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Auswirkungen makroprudenzieller Eingriffe in den deutschen Immobilienmarkt

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  • Demary, Markus
  • Haas, Heide

Abstract

Infolge der globalen Finanzmarktkrise wechselt das regulatorische Paradigma hin zu einer stärkeren makroprudenziellen Aufsicht. Neben dem bislang vorherrschenden Ansatz der mikroprudenziellen Aufsicht steht hierbei nicht mehr allein die Solvenz der Kreditinstitute im Vordergrund, sondern auch die Stabilität des gesamten Finanzsystems. Die Immobilienmärkte geraten dabei zunehmend in den Fokus der Aufsichtsbehörden. Makroprudenzielle Politik wird aktuell in Form von diskretionären Eingriffen in Erwartung auf Fehlentwicklungen auf dem Immobilien- und Kreditmarkt umgesetzt. Um die Gefahr von Politikfehlern zu reduzieren, benötigt die makroprudenzielle Politik aber eine stärkere Regelbindung. Hierzu sind verlässliche Daten erforderlich, um finanzielle Ungleichgewichte und Finanzblasen identifizieren zu können.

Suggested Citation

  • Demary, Markus & Haas, Heide, 2015. "Auswirkungen makroprudenzieller Eingriffe in den deutschen Immobilienmarkt," IW-Trends – Vierteljahresschrift zur empirischen Wirtschaftsforschung, Institut der deutschen Wirtschaft (IW) / German Economic Institute, vol. 42(4), pages 55-71.
    • Handle: RePEc:zbw:iwktre:157145
    DOI: 10.2373/1864-810X.15-04-05
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    1. Demary, Markus, 2015. "IW-Bankenmonitor 2015: Schleppende Kreditentwicklung trotz oder wegen der Rekapitalisierungsfortschritte?," IW-Trends – Vierteljahresschrift zur empirischen Wirtschaftsforschung, Institut der deutschen Wirtschaft (IW) / German Economic Institute, vol. 42(3), pages 95-113.
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      More about this item

      Keywords

      Finanzstabilität; Immobilienmarkt; Makroprudenzielle Politik;
      All these keywords.

      JEL classification:

      • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
      • G01 - Financial Economics - - General - - - Financial Crises
      • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
      • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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