Finanzinnovationen in Misskredit?

MOSKAU – Skeptiker der Finanzmarktliberalisierung und der Finanzinnovationen fühlen sich durch die Krise der weltweiten Kreditmärkte bestätigt, die Mitte 2007 ihren Ausgang nahm, als die ersten Probleme mit Suprime-Hypotheken in den USA bekannt wurden. Haben diese Skeptiker recht? Sollten wir Finanzliberalisierung und Finanzinnovationen stoppen, um eine Wiederholung von Krisen wie des Subprime-Desasters zu verhindern?

Der gesamte Subprime-Markt ist zum größten Teil eine zehn Jahre alte Innovation – vor 1994 gab es das Wort „Subprime“ nicht einmal. Grundlage dieses Marktes sind Dinge wie zinsvariable Hypotheken (so genannte „Options-ARM), neue Arten von CDO-Schuldverschreibungen und strukturierte Investmentvehikel. In früheren Zeiten begaben private Investoren in den USA schlicht und einfach keine Hypotheken an Interessenten mit schlechter Bonität.

Aber obwohl es manchmal so aussieht, als ob die gegenwärtige Krise zumindest teilweise auf Finanzinnovationen zurückzuführen wäre, hat sich die Finanzmarktliberalisierung insgesamt als durchaus gute Sache erwiesen.

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