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Die Finanzwirtschaft als Rent-Seeking-Ökonomie

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  • Bernhard Emunds

Abstract

Admonitions, Finance should serve the real economy, echo the traditional theory of just price, which test lucrative commercial practices for their wealth creation. In some sense the concept of a „rent seeking economy“ is a translation of this point of view into economic language, which can be applied to some business models of finance: e. g. to the sale of ineligible financial products to small investors, to the speculation with derivates in times of intensive market activities, which increase the risks themselves against which it enables to hedge, and to the participation of commercial banks in booming asset markets by trading for one's own account and by credits to the buyers of these assets. Regarding the last business model the income derives from a scarcity induced by the government, namely the concession of commercial banks to create money, and is protected by public rescue packages for financial institutions. Finance industry ensures these sources of income without wealth creation by lobbying against regulatory restrictions. Mahnungen, die Finanzwirtschaft müsse sich wieder in den Dienst an der Realwirtschaft stellen, erinnern an traditionelle „Theorien des gerechten Preises“, in denen einträgliche Geschäftspraktiken mit fraglichem Wohlstandsbeitrag problematisiert wurden. Der Beitrag zeigt auf, dass diese Sicht mit dem Konzept „Rent-Seeking-Ökonomie“ ökonomisch reformuliert und auf einige Geschäftsbereiche der Finanzwirtschaft bezogen werden kann. Zu diesen Geschäftsbereichen gehören die Verkäufe ungeeigneter Finanzprodukte an Kleinanleger, die phasenweise besonders intensive Spekulation mit Derivaten, welche die Risiken, gegen die sie eine Absicherung ermöglichen sollten, selber erhöht haben, und die Teilnahme von Geschäftsbanken an haussierenden Vermögensmärkten durch Eigenhandel und durch Kredite an die Käufer der entsprechenden Aktiva. Die Einnahmen aus dem zuletzt genannten Geschäftsbereich gehen auf eine staatliche bedingte Knappheit, nämlich die Beteiligung der Geschäftsbanken (und nur dieser) an der Geldschöpfung, zurück. Zudem werden sie durch Rettungspakete staatlich abgesichert. Durch Lobbyaktivitäten sichert die Finanzwirtschaft die Quellen solcher Einkommen ohne Wohlstandsbeitrag gegen regulatorische Einschränkungen ab.

Suggested Citation

  • Bernhard Emunds, 2013. "Die Finanzwirtschaft als Rent-Seeking-Ökonomie," Vierteljahrshefte zur Wirtschaftsforschung / Quarterly Journal of Economic Research, DIW Berlin, German Institute for Economic Research, vol. 82(4), pages 15-30.
  • Handle: RePEc:diw:diwvjh:82-4-2
    DOI: 10.3790/vjh.82.4.15
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    References listed on IDEAS

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    1. Bernanke, Ben S. & Gertler, Mark & Gilchrist, Simon, 1999. "The financial accelerator in a quantitative business cycle framework," Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 21, pages 1341-1393, Elsevier.
    2. Jean Arcand & Enrico Berkes & Ugo Panizza, 2015. "Too much finance?," Journal of Economic Growth, Springer, vol. 20(2), pages 105-148, June.
    3. Levine, Ross, 2005. "Finance and Growth: Theory and Evidence," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 12, pages 865-934, Elsevier.
    4. Stephen Cecchetti & Enisse Kharroubi, 2012. "Reassessing the impact of finance on growth," BIS Working Papers 381, Bank for International Settlements.
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    Cited by:

    1. Heider Felix, 2020. "Die postkeynesianische Ökonomik in der Finanzethik des katholischen Sozialethikers Bernhard Emunds – Diskussion aus einer angebotsorientierten Perspektive," Journal for Markets and Ethics, Sciendo, vol. 8(2), pages 1-24, December.

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    More about this item

    Keywords

    Financial industry; real economy; income without wealth creation; rent seeking;
    All these keywords.

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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