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Immobilienkrise – mehr als der Auslöser der Finanzmarktkrise

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  • Ewald Walterskirchen

    (WIFO)

Abstract

Das Platzen der Immobilienpreisblase in den USA war ein zentrales Element der Finanzmarktkrise. Für Banken ist ein massiver Wertverlust von Immobilien gefährlicher als einem Börsenkrach, weil Grundstücke die zentrale Besicherung für Bankkredite sind und Hausbesitz in der Bevölkerung viel stärker verbreitet ist als Aktienbesitz. Historische Untersuchungen zeigen einen engen Zusammenhang zwischen Immobilienpreis- und Finanzmarktkrisen: Ein Verfall der Immobilienpreise geht einer Finanzmarktkrise in der Regel um ein Jahr voraus. Eine wichtige Aufgabe der Geld- und insbesondere Budgetpolitik ist, die Bildung von Preisblasen auf den Immobilienmärkten frühzeitig zu bremsen.

Suggested Citation

  • Ewald Walterskirchen, 2009. "Immobilienkrise – mehr als der Auslöser der Finanzmarktkrise," WIFO Monatsberichte (monthly reports), WIFO, vol. 82(12), pages 943-950, December.
    • Handle: RePEc:wfo:monber:y:2009:i:12:p:943-950
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    References listed on IDEAS

    as
    1. Edward E. Leamer, 2007. "Housing is the business cycle," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 149-233.
    2. Markus Marterbauer & Ewald Walterskirchen, 2005. "Einfluss der Haus- und Wohnungspreise auf das Wirtschaftswachstum," WIFO Monatsberichte (monthly reports), WIFO, vol. 78(11), pages 761-774, November.
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