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Zur Finanzmarktkrise: Die Rolle der Immobilienbewertung

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  • Oliver Arentz

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  • Johann Eekhoff

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  • Christine Arentz

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    Abstract

    Finanzmarktkrisen entstehen häufig in Folge von Immobilienpreisblasen. In dieser Arbeit wird die Entstehung von Immobilienpreisblasen unter Berücksichtigung der spezifischen Eigenschaften von Immobilienmärkten sowie von Wechselwirkungen zwischen Immobilien- und Finanzmärkten untersucht und anhand der Finanzmarktkrisen in Japan Anfang der 1990er Jahre und in den USA in den letzten Jahren illustriert. Verschiedene Immobilienwertbegriffe und einfache Indikatoren zur frühzeitigen Erkennung von Immobilienpreisblasen sowie mögliche wirtschaftspolitische Schlussfolgerungen werden kritisch diskutiert.

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    Bibliographic Info

    Paper provided by Institute for Economic Policy, Cologne, Germany in its series IWP Discussion Paper Series with number 01/2010.

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    Date of creation: Jan 2010
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    Handle: RePEc:kln:iwpdip:dp01/10

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    1. Takeo Hoshi & Anil Kashyap, 1999. "The Japanese Banking Crisis: Where Did It Come From and How Will It End?," NBER Working Papers 7250, National Bureau of Economic Research, Inc.
    2. Shiller, Robert J., 2007. "Understanding Recent Trends in House Prices and Home Ownership," Working Papers 28, Yale University, Department of Economics.
    3. D. Woo & Akihiro Kanaya, 2000. "The Japanese Banking Crisis of the 1990's," IMF Working Papers 00/7, International Monetary Fund.
    4. Johannes Mayr, 2008. "The Financial Crisis in Japan – Are There Similarities to the Current Situation?," CESifo Forum, Ifo Institute for Economic Research at the University of Munich, vol. 9(4), pages 64-68, December.
    5. Iwatsubo, Kentaro, 2007. "Bank capital shocks and portfolio risk: Evidence from Japan," Japan and the World Economy, Elsevier, vol. 19(2), pages 166-186, March.
    6. Laux, Christian & Leuz, Christian, 2009. "The crisis of fair-value accounting: Making sense of the recent debate," Accounting, Organizations and Society, Elsevier, vol. 34(6-7), pages 826-834, August.
    7. Richard J. Herring & Susan Wachter, 1999. "Real Estate Booms and Banking Busts: An International Perspective," Center for Financial Institutions Working Papers 99-27, Wharton School Center for Financial Institutions, University of Pennsylvania.
    8. Taniuchi, Mitsuru, 1997. "Recent developments in Japan's financial sector: Bad loans and financial deregulation," Journal of Asian Economics, Elsevier, vol. 8(2), pages 225-244.
    9. Benston, George J & Kaufman, George G, 1996. "The Appropriate Role of Bank Regulation," Economic Journal, Royal Economic Society, vol. 106(436), pages 688-97, May.
    10. Acharya, Viral V & Yorulmazer, Tanju, 2003. "Information Contagion and Inter-Bank Correlation in a Theory of Systemic Risk," CEPR Discussion Papers 3743, C.E.P.R. Discussion Papers.
    11. Robert Shiller, 2007. "Understanding Recent Trends in House Prices and Home Ownership," Yale School of Management Working Papers amz2557, Yale School of Management, revised 01 Nov 2007.
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