{"id":113372,"date":"2024-01-22T18:32:00","date_gmt":"2024-01-22T17:32:00","guid":{"rendered":"https:\/\/www.wifo.ac.at\/publication\/113372\/"},"modified":"2024-11-07T04:12:35","modified_gmt":"2024-11-07T03:12:35","slug":"finanzmarktkrise-entstehung-kurzfristige-reaktion-und-langfristiger-anpassungsbedarf","status":"publish","type":"publication","link":"https:\/\/www.wifo.ac.at\/en\/publication\/113372\/","title":{"rendered":"The Crisis of the Financial Markets: Origin, Short-term Reaction and Long term Adaptation Requirements"},"content":{"rendered":"","protected":false},"featured_media":0,"template":"","class_list":["post-113372","publication","type-publication","status-publish","hentry"],"acf":{"subtitle":"","text":"The crisis of the financial markets had its onset as early as February 2007, when the first defaults of mortgage debts with a low rating of creditworthiness were reported. Following that, the crisis shifted to the secured mortgage debt market to finally affect the entire financial system. All in all, the required valuation adjustments in the financial services are estimated to $ 3,400 billion. The resulting losses compelled, on a world-wide basis, the allocation of public funds to credit institutions, a considerable increase of government guarantees to finance credit institutions, the reduction of the key interest rates to approximately 0 percent, and, moreover, direct measures safeguarding liquidity in the credit sector on behalf of the central banks. Macroeconomic imbalances, arbitrage dealings between low and high interest currencies and an overly expansive monetary policy of the US Federal Reserve can be quoted as the macroeconomic reasons for the crisis on the financial markets. However, the crisis also unveiled deficiencies within the control and supervision systems of the financial service providers. The securisation of mortgages and other financial instruments allowed financial service providers to shift business activities outside the regulated area. These regrouping activities in turn required a fair-value assessment of securitised credits and pro-cyclically triggered higher equity provisions within the Basel II standards.","onlinedate":"2009-12-21 01:00:00","lang":"German","publication_series":"","publication_date":"20091201","publication_date_year":"","publication_date_full":false,"publication_num_pages":"","keywords":"[\"Finanzmarktkrise Finanzinnovationen\"]","jelcodes":"[]","related_publications":"[]","pdf":335527,"zip":null,"link":"","monthly_report":true,"monthly_report_main":false,"monthly_report_volume":"82","monthly_report_pages":"909-931","monthly_report_pages_sort":"909","issue":"12","journal":"WIFO-Monatsberichte","publisher":"","invisible":false,"external":false,"embargo_date":null,"types":[44312],"research_groups":[3500],"collaboration":"","persons":[3899],"persons_data":"[{\"personId\":3899,\"personName\":\"Thomas Url\",\"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>Url, T.<\\\/span> (2009). <span>Finanzmarktkrise: Entstehung, kurzfristige Reaktion und langfristiger Anpassungsbedarf<\\\/span>. <span><em>WIFO-Monatsberichte<\\\/em><\\\/span>, <em>82<\\\/em>(12), 909-931. <a onclick=\\\"window.open(this.href, '_blank','noopener,noreferrer'); return false;\\\" href=\\\"https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/37843\\\" class=\\\"link\\\"><span>https:\\\/\\\/www.wifo.ac.at\\\/wwa\\\/pubid\\\/37843<\\\/span><\\\/a><\\\/div>\",\"vancouver\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_vancouver rendering_contributiontoperiodical rendering_vancouver rendering_contributiontoperiodical_vancouver\\\"><span>Url T<\\\/span>. <span class=\\\"title\\\"><span>Finanzmarktkrise: Entstehung, kurzfristige Reaktion und langfristiger Anpassungsbedarf<\\\/span><\\\/span>. <span>WIFO-Monatsberichte<\\\/span>. 2009 Dec;82(12):909-931.<\\\/div>\",\"bibtex\":\"<div class=\\\"rendering rendering_researchoutput  rendering_researchoutput_bibtex rendering_contributiontoperiodical rendering_bibtex rendering_contributiontoperiodical_bibtex\\\"><div>@misc{3c4c607a950a4d8fb1343b25fd131380,<\\\/div><div>  title    = \\\"Finanzmarktkrise: Entstehung, kurzfristige Reaktion und langfristiger Anpassungsbedarf\\\",<\\\/div><div>  abstract = \\\"Die aktuelle Finanzmarktkrise kann nicht auf eine einzelne Ursache zur{\\\\\\\"u}ckgef{\\\\\\\"u}hrt werden, sondern entstand aus dem Zusammenspiel mehrerer gleichzeitig wirksamer Kr{\\\\\\\"a}fte. Die Ursachen lassen sich in drei Bereiche zusammenfassen: makro{\\\\\\\"o}konomische, regulierungs- bzw. aufsichtsbezogene und anreiz- bzw. kontrollbezogene Ursachen. W{\\\\\\\"a}hrend die kurzfristigen wirtschaftspolitischen Ma{\\\\ss}nahmen auf eine Minimierung des Schadens abgestimmt waren, legen langfristige wirtschaftspolitische {\\\\\\\"U}berlegungen mehr Augenmerk auf die St{\\\\\\\"a}rkung stabilisierender Kr{\\\\\\\"a}fte in der Regulierung und Beaufsichtigung von Finanzdienstleistern und auf eine Verbesserung der Anreizsysteme von Finanzintermedi{\\\\\\\"a}ren.\\\",<\\\/div><div>  keywords = \\\"Finanzmarktkrise Finanzinnovationen, Finanzmarktkrise Finanzinnovationen\\\",<\\\/div><div>  author   = \\\"Thomas Url\\\",<\\\/div><div>  note     = \\\"Finanzmarktkrise Entstehung Reaktion\\\",<\\\/div><div>  year     = \\\"2009\\\",<\\\/div><div>  month    = dec,<\\\/div><div>  language = \\\"Deutsch\\\",<\\\/div><div>  volume   = \\\"82\\\",<\\\/div><div>  pages    = \\\"909--931\\\",<\\\/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  - Finanzmarktkrise: Entstehung, kurzfristige Reaktion und langfristiger Anpassungsbedarf<\\\/p><p>AU  - Url, Thomas<\\\/p><p>N1  - Finanzmarktkrise Entstehung Reaktion<\\\/p><p>PY  - 2009\\\/12<\\\/p><p>Y1  - 2009\\\/12<\\\/p><p>N2  - Die aktuelle Finanzmarktkrise kann nicht auf eine einzelne Ursache zur\u00fcckgef\u00fchrt werden, sondern entstand aus dem Zusammenspiel mehrerer gleichzeitig wirksamer Kr\u00e4fte. Die Ursachen lassen sich in drei Bereiche zusammenfassen: makro\u00f6konomische, regulierungs- bzw. aufsichtsbezogene und anreiz- bzw. kontrollbezogene Ursachen. W\u00e4hrend die kurzfristigen wirtschaftspolitischen Ma\u00dfnahmen auf eine Minimierung des Schadens abgestimmt waren, legen langfristige wirtschaftspolitische \u00dcberlegungen mehr Augenmerk auf die St\u00e4rkung stabilisierender Kr\u00e4fte in der Regulierung und Beaufsichtigung von Finanzdienstleistern und auf eine Verbesserung der Anreizsysteme von Finanzintermedi\u00e4ren.<\\\/p><p>AB  - Die aktuelle Finanzmarktkrise kann nicht auf eine einzelne Ursache zur\u00fcckgef\u00fchrt werden, sondern entstand aus dem Zusammenspiel mehrerer gleichzeitig wirksamer Kr\u00e4fte. Die Ursachen lassen sich in drei Bereiche zusammenfassen: makro\u00f6konomische, regulierungs- bzw. aufsichtsbezogene und anreiz- bzw. kontrollbezogene Ursachen. W\u00e4hrend die kurzfristigen wirtschaftspolitischen Ma\u00dfnahmen auf eine Minimierung des Schadens abgestimmt waren, legen langfristige wirtschaftspolitische \u00dcberlegungen mehr Augenmerk auf die St\u00e4rkung stabilisierender Kr\u00e4fte in der Regulierung und Beaufsichtigung von Finanzdienstleistern und auf eine Verbesserung der Anreizsysteme von Finanzintermedi\u00e4ren.<\\\/p><p>KW  - Finanzmarktkrise Finanzinnovationen<\\\/p><p>KW  - Finanzmarktkrise Finanzinnovationen<\\\/p><p>M3  - WIFO-Schriftenreihen<\\\/p><p>VL  - 82<\\\/p><p>SP  - 909<\\\/p><p>EP  - 931<\\\/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) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Crisis of the Financial Markets: Origin, Short-term Reaction and Long term Adaptation Requirements - 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