Finanzwelt erneuern
Auch zehn Jahre nach der Finanzkrise scheint eine wirkliche Stabilität des Finanzsystems nicht in Sicht zu sein. Risiken werden periodisch falsch bewertet und führen zu Boom-Bust-Zyklen. Ein stabileres Finanzsystem sollte kurzfristige Spekulationen erschweren, systemische Risiken begrenzen und das Vermögen gerechter verteilen.
Finanzwelt
New Paradigm Knowledge Base
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The Challenge
The 2008 Global Financial Crisis was the worst economic crisis since the Great Depression and the world still suffers from systemic financial instability.
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What went wrong?
The efficient market hypothesis stipulated that bubbles could not exist and that the market is the best disciplining device.
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New Economy in Progress
A better financial system needs to counter herding, booms and busts and the inherent tendency towards instability.
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CHART: Financial crises in advanced economies, 1870-2015
Evidence shows that larger and more complete financial markets have not led to a reduction in the incidence of financial crises. On the contrary, systemic risk is back.
5 ways that are discussed to remake finance
- Macro-prudential regulation such as caps on loan-to-value or debt-to-income ratios to lower systemic risk.
- Higher bank capital ratios to reduce leverage levels and the risk of bank collapses.
- Countercyclical capital buffers to reduce the procyclicality of the financial system
- Financial transaction tax to reduce unnecessary or destabilising financial activity.
- A new version of the Bretton Woods System, which shaped the post-war era.
Weitere Nachrichten von Finanzwelt
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Between debt and the devil: Money, credit and fixing global finance
Adair Turner, Princeton University Press, 2017
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Why rigged capitalism is damaging liberal democracy
Martin Wolf, Financial Times, September 2019
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House of Debt: How They (and You) Caused the Great Recession, and How We Can Prevent it from Happening Again
Atif Mian and Amir Sufi, University of Chicago Press.
