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Finanzkrise: Der Reformeifer geht am Kern des Märkteproblems vorbei

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  • Thomas Fricke

Abstract

Financial globalisation since the early 1980s was supposed to stabilise markets, essentially via wise speculators bringing prices back to equilibrium at any time. In reality, this era has been characterised by more instability and financial crises. In fact, speculators driven by herding tend to produce over- or undershooting. The basic assumption then that ever more trading makes markets ever more efficient seems questionable. Banking should be brought back much closer to its former levels. And regulators should stop designing reforms which do not help counteract herding and overshooting - as is the case for regulating bonuses, which are more of a symptom than the origin of instability. A broadening of financial transaction taxes, as well as much higher capital requirements for banks, would be much more helpful. Both could be designed countercyclically and be raised above normal levels in times of exuberance. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2013

Suggested Citation

  • Thomas Fricke, 2013. "Finanzkrise: Der Reformeifer geht am Kern des Märkteproblems vorbei," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 93(5), pages 342-347, May.
    • Handle: RePEc:spr:wirtsc:v:93:y:2013:i:5:p:342-347
    DOI: 10.1007/s10273-013-1531-3
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    Keywords

    C62; G01; G10; G20;
    All these keywords.

    JEL classification:

    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium
    • G01 - Financial Economics - - General - - - Financial Crises
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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