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Globalisierung der Finanzmärkte: Freier Kapitalverkehr oder Tobin-Steuer?

  • Buch, Claudia M.
  • Heinrich, Ralph P.
  • Pierdzioch, Christian

Freier internationaler Kapitalverkehr kann eine Reihe von positiven Effekten auf die wirtschaftliche Entwicklung haben. Kapital wird in die produktivsten Investitionsprojekte gelenkt, Investitionsrisiken werden gestreut, neue Technologien verbreitet, und effiziente Finanzsysteme können sich entwickeln. Dies macht eine Integration in die internationalen Kapitalmärkte attraktiv – nicht zuletzt auch für Länder in einem relativ frühen Entwicklungsstadium. Allerdings stehen diesen Vorteilen auch Risiken gegenüber. Eine Öffnung für internationales Kapital kann dazu führen, Zahlungsbilanz- und Währungskrisen über den internationalen Kapitalverkehr auf eigentlich unbeteiligte Drittländer zu übertragen. Zudem kann eine vergleichsweise schnelle Anpassung der Finanzmärkte zu einer Fehlleitung von realwirtschaftlichen Ressourcen führen. Häufig wird daher eine stärkere Besteuerung kurzfristiger Kapitalströme als Abwehrmaßnahme gegen diese Risiken gefordert. Vielfach beruft man sich dabei auf einen Vorschlag von James Tobin, der in den siebziger Jahren dafür plädiert hatte, durch eine Steuer auf Devisenmarkttransaktionen „Sand in das Getriebe der internationalen Geldmärkte zu streuen“. Allerdings ergeben empirische Untersuchungen kein klares Bild darüber, wie sich Steuern auf internationale Kapitalströme auswirken und ob sie nicht sogar unerwünschte Nebenwirkungen entfalten können. Grundsätzlich können durch diese Steuern spekulative Angriffe auf überbewertete Währungen nicht verhindert, sondern bestenfalls aufgeschoben werden. Zudem ist es angesichts der technologischen Entwicklung auf den internationalen Kapitalmärkten relativ einfach, einer solchen Steuer auszuweichen. Inwieweit die Vorteile des freien Kapitalverkehrs tatsächlich genutzt und die Gefahren eingegrenzt werden können, hängt in entscheidendem Maße von der inländischen Wirtschaftspolitik ab. Kernelemente einer erfolgreichen Integrationsstrategie sollten strukturelle Reformen sein, die auf makroökonomischer Ebene überbewertete Währungen und zu hohe Außenhandelsdefizite vermeiden helfen. Im mikroökonomischen Bereich sollten die Anreize so gesetzt werden, dass eine hohe Verschuldung in ausländischer Währung vermieden wird. In vielen sich entwickelnden Volkswirtschaften müssen hierzu das Bankensystem und die Bankenaufsicht reformiert werden. Zudem sollte eine klare und transparente Informationspolitik gegenüber den Märkten betrieben werden.

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Paper provided by Kiel Institute for the World Economy (IfW) in its series Kiel Discussion Papers with number 381.

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Date of creation: 2001
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Handle: RePEc:zbw:ifwkdp:381
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