Japan’s Ultraloose Monetary Policy Has Undermined Savings and Prosperity

Long-term ultralow interest rates in Japan’s economy led to a decline in household savings over several decades. A loose monetary policy can stabilize in a recession for the short term; however, a persistent flood of cheap money paralyzes productivity gains and growth, says Gunther Schnabl.

Wissenschaftliche Fachzeitschriften

The Brexit as a Forerunner: Monetary Policy, Economic Order and Divergence Forces in the European Union. CESifo Working Paper 6938 (2018). Forthcoming in Economists’ Voice 16, 1 (2019).Together with Sebastian Müller.

Soziale Marktwirtschaft damals und heute. Zeitschrift für Wirtschaftspolitik 68 (2019), xx, xx-xx.

Lessons from 1948 German Currency and Economic Reform for European Monetary Policy. Forthcoming in Cato Journal 39, 3.

China’s Overinvestment and International Trade Conflict. China & World Economy 27 (2019), 4, 37-62.

Monetary Policy, Income Inequality and Political Instability. Together with Pablo Duarte. The World Economy 42, (2018), 2, 614-634.

Fiscal Divergence and Current Account Imbalances in Europe. Economists’ Voice 15, 1 (2018).

The European Monetary Union on a Bumpy Road – Challenges and Solutions for an Uncertain Future. Economists’ Voice 15, 1 (2018), 1-3. Together with Ansgar Belke.

Die EU-Insolvenzrichtlinie zu vorinsolvenzlichen Verfahren aus ordnungspolitischer Perspektive. NZI Neue Zeitschrift für Insolvenz- und Sanierungsrecht 23 (2018), 913-960. Together with Klaus Siemon.

Europäische Geldpolitik, Zombifizierung und Wachstum in Europa. Wirtschaftspolitische Blätter 18 (2018), 463-478. Together with David Herok.

Warum der frühe Ausstieg aus der finanziellen Repression lohnt. Wirtschaftsdienst 98 (2018), 7, 498-503. Together with Andreas Hoffmann.

Exit Strategies from Monetary Expansion and Financial Repression. Cato Journal 38, 2 (2018), 447-466.

Beyond Balassa and Samuelson: Real Convergence, Capital Flows, and Competitiveness in Greece. Together with Ansgar Belke and Ulrich Haskamp. Empirica 44 (2018), 2, 409-424.

Net Foreign Asset Positions and Appreciations Expectations on the Japanese Yen and the Swiss Franc. International Economics and Economic Policy 15 (2018), 2, 261-280. Together with Sophia Latsos.

Regional Heterogeneity and the Rise of Public Debt in Japan in the Post-Bubble Crisis: Lessons for the EMU. International Economics and Economic Policy 15 (2018), 2, 405-428. Together with Raphael Fischer.

Zur Zukunft der Europäischen Union aus ordnungspolitischer Perspektive. ORDO 68 (2017), 3-34. Together with Sebastian Müller.

Monetary Policy and Overinvestment in East Asia and Europe. Asia Europe Journal 15 (2017), 4, 445-462.

Zero Interest Rate Policy and Economic Order. Credit and Capital Markets 50 (2017), 2, 101-104.Together with Angar Belke.

Monetary Policy Crisis Management as a Threat to Economic Order.Together with Andreas Freytag. Credit and Capital Markets 50 (2017), 2, 151-169.

Exchange Rate Regime, Financial Market Bubbles and Long-term Growth in China: Lessons from Japan. China & World Economy 25 (2017), 1, 32-57.

Limits of Monetary Policy Autonomy and Exchange Rate Flexibility in East Asia. Applied Economics Quarterly 62 (2016), 3, 187-204. Together with Axel Löffler and Franziska Schobert.

(De)Stabilizing Exchange Rate Strategies in East Asian Monetary and Economic Integration. Singapore Economic Review 61 (2016), 2, 1-24. Together with Kristina Spantig.

Monetary Policy in Large Industrialized Countries, Emerging Market Credit Cycles, and Feedback Effects. Journal of Policy Modeling 38 (2016), 3, 1-19. Together with Andreas Hoffmann.

Geldpolitik, Arabellion und Flüchtlingskrise. Zeitschrift für Wirtschaftspolitik 65 (2016), 3, 299-320. Together with Michael von Prollius.

The Adverse Effects of Unconventional Monetary Policy. Cato Journal 36 (2016), 3, 449-484. Together with Andreas Hoffmann.

Das europäische Verfahren zur Vermeidung und Korrektur makroökonomischer Ungleichgewichte – Eine Forschungsagenda zu Reformansätzen. Wirtschaftsdienst 96 (2016), 8, 548-556. Together with Daniel Gros and Ansgar Belke.

Europa und Ostasien stehen vor großen Herausforderungen in der Weltwirtschaft. Integration 39, 3 (2016), 172-177. Together with Ansgar Belke.

Wege zu einer stabilitäts- und wachstumsorientierten Geldpolitik aus österreichischer Perspektive. Listforum für Wirtschafts- und Finanzpolitik 41 (2016), 2, 263-289.

Markt versus Staat in der Europäischen Union – Eine für Kredit- und Kapitalmarktmärkte relevante Debatte. Credit and Capital Markets 48 (2015), 3, 501-506. Together with Ansgar Belke.

Exchange Rate Challenges in Emerging Markets and Developing Countries. Review of Development Economics 19 (2015), 3, 449-454. Together with Ansgar Belke.

Macroeconomic Policy Making, Exchange Rate Adjustment and Current Accounts in Emerging Markets. Review of Development Economics 19 (2015), 3, 531-544. Together with Pablo Duarte.

Markt versus Staat in der Europäischen Union. Integration 38, 3 (2015), 256-260. Together with Ansgar Belke.

Die gefährliche Missachtung der Vermögenspreisinflation. Zur Wirkungslosigkeit von Inflationszielen als geldpolitische Regelmechanismen. Leviathan 43 (2015), 2, 246-269.

Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis. Asian Economic Papers 14 (2015), 1, 124-150.

Japans Lehren für das Schweizer Wechselkursdilemma. Wirtschaftsdienst 95 (2015), 3, 192-199.

27. Leipziger Weltwirtschaftsseminar – Konvergenz versus Divergenz in der Europäischen Union in der Krise. Credit and Capital Markets 47 (2014), 2, 377-386. Together with Ansgar Belke.

Divergenzen und krisenbedingte Zentralisierung in der Europäischen Union. Integration 37, 3 (2014), 291-297. Together with Ansgar Belke.

China’s Exchange Rate and Financial Repression: The Conflicted Emergence of the Renminbi as an International Currency. China & World Economy 22, 3 (2014), 1-34. Together with Ronald McKinnon.

Negative Umverteilungseffekte und Reallohnrepression durch unkonventionelle Geldpolitik. Wirtschaftsdienst 94 (2014), 11, 792-797.

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe. Review of International Economics 21 (2013), 5, 886-900. Together with Ansgar Belke and Holger Zemanek.

National Monetary Policy, International Economic Instability and Feedback Effects – An Overinvestment View. Quarterly Journal of Austrian Economics 16 (2013), 2, 135-164. Together with Andreas Hoffmann.

Die japanischen Lehren für die europäische Krise. Zeitschrift für Wirtschaftspolitik 62 (2013), 1, 1-22.

Fiscal Divergence and TARGET2 Imbalances in the EMU. Intereconomics 48 (2013), 1, 51-58. Together with José Abad, Axel Löffler and Holger Zemanek.

Four Generations of Global Imbalances. Review of International Economics 21 (2013), 1, 1-5. Together with Ansgar Belke.

Short-Term and Long-Term Growth Effects of Exchange Rate Adjustment. Review of International Economics 21 (2013), 1, 137-150. Together with Evžen Kočenda and Mathilde Maurel.

Reverse Causality in Global and Intra-European Imbalances. Review of International Economics 20 (2012), 4, 674-690. Together with Stephan Freitag.

Keynesian and Austrian Perspectives on Crisis, Shock Adjustment, Exchange Rate Regime and (Long-Term) Growth. Open Economies Review 23 (2012), 5, 847-868. Together with Mathilde Maurel.

China and its Dollar Exchange Rate. A Worldwide Stabilizing Influence? The World Economy 35 (2012), 6, 667-693. Together with Ronald McKinnon.

Der Funktionswandel der globalen und europäischen Geldpolitik. Wirtschaftsdienst 92 (2012), 2, 89-91.

Motivations for Foreign Exchange Intervention in Developed and Underdeveloped Capital Markets. Empirical Evidence from Croatia and Japan. Applied Economics Quarterly 57 (2011), 1, 45-66.

Triebkräfte und Lösungsansätze globaler und europäischer Leistungsbilanzungleichgewichte. Wirtschaftspolitische Blätter 58 (2011), 3, 429-449.

Inter-Temporal Savings, Current Account Imbalances and Asymmetric Shocks in a Heterogeneous European Monetary Union. Intereconomics 46 (2011), 3, 153-160. Together with Holger Zemanek.

The Theory of Optimum Currency Areas and Growth in Emerging Markets. Applied Economics Letters 18 (2011), 6, 513-517. Together with Andreas Hoffmann.

Exchange Rate Regime and Wage Determination in Central and Eastern Europe. Journal of Policy Modeling 33 (2011), 3, 347-360. Together with Christina Ziegler.

A Vicious Cycle of Manias, Bursting Bubbles and Asymmetric Policy Responses – An Overinvestment View. The World Economy 34 (2011), 3, 382-403. Together with Andreas Hoffmann.

Strukturelle Verzerrungen im Währungskrieg. Wirtschaftsdienst 91 (2011), 2, 102-106.

Europäischer geldpolitischer Exit im Zeichen von QE2 und Staatsanleihekäufen der EZB. Quarterly Journal of Economic Research 79 (2010), 4, 147-161. Together with Ansgar Belke.

Current Account Balances and Structural Adjustment in the Euro Area. International Economics and Economic Policy 8 (2010), 83-127. Together with Ansgar Belke and Holger Zemanek.

Eurozone: Exit aus der Niedrigzinspolitik? Wirtschaftsdienst 90 (2010), 12, 780.

Policy Implications of Global Asymmetric Current Account Positions. Review of Economics 60 (2009), 2, 103-137. Together with Stephan Freitag.

Exchange Rate Volatility and Growth in Emerging Europe and East Asia. Open Economies Review 20 (2009), 4, 565-587.

Global Asymmetries in Monetary Policy Operations: Debtor Central Banks in the MENA Region. The Manchester School 77 (2009), Supplement, 85-107. Together with Franziska Schobert.

Japanese Foreign Exchange Intervention and the Yen/Dollar Exchange Rate: A Simultaneous Equations Approach Using Realized Volatility. Journal of International Financial Markets, Institutions, and Money 19 (2009), 490-505. Together with Eric Hillebrand and Yasemin Ulu.

The Case for Stabilizing China’s Exchange Rate: Setting the Stage for Fiscal Expansion. China & World Economy 17(2009), 1, 1-32. Together with Ronald McKinnon.

Asymmetrische Makropolitiken und eingetrübte Wachstumsperspektiven. Wirtschaftsdienst 89 (2009), 10, 660-664.

Der internationale Handel nach dem Platzen der Globalisierungsblase. Wirtschaftsdienst 89 (2009), 3, 151-157.

Geldpolitisches Kräftemessen. Wirtschaftsdienst 89 (2009), 8, 498-499.

A Structural Break in the Effects of Japanese Foreign Exchange Intervention on Yen/Dollar Exchange Rate Volatility. International Economics and Economic Policy 6 (2008), 5, 389-401. Together with Eric Hillebrand.

Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View. The World Economy 31 (2008), 9, 1226-1252. Together with Andreas Hoffmann.

Exchange Rate Stability, Inflation and Growth in (South) Eastern and Central Europe. Review of Development Economics 12 (2008), 3, 530-549. Together with Paul De Grauwe.

A Role Model for China? Exchange Rate Flexibility and Monetary Policy Making in Japan. China Economic Review 19 (2008), 2, 183-196. Together with Christian Danne.

Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery. Economic Systems 32 (2008), 1, 70-91.

Geldpolitik am Scheideweg. Wirtschaftsdienst 87 (2007), 9, 558-559.

Geldpolitik, vagabundierende Liquidität und platzende Blasen in neuen und Aufstrebenden Märkten. Wirtschaftsdienst 87 (2007), 4, 220-224. Together with Andreas Hoffmann

China’s Exchange Rate and International Adjustment in Wages, Prices, and Interest Rates: Japan Déjà Vu? CESifo Studies 52 (2006), 2, 276-303. Together with Ronald McKinnon.

Devaluing the Dollar: A Critical Analysis of William Cline’s Case for a New Plaza Agreement. Journal of Policy Modeling 28 (2006), 6, 683-694. Together with Ronald McKinnon.

The Russian Currency Basket: Recent Developments in Russia’s Exchange Rate Policies and the Role of the Euro. Intereconomics 41 (2006), 3, 135-141.

International Capital Markets and Exchange Rate Stabilization in the CIS. Journal of Comparative Economics 33 (2005), 3, 425-440.

Nominal versus Real Convergence with Respect to EMU Accession – EMU Entry Scenarios for the New Member States. Kyklos 58 (2005), 4, 481-499. Together with Paul De Grauwe.

Der Festkurs als merkantilistische Handelspolitik – Chinas Geld- und Währungspolitik im Umfeld globaler Ungleichgewichte. Wirtschaftspolitische Blätter 10 (2005), 1, 103-114.

EMU Entry Strategies for the New Member States. Intereconomics 39 (2004), 5, 241-246. Together with Paul De Grauwe.

The Return to Soft Dollar Pegging in East Asia? Mitigating Conflicted Virtue. International Finance 7 (2004), 2, 169-201. Together with Ronald McKinnon.

De jure versus de facto Exchange Rate Stabilization in Central and Eastern Europe. Aussenwirtschaft 59 (2004), 2, 171-190.

The East Asian Dollar Standard, Fear of Floating, and Original Sin. Review of Development Economics 8 (2004), 3, 331-360. Together with Ronald McKinnon.

Synchronized Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate. The World Economy 26 (2003), 8, 1067-1088. Together with Ronald McKinnon.

Purchasing Power Parity: Granger Causality Tests for the Yen-Dollar Exchange Rate. Japan and the World Economy 14 (2002), 4, 425-444. Together with Dirk Baur.

Weak Economy and Strong Currency – the Origins of the Strong Yen in the 1990s. Quarterly Journal of Economic Research 70 (2001), 489-503.

Purchasing Power Parity: Yen/Dollar Exchange Rate. The World Economy 24 (2001), 1, 31-50.

Japan und die Asienkrise – internationale Übertragungsmechanismen von Konjunkturbewegungen. Listforum für Wirtschafts- und Finanzpolitik 26 (2000), 1, 16-32.

The Japanese-American Trade Conflict. Intereconomics 33 (1998), 126-135. Together with Indira Gurbaxani.

Trade Balance and Government Intervention: Japan as a Role Model? Intereconomics 31 (1996), 189-196.

Monographien und Sammelbände

Exchange Rate Challenges in Emerging Markets and Developing Countries. Special Issue of the Review of Development Economics (2015). Together with Ansgar Belke.

Aufgeschlossen für Wandel – verankert in gemeinsamen Grundwerten: Demokratie und Wirtschaft in Deutschland und in der Europäischen Union, Köln 2013. Together with Rupert Scholz.

Four Generations of Global Imbalances. Special Issue of the Review of International Economics 21 (2013). Together with Ansgar Belke.

Leistungsbilanz und Wirtschaftspolitik – das Beispiel Japan 1980 – 1996. Eine theoretisch-empirische Analyse. Baden-Baden 2000.

Working Papers, Mimeos und Beiträge in Arbeit

Reasons for the Demise of the Interest: Savings Glut and Secular Stagnation or Central Bank Policy? Forthcoming as CESifo Working Paper. Together with Thomas Mayer.

30 Jahre nach dem Mauerfall: Ursachen für Konvergenz und Divergenz zwischen Ost- und Westdeutschland. Universität Leipzig Wirtschaftswissenschaftliche Fakultät Working Paper.

The Impact of Japanese Monetary Policy Crisis Management on the Japanese Banking Sector. CESifo Working Paper 6440 (2017). Together with Juliane Gerstenberger. Submitted to Journal of Banking and Finance.

Inflation Targeting by Debtor Central Banks in Emerging Market Economies. CESifo Working Paper 3138 (2010). Together with Axel Löffler und Franziska Schobert. Revised and resubmitted to Journal of Money, Credit and Banking.

Beiträge in Büchern

Die Verteilungseffekte der Geldpolitik der Europäischen Zentralbank destabilisieren Europas Demokratien. Austrian Institute Paper 18 (2017). Forthcoming in Liberales Institut (Ed.) Wiederkehrende Finanz- und Wirtschaftskrisen: Wege aus der Teufelsspirale, Zürich.

Ultra-low Interest Rates and Growth in Emerging Asia from a Hayekian Perspective. In Yoshino, Naoyuki / Chantapacdepong Pornpinum / Helble, Matthias (eds.): Macroeconomic Shocks and Unconventional Monetary Policy. Impacts on Emerging Markets, Oxford 2019, Oxford University Press, 290-312.

Exit Strategies from Monetary Expansion and Financial Repression. In Dorn, Jim (ed.): Monetary Policy in an Uncertain World. Ten Years after the Crisis, Cato Institute, Washington D.C. 2018, 105-124.

The Failure of ECB Monetary Policy from a Mises/Hayek Perspective. In Godart-van der Kroon, Annette / Vonlanthen, Patrik (eds.): Banking and Monetary Policy from the Perspective of Austrian Economics, Springer, Berlin 2018, 127-152.

Ultra-lockere Geldpolitiken, Finanzmarktblasen und marktwirtschaftliche Ordnung. In Kosturkova, Nadya / Rieger, Jörg (Eds.): Ordnungspolitisch stets auf Kurs, Vahlen, München 2018, 289-297.

Foreign Currency-Denominated Assets and International Shock Absorption in Europe and East Asia. In Cheung, Yin-Wong / Westermann, Frank (eds.): International Currency Exposure, MIT Press, Cambridge, Massachusetts 2017, 211-239.

资产负债表衰退的宏观经济挑战:日本经历对欧洲债务危机的教训. In李晓 (ed.): 安倍经济学与中日经济关系. Renmin Publishing House, Beijing, 2016, 131-150.

Externally Imposed Financial Repression, Conflicted Internationalization of the Renminbi and External Balancing via Wage Adjustment. In Bälz, Moritz / Hilpert, Hanns-Günther / Rövekamp, Frank (eds.): Central Banking and Financial Stability in East Asia, Springer, Berlin 2015, 125-139.

Monetary Policy Reform in a World of Central Banks. In White, Lawrence / Vanberg, Viktor / Köhler, Ekkehard (eds.): Renewing the Search for a Monetary Constitution: Reforming Government’s Role in the Monetary System, Cato Institute, Washington DC 2015, 165-186.

国际货币体系改革:人民币问题. In: Schläger, Catrina / Chen, Dongxiao (eds.): 中国与二十国集团–新兴市场国家与全球经济治理. Shanghai People’s Publishing House, Shanghai 2015, 87-100.

International Monetary System Reform: The Renminbi Issue. In: Schläger, Catrina / Chen, Dongxiao (eds.): China and the G20: The Interplay Between an Emerging Power and an Emerging Institution, Shanghai People’s Publishing House, Shanghai 2015, 118-135.

Wege in die Niedrigzins- und Hochverschuldungsfalle. In Altmiks, Peter (ed.): Zu groß, um pleitezugehen – Dauerbaustelle Bankenregulierung, Universum und Kommunikation Medien AG, Berlin 2013, 12-39.

Regieren die Märkte? – Die neuen Aufgaben des Staates in Boom und Krisen. In Schnabl, Gunther / Scholz, Rupert (eds.): Aufgeschlossen für Wandel – verankert in gemeinsamen Grundwerten: Demokratie und Wirtschaft in Deutschland und in der Europäischen Union, Köln 2013, 267-275.

China and Its Dollar Exchange Rate: A Worldwide Stabilizing Influence? In McKinnon, Ronald: The Unloved Dollar Standard: From Bretton Woods to the Rise of China, Oxford University Press 2013, 170-183. Together with Ronald McKinnon.

The Role of the Chinese Dollar Peg for Macroeconomic Stability in China and the World. In Cheung, Yin-Wong / De Haan Jakob (eds): The Evolving Role of China in the Global Economy, MIT Press, Cambridge, Massachusetts 2012, 53-81.

German Unification and Intra-European Imbalances. In Nowotny, Ewald / Mooslechner, Peter / Ritzberger-Grünwald, Doris (eds.): European Integration in a Global Economy. CESEE and the Impact of China and Russia, Edward Elgar, Cheltenham 2012, 53-67. Together with Holger Zemanek.

Regionale Differenzierung in der EU – kann die Regionalpolitik wirksam entgegensteuern? In: Kunze, Cornelie (ed.): Wirtschaftlicher Aufholprozess und EU-Integration in Mittel- und Osteuropa – das europäische Wachstumsmodell in der Krise? Leipzig 2011, 219-230. Together with Cornelie Kunze.

Symmetrische Regeln in der Geld- und Finanzpolitik? In Theurl, Theresia (ed.): Gute Regeln oder Wirtschaftslenkung? Europas neue Herausforderungen. Duncker & Humblot 2011, 101-117. Together with Andreas Hoffmann.

Finanzkrise, globale Liquidität und makroökonomischer Exit. In Theurl, Theresia (ed.): Wirtschaftspolitische Konsequenzen der Finanz- und Wirtschaftskrise. Duncker & Humblot 2010, 11-29. Together with Ansgar Belke.

China’s Exchange Rate Impasse and the Weak U.S. Dollar. In Wyplosz, Charles (ed.): The New International Monetary System. Essays in Honour of Alexander Swoboda. Routledge 2010, 107-124. Together with Ronald McKinnon.

Geldpolitik, Finanzmarkthysterie und eine Welle von wandernden Blasen? In Bloss, Michael et al. (eds.): Von der Wall Street zur Main Street: Die Weltwirtschaft nach der Finanzkrise. Oldenbourg Wissenschaftsverlag 2009, 57-70. Together with Andreas Hoffmann.

Current Account Balances and Conflicted Virtue in East Asia: China and Japan under the Dollar Standard. In Hamada, Koichi / Reszat, Beate / Volz, Ulrich (eds.): Prospects for Monetary and Financial Integration in East Asia: Dreams and Dilemmas. Oxford University Press 2009, 159-194.Together with Ronald McKinnon.

Capital Markets and Exchange Rate Stabilization in East Asia – Diversifying Risk Based on Currency Baskets. InHamada, Koichi / Reszat, Beate / Volz, Ulrich (eds.): Prospects for Monetary and Financial Integration in East Asia: Dreams and Dilemmas. Oxford University Press 2009, 267-289.

Monetary Policy Operations of Debtor Central Banks in MENA Countries. In Cobham, David / Dibeh, Ghassan (eds.): Monetary Policy and Central Banking in the Middle East and North Africa. Routledge, 2009, 66-84. Together with Franziska Schobert.

Die Subprime-Krise – eine Blase in einer Reihe von Blasen? In Bloss, Michael et al. (eds.): Von der Subprime-Krise zur Finanzkrise. Oldenbourg Wissenschaftsverlag 2008, 217-228. Together with Andreas Hoffmann.

The Evolution of the East Asian Currency Baskets – Still Undisclosed and Changing. In Cheung, Yin-Wong / Wong, Kar-Yiu (ed.): China and Asia: Economic and Financial Interactions. Routledge, 2008, 156-177.

Der Beitritt der mittel- und osteuropäischen Länder zur Europäischen Währungsunion zwischen Wunsch und Realität. In: Kunze, Cornelie / Lenk, Thomas (eds.): Die europäische Union zwischen Konvergenz und Divergenz. Leipziger Beiträge zu Wirtschaft und Gesellschaft 18. Leipziger Universitätsverlag 2008, 35-46.

Exchange Rate Volatility and Growth in Emerging Europe and East Asia. In: Österreichische Nationalbank (ed.): Emerging Markets: Any Lessons for Southeastern Europe?, Österreichische Nationalbank 2007, 437-466.

Die Grenzen der monetären Integration? In: Ohr, Renate (ed.): Europäische Union ohne Grenzen? Duncker&Humblot 2007, 95-112.

The East Asian Dollar Standard, Fear of Floating and Original Sin. In: Alexander, Volbert (ed.): Global Asymmetries – Real, Monetary, and Policy Aspects. Edward Elger Publishing 2006, 45-71. Together with Ronald McKinnon.

Price Stability, Financial Liberalization and Economic Growth in Europe. In: G20 (eds.): Economic Growth. Proceedings of a G20 Seminar Held in Pretoria, South Africa on 4-5 August, 2005. G-20 2006, 225-229.

Chancen und Risiken des EWU-Beitritts für den Aufholprozess. In: Hasse, Rolf / Kunze, Cornelie (eds.): Die mittel- und osteuropäischen EU-Länder im wirtschaftlichen Aufholprozess: Strategien und Realitäten. Leipziger Beiträge zu Wirtschaft und Gesellschaft 17. Leipziger Universitätsverlag 2005, 129-142.

International Capital Markets and Exchange Rate Stabilization in the CIS and East Asia. In: De Souza, Lúcio / Lombaerde, Philippe (eds.): Monetary and Exchange Rate Policy in CIS Countries. Ashgate 2005, 13-38.

Exchange Rate Regime and Macroeconomic Performance in Central and Eastern Europe. In: Schadler, Susan (ed.): Euro Adoption in Central and Eastern Europe: Opportunities and Challenges. International Monetary Fund 2005, 41-57. Together with Paul De Grauwe.

The East Asian Dollar Standard, Fear of Floating and Original Sin. In: McKinnon, Ronald: Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue. MIT Press 2005, 13-52. Together with Ronald McKinnon.

Synchronized Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate. In: McKinnon, Ronald: Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue. MIT Press 2005, 53-76. Together with Ronald McKinnon.

China: A Stabilizing or Deflationary Influence in East Asia? The Problem of Conflicted Virtue. In: McKinnon, Ronald: Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue. MIT Press 2005, 129-164. Together with Ronald McKinnon.

Asymmetrie in der japanisch-amerikanischen Währungspolitik. In: Pohl, Manfred / Wieczorek, Iris (eds.): Japan 2001/2002: Politik und Wirtschaft. Institut für Asienkunde 2002, 121-139.

Yen-Dollar-Kurs: Währungspolitische Entscheidungsfindung. In: Starbatty, Joachim / Smekal, Christian (eds.): Old and New Economy – Auf dem Weg in eine innovative Symbiose? Dominanz der Prozesse – Flexibilität der Strukturen – Konstanz der ökonomischen Grundregeln. Köln 2001, 222-231.

Handelsbilanzüberschüsse – Ein langfristiges Phänomen. In: Legewie, Jochen / Meyer-Ohle, Hendrik (eds.): Japans Wirtschaft im Umbruch – Schlaglichter aus dem Deutschen Institut für Japanstudien. Iudicium 1999, 23-26.

Die Rolle Japans für die Internationale Arbeitsteilung in Ostasien. In: Deutsches Institut für Japanstudien (ed.): Japanstudien. Jahrbuch des Deutschen Instituts für Japanstudien 10, 1998, 189-214.