IDEAS home Printed from https://ideas.repec.org/a/wfo/monber/y2008i8p577-591.html
   My bibliography  Save this article

Auswirkungen der Finanz- und Immobilienkrise auf die Realwirtschaft

Author

Listed:
  • Marcus Scheiblecker

Abstract

Seit dem Platzen der Spekulationsblase auf dem Immobilienmarkt der USA verfielen die Hauspreise um 20%. Dadurch verringerte sich die Besicherungsgrundlage von Hypothekardarlehen und immobilienbesicherten Wertpapieren. Dies löste in den USA eine Finanzkrise aus, und auch europäische Banken erlitten große Verluste. Während die Finanzkrise die Realwirtschaft Europas direkt nur begrenzt beeinträchtigt, dürfte die damit einhergehende Verschlechterung der Konjunktur in den USA das heimische Wirtschaftswachstum stärker bremsen. Die negativen Effekte können sich über mehrere Kanäle übertragen. Zusätzlich wirken die Dollarschwäche und die starke Verteuerung von Rohstoffen und Agrarprodukten wachstumsdämpfend. Einzelne Länder, etwa Spanien, Irland und Großbritannien, werden überdurchschnittlich betroffen sein.

Suggested Citation

  • Marcus Scheiblecker, 2008. "Auswirkungen der Finanz- und Immobilienkrise auf die Realwirtschaft," WIFO Monatsberichte (monthly reports), WIFO, vol. 81(8), pages 577-591, August.
    • Handle: RePEc:wfo:monber:y:2008:i:8:p:577-591
    Note: With English abstract.
    as

    Download full text from publisher

    File URL: https://www.wifo.ac.at/wwa/pubid/33283
    File Function: abstract
    Download Restriction: Payment required
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Charles Goodhart & Boris Hofmann & Miguel Segoviano, 2004. "Bank Regulation and Macroeconomic Fluctuations," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 20(4), pages 591-615, Winter.
    2. Alan Greenspan & James Kennedy, 2008. "Sources and uses of equity extracted from homes," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(1), pages 120-144, spring.
    3. Christian Dreger & Jiri Slacalek, 2007. "Finanzmarktentwicklung, Immobilienpreise und Konsum," DIW Wochenbericht, DIW Berlin, German Institute for Economic Research, vol. 74(35), pages 533-536.
    4. Charles Goodhart & Boris Hofmann, 2008. "House prices, money, credit, and the macroeconomy," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(1), pages 180-205, spring.
    5. Franz R. Hahn, 2008. "Internationale Bankenkrise und die Rolle von Finanzaufsicht und Finanzinnovationen," WIFO Monatsberichte (monthly reports), WIFO, vol. 81(8), pages 593-606, August.
    6. Nathalie Girouard & Mike Kennedy & Christophe André, 2006. "Has the Rise in Debt Made Households More Vulnerable?," OECD Economics Department Working Papers 535, OECD Publishing.
    7. David Miles & Vladimir Pillonca, 2008. "Financial innovation and European housing and mortgage markets," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 24(1), pages 145-175, spring.
    8. Markus Marterbauer & Ewald Walterskirchen, 2005. "Einfluss der Haus- und Wohnungspreise auf das Wirtschaftswachstum," WIFO Monatsberichte (monthly reports), WIFO, vol. 78(11), pages 761-774, November.
    9. Markus Marterbauer & Ewald Walterskirchen, 2005. "Einfluss der Haus- und Wohnungspreise auf Wirtschaftswachstum und Inflation," WIFO Studies, WIFO, number 25691, February.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Fritz Breuss, 2009. "Mangelnde "Europäisierung" der nationalen Konjunkturzyklen als Risiko für den Euro-Raum," WIFO Monatsberichte (monthly reports), WIFO, vol. 82(2), pages 125-138, February.
    2. Fritz Breuss, 2009. "Lacking "Europeanisation" of National Business Cycles as a Risk for the Euro Area," Austrian Economic Quarterly, WIFO, vol. 14(2), pages 91-104, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Baumann, Alexendra & Wohlrabe, Klaus, 2019. "Publikationen von Wirtschaftsforschungsinstituten im deutschsprachigen Raum - Eine bibliometrische Analyse [Publications of Economic Research Insitutes in the German Speaking Area - A bibliometric ," MPRA Paper 92240, University Library of Munich, Germany.
    2. Tomas Konecny & Oxana Babecka-Kucharcukova, 2016. "Credit Spreads and the Links between the Financial and Real Sectors in a Small Open Economy: The Case of the Czech Republic," Czech Journal of Economics and Finance (Finance a uver), Charles University Prague, Faculty of Social Sciences, vol. 66(4), pages 302-321, August.
    3. Hein, Eckhard, 2011. "Distribution, ‘Financialisation’ and the Financial and Economic Crisis – Implications for Post-crisis Economic Policies," MPRA Paper 31180, University Library of Munich, Germany.
    4. Musso, Alberto & Neri, Stefano & Stracca, Livio, 2011. "Housing, consumption and monetary policy: How different are the US and the euro area?," Journal of Banking & Finance, Elsevier, vol. 35(11), pages 3019-3041, November.
    5. Andrea Kunnert, 2013. "Baubewilligungen für Wohneinheiten in Österreich: Prognose 2012/13 und regionale Entwicklung 2006/2011. Teilbericht 2," WIFO Studies, WIFO, number 67110, February.
    6. Christophe André, 2010. "A Bird's Eye View of OECD Housing Markets," OECD Economics Department Working Papers 746, OECD Publishing.
    7. Bouvatier, Vincent & López-Villavicencio, Antonia & Mignon, Valérie, 2014. "Short-run dynamics in bank credit: Assessing nonlinearities in cyclicality," Economic Modelling, Elsevier, vol. 37(C), pages 127-136.
    8. Gertler, Pavel & Hofmann, Boris, 2018. "Monetary facts revisited," Journal of International Money and Finance, Elsevier, vol. 86(C), pages 154-170.
    9. Rangan Gupta & Christophe André & Luis Gil-Alana, 2015. "Comovement in Euro area housing prices: A fractional cointegration approach," Urban Studies, Urban Studies Journal Limited, vol. 52(16), pages 3123-3143, December.
    10. Franz R. Hahn, 2008. "Internationale Bankenkrise und die Rolle von Finanzaufsicht und Finanzinnovationen," WIFO Monatsberichte (monthly reports), WIFO, vol. 81(8), pages 593-606, August.
    11. Andrea Kunnert, 2012. "Prognose der Wohnbaubewilligungen für Wohneinheiten in Österreich 2012 und 2013. Teilbericht 1," WIFO Studies, WIFO, number 67109, February.
    12. Michael Klien & Andrea Kunnert, 2014. "Baubewilligungen für Wohneinheiten in Österreich. Prognose 2014 und 2015," WIFO Studies, WIFO, number 58602, February.
    13. Muellbauer, John & Aron, Janine & Duca, John V & Murata, Keiko & Murphy, Anthony, 2010. "Credit, Housing Collateral and Consumption: Evidence from the UK, Japan and the US," CEPR Discussion Papers 7876, C.E.P.R. Discussion Papers.
    14. Andrea Kunnert, 2013. "Prognose der Baubewilligungen für Wohneinheiten in Österreich 2013 und 2014. Teilbericht 4," WIFO Studies, WIFO, number 67111, February.
    15. Andrea Kunnert, 2013. "Baubewilligungen für Wohneinheiten in Österreich: Prognose 2012/2014 und regionale Entwicklung 2006/2011," WIFO Studies, WIFO, number 46678, February.
    16. Ewald Walterskirchen & Karl Aiginger & Sandra Steindl, 2006. "Teilstudie 2: Wachstum und Beschäftigung in Europa seit 1995," WIFO Studies, WIFO, number 27441, February.
    17. Axel A Weber & Rafael Gerke & Andreas Worms, 2009. "Has the monetary transmission process in the euro area changed? Evidence vased on VAR estimates," BIS Working Papers 276, Bank for International Settlements.
    18. Balasubramanyan, Lakshmi & Coulson, Edward, 2013. "Do house prices impact business starts?," Journal of Housing Economics, Elsevier, vol. 22(1), pages 36-44.
    19. Jörg Bibow, 2010. "Alternative Strategien der Budgetkonsolidierung in Österreich nach der Rezession," IMK Studies 03-2010, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    20. Patrick J. Wilson & Ralf Zurbruegg, 2008. "Big City Difference? Another Look at Factors Driving House Prices," Journal of Property Research, Taylor & Francis Journals, vol. 25(2), pages 157-177, November.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wfo:monber:y:2008:i:8:p:577-591. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Florian Mayr (email available below). General contact details of provider: https://edirc.repec.org/data/wifooat.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.