Latest documents http://publikationen.stub.uni-frankfurt.de/index/index/ Wed, 17 Apr 2013 13:26:26 +0200 Wed, 17 Apr 2013 13:26:26 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/29714 Recently, we evaluated a fiscal consolidation strategy for the United States that would bring the government budget into balance by gradually reducing government spending relative to GDP to the ratio that prevailed prior to the crisis (Cogan et al, JEDC 2013). Specifically, we published an analysis of the macroeconomic consequences of the 2013 Budget Resolution that was passed by the U.S. House of Representatives in March 2012. In this note, we provide an update of our research that evaluates this year’s budget reform proposal that is to be discussed and voted on in the House of Representative in March 2013. Contrary to the views voiced by critics of fiscal consolidation, we show that such a reduction in government purchases and transfer payments can increase GDP immediately and permanently relative to a policy without spending restraint. Our research makes use of a modern structural model of the economy that incorporates the long-standing essential features of economics: opportunity costs, efficiency, foresight and incentives. GDP rises because households take into account that spending restraint helps avoid future increases in tax rates. Lower taxes imply less distorted incentives for work, investment and production relative to a scenario without fiscal consolidation and lead to higher growth. John F. Cogan; John B. Taylor; Volker Wieland; Maik Hendrik Wolters workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/29714 Wed, 17 Apr 2013 13:26:26 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27875 In this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 years. Rather than presenting an encompassing overview, which would be overambitious, we simply concentrate on a few selected aspects that we view as milestones in the development of this subject. We also try to illustrate some of the interactions with the political and financial system, academic discussion and the views and actions of central banks. Otmar Issing; Volker Wieland workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27875 Tue, 05 Feb 2013 10:49:24 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27872 In this paper we investigate the comparative properties of empirically-estimated monetary models of the U.S. economy using a new database of models designed for such investigations. We focus on three representative models due to Christiano, Eichenbaum, Evans (2005), Smets and Wouters (2007) and Taylor (1993a). Although these models differ in terms of structure, estimation method, sample period, and data vintage, we find surprisingly similar economic impacts of unanticipated changes in the federal funds rate. However, optimized monetary policy rules differ across models and lack robustness. Model averaging offers an effective strategy for improving the robustness of policy rules. John B. Taylor; Volker Wieland workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27872 Tue, 05 Feb 2013 10:41:16 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27871 Zusammenfassung und Ergebnisse 1. Es gibt gute Argumente für ein generelles Verbot (freiwilliger) Unterstützungsleistungen an Euro-Mitgliedstaaten. 2. Die Vereinbarkeit der Leistungen der EU im Rahmen des EFSM mit Art. 122 Abs. 2 AEUV ist fraglich. Die Beurteilung der Kausalitätsfrage ist maßgebend. 3. Die Vereinbarkeit der Leistungen der Mitgliedstaaten im Rahmen der speziellen Griechenlandhilfe und im Rahmen der EFSF mit dem AEUV in der damals geltenden Fassung ist nicht sicher. 4. Die Einführung von Art. 136 Abs. 3 AEUV modifiziert das Vertragsrecht und ist wohl noch in Einklang mit Art. 48 Abs. 6 EUV erfolgt. 5. ESM und Fiskalpakt verstoßen nach der Änderung des Primärrechts wohl nicht gegen den AEUV. 6. Unabdingbar für die Schaffung des ESM sind aber das Inkrafttreten von Art. 136 Abs. 3 AEUV und 7. Der Erwerb von Forderungen gegen Mitgliedstaaten über einen längeren Zeitraum und zur Erleichterung von Zinslasten überschreitet die Befugnisse und Zuständigkeiten des ESZB. 8. Der Erwerb von Forderungen gegen Mitgliedstaaten über einen längeren Zeitraum und zur Erleichterung von Zinslasten ist nicht mit dem Verbot der Kreditgewährung durch Zentralbanken an Hoheitsträger nach Art. 123 AEUV zu vereinbaren 9. Die Gewährung von langfristigen Krediten an Banken verstößt ebenfalls gegen die Zuständigkeitsordnung des AEUV und ist bei einer Weiterleitung der Mittel an Hoheitsträger nicht mit Art. 123 AEUV zu vereinbaren. 10. Die Akzeptierung von ausfallgefährdeten Forderungen als Sicherheit für die Gewährung von Krediten durch das ESZB verstößt gegen Art. 18.1., zweiter Spiegelstrich, Satzung ESZB/EZB. Helmut Siekmann workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27871 Tue, 05 Feb 2013 10:27:10 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27870 Helmut Siekmann workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27870 Tue, 05 Feb 2013 10:19:29 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26876 We use a novel disaggregate sectoral euro area data set with a regional breakdown to investigate price changes and suggest a new method to extract factors from over-lapping data blocks. This allows us to separately estimate aggregate, sectoral, country-specific and regional components of price changes. We thereby provide an improved estimate of the sectoral factor in comparison with previous literature, which decomposes price changes into an aggregate and idiosyncratic component only, and interprets the latter as sectoral. We find that the sectoral component explains much less of the variation in sectoral regional inflation rates and exhibits much less volatility than previous findings for the US indicate. We further contribute to the literature on price setting by providing evidence that country- and region-specific factors play an important role in addition to the sector-specific factors, emphasising heterogeneity of inflation dynamics along different dimensions. We also conclude that sectoral price changes have a “geographical” dimension, that leads to new insights regarding the properties of sectoral price changes. Guenter W. Beck; Kirstin Hubrich; Massimiliano Marcellino workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26876 Wed, 07 Nov 2012 17:16:02 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26875 Volker Wieland; Maik Hendrik Wolters workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26875 Wed, 07 Nov 2012 17:12:25 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26874 In the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In this paper we consider a fiscal consolidation strategy that brings the budget to balance by gradually reducing this spending ratio over time to the level that prevailed prior to the crisis. A crucial issue is the impact of such a consolidation strategy on the economy. We use structural macroeconomic models to estimate this impact focussing primarily on a dynamic stochastic general equilibrium model with price and wage rigidities and adjustment costs. We separate out the impact of reductions in government purchases and transfers, and we allow for a reduction in both distortionary taxes and government debt relative to the baseline of no consolidation. According to the model simulations GDP rises in the short run upon announcement and implementation of this fiscal consolidation strategy and remains higher than the baseline in the long run. We explore the role of the mix of expenditure cuts and tax reductions as well as gradualism in achieving this policy outcome. Finally, we conduct sensitivity studies regarding the type of model used and its parameterization. John F. Cogan; John B. Taylor; Volker Wieland; Maik Hendrik Wolters workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26874 Wed, 07 Nov 2012 17:06:53 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26873 We examine both the degree and the structural stability of inflation persis tence at different quantiles of the conditional inflation distribution. Previous research focused exclusively on persistence at the conditional mean of the inflation rate. Economic theory, however, provides various reasons -for example downward wage rigidities or menu costs- to expect higher inflation persistence at the upper than at the lower tail of the conditional inflation distribution. Based on post-war US data we indeed find slower mean reversion in response to positive than to negative shocks. We find robust evidence for a structural break in persistence at all quantiles of the inflation process in the early 1980s. Inflation persistence has decreased and become more homogeneous across quantiles. Persistence at the conditional mean became more informative about the degree of persistence across the entire conditional inflation distribution. While prior to the 1980s inflation was not mean reverting in response to large positive shocks, our evidence strongly suggests that since the end of the Volcker disinflation the unit root can be rejected at every quantile including the upper tail of the conditional inflation distribution. Peter Tillmann; Maik Hendrik Wolters workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26873 Wed, 07 Nov 2012 17:04:59 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26872 This paper investigates the accuracy of point and density forecasts of four DSGE models for inflation, output growth and the federal funds rate. Model parameters are estimated and forecasts are derived successively from historical U.S. data vintages synchronized with the Fed’s Greenbook projections. Point forecasts of some models are of similar accuracy as the forecasts of nonstructural large dataset methods. Despite their common underlying New Keynesian modeling philosophy, forecasts of different DSGE models turn out to be quite distinct. Weighted forecasts are more precise than forecasts from individual models. The accuracy of a simple average of DSGE model forecasts is comparable to Greenbook projections for medium term horizons. Comparing density forecasts of DSGE models with the actual distribution of observations shows that the models overestimate uncertainty around point forecasts. Maik Hendrik Wolters workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26872 Wed, 07 Nov 2012 17:01:50 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26871 The withdrawal of foreign capital from emerging countries at the height of the recent financial crisis and its quick return sparked a debate about the impact of capital flow surges on asset markets. This paper addresses the response of property prices to an inflow of foreign capital. For that purpose we estimate a panel VAR on a set of Asian emerging market economies, for which the waves of inflows were particularly pronounced, and identify capital inflow shocks based on sign restrictions. Our results suggest that capital inflow shocks have a significant effect on the appreciation of house prices and equity prices. Capital inflow shocks account for - roughly - twice the portion of overall house price changes they explain in OECD countries. We also address crosscountry differences in the house price responses to shocks, which are most likely due to differences in the monetary policy response to capital inflows. Peter Tillmann workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26871 Wed, 07 Nov 2012 16:28:06 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26870 The complexity resulting from intertwined uncertainties regarding model misspecification and mismeasurement of the state of the economy defines the monetary policy landscape. Using the euro area as laboratory this paper explores the design of robust policy guides aiming to maintain stability in the economy while recognizing this complexity. We document substantial output gap mismeasurement and make use of a new model data base to capture the evolution of model specification. A simple interest rate rule is employed to interpret ECB policy since 1999. An evaluation of alternative policy rules across 11 models of the euro area confirms the fragility of policy analysis optimized for any specific model and shows the merits of model averaging in policy design. Interestingly, a simple difference rule with the same coefficients on inflation and output growth as the one used to interpret ECB policy is quite robust as long as it responds to current outcomes of these variables. Athanasios Orphanides; Volker Wieland workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26870 Wed, 07 Nov 2012 16:24:57 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26869 Motivated by the U.S. events of the 2000s, we address whether a too low for too long interest rate policy may generate a boom-bust cycle. We simulate anticipated and unanticipated monetary policies in state-of-the-art DSGE models and in a model with bond financing via a shadow banking system, in which the bond spread is calibrated for normal and optimistic times. Our results suggest that the U.S. boom-bust was caused by the combination of (i) too low for too long interest rates, (ii) excessive optimism and (iii) a failure of agents to anticipate the extent of the abnormally favorable conditions. Fabio Verona; Manuel M. F. Martins; Inês Drumond workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26869 Wed, 07 Nov 2012 16:19:27 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26868 In this paper, I introduce lumpy micro-level capital adjustment into a sticky information general equilibrium model. Lumpy adjustment arises because of inattentiveness in capital investment decisions instead of the more common assumption of non-convex adjustment costs. The model features inattentiveness as the only source of stickiness. I find that the model with lumpy investment yields business cycle dynamics which differ substantially from those of an otherwise identical model with frictionless investment and are much more consistent with the empirical evidence. These results therefore strengthen the case in favour of the relevance of microeconomic investment lumpiness for the business cycle. Fabio Verona workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26868 Wed, 07 Nov 2012 16:15:07 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26867 This paper outlines relatively easy to implement reforms for the supervision of transnational banking-groups in the E.U. that should not be primarily based on legal form but on the actual risk structures of the pertinent financial institutions. The proposal also aims at paying close attention to the economics of public administration and international relations in allocating competences among national and supranational supervisory bodies. Before detailing the own proposition, this paper looks into the relationship between sovereign debt and banking crises that drive regulatory reactions to the financial turmoil in the Euro area. These initiatives inter alia affirm effective prudential supervision as a pivotal element of crisis prevention. In order to arrive at a more informed idea, which determinants apart from a perceived appetite for regulatory arbitrage drive banks’ organizational choices, this paper scrutinizes the merits of either a branch or subsidiary structure for the cross-border business of financial institutions. In doing so, it also considers the policy-makers perspective. The analysis shows that no one size fits all organizational structure is available and concludes that banks’ choices should generally not be second-guessed, particularly because they are subject to (some) market discipline. The analysis proceeds with describing and evaluating how competences in prudential supervision are currently allocated among national and supranational supervisory authorities. In order to assess the findings the appraisal adopts insights form the economics of public administration and international relations. It argues that the supervisory architecture has to be more aligned with bureaucrats’ incentives and that inefficient requirements to cooperate and share information should be reduced. Contrary to a widespread perception, shifting responsibility to a supranational authority cannot solve all the problems identified. Resting on these foundations, the last part of this paper finally sketches an alternative solution that dwells on far-reaching mutual recognition of national supervisory regimes and allocates competences in line with supervisors’ incentives and the risk inherent in crossborder banking groups. Tobias Tröger workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26867 Wed, 07 Nov 2012 16:10:00 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27331 periodicalpart http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27331 Wed, 07 Nov 2012 13:49:01 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27251 n the aftermath of the global financial crisis and great recession, many countries face substantial deficits and growing debts. In the United States, federal government outlays as a ratio to GDP rose substantially from about 19.5 percent before the crisis to over 24 percent after the crisis. In this paper we consider a fiscal consolidation strategy that brings the budget to balance by gradually reducing this spending ratio over time to the level that prevailed prior to the crisis. A crucial issue is the impact of such a consolidation strategy on the economy. We use structural macroeconomic models to estimate this impact focussing primarily on a dynamic stochastic general equilibrium model with price and wage rigidities and adjustment costs. We separate out the impact of reductions in government purchases and transfers, and we allow for a reduction in both distortionary taxes and government debt relative to the baseline of no consolidation. According to the model simulations GDP rises in the short run upon announcement and implementation of this fiscal consolidation strategy and remains higher than the baseline in the long run. We explore the role of the mix of expenditure cuts and tax reductions as well as gradualism in achieving this policy outcome. Finally, we conduct sensitivity studies regarding the type of model used and its parameterization. John F. Cogan; John B. Taylor; Volker Wieland; Maik H. Wolters workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/27251 Thu, 18 Oct 2012 14:09:48 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26632 Notenbanken haben heute nicht die Aufgabe, die Geldmenge zu kontrollieren.Ihr Job ist es, den Wert des Geldes – und damit den Preis der Wirtschaftsgüter in der jeweiligen Währung – zu stabilisieren. Doch wie ist diese Preisstabilität am besten herzustellen? Muss man dabei nicht doch die Geldmenge im Auge behalten? Unter monetären Ökonomen gibt es dazu eine wissenschaftliche Debatte. Volker Wieland article http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/26632 Thu, 04 Oct 2012 09:26:52 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/25336 I characterize optimal monetary and fiscal policy in a stochastic New Keynesian model when nominal interest rates may occasionally hit the zero lower bound. The benevolent policymaker controls the short-term nominal interest rate and the level of government spending. Under discretionary policy, accounting for fiscal stabilization policy eliminates to a large extent the welfare losses associated with the presence of the zero bound. Under commitment, the gains associated with the use of the fiscal policy tool remain modest, even though fiscal stabilization policy is part of the optimal policy mix. Sebastian Schmidt workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/25336 Thu, 19 Jul 2012 13:57:45 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/25256 This chapter aims to provide a hands-on approach to New Keynesian models and their uses for macroeconomic policy analysis. It starts by reviewing the origins of the New Keynesian approach, the key model ingredients and representative models. Building blocks of current-generation dynamic stochastic general equilibrium (DSGE) models are discussed in detail. These models address the famous Lucas critique by deriving behavioral equations systematically from the optimizing and forward-looking decision-making of households and firms subject to well-defined constraints. State-of-the-art methods for solving and estimating such models are reviewed and presented in examples. The chapter goes beyond the mere presentation of the most popular benchmark model by providing a framework for model comparison along with a database that includes a wide variety of macroeconomic models. Thus, it offers a convenient approach for comparing new models to available benchmarks and for investigating whether particular policy recommendations are robust to model uncertainty. Such robustness analysis is illustrated by evaluating the performance of simple monetary policy rules across a range of recently-estimated models including some with financial market imperfections and by reviewing recent comparative findings regarding the magnitude of government spending multipliers. The chapter concludes with a discussion of important objectives for on-going and future research using the New Keynesian framework. Sebastian Schmidt; Volker Wieland workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/25256 Thu, 19 Jul 2012 10:24:02 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/24083 How do changes in market structure affect the US business cycle? We estimate a monetary DSGE model with endogenous …rm/product entry and a translog expenditure function by Bayesian methods. The dynamics of net business formation allow us to identify the 'competition effect', by which desired price markups and inflation decrease when entry rises. We …find that a 1 percent increase in the number of competitors lowers desired markups by 0.18 percent. Most of the cyclical variability in inflation is driven by markup fluctuations due to sticky prices or exogenous shocks rather than endogenous changes in desired markups. Vivien Lewis; Arnoud Stevens workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/24083 Tue, 03 Apr 2012 15:49:27 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/24081 This paper characterises optimal monetary policy in an economy with endogenous …firm entry, a cash-in-advance constraint and preset wages. Firms must make pro…fits to cover entry costs; thus the markup on goods prices is efficient. However, because leisure is not priced at a markup, the consumption-leisure tradeoff is distorted. Consequently, the real wage, hours and production are suboptimally low. Due to the labour requirement in entry, insufficient labour supply also implies that entry is too low. The paper shows that in the absence of …fiscal instruments such as labour income subsidies, the optimal monetary policy under sticky wages achieves higher welfare than under flexible wages. The policy maker uses the money supply instrument to raise the real wage - the cost of leisure - above its flexible-wage level, in response to expansionary shocks to productivity and entry costs. This raises labour supply, expanding production and …rm entry. Vivien Lewis workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/24081 Tue, 03 Apr 2012 15:09:25 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/24080 In the aftermath of the global financial crisis, the state of macroeconomicmodeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped produce some very influential insights such as the Taylor rule. However, they have been infrequent and costly, because they require the input of many teams of researchers and multiple meetings to obtain a limited set of comparative findings. This paper provides a new approach that enables individual researchers to conduct model comparisons easily, frequently, at low cost and on a large scale. Using this approach a model archive is built that includes many well-known empirically estimated models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is created that allows straightforward comparisons of models’ implications. Its application is illustrated by comparing different monetary and fiscal policies across selected models. Researchers can easily include new models in the data base and compare the effects of novel extensions to established benchmarks thereby fostering a comparative instead of insular approach to model development. Volker Wieland; Tobias Cwik; Gernot J. Müller; Sebastian Schmidt; Maik Hendrik Wolters workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/24080 Tue, 03 Apr 2012 14:53:50 +0200 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/24238 (1) Unter „öffentlichen Banken“ sind Kreditinstitute in unmittelbarer oder mittelbarer Trägerschaft einer Gebietskörperschaft zu verstehen. (2) Eine Bestandsaufnahme ergibt, dass ein nennenswerter Teil der „öffentlichen Banken“ materiell privatisiert oder stark umgeformt worden ist. (3) Die Sicherung der Kunden durch Anstaltslast und Gewährträgerhaftung ist weitgehend beseitigt worden, ohne dass dies den Betroffenen hinreichend deutlich gemacht worden ist. (4) Die bestehenden „öffentlichen Banken“ sind deutlich vielgestaltiger organisiert als noch vor wenigen Jahren. (5) Auch „öffentliche Banken“ unterliegen regelmäßig der „allgemeinen“ Aufsicht und Kontrolle, wie sie für privatwirtschaftliche Institute in ihrer jeweiligen Rechtsform gelten. (6) Darüber hinaus ist aus verfassungsrechtlichen Gründen eine besondere Leitung, Aufsicht und Kontrolle der „öffentliche Banken“ durch ihr Trägergemeinwesen erforderlich; nicht zuletzt um die Einhaltung ihres besonderen öffentlichen Auftrags kontrollieren zu können. (7) Die Prüfung durch Wirtschafsprüfer kann diese Aufgaben nicht erfüllen. (8) Sie ist an erster Stelle Aufgabe der Exekutive des Trägergemeinwesens. (9) Eine bloße Rechtsaufsicht ist verfassungsrechtlich problematisch, jedenfalls dann wenn eine Einstandspflicht des Trägergemeinwesens besteht. (10) Die Mitwirkung in Aufsichtsgremien der „öffentliche Banken“ ist keine hinreichende Aufsicht in diesem Sinne. 63 (11) Darüber hinaus sind die parlamentarische Kontrolle und die Kontrolle durch die Rechnungshöfe ganz wesentlich. (12) Die Kontrolle durch Sicherungseinrichtungen kann wirksam und sinnvoll sein. (13) Öffentlich-rechtliche und privatrechtliche Mischformen dürfen nicht zu einer Ausdünnung von Aufsicht und Kontrolle führen. (14) Der Einsatz des Instituts der Beleihung ist nur dann rechtlich akzeptabel, wenn ein durchgehender Aufsichts- und Leitungsstrang auch gegenüber dem Beliehenen gesichert ist. (15) Überlegungen zur Neuordnung der „öffentlichen Banken“ müssen zuerst die Frage beantworten, ob und welche Bankdienstleistungen der Staat unmittelbar oder mittelbar anbieten sollte. (16) Eine Grundversorgung der Bevölkerung mit einfachen Bankdienstleistungen, die sicher, einfach, kostengünstig und leicht erreichbar sind, ist eine staatliche Aufgabe. Hier liegt in weitem Umfang Marktversagen vor. (17) Ob ein reformiertes Einlagensicherungssystem die notwendige Sicherheit bieten kann, ist zweifelhaft, solange keine Staatsgarantie für die Sicherungseinrichtungen besteht. (18) Es ist an eine Reaktivierung von Anstaltslast und Gewährträgerhaftung für einfache Institute zur Grundversorgung der Bevölkerung zu denken. (19) Leitung und Kontrolle des Managements „öffentlicher Banken“ müssen wesentlich strenger werden, um jegliche Risiken für die öffentlichen Haushalte auszuschließen. Gehaltsmäßig muss ihre Leitung so uninteressant sein, dass sie weder für Politiker noch für „Finanzingenieure“ attraktiv ist. Helmut Siekmann workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/24238 Mon, 06 Feb 2012 08:13:58 +0100 http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/22699 Helmut Siekmann workingpaper http://publikationen.stub.uni-frankfurt.de/frontdoor/index/index/docId/22699 Wed, 14 Sep 2011 16:42:58 +0200