Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/113704
Authors: 
Fricke, Thomas
Year of Publication: 
2013
Citation: 
[Journal:] Wirtschaftsdienst [ISSN:] 1613-978X [Publisher:] Springer [Place:] Heidelberg [Volume:] 93 [Year:] 2013 [Issue:] 5 [Pages:] 342-347
Abstract: 
Die Liberalisierung der globalen Finanzmärkte hat ihr Ziel verfehlt, für mehr Stabilität und Wirtschaftswachstum zu sorgen. Stattdessen folgt seit 30 Jahren eine Krise auf die andere. Jetzt werden etliche Bankenreformen diskutiert, um die Finanzmärkte krisensicherer zu machen. Dabei verfehlen sowohl Trennbankensysteme als auch die Begrenzung von Banker-Boni nach dem Urteil von Thomas Fricke ihre Wirkung. Er sieht den Kern des Problems in der prozyklischen Dynamik der Märkte. Dagegen würden neben einer Finanztransaktionssteuer vor allem deutlich höhere und sich antizyklisch anpassende Eigenkapitalquoten für Banken helfen.
Abstract (Translated): 
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
JEL: 
C62
G01
G10
G20
Persistent Identifier of the first edition: 
Document Type: 
Article

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