{"id":105414,"date":"2024-01-22T14:22:52","date_gmt":"2024-01-22T13:22:52","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/105414\/"},"modified":"2024-11-07T03:04:09","modified_gmt":"2024-11-07T02:04:09","slug":"oekonomische-fundierung-von-zinsgleitklauseln-in-kreditvertraegen","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/105414\/","title":{"rendered":"Economic Rationale for Interest Rate Adjustment Clauses in Loan Contracts"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-105414","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"As of 1997, private adjustable-rate loan contracts must be provided with a clause governing interest rate changes which meets the requirements of the Consumer Protection Act. This legal stipulation is of particular importance for private loans granted by banks and for loans to individuals. More than two-thirds of all private loans granted by Austrian banks provide for variable interest rates and are thus subject to fluctuation mechanisms which need to comply with the relevant provisions of the Consumer Protection Act. Most of the private adjustable-rate loans granted by banks since 1997 include an interest rate adjustment clause according to which any change in the interest rate needs to be based on the arithmetic mean from the Vienna Interbank Offered Rate for three-month funds or (as of the start of Monetary Union) the Euro Interbank Offered Rate for three-month funds and the secondary market yield for federal bonds. Empirical evidence obtained from simple correlation and regression analyses supports the assumption that the standard rate covenant fully complies with the relevant criteria of the Consumer Protection Act (\"factual justification\" or \"independence from the entrepreneur's will\"). The change of the average obtained from the two interest indicators reflects to a high degree the development of average refinancing costs by the Austrian banks since the mid 1990s (for database reasons, a comparison with the period before 1995 is not possible). An attractive and relatively simple theoretical approach to justifying the standard rate clause is provided by interpreting it as a rule for sharing macroeconomically caused interest rate risks. Assuming approximately risk-neutral banks, this adjustment mechanism warrants that the non-diversifiable macroeconomic risk of a change in the interest rate is optimally spread between approximately risk-neutral borrowers and investors. In the given context of the model, an optimal situation for all players involved is obtained when banks on balance carry no risk, whereas the borrower and investor share the macro-economic risk of a change in the interest rate at equal parts. Near-risk-neutral banks carry the macroeconomic risk of a change in the interest rate (at 50 percent) only when the borrower and investor belong to different risk preference categories (e.g., the borrower is averse to risk and the investor is more or less risk-neutral, or vice versa).","onlinedate":"2001-10-22 12:00:00","lang":"German","publication_series":"","publication_date":"20011001","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Kredite\",\"Zinsanpassung\",\"Zinssatzrisiko\",\"\u00d6sterreich; \u00d6konomische Fundierung von Zinsgleitklauseln in Kreditvertr\u00e4gen; Economic Rationale for Interest Rate Adjustment Clauses in Loan Contracts\"]","jelcodes":"[]","related_publications":"[]","pdf":312467,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"74","monthly_report_pages":"605-612","monthly_report_pages_sort":"605","issue":"10","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":"2001-10-22 12:00:00","types":[44312],"research_groups":[3500],"collaboration":"","persons":[3925],"persons_data":"[{\"personId\":3925,\"personName\":\"Franz R. Hahn\",\"organisationNames\":[]}]","clients":[],"subclients":[],"partners":[],"topics":[],"host_publication_title":"","host_publication_subtitle":"","place_of_publication":"","host_publication_editors":"[]","type_description":"","output_media":"","chapter":"","article_number":"","citations":"{\"apa\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_apa rendering_contributiontoperiodical rendering_apa rendering_contributiontoperiodical_apa\\\"><span>Hahn, F. R.<\\\/span> (2001). <span>\u00d6konomische Fundierung von Zinsgleitklauseln in Kreditvertr\u00e4gen<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>74<\\\/em>(10), 605-612. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/20606\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/20606<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Hahn FR<\\\/span>. <span class=\\\"title\\\"><span>\u00d6konomische Fundierung von Zinsgleitklauseln in Kreditvertr\u00e4gen<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2001 Oct;74(10):605-612.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{a99fa17a9c804d2b8b66f547f3809933,<\\\/div><div>  title    = \\\"{\\\\\\\"O}konomische Fundierung von Zinsgleitklauseln in Kreditvertr{\\\\\\\"a}gen\\\",<\\\/div><div>  abstract = \\\"Die Mehrzahl der seit 1997 bankm{\\\\\\\"a}{\\\\ss}ig gew{\\\\\\\"a}hrten Privatkredite mit variabler Verzinsung enth{\\\\\\\"a}lt eine Zins{\\\\\\\"a}nderungsvereinbarung, die auf zwei der wichtigsten gesamtwirtschaftlichen Referenzzinsindikatoren Bezug nimmt: den Dreimonats-EURIBOR (einem der zentralen Zinsindikatoren f{\\\\\\\"u}r den Zwischenbankgeldmarkt in der Euro-Zone) und die Sekund{\\\\\\\"a}rmarktrendite f{\\\\\\\"u}r Bundesanleihen. Die Zinss{\\\\\\\"a}tze der Privatkredite werden im Ausma{\\\\ss} der Ver{\\\\\\\"a}nderung des Durchschnittes der beiden Indikatoren laufend angepasst. Dieser Mechanismus entspricht den einschl{\\\\\\\"a}gigen Bestimmungen des {\\\\\\\"o}sterreichischen Konsumentenschutzgesetzes und spiegelt die Entwicklung der Refinanzierungskosten der {\\\\\\\"o}sterreichischen Banken gut wider.\\\",<\\\/div><div>  keywords = \\\"Kredite, Zinsanpassung, Zinssatzrisiko, {\\\\\\\"O}sterreich; {\\\\\\\"O}konomische Fundierung von Zinsgleitklauseln in Kreditvertr{\\\\\\\"a}gen; Economic Rationale for Interest Rate Adjustment Clauses in Loan Contracts, Kredite, Zinsanpassung, Zinssatzrisiko, {\\\\\\\"O}sterreich; {\\\\\\\"O}konomische Fundierung von Zinsgleitklauseln in Kreditvertr{\\\\\\\"a}gen; Economic Rationale for Interest Rate Adjustment Clauses in Loan Contracts\\\",<\\\/div><div>  author   = \\\"Hahn, \\\\{Franz R.\\\\}\\\",<\\\/div><div>  note     = \\\"Zinsgleitklauseln\\\",<\\\/div><div>  year     = \\\"2001\\\",<\\\/div><div>  month    = oct,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"74\\\",<\\\/div><div>  pages    = \\\"605--612\\\",<\\\/div><div>  journal  = \\\"WIFO-Monatsberichte\\\",<\\\/div><p>}<\\\/p><\\\/div>\",\"ris\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_ris rendering_contributiontoperiodical rendering_ris rendering_contributiontoperiodical_ris\\\"><p>TY  - GEN<\\\/p><p>T1  - \u00d6konomische Fundierung von Zinsgleitklauseln in Kreditvertr\u00e4gen<\\\/p><p>AU  - Hahn, Franz R.<\\\/p><p>N1  - Zinsgleitklauseln<\\\/p><p>PY  - 2001\\\/10<\\\/p><p>Y1  - 2001\\\/10<\\\/p><p>N2  - Die Mehrzahl der seit 1997 bankm\u00e4\u00dfig gew\u00e4hrten Privatkredite mit variabler Verzinsung enth\u00e4lt eine Zins\u00e4nderungsvereinbarung, die auf zwei der wichtigsten gesamtwirtschaftlichen Referenzzinsindikatoren Bezug nimmt: den Dreimonats-EURIBOR (einem der zentralen Zinsindikatoren f\u00fcr den Zwischenbankgeldmarkt in der Euro-Zone) und die Sekund\u00e4rmarktrendite f\u00fcr Bundesanleihen. Die Zinss\u00e4tze der Privatkredite werden im Ausma\u00df der Ver\u00e4nderung des Durchschnittes der beiden Indikatoren laufend angepasst. Dieser Mechanismus entspricht den einschl\u00e4gigen Bestimmungen des \u00f6sterreichischen Konsumentenschutzgesetzes und spiegelt die Entwicklung der Refinanzierungskosten der \u00f6sterreichischen Banken gut wider.<\\\/p><p>AB  - Die Mehrzahl der seit 1997 bankm\u00e4\u00dfig gew\u00e4hrten Privatkredite mit variabler Verzinsung enth\u00e4lt eine Zins\u00e4nderungsvereinbarung, die auf zwei der wichtigsten gesamtwirtschaftlichen Referenzzinsindikatoren Bezug nimmt: den Dreimonats-EURIBOR (einem der zentralen Zinsindikatoren f\u00fcr den Zwischenbankgeldmarkt in der Euro-Zone) und die Sekund\u00e4rmarktrendite f\u00fcr Bundesanleihen. Die Zinss\u00e4tze der Privatkredite werden im Ausma\u00df der Ver\u00e4nderung des Durchschnittes der beiden Indikatoren laufend angepasst. Dieser Mechanismus entspricht den einschl\u00e4gigen Bestimmungen des \u00f6sterreichischen Konsumentenschutzgesetzes und spiegelt die Entwicklung der Refinanzierungskosten der \u00f6sterreichischen Banken gut wider.<\\\/p><p>KW  - Kredite<\\\/p><p>KW  - Zinsanpassung<\\\/p><p>KW  - Zinssatzrisiko<\\\/p><p>KW  - \u00d6sterreich; \u00d6konomische Fundierung von Zinsgleitklauseln in Kreditvertr\u00e4gen; Economic Rationale for Interest Rate Adjustment Clauses in Loan Contracts<\\\/p><p>KW  - Kredite<\\\/p><p>KW  - Zinsanpassung<\\\/p><p>KW  - Zinssatzrisiko<\\\/p><p>KW  - \u00d6sterreich; \u00d6konomische Fundierung von Zinsgleitklauseln in Kreditvertr\u00e4gen; Economic Rationale for Interest Rate Adjustment Clauses in Loan Contracts<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 74<\\\/p><p>SP  - 605<\\\/p><p>EP  - 612<\\\/p><p>JO  - WIFO-Monatsberichte<\\\/p><p>JF  - WIFO-Monatsberichte<\\\/p><p>ER  - <\\\/p><\\\/div>\"}","scientific_assistance":"[]","scientific_review":"[]","version":"","release_date":null,"expiration_date":null,"surveyor":"","research_assistance":"","edv":"","additional_info_de":"","additional_info_en":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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