EMU)=776
c) Further developments and prospects=779
8. Summary of the major facets and features of monetary integration in Europe=785
a) Record of the beginnings of integration, 1955-68=785
b) Record of the EEC exchange rate arrangement, 1972-8=786
c) Record of accessions to, and withdrawals from, the EMS=787
9. Sources and bibliography=788
ANNEX=793
List of Abbreviations=793
List of Tables and Figures=797
Index=801
The Authors=831