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Auf der Suche nach der optimalen Finanzmarktaufsicht

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  • Hartung, Thomas
  • Sell, Friedrich L.
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    Abstract

    In diesem Beitrag werden mögliche ordnungspolitische Konsequenzen der Finanzmarktkrise in Folge der Turbulenzen auf dem US-amerikanischen Hypothekenkreditmarkt diskutiert. Zunächst erläutern die Autoren theoretisch und empirisch die Phänomene der Bankenkrisen und der Ansteckung in einem vernetzten Finanzmarkt, wie er in Europa vorliegt. Der derzeitige Status Quo der Finanzmarktaufsicht in Deutschland/Europa wird in seiner Funktionsweise geschildert, Schwächen und Stärken werden heraus gestellt. Anschließend entwickeln die Verfasser übergeordnete und abgeleitete Kriterien zur Bestimmung einer optimalen Finanzmarktaufsicht. Diese werden herangezogen, um drei unterschiedliche Szenarien zu bewerten und zu vergleichen: Den Status Quo, eine von den nationalen Notenbanken und der EZB dominierte Finanzmarktaufsicht sowie ein drittes, synthetisches Szenario für eine, gegebenenfalls erst zu schaffende neue Aufsichtsbehörde. -- In this paper, the authors discuss the consequences for the national and/or international financial market supervision on the background of the recent turmoil in the US mortgage market. In the first place, the phenomena of bank runs and contagion in interrelated financial markets are illustrated both theoretically and empirically. The actual legal and institutional setup of financial market supervision in Germany and Europe is presented; its functioning,strength and weaknesses are discussed. In the following, the authors develop superior and derived criteria for the design and definition of an optimal financial market supervision. These criteria then serve to assess and compare three different scenarios: the actual status quo (in Germany and Europe), a second scenario, in which national centralbanks and the ECB take the lead in financial market supervision and, finally, a third scenario, where a synthetic new institution is responsible for the control of financial markets.

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    Bibliographic Info

    Paper provided by Universität der Bundeswehr München, Economic Research Group in its series Working Papers in Economics with number 2008,1.

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    Date of creation: 2008
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    Handle: RePEc:zbw:ubwwpe:20081

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    Keywords: Finanzmarktaufsicht; Bank Runs; Ansteckung auf Finanzmärkten; financial market supervision; bank runs; contagion in financial markets;

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