Zusammenfassung
Es ist weithin anerkannt, dass Kreditderivate in der gegenwärtigen Finanzkrise eine entscheidende Rolle gespielt haben (Hellwig 2008; Kragt 2008; Morris 2008; Wray 2008). Weit weniger klar hingegen ist, wie sich der kometenhafte Aufstieg dieser Finanzprodukte verstehen lässt, und welche treibenden Kräfte dahinter stehen. Eine Antwort auf diese Frage hilft nicht nur, die Krisendynamik selbst besser zu verstehen. Sie kann auch Aufschluss darüber geben, inwieweit die Krise in langfristige Umwälzungen der Gesellschaft und der Weltwirtschaft eingebettet ist. Zusammengefasst stellt sich die Frage wie folgt: Beobachten wir eine Krise in der Weltwirtschaft oder etwa eine Krise der Weltwirtschaft selbst? Anders gefragt, können wir diese Krise als getrieben von den inneren Widersprüchen und inhärenten Grenzen des Kapitalismus verstehen?
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
Literatur
Alexander, Kern/Eatwell, John/Persaud, Avinash/Reoch, Robert (2007): Financial Supervision and Crisis Management in the EU. Brussels. Policy Department Economic and Scientific Policy of the European Parliament.
Arrighi, Giovanni/Silver, Beverly (1999): Chaos and Governance in the Modern World System. Minneapolis: University of Minnesota Press.
Augar, Philip (2000): The Death of Gentlemanly Capitalism. London: Penguin Books.
Augar, Philip (2005): The Greed Merchants. How the Investment Banks played the Free Market Game. New York: Portfolio.
Barley, Benzion/ Haddad, Joshua (2003): Fair Value Accounting and the Management of the Firm. Critical Perspectives on Accounting 14 (4): 383–41
Blackburn, Robin (2008): The Subprime Crisis. In: New Left Review 50 (March-April): 1–44
Bryan, Dick/Rafferty, Michael (2005): Capitalism with Derivatives. A Political Economy of Financial Derivatives, Capital and Class. Houndmills: Palgrave MacMillian.
Cloke, Jon (2009): „An economic wonderland: derivative castles built on sand.“ Critical Perspectives on International Business 5 (2): 107–119.
Dewing, Ian/ Russell, Peter (2004): Accounting, Auditing and Corporate Governance of European Listed Countries: EU Policy Developments Before and After Enron. Journal of Common Market Studies 42 (2): 289–319.
Faerman, Sue/McCaffrey, David/Van Slyke, David M. (2001): Understanding Interorganizational Cooperation: Public-Private Collaboration in Regulating Financial Market Innovation. Organization Science 12 (3): 372–388.
Faiola, Anthony/Nakashima, Ellen/Drew, Jill (2008): What went wrong. The Washington Post. 15 Oktober: A10.
Foster, Dean/Young, Peyton (2007): The Hedge Fund Game: Incentives, Excess Return, and Performance Mimics. Wharton Financial Institutions Center working paper 07–42. University of Pennsylvania.
Goderis, Benedikt/ Marsh, Ian/ Castello, Judit Vall/ Wagner, Wolf (2006): Bank Behavior with Access to Credit Transfer Markets. London: Cass Business School Research Paper
Goodman, Paul (2008): Taking a Hard Look at a Greenspan Legacy. New York Times. 8. Oktober.
Hakenes, Hendrik/ Schnabel, Isabel (2009): The Regulation of Credit Derivatives Markets. In: Dewatripont, Mathias/Freixas, Xavier/ Portes, Richard (Hrsg.): Macroeconomic Stability and Financial Regulation: Key Issues for the G20. London, Centre for Economic Policy Research: 113–127.
Hellwig, Martin. (2008): Systemic Risk in the Financial Sector: An Analysis of the Subprime Mortgage Financial Crisis. Preprints of the Max Planck Institute for Research on Collective Goods. Cologne.
Hunt, John (2009): Credit Rating Agencies and the Worldwide Credit Crisis: The Limits of Reputation, the Insufficiency of Reform, and a Proposal for Improvement. Columbia Business Law Review 2009 (1).
Kragt, Jac (2008): De Kredietcrisis. De implosie van de financiele market van binnenuit bekeken. Den Haag: SMO.
Krippner, Greta (2005): The Financialization of the American Economy. Socio-Economic Review 3(2): 173–208.
Kroszner, Randall(2000): The Economics and Politics of Financial Modernization. In:FRBNY Economic Policy Review October: 25 – 37 .
Kroszner, Randall/Stratmann, Thomas (1998): Interest-Group Competition and the Organization of Congress. Theory and Evidence from Financial Services’ Political Action Committees.The American Economic Review 88 (5): 1163–1187.
Leyshon, Andrews/Thrift, Nigel (2007): The Capitalization of Almost Everything. The Future of Finance and Capitalism. Theory Culture & Society 24 (7-8): 97–115.
Li, Daniel X. (1999): On Default Correlation: A Copula Function Approach: SSRN.
MacKenzie, Donald (2006): An Engine, Not a Camera: How Financial Models Shape Markets. Cambridge: MA, MIT Press.
Morris, Charles (2008): The Trillion Dollar Meltdown. Easy Money, High Rollers, and the Great Credit Crash. New York: Public Affairs.
Mügge, Daniel (2006a): Private-Public Puzzles. Inter-firm Competition and Transnational Private Regulation. New Political Economy 11 (2): 177–200.
Mügge, Daniel (2006b): Reordering the Market Place. Competition Politics in European Finance. Journal of Common Market Studies 44 (5): 991–1022.
Partnoy, Frank (1999): The Siskel and Ebert of Financial Markets: Two Thumbs Down for the Credit Ratings Agencies. Washington University Law Quarterly 77 (3): 619–712.
Partnoy, Frank (2002): Infectious Freed: how Deceit and Risk Corrupted the Financial Markets. New York: Times Books.
Partnoy, Frank/Skeel, Davidl (2007):The Promise and Perils of Credit Derivatives. University of Cincinnati Law Review 75: 1019–1105.
Polanyi ,Karl ( 2001 [1944] ):The Great Transformation .Boston :Beacon Press .
Ricol, Rene (2008): Report to the President of the French Republic on the Financial Crisis. Paris.
Salmon, Frank (2009): Recipe for Disaster. The Formula that Killed Wall Street. Wired.
Schmitt, Rick (2009): Prophet and Loss. In: Stanford Magazine.
Sobel, Andrew (1994): Domestic Choices, International Markets: Dismantling National Barriers and Liberalizing Securities Markets. Ann Arbor: University of Michigan Press.
Tsingou, Eleni (2003): Transnational policy communities and financial governance: the role of private actors in derivatives regulation. CSGR Working Paper. University of Warwick.
WGBH Educational Foundation. (2003): The long demise of Glass Steagall. Abrufbar unter: http://www.pbs.org/wgbh/pages/frontline/shows/wallstreet/weill/demise.html.. Letzter Zugriff am 14.Mai 2009.
Wolf, Martin (2009): What the G2 must discuss now the G20 is over. In: Financial Times.
Wray, Randall (2008): Financial Market Meltdown. What can we learn from Minsky? Levy Economics Institute Public Policy Brief No. 94. Annandale-on-Hudson.
Editor information
Rights and permissions
Copyright information
© 2011 VS Verlag für Sozialwissenschaften | Springer Fachmedien Wiesbaden GmbH
About this chapter
Cite this chapter
Mügge, D. (2011). Kreditderivate als Ursache der globalen Finanzkrise: Systemfehler oder unglücklicher Zufall?. In: Kessler, O. (eds) Die Internationale Politische Ökonomie der Weltfinanzkrise. VS Verlag für Sozialwissenschaften. https://doi.org/10.1007/978-3-531-92083-2_4
Download citation
DOI: https://doi.org/10.1007/978-3-531-92083-2_4
Publisher Name: VS Verlag für Sozialwissenschaften
Print ISBN: 978-3-531-16535-6
Online ISBN: 978-3-531-92083-2
eBook Packages: Humanities, Social Science (German Language)