Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/97767
Authors: 
Siekmann, Helmut
Year of Publication: 
2009
Series/Report no.: 
IMFS Working Paper Series 25
Abstract: 
Aus der Vielzahl der damit verbundenen Probleme sollen im Folgenden einige Aspekte etwas näher betrachtet werden. Dabei sollen die Maßnahmen zur unmittelbaren Krisenbewältigung ausgeklammert werden. Auch können die drängenden Fragen nach der Rolle der Geldpolitik sowie der globalen außenwirtschaftlichen Ungleichgewichte, die beide einen erheblichen, wenn nicht gar entscheidenden Beitrag zur Entstehung der Instabilitäten geleistet haben,19 hier nicht näher behandelt werden. Das Hauptaugenmerk soll stattdessen auf folgende Fragenkreise gelegt werden: I. Der Beitrag der Rechtsordnung zu Entstehung und Verlauf der Krise II. Verbesserung von Aufsicht und Kontrolle als Kern einer Neugestaltung III. Die Rolle der Ratingagenturen IV. Die reale Bedeutung von Finanzmärkten und Finanzinstitutionen V. Überlegungen zur Prävention Dabei sollen nicht Detailregelungen im Vordergrund der Betrachtung stehen, sondern die grundsätzliche Rolle der Rechtsordnung für die Stabilisierung der Finanzmärkte.;The article is focussed on the discussion of measures which are appropriate to prevent a crisis of the kind we are experiencing at the moment. It assumes the necessity of a fundamental reorganization of the financial sector but refrains from getting lost in the almost unlimited details. That is the main reason why it takes a bird’s eye view on the development and its causes. After outlining some of the activities on the global, European, and national level it pleads for a more in depth analysis and less hasty actions because for the preventive measures a sufficient amount of time is available. Starting from the observation that at the origin of the crisis there has been a threefold failure, a failure of the economic sciences, a failure of the markets, and a failure of government and law, the analysis concentrates on the third type of failure discarding two major factors: monetary policy and mis-selling of financial products to end users. Following this approach a major finding is the total failure of the regulatory framework. Thousands of rules did not serve their purpose. They did not prevent a crisis of the type we are experiencing right now but that is what they were made for. Furthermore, it was not some specific clauses which did not fulfil their objective. It was the system as a whole which did not function properly. Deficiencies in executing the law might also have been an important factor but the design of the rules appears to be crucial.
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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