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Home / Dirk Niepelt / “Kunden sollten zwischen Sichtguthaben und elektronischem Notenbankgeld wählen können (Let People Choose Between Deposits and Reserves),” NZZ, 2017

“Kunden sollten zwischen Sichtguthaben und elektronischem Notenbankgeld wählen können (Let People Choose Between Deposits and Reserves),” NZZ, 2017

Summary:
NZZ, August 17, 2017. HTML, PDF. The Vollgeld initiative may point to a problem but it does not propose a viable solution. Even with Vollgeld, the time consistency friction with its Too-Big-To-Fail implication would persist. A more flexible, liberal approach appears more promising. It would give the general public a choice between holding deposits and reserves. Financial institutions and central banks around the world are pushing in that direction.

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NZZ, August 17, 2017. HTML, PDF.

  • The Vollgeld initiative may point to a problem but it does not propose a viable solution.
  • Even with Vollgeld, the time consistency friction with its Too-Big-To-Fail implication would persist.
  • A more flexible, liberal approach appears more promising.
  • It would give the general public a choice between holding deposits and reserves.
  • Financial institutions and central banks around the world are pushing in that direction.
Dirk Niepelt
Dirk Niepelt is Director of the Study Center Gerzensee and Professor at the University of Bern. A research fellow at the Centre for Economic Policy Research (CEPR, London), CESifo (Munich) research network member and member of the macroeconomic committee of the Verein für Socialpolitik, he served on the board of the Swiss Society of Economics and Statistics and was an invited professor at the University of Lausanne as well as a visiting professor at the Institute for International Economic Studies (IIES) at Stockholm University.

One comment

  1. Dr. P. Steinmann

    Aus Sicht des Volkes, welches sichere Zahlungsverkehrskonten will und Banken nie mehr mit Steuergeldern retten will, überzeugt die Argumentation von D. Niepelt überhaupt nicht!
    Es scheint mir ein verzweifelter Versuch zu sein, die Initiative zu verwässern und eine begriffliche Verwirrung anzuzetteln.

    Der Vollgeld-Initiativtext ist inhaltlich viel klarer, eindeutiger und zielführender.
    Das Volk wird sich nicht durch pseudowissenschaftliche Konfusion verwirren lassen – sorry, ich bin klar für das Original!
    Ich finde es sehr schade, dass sich die Nationalbank auf die Seite der Eliten und Privatbanken, und nicht auf die Seite des Volkes stellt.

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