Föhrenbergkreis Finanzwirtschaft

Unkonventionelle Lösungen für eine zukunftsfähige Gesellschaft

Archive for 15. Februar 2011

Banken müssen „Testament“ machen

Posted by hkarner - 15. Februar 2011

orf.on, 15/2.

Auch da werden sie noch schwindeln ! Und dann wird die FMA ebenso klug handeln wie bei der Hypo Alpe Adria! (hfk)

Aus Brüssel kommen im Herbst Vorschläge, wie künftig Bankenkrisen bewältigt werden sollen, ohne dass sofort wieder der Staat mit Steuergeld einspringen muss. Auch die österreichischen Banken – Großbanken ebenso wie kleinere, komplex aufgestellte Institute – müssen dafür nächstes Jahr ihr „Testament“ machen.

Es muss dann aufgelistet sein, was im Krisenfall passiert, wo Organisationen zerlegt werden können. Dem freien Markteintritt müsse künftig auch ein „geordneter“ Marktaustritt folgen können, sagten die Vorstände der Finanzmarktaufsicht (FMA), Helmut Ettl und Kurt Pribil, heute im Club der Wirtschaftspublizisten. Den Rest des Beitrags lesen »

Advertisements

Posted in Artikel | Verschlagwortet mit: , , , , | Leave a Comment »

Fault Lines: How Hidden Fractures Still Threaten the World Economy

Posted by hkarner - 15. Februar 2011

Damit hat es Raghu Rajan zum „berühmtesten Ökonomen 2011“ lt. Economist gebracht.

Like geological fault lines, the fissures in the world economic system are more hidden and widespread than many realize, he says. And they are potentially more destructive than other, more obvious culprits, like greedy bankers, sleepy regulators and irresponsible borrowers. Mr. Rajan . . . argues that the actions of these players (and others) unfolded on a larger world stage, that was (and is) subject to the imperatives of political economies. . . . [A] serious and thoughtful book. — New York Times

In a new book . . . entitled Fault Lines, Rajan argues that the initial causes of the breakdown were stagnant wages and rising inequality. With the purchasing power of many middle-class households lagging behind the cost of living, there was an urgent demand for credit. The financial industry, with encouragement from the government, responded by supplying home-equity loans, subprime mortgages, and auto loans. . . . The side effects of unrestrained credit growth turned out to be devastating–a possibility most economists had failed to consider. — John Cassidy, New Yorker

The book, published by Princeton University Press, saw off stiff competition from five others on the shortlist, to be chosen as ‚the most compelling and enjoyable‘ business title of 2010. The final intense debate among the seven judges came down to a choice between Fault Lines and Too Big to Fail, Andrew Ross Sorkin’s acclaimed minute-by-minute analysis of the collapse of Lehman Brothers. The book identifies the flaws that helped cripple the world financial system, prescribes potential remedies, but also warns that unless policymakers push through painful reforms, the world could be plunged into renewed turmoil. — Financial Times Den Rest des Beitrags lesen »

Posted in Audios/Videos, Books | Verschlagwortet mit: , , , | Leave a Comment »

Why Did Economists Miss the Crisis?

Posted by hkarner - 15. Februar 2011

Anantha Nageswaran, RGE Monitor, Feb 11, 2011 12:12PM
Raghuram Rajan at the Chicago University Booth School of Business. He is not in their Economics Department. He was chosen by fellow economists as the economist with the most important ideas in a post-crisis world. See here (ht: Ram Narayan).  Hence, his comments carry significance. His latest blog post is on the question of why economists failed to see the crisis of 2008. [It is a different story as to whether the y would see the crisis of 2012 coming] 

 

Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , | 1 Comment »

Influential economists

Posted by hkarner - 15. Februar 2011

The contemporary Keynes

Which economist is doing most to shape post-crisis thinking?

Feb 10th 2011 | Washington, DC | from PRINT EDITION, The Economist

DISMAL economies are often dismal for economists. Respected figures find themselves defending discredited theories or justifying why they failed to see trouble coming. But calamity can also clear paths for new ideas. The Depression was the backdrop for the work of John Maynard Keynes. The stagflationary 1970s vindicated Milton Friedman: a generation of liberalisation followed.

The Economist asked members of “Economics by invitation”, our online forum of more than 50 prominent economists, to nominate colleagues with the most important ideas for a post-crisis world. The respondents came up with nearly 20 different names. None won an absolute majority, but a few cropped up more often than others (see table). Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , , , , , , | Leave a Comment »

Kenneth Rogoff – Unsicherheitsfaktor Ungleichheit

Posted by hkarner - 15. Februar 2011

Top-Ökonomen

Aus der Serie der Financial Times Deutschland, 8/2/11

Die Unterschiede zwischen Armen und Reichen wachsen weltweit. Allmählich erreichen sie ein Niveau wie vor 100 Jahren. Nur wer dieses Problem löst, wird in der nächsten Runde der Globalisierung unter den Gewinnern sein.

© Bild: 2010 ftd.de

Kommentar Die Unterschiede zwischen Armen und Reichen wachsen weltweit. Allmählich erreichen sie ein Niveau wie vor 100 Jahren. Nur wer dieses Problem löst, wird in der nächsten Runde der Globalisierung unter den Gewinnern sein. von Kenneth Rogoff  Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , , | Leave a Comment »

Why Did Economists Not Spot the Crisis?

Posted by hkarner - 15. Februar 2011

Samstag, 05. Februar 2011, 19:04:22

CHICAGO – At the height of the financial crisis, the Queen of England asked my friends at the London School of Economics a simple question, but one for which there is no easy answer: Why did academic economists fail to foresee the crisis? 

There have been several responses to that query. One is that economists simply lacked models that could account for the behavior that led to the crisis. Another is that economists were blinkered by an ideology according to which a free and unfettered market could do no wrong.

Finally, an answer that is gaining ground is that the system bribed economists to stay silent. 

In my view, the truth lies elsewhere. 

It is not true that we academics did not have useful models to explain what happened. If you believe that the crisis was caused by a shortage of liquidity, we had plenty of models analyzing liquidity shortages and their effects on financial institutions. If you believe that the blame lies with greedy bankers and unthinking investors, lulled by the promise of a government bailout, or with a market driven crazy by irrational exuberance, we had studied all this too, in great detail.  Den Rest des Beitrags lesen »

Posted in Artikel | Verschlagwortet mit: , , | Leave a Comment »