Skip to main content

Von mikro- zu makroprudenzieller Regulierung

Eine Diskursanalyse zum Wandel von Regulierungskonzepten

  • Chapter
  • First Online:
Die Innenwelt der Ökonomie

Zusammenfassung

Seit dem Ausbruch der Finanzkrise hat das makroprudenzielle politische Paradigma zunehmend an Einfluss gewonnen (Bank of England 2009; Bernanke 2011). Vor der globalen Finanzkrise 2007–2009 war die Arbeit der Aufsichtsbehörden in den Industrieländern einem mikroprudenziellen Paradigma gefolgt. Diesem Paradigma zufolge ist die Aufgabe der Bankenregulierung das Risikomanagement einzelner Banken (Borio 2009).

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Chapter
USD 29.95
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
eBook
USD 59.99
Price excludes VAT (USA)
  • Available as PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 74.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Literatur

  • Acharya, V. V. (2009). A Theory of Systemic Risk and Design of Prudential Bank Regulation. Journal of Financial Stability 5, 224–255.

    Google Scholar 

  • Acharya, V. V., Pedersen, L. H., Philippon, T., & Richardson, M. (2010). Measuring Systemic Risk. AFA 2011 Denver Meetings Paper.

    Google Scholar 

  • Admati, A. R., DeMarzo, P. M., Hellwig, M. F., & Pfleiderer, P. C. (2011). Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is not Expensive. MPI Collective Goods Preprint, 2010/42. https://www.gsb.stanford.edu/sites/default/files/research/documents/Fallacies%20Nov%201.pdf. Zugegriffen: 10. September 2014.

  • Allen, F., & Gale, D. (2000). Financial Contagion. Journal of Political Economy 108 (1), 1–33.

    Google Scholar 

  • Backhouse, R. E. (1998). If Mathematics is Informal, Then Perhaps We Should Accept That Economics Must be Informal Too. The Economic Journal 108 (451), 1848–1858.

    Google Scholar 

  • Baker, A. (2013). The New Political Economy of the Macroprudential Ideational Shift. New Political Economy 18 (1), 112–139.

    Google Scholar 

  • Bank of England (2009). The Role of Macroprudential Policy. Discussion paper. Bank of England. http://www.bankofengland.co.uk/publications/Documents/other/financialstability/roleofmacroprudentialpolicy091121.pdf. Zugegriffen: 10. September 2014.

  • Bernanke, B. S. (2011). Implementing a Macroprudential Approach to Supervision and Regulation. Resource document. 47th Annual Conference on Bank Structure and Competition, Chicago, Illinois. http://www.federalreserve.gov/newsevents/speech/bernanke20110505a.html. Zugegriffen: 05. Mai 2014.

  • Bernanke, B., & Gertler, M. (1990). Financial Fragility and Economic Performance. The Quarterly Journal of Economics 105, 87–114.

    Google Scholar 

  • Bhattacharya, S., & Thakor, A. (1993). Contemporary Banking Theory. Journal of Financial Intermediation 3 (1), 2–50

    Google Scholar 

  • Black, J. (2013). Seeing, Knowing, and Regulating Financial Markets: Moving the Cognitive Framework from the Economic to the Social. Resource document. LSE Law, Society and Economy Working Papers 24/2013. http://www.lse.ac.uk/collections/law/wps/WPS2013-24_Black.pdf. Zugegriffen: 10. September 2014.

  • Blaug, M. (2009). The Trade-Off between Rigor and Relevance: Sraffian Economics as a Case in Point. History of Political Economy 41 (2), 219–247.

    Google Scholar 

  • Borio, C., & Lowe, P. W. (2002). Asset Prices, Financial and Monetary Stability: Exploring the Nexus. BIS Working Paper No. 114. http://www.bis.org/publ/work114.pdf. Zugegriffen: 09. September 2014.

  • Borio, C. (2003). Towards a Macroprudential Framework for Financial Supervision and Regulation? Bank for International Settlements Working Papers 128. http://www.bis.org/publ/work128.pdf. Zugegriffen: 09. September 2014.

  • Borio, C. (2009). Implementing the Macroprudential Approach to Financial Regulation and Supervision. Financial Stability Review 13. Resource document. http://www.banque-france.fr/fileadmin/user_upload/banque_de_france/publications/Revue_de_la_stabilite_financiere/etude04_rsf_0909.pdf. Zugegriffen: 09. September 2014.

  • Borio, C., & Zhu, H. (2012). Capital Regulation, Risk-taking and Monetary Policy: A Missing Link in the Transmission Mechanism? Journal of Financial Stability 8, 236–251.

    Google Scholar 

  • Brimmer, A. F. (1989). Distinguished Lecture on Economics in Government: Central Banking and Systemic Risks in Capital Markets. The Journal of Economic Perspectives 3 (2), 3–16.

    Google Scholar 

  • Callon, M. (1998). Introduction: The Embeddedness of Economic Markets in Economics. In M. Callon (Hrsg.), The Laws of the Markets (S. 1–55). Oxford: Blackwell.

    Google Scholar 

  • Callon, M. (2007). What Does It Mean to Say That Economics Is Performative? In D. MacKenzie, F. Muniesa & L. Siu (Hrsg.), Do Economists Make Markets? On the Performativity of Economics (S. 311–357). Princeton: Princeton University Press.

    Google Scholar 

  • Callon, M., Muniesa, F., & Millo, Y. (Hrsg.) (2007). Market Devices. Chichester: Wiley-Blackwell.

    Google Scholar 

  • Calomiris, C. W., & Gorton, G. (1991). The Origins of Banking Panics: Models, Facts and Bank Regulation. In G. R. Hubbard (Hrsg.), Financial Markets and Financial Crises (S. 109–174). Chicago: University of Chicago Press.

    Google Scholar 

  • Demirgüc-Kunt, A., & Detragiache, E. (1998). The Determinants of Banking Crises in Developing and Developed Countries. IMF Staff Papers – International Monetary Fund 45 (1), 81–109.

    Google Scholar 

  • Diamond, D. W., & Dybvig, P. H. (1983). Banking Theory, Deposit Insurance and Banking Regulation. The Journal of Business 59 (1), 55–68.

    Google Scholar 

  • Freixas, X. & Rochet, J.-C. (1997). Microeconomics of Banking. Cambridge: MIT Press.

    Google Scholar 

  • Gai, P., & Kappadia, S. (2010). Contagion in Financial Networks. Proceedings of the Royal Society 466 (2120), 2401–2423.

    Google Scholar 

  • Galati, G., & Moessner, R. (2013). Macroprudential Policy – a Literature Review. Journal of Economic Surveys 27 (5), 846–878.

    Google Scholar 

  • Goodhart, C., Persaud, A. D., Brunnermeier, M., Crockett, A., & Shin, H. (2009). The Fundamental Principles of Financial Regulation: Geneva Reports on the World Economy. London, Washington: Centre for Economic Policy Research/Brookings Institution Press.

    Google Scholar 

  • Gorton, G. (2010). Slapped by the Invisible Hand: The Panic of 2007. Oxford: Oxford University Press.

    Google Scholar 

  • Gorton, G., & Metrick, A. (2012). Securitized Banking and the Run on Repo. Journal of Financial Economics 104 (3), 425–451.

    Google Scholar 

  • Haldane, A. G., & May, R. M. (2011). Systemic Risk in Banking Ecosystems. Nature 469, 351–355.

    Google Scholar 

  • Hammond, J. D. (2011). Markets, Politics and Democracy at Chicago: Taking Economics Seriously. In R. van Horn, P. Mirowski & T. Stapleford (Hrsg.), Building Chicago Economics (S. 36–66). Cambridge: Cambridge University Press.

    Google Scholar 

  • Hanson, S., Kashyap, A., & Stein, J. (2011). A Macroprudential Approach to Financial Regulation. Journal of Economic Perspectives 25 (1), 3–28.

    Google Scholar 

  • International Monetary Fund (IMF) (2011). Macroprudential Policy: An Organizing Framework. IMF Policy Paper. https://www.imf.org/external/np/pp/eng/2011/031411.pdf. Zugegriffen: 09. September 2014.

  • Kaminsky, G. L., & Reinhart, C. M. (2000). On Crises, Contagion, and Confusion. Journal of International Economics 51 (1), 145–168.

    Google Scholar 

  • Kaminsky, G. L., & Reinhart, C. M. (1999). The Twin Crises: the Causes of Banking and Balance-of-Payments Problems. American Economic Review 89 (3), 473–500.

    Google Scholar 

  • Kaufman, G. G. (1994). Bank Contagion: A Review of the Theory and Evidence. Journal of Financial Services Research 8, 123–150.

    Google Scholar 

  • Kindleberger, C. P. (1988). The International Economic Order. Essays on Financial Crisis and International Public Goods. Hempstead: Harvester Wheatsheaf.

    Google Scholar 

  • MacKenzie, D., Muniesa, F., & Siu, L. (2007). Do Economists Make Markets? On the Performativity of Economics. Princeton: Princeton University Press.

    Google Scholar 

  • MacKenzie, D. (2006). An Engine, not a Camera: How Financial Models Shape Markets. Princeton: Princeton University Press.

    Google Scholar 

  • MacKenzie, D. (2005). Opening the Black Boxes of Global Finance. Review of International Political Economy 12 (4), 555–576.

    Google Scholar 

  • MacKenzie, D., & Millo, Y. (2003). Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivatives Exchange. American Journal of Sociology 109 (1), 107–145.

    Google Scholar 

  • Medema, S. (2011). Chicago Price Theory and Chicago Law and Economics: A Tale of Two Transitions. In R. van Horn, P. Mirowski & T. Stapleford (Hrsg.), Building Chicago Economics (S. 151–179). Cambridge: Cambridge University Press.

    Google Scholar 

  • Minsky, H. P. (1992). The Financial Instability Hypothesis. The Jerome Levy Economics Institute Working Paper.

    Google Scholar 

  • Mirowski, P., & Nik-Khah, E. (2007). Markets Made Flesh: Performativity, and a Problem in Science Studies, Augmented with Consideration of the FCC Auctions. In D. MacKenzie, F. Muniesa & L. Siu (Hrsg.), Do Economists Make Markets? On the Performativity of Economics (S. 190–224). Princeton: Princeton University Press.

    Google Scholar 

  • Reinhart, C. M., & Rogoff, K. S. (2008). Is the 2007 US Sub-prime Financial Crisis so Different? An International Historical Comparison. NBER Working Paper. http://www.nber.org/papers/w13761.pdf. Zugegriffen: 09. September 2014.

  • Rochet, J. C., & Tirole, J. (1996). Interbank Lending and Systemic Risk. Journal of Money, Credit and Banking 28 (4), 733–762.

    Google Scholar 

  • Saurinas, J., & Jimenez, G. (2006). Credit Cycles, Credit Risk and Prudential Regulation. International Journal of Central Banking 2 (2), 65–98.

    Google Scholar 

  • Taylor, J. B. (2009). The Financial Crisis and the Policy Responses: An Empirical Analysis of What Went Wrong. Resource document. Social Science Research Network. http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1327252. Zugegriffen: 08. August 2014.

  • VanHoose, D. (2011). Systemic Risk and Macroprudential Bank Regulation: a Critical Appraisal. Journal of Financial Transformation 33, 45–60.

    Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Corresponding author

Correspondence to Matthias Thiemann .

Editor information

Editors and Affiliations

Rights and permissions

Reprints and permissions

Copyright information

© 2017 Springer Fachmedien Wiesbaden

About this chapter

Cite this chapter

Thiemann, M., Aldegwy, M. (2017). Von mikro- zu makroprudenzieller Regulierung. In: Maeße, J., Pahl, H., Sparsam, J. (eds) Die Innenwelt der Ökonomie. Springer VS, Wiesbaden. https://doi.org/10.1007/978-3-658-10428-3_18

Download citation

  • DOI: https://doi.org/10.1007/978-3-658-10428-3_18

  • Published:

  • Publisher Name: Springer VS, Wiesbaden

  • Print ISBN: 978-3-658-10427-6

  • Online ISBN: 978-3-658-10428-3

  • eBook Packages: Social Science and Law (German Language)

Publish with us

Policies and ethics