Sollte Anleihegläubigern geholfen werden?

CAMBRIDGE – Ein Jahr, nachdem die Regierung der Vereinigten Staaten von Amerika den Konkurs von Lehmann Brothers nicht verhinderte, aber dann AIG mit einem Kredit rettete, und nachdem Regierungen der ganzen Welt viele andere Banken vor dem Konkurs bewahrten, bleibt die zentrale Frage: Wann und wie sollte der Staat Finanzinstituten retten?

Inzwischen wird allgemein erwartet, dass Regierungen einschreiten, wenn Finanzinstitute in Schwierigkeiten geraten, die zu groß sind, um zu scheitern. Aber wie weit sollten solche Interventionen gehen? Im Gegensatz zu den jüngsten, zahlreichen Rettungsaktionen sollten Regierungen in Zukunft nur bestimmte Gläubiger einer unterstützten Institution schützen. Das Sicherheitsnetz der Regierungen sollte sich nie auch auf die Anleihegläubiger solcher Institutionen erstrecken.

In der Vergangenheit haben die staatlichen Rettungsmaßnahmen meist alle Kapitalanleger einer geretteten Bank außer den Aktionären geschützt. Die Aktionäre mussten die Verluste hinnehmen oder wurden sogar ruiniert, wohingegen Anleihegläubiger meist durch die staatlichen Finanzspritzen gerettet wurden.

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