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Internationale Bankenkrise und die Rolle von Finanzaufsicht und Finanzinnovationen

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  • Franz R. Hahn

Abstract

Die jüngste Bankenkrise, die vom Immobilienmarkt der USA ausging, stürzte die internationale Finanzordnung in eine schwere Systemkrise. Das Vertrauen in die Funktionstüchtigkeit des modernen Finanzsystems wurde so nachhaltig erschüttert, dass die ordnungspolitischen Grundlagen der Finanzaufsicht, der Regulierungsrahmen für Banken und die Rolle von Finanzinnovationen einer grundlegenden Neubewertung unterzogen werden. Dabei haben sich drei Stränge einer Neuorientierung herausgebildet, die auch den politischen Diskurs über eine künftige Reform der Finanzmarkt- und Bankenregulierung bestimmen werden: Der bestehende Regulierungsrahmen sollte durch leistungsfähige makroorientierte Kontroll- und Steuerungselemente verstärkt werden. Grundzüge einer vorausschauenden strategischen Bankenaufsichts- und Bankenüberwachungspolitik sollten entwickelt und stärker mit den Stabilitätsgrundsätzen der Geldpolitik abgestimmt werden. Die starke Anfälligkeit der Kreditderivate für Bewertungsprobleme aufgrund ungleicher Informationsverteilung sollte nicht zu deren Verbot führen. Systemgefährdende Informationsasymmetrien im Bereich komplexer Kreditderivate sollten hingegen durch marktstützende aufsichtsrechtliche Maßnahmen verringert werden.

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  • 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.
    • Handle: RePEc:wfo:monber:y:2008:i:8:p:593-606
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    References listed on IDEAS

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    Cited by:

    1. AIGINGER Karl, 2011. "Why Performance Differed Across Countries In The Recent Crisis," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 55(2), pages 20-27.
    2. Marcus Scheiblecker, 2008. "Auswirkungen der Finanz- und Immobilienkrise auf die Realwirtschaft," WIFO Monatsberichte (monthly reports), WIFO, vol. 81(8), pages 577-591, August.
    3. Karl Aiginger, 2011. "Why Growth Performance Differed across Countries in the Recent Crisis: the Impact of Pre-crisis Conditions," Review of Economics & Finance, Better Advances Press, Canada, vol. 1, pages 35-52, August.
    4. Karl Aiginger, 2009. "Strengthening the Resilience of an Economy. Strategies to Prevent another Crisis," WIFO Working Papers 338, WIFO.
    5. Karl Aiginger, 2010. "Post Crisis Policy: Some Reflections of a Keynesian Economist," WIFO Working Papers 371, WIFO.

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