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Die EU-Insolvenzrichtlinie zu vorinsolvenzlichen Verfahren aus ordnungspolitischer Perspektive
[The EU directive on preventive restructuring frameworks from a ordoliberal perspective]

Author

Listed:
  • Schnabl, Gunther
  • Siemon, Klaus

Abstract

Das Papier analysiert die EU-Richtlinie zum vorinsolvenzlichen Verfahren (2016/0359 (COD)) vor dem Hintergrund der anhaltend lockeren Geldpolitik aus ordnungspolitischer Perspektive. Es wird gezeigt, dass die Voraussetzungen geschaffen werden, durch strategische Kreditvergabe an Unternehmen im vorinsolvenzlichen Verfahren auf Kosten anderer Gläubiger auf Bewertungsgewinne durch Insolvenz zu spekulieren. Zudem kann in einem Umfeld zunehmender Zombifizierung die Haftung von wirtschaftlich schwachen Unternehmen auf Kosten von leistungsfähigen Unternehmen und Banken aufgeweicht werden. Aus ordnungspolitischer Sicht ist die Richtlinie deshalb kritisch zu betrachten.

Suggested Citation

  • Schnabl, Gunther & Siemon, Klaus, 2018. "Die EU-Insolvenzrichtlinie zu vorinsolvenzlichen Verfahren aus ordnungspolitischer Perspektive [The EU directive on preventive restructuring frameworks from a ordoliberal perspective]," Working Papers 154, University of Leipzig, Faculty of Economics and Management Science.
  • Handle: RePEc:zbw:leiwps:154
    as

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    References listed on IDEAS

    as
    1. Grossmann, Volker & Steger, Thomas M. & Trimborn, Timo, 2013. "The macroeconomics of TANSTAAFL," Journal of Macroeconomics, Elsevier, vol. 38(PA), pages 76-85.
    2. von Prollius, Michael & Schnabl, Gunther, 2016. "Geldpolitik, Arabellion, Flüchtlingskrise," Working Papers 146, University of Leipzig, Faculty of Economics and Management Science.
    3. Schäfer, Andreas & Schneider, Maik T., 2015. "Endogenous Enforcement Of Intellectual Property, North–South Trade, And Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 19(5), pages 1074-1115, July.
    4. McKinnon, Ronald & Schnabl, Gunther, 2008. "China's exchange rate impasse and the weak U.S. dollar," Working Papers 73, University of Leipzig, Faculty of Economics and Management Science.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Insolvenz; Vorinsolvenzliches Verfahren; EU Direktive 2016/0359 (COD); Nullzinspolitik; Spekulation; Zombifizierung; Insolvencency; Preventive Restructuring Framework; EU Directive 20146/0359 (COD); Zero Interest Rate-Policy; Zombification;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • H81 - Public Economics - - Miscellaneous Issues - - - Governmental Loans; Loan Guarantees; Credits; Grants; Bailouts
    • K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law

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