Die dunkle Materie der finanziellen Globalisierung

Die jüngsten Turbulenzen an den weltweiten Finanzmärkten – und die hierauf folgende Liquiditäts- und Kreditverknappung – wirft zwei Fragen auf: Wie konnten Zahlungsausfälle bei bonitätsschwachen Hypotheken in den US-Bundesstaaten Kalifornien, Nevada, Arizona und Florida zu einer weltweiten Krise führen? Und warum hat das systemische Risiko in den letzten Jahren zu- und nicht abgenommen?

Die Schuld ist beim Phänomenon der „Verbriefung“ zu suchen. In der Vergangenheit verblieb das Kreditrisiko für Darlehen und Hypotheken bei den Banken. Während der Krise auf dem Markt für Privatimmobilien in den Vereinigten Staaten Ende der 1980er Jahre etwa gingen viele im Hypothekengeschäft tätige Banken (die so genannten „Savings ampamp; Loans Associations“) Bankrott, was in den Jahren 1990/91 eine Bankenkrise, eine Kreditverknappung und eine Rezession auslöste.

Dieses systemische Risiko – ein Finanzschock, der zu schwerwiegenden wirtschaftlichen Auswirkungen führte – sollte durch die Verbriefung verringert werden. Die finanzielle Globalisierung hatte zur Folge, dass die Banken Vermögenswerte wie etwa Hypotheken nicht länger in den eigenen Büchern führten, sondern sie in Form von forderungsbesicherten Wertpapieren gebündelt an Anleger auf den weltweiten Kapitalmärkten verkauften und so das Risiko streuten.

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