Margaret Scott

Die Übergröße der Finanzinstitute: ein falscher Schwerpunkt?

LONDON: Die Weltwirtschaftskrise von 2008-2009 war offensichtlich zum Teil eine Krise bestimmter systemisch wichtiger Banken und anderer Finanzinstitute wie etwa AIG. Hieraus ergab sich eine intensive Debatte über die Probleme, die auftreten, wenn derartige Institute als zu groß gelten, um sie scheitern zu lassen.

Politisch konzentriert sich diese Debatte auf die Kosten von Rettungsmaßnahmen und auf Besteuerungsmaßnahmen, um „unser Geld wiederzubekommen“. Für die Ökonomen dagegen stehen die von der Erwartung eines im Zweifel ja sowieso erfolgenden Bailouts ausgehenden subjektiven Risiken, die die Marktdisziplin zugunsten einer exzessiven Risikobereitschaft untergraben, im Mittelpunkt – und auch der unfaire Vorteil, den derartige stillschweigende Garantien großen Akteuren gegenüber jenen Wettbewerbern bieten, die klein genug sind, um sie untergehen zu lassen.

Derzeit werden zahlreiche politische Alternativen für den Umgang mit diesem Problem debattiert. Hierzu gehören höhere Eigenkapitalquoten für systemisch wichtige Banken, eine strengere Aufsicht, Beschränkungen der Handelstätigkeit, vorher festgelegte Auflösungs- und Sanierungspläne sowie Steuern, die nicht darauf abzielen, „unser Geld zurückzubekommen“, sondern  die externen Auswirkungen zu internalisieren – d.h. dafür zu sorgen, dass die Verursacher für die gesellschaftlichen Kosten ihres Verhaltens aufkommen – und bessere Anreize zu schaffen.

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