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Eine „dienende Rolle“ für den Finanzsektor? Nicht dienen, sondern funktionieren!

  • Lukas Menkhoff

    (Leibniz Universität Hannover, Institut für Geld und Internationale Finanzwirtschaft, Königsworther Platz 1, D-30167 Hannover)

The image is undisputed in the political debate that the function of the financial sector is to “play servant” to the real economy, but the consequences derived from this debate are controversial. Clearer is the academic worlds concept to restrict the functions of the financial sector deliberately. But such restriction is hardly convincing from the different perspectives of functionality. Because of this indetermination and, respectively, restriction, a “servant role” is apparently inappropriate as a useful yardstick for reorienting the financial sector. In line with this image, it would certainly be possible to improve crisis prevention, but at the price of cuts in important functions so that a “servant role” as a concept of crisis prevention would not be any desirable solution either.

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Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

Volume (Year): 43 (2010)
Issue (Month): 2 ()
Pages: 165-182

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Handle: RePEc:kuk:journl:v:43:y:2010:i:2:p:165-182
Contact details of provider: Web page: http://www.credit-and-capital-markets.de/

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  1. Barry Eichengreen, 2009. "From the Asian crisis to the global credit crisis: reforming the international financial architecture redux," International Economics and Economic Policy, Springer, vol. 6(1), pages 1-22, June.
  2. Martin Hellwig, 2009. "Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis," De Economist, Springer, vol. 157(2), pages 129-207, June.
  3. Hellwig, Martin, 1997. "Unternehmensfinanzierung, Unternehmenskontrolle und Ressourcenallokation: Was leistet das Finanzsystem?," Sonderforschungsbereich 504 Publications 97-02, Sonderforschungsbereich 504, Universität Mannheim;Sonderforschungsbereich 504, University of Mannheim.
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