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Das Sub-Prime-Virus: Ursachen und Folgen der Finanzkrise

Author

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  • Andreas Pfingsten

Abstract

Starting from sub-prime real estate financing in the U.S., a financial crisis has developed and spread across the world mainly via structured securities. We describe a number of factors and products which fueled this process and derive economic consequences. The Fed's interest rate policy is as well discussed as are common charges against allegedly greedy managers and rating agencies. Ausgehend von problematischen Immobilien-Finanzierungen in den USA hat sich vor allem mittels Verbriefungsstrukturen eine Finanzkrise entwickelt und ausgebreitet. Im vorliegenden Beitrag werden einige begünstigende Faktoren und Produkte vorgestellt sowie Folgen für die Wirtschaft herausgearbeitet. Dabei wird die Zinssenkungspolitik der US-Notenbank ebenso diskutiert wie kursierende Schuldvorwürfe an Manager ("Gier") und an Rating-Agenturen.

Suggested Citation

  • Andreas Pfingsten, 2009. "Das Sub-Prime-Virus: Ursachen und Folgen der Finanzkrise," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 78(1), pages 14-24.
    • Handle: RePEc:diw:diwvjh:78-1-2
    DOI: 10.3790/vjh.78.1.40
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    References listed on IDEAS

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    1. John M. Quigley, 2006. "Federal credit and insurance programs: housing," Review, Federal Reserve Bank of St. Louis, vol. 88(Jul), pages 281-310.
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    5. Byström, Hans, 2007. "Structured Microfinance in China," Working Papers 2007:18, Lund University, Department of Economics.
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    Keywords

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    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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