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Die Finanzmarktkrise: Ursachen und Auswirkungen auf die Leasing-Branche

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  • Hartmann-Wendels, Thomas

Abstract

Neben einer chronologischen Darstellung der Ereignisse bietet der Artikel eine Analyse der gegenwärtigen Finanz- und Wirtschaftskrise. Zunächst Mitte 2007 als Subprime-Krise gestartet, hatten die Kreditausfälle in den U.S.A. weltweite Folgen, die in ihrem Ausmaß und ihrer Dauer auch von der Fachwelt anfangs unterschätzt wurde. Der Markt für verbriefte Forderungen brach zusammen und riss aufgrund des Vertrauensverlustes andere Märkte mit sich. Auch der Interbankengeldmarkt kam zum Erliegen, das Misstrauen unter den Banken wurde so groß, dass man sich untereinander kein Geld mehr lieh und Liquiditätsengpässe entstanden. Im Zuge der Finanzkrise und der zurückhaltenden Kreditvergabe der Banken geriet auch die gesamte Wirtschaft in Mitleidenschaft. Forderungsverbriefungen dienen üblicherweise dazu, Risikodiversifikation im Kreditportfolio zu betreiben. Herrscht allerdings über die Beschaffenheit der Produkte keine Transparenz mehr, kann die Bonität der einzelnen Verbriefungstranchen nicht mehr unterschieden werden. Ausfallrisiken greifen um sich, Märkte brechen ein. Die Regelungen von Basel II zielen zwar darauf ab, die bislang gängige Regulierungsarbitrage durch ABS-Transaktionen zu verhindern, ließ jedoch eine Umgehung bei den Liquiditätszusagen der Banken zu, die die Verbriefungsvehikel initiiert haben. Fazit ist, keine umfangreicheren Vorschriften zu erlassen oder weitere Finanzintermediäre wie z.B. Leasinggesellschaften einer Regulierung zu unterwerfen, sondern die Anwendung der herrschenden Regelungen besser zu beschreiben.

Suggested Citation

  • Hartmann-Wendels, Thomas, 2008. "Die Finanzmarktkrise: Ursachen und Auswirkungen auf die Leasing-Branche," Leasing - Wissenschaft & Praxis, Universität zu Köln, Forschungsinstitut für Leasing, vol. 6(2), pages 3-17.
    • Handle: RePEc:zbw:uoclwp:60296
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    References listed on IDEAS

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