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Das Sub-Prime-Virus: Ursachen und Folgen der Finanzkrise

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  • Andreas Pfingsten
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    Abstract

    Starting from sub-prime real estate financing in the U.S., a financial crisis has developed and spread across the world mainly via structured securities. We describe a number of factors and products which fueled this process and derive economic consequences. The Fed's interest rate policy is as well discussed as are common charges against allegedly greedy managers and rating agencies. Ausgehend von problematischen Immobilien-Finanzierungen in den USA hat sich vor allem mittels Verbriefungsstrukturen eine Finanzkrise entwickelt und ausgebreitet. Im vorliegenden Beitrag werden einige begünstigende Faktoren und Produkte vorgestellt sowie Folgen für die Wirtschaft herausgearbeitet. Dabei wird die Zinssenkungspolitik der US-Notenbank ebenso diskutiert wie kursierende Schuldvorwürfe an Manager ("Gier") und an Rating-Agenturen.

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    File URL: http://ejournals.duncker-humblot.de/DH/doi/pdf/10.3790/vjh.78.1.40
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    Bibliographic Info

    Article provided by DIW Berlin, German Institute for Economic Research in its journal Vierteljahrshefte zur Wirtschaftsforschung.

    Volume (Year): 78 (2009)
    Issue (Month): 1 ()
    Pages: 14-24

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    Handle: RePEc:diw:diwvjh:78-1-2

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    Keywords: Credit business; financial crisis; rating; securitisation;

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