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Finanzmarktinnovationen und Finanzkrisen: Historische Perspektive / Financial innovations and financial crisis: a historical perspective

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  • Meyer Wilhelm

Abstract

There is a remarkable phenomenon: the recurrence of financial crisis in the economic life of the states. This article starts with the idea that financial innovations could be main elements of the set of sufficent conditions for this phenomenon. In order to illustrate this assumption this article describes some historical and some modern cases of financial crisis. In modern times there are smaller and greater financial accidents, so to speak. These are less relevant for political action than the big ones of today. This article argues that there are three causal elements that might come close to the complete set of sufficient conditions for todays financial crisis. Among them are the MBS and CDOs, remarkable inventions of the financial industry. This article briefly deals with some recent proposals for the improvement of the financial system. They are selected because they seem to be in accordance with critical liberalism, a view which is due to the philosopher Hans Albert.

Suggested Citation

  • Meyer Wilhelm, 2009. "Finanzmarktinnovationen und Finanzkrisen: Historische Perspektive / Financial innovations and financial crisis: a historical perspective," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 60(1), pages 325-354, January.
    • Handle: RePEc:bpj:ordojb:v:60:y:2009:i:1:p:325-354:n:17
    DOI: 10.1515/ordo-2009-0117
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    References listed on IDEAS

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    1. Charles P. Kindleberger & Robert Z. Aliber, 2005. "Manias, Panics and Crashes," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-62804-5, October.
    2. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-276, June.
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