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Globalisierung und unvollkommene Kapitalmärkte: Verschärft die Knappheit international anerkannter Sicherheiten Länderkrisen?

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  • Fehn, Rainer

Abstract

Der Beitrag behandelt die Frage, wie Schwellenländer bei unvollkommenen Kapitalmärkten und knappen international anerkannten Sicherheiten aufgrund einer begrenzten negativen Datenänderung in eine schwere Krise hineinschlittern können. Zu diesem Zweck wird zunächst kurz erläutert, wie sich im Rahmen einer geschlossenen Volkswirtschaft unvollkommene Kapitalmärkte auf die reale Aktivität auswirken und warum Sicherheiten zyklenverstärkend wirken können. Anschließend wird im Rahmen eines Modells für eine offene Volkswirtschaft gezeigt, daß die Knappheit international akzeptierter Sicherheiten Länderkrisen dramatisch verschärfen kann. Ausschlaggebend für dieses Ergebnis ist, daß sowohl auf dem heimischen Kapitalmarkt als auch zwischen dem Inland und dem Ausland ein Agency-Problem unterstellt wird. Der Beitrag endet mit einigen Überlegungen zu den sich ergebenden wirtschaftspolitischen Schlußfolgerungen.

Suggested Citation

  • Fehn, Rainer, 1999. "Globalisierung und unvollkommene Kapitalmärkte: Verschärft die Knappheit international anerkannter Sicherheiten Länderkrisen?," Discussion Paper Series 29, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
    • Handle: RePEc:zbw:wuewwb:29
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    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems

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