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Ein Modell für Finanzkrisen bei Moral Hazard und Überinvestition

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  • Schwarze, Nicolas Henrik
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    Die von der Asienkrise (1997-99) betroffenen Staaten wiesen im Vorfeld der Krise positive Fundamentaldaten auf. Traditionelle Krisentheorien konnten deshalb nicht zur Erklärung der Krise herangezogen werden. In diesem Paper wird ein alternativer Erklärungsansatz für Finanzkrisen in offenen Volkswirtschaften dargelegt. Kern dieses Ansatzes ist eine staatliche Garantie auf Kredite, die Moral Hazard Verhalten bei privaten Akteuren bewirkt. Daraus entsteht eine übermäßige Kreditnahme und Überinvestition in der betrachteten Volkswirtschaft. Es wird gezeigt, wie dadurch eine Krise entstehen kann, die durch Unternehmensinsolvenzen, Outputrückgang und einen starken Verlust von staatlichen Währungsreserven gekennzeichnet ist.

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    Paper provided by Bamberg University, Bamberg Economic Research Group in its series BERG Working Paper Series with number 44.

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    Date of creation: 2003
    Handle: RePEc:zbw:bamber:44
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