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Finanzmarktkrise: Marktversagen oder Staatsversagen? / Financial crisis: Failure of markets or politics?

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  • Michler Albrecht F.
  • Thieme H. Jörg

Abstract

In the first six month of 2009 the worldwide economic situation is characterised by a double burden: On the one hand the financial crisis is still on-going with limit signs of any recovery. The crisis which arose in the subprime segment of the US mortgage market extended due to the international integration of financial markets. On the other hand signs of increasing inflation, with the potential for more to come in the USA since middle of 2004 and later in Europe and Asia, have forced central banks to introduce a phase of very restrictive monetary policy. With time lags the monetary policy has caused significant negative real economic effects. Both developments overlap.

Suggested Citation

  • Michler Albrecht F. & Thieme H. Jörg, 2009. "Finanzmarktkrise: Marktversagen oder Staatsversagen? / Financial crisis: Failure of markets or politics?," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 60(1), pages 185-222, January.
    • Handle: RePEc:bpj:ordojb:v:60:y:2009:i:1:p:185-222:n:11
    DOI: 10.1515/ordo-2009-0111
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    References listed on IDEAS

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