Street signs in London

Die politischen Folgen von Finanzkrisen

LONDON – Vielleicht bin ich nicht der einzige Finanzprofessor, der bei der Vorbereitung von Aufsatzthemen für Studenten etwa folgende Frage stellt: „Wurde die globale Finanzkrise Ihrer Meinung nach durch zu starkes oder zu geringes Eingreifen der Regierung in die Finanzmärkte verursacht?“ Als mein aktueller Kurs mit dieser Frage konfrontiert wurde, bildeten sich drei Fraktionen.

Etwa ein Drittel argumentierten, geblendet von der trügerischen Anziehungskraft der Hypothese vom Effizienten Markt, die Regierungen seien schuld gewesen. Ihre schlecht durchdachten Interventionen – insbesondere über den Community Reinvestment Act sowie die staatlich unterstützten Hypothekenbanken Fannie Mae und Freddie Mac – hätten die Marktanreize verzerrt. Manche übernahmen sogar das Argument des libertären US-Politikers Ron Paul und gaben der reinen Existenz der Federal Reserve als Kreditgeber der letzten Instanz die Schuld.

Ein weiteres Drittes fand sich am anderen Ende des politischen Spektrums wieder und betrachtete den ehemaligen Fed-Vorsitzenden Alan Greenspan als den Schurken. Als die Kreditfinanzierung dramatisch gewachsen war und die Preise für Anlagegüter den Kontakt zur Realität verloren zu haben schienen, habe dessen berüchtigtes Zögern beim Eingreifen in die Finanzmärkte das Problem verursacht. Allgemeiner ausgedrückt, waren sie der Ansicht, die westlichen Regierungen hätten Anfang des Jahrhunderts mit ihrem lockeren Regulierungsansatz den Märkten ermöglicht, außer Kontrolle zu geraten.

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