Wie man gute Banken rettet und schlechte scheitern lässt

LOS ANGELES – Wie sollte auf das umfassende systemische Versagen des Finanzsystems eines Landes reagiert werden? Niemand will Banken retten, die schlechte Entscheidungen getroffen haben. Doch um das Finanzsystem vor dem Zusammenbruch zu retten, muss verhindert werden, dass alle Banken gleichzeitig in Konkurs gehen. Wir brauchen eine Möglichkeit, um gute Banken zu retten, schlechte Banken aber scheitern zu lassen. Doch wie können wir gute Banken von schlechten unterscheiden?

Wenn die Märkte in Panik geraten, wie 1929 und 2008, ist es unverzichtbar, das Finanzsystem zu stützen. Die Alternative wäre eine Depression im Stil der 1930er Jahre. Doch bedeutet das nicht, dass wir einzelne Banken retten sollten.

Die jüngere Wirtschaftsgeschichte ist voll von Beispielen für Finanzkrisen: die Vereinigten Staaten in den späten 80er Jahren; Schweden, Finnland und Norwegen 1992; Japan 1998; der Großteil der Weltwirtschaft 2008. Daraus, wie diese Krisen gehandhabt wurden, lassen sich wichtige Lehren ziehen.

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