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Unser Finanzsystem: Nur für Schönwetterlagen tauglich?

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  • Wallmeier, Martin

Abstract

The near-meltdown of the financial system in the global financial crisis of 2008 raises the question whether the system is sturdily designed or only suitable in “fair weather conditions”. This article highlights critical components of the current financial architecture: the risk and maturity transformation of banks, excessive debt, and illusory expectations of market participants that provide the basis for irrational exuberance. The crisis has not primarily revealed deficiencies of financial theory; it has rather shown how important it is to take the theory seriously. The focus in shaping the financial system should be on robustness and simple principles to support the real economy.

Suggested Citation

  • Wallmeier, Martin, 2021. "Unser Finanzsystem: Nur für Schönwetterlagen tauglich?," Die Unternehmung - Swiss Journal of Business Research and Practice, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 75(2), pages 228-237.
    • Handle: RePEc:nms:untern:10.5771/0042-059x-2021-2-228
    DOI: 10.5771/0042-059X-2021-2-228
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