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Teilstudie 5: Der Einfluss der Finanz- und Kapitalmarktsysteme

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Abstract

Globalisierung, neue Technologien und verschärfter Wettbewerb haben die Risken im Finanzsystem erhöht und die Akteure zu vorsichtigeren Verhaltensweisen veranlasst. Banken suchen verstärkte Absicherung ihrer Finanzierungen, und die Unternehmen fordern eine höhere Rendite ihrer Investitionen. Das ist eine der Ursachen der gegenwärtigen Wachstumsschwäche. Zu ihrer Überwindung empfehlen viele Ökonomen einen Ausbau der Finanzmärkte und einen verstärkten Übergang zu einem marktbasierten Finanzsystem. Theoretiker sehen darin alle Vorteile der Marktautomatismen, Praktiker vor allem eine Möglichkeit zur stärkeren Streuung von Risken, insbesondere von Markt- und Kreditrisken. Der Beitrag kann keine Überlegenheit marktbasierter Systeme gegenüber bankdominierten belegen. Umfang und Qualität der Bereitstellung von Finanzdienstleistungen sind wichtiger als die institutionellen Unterschiede zwischen Finanzsystemen. Sehr wohl aber könnte ein Ausbau von Instrumenten zur aktiven Risikosteuerung und Risikodiversifikation zu einer Wachstumsbeschleunigung beitragen. Insbesondere wird vorgeschlagen, den kleinen und mittleren Unternehmen den Zugang zu den modernen Techniken der Verbriefung zu erleichtern.

Suggested Citation

  • Franz R. Hahn, 2006. "Teilstudie 5: Der Einfluss der Finanz- und Kapitalmarktsysteme," WIFO Studies, WIFO, number 27444, April.
    • Handle: RePEc:wfo:wstudy:27444
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