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Ist ein Verbot von Wertpapier-Leerverkäufen bzw. ungedeckten Credit Default Swaps sinnvoll?

Author

Listed:
  • Andre Horovitz
  • Martin Schütte
  • Barbara Hendricks
  • Sigrid Müller
  • Max Otte

Abstract

Sind die so genannten Leerverkäufe Mitverursacher der Finanzkrise und sollten deshalb Wetten auf sinkende Kurse verboten werden? Andre Horovitz, Financial Risk Fitness GmbH, verdeutlicht in seinem Beitrag, dass auch Leerverkäufe und »leer geschlossene« CDS für Unternehmen sinnvoll sein können, ohne eine »Zockerabsicht« unterstellen zu müssen, spricht sich aber für eine nötige Regulierung der Finanzbranche aus. Martin Schütte, Universität München, weist darauf hin, dass das unkontrollierte Wachstum der Märkte für spekulative Finanzprodukte vor knapp zwei Jahren das Weltfinanzsystem beinahe zum Einsturz gebracht habe. Nun drohe sich dasselbe zu wiederholen. Um das zu verhindern, müsse auch ein Verbot besonders gefährlicher Produkte erwogen werden. Für Barbara Hendricks, SPD-Bundestagsfraktion, ist ein Verbot von Wertpapier-Leerverkäufen und ungedeckten Credit Default Swaps im Hinblick auf die notwendige Regulierung ein sinnvolles, allerdings unzureichendes Instrument. Sigrid Müller, Humboldt-Universität zu Berlin, dagegen meint, dass Leerverkaufsverbote als Schutz vor Kursstürzen untauglich sind. Sie wirkten eher krisenverstärkend. Zudem reduzierten sie die Liquidität und führten zu einem Verlust an Informationseffizienz. Als Regulierungsalternative schlägt sie Meldepflichten vor. Max Otte, Fachhochschule Worms, hält ein Verbot von Wertpapier-Leerverkäufen bzw. ungedeckten Credit Default Swaps für einen sinnvollen Baustein einer umfassenden Finanzmarktregulierung, die zusätzlich sinnvolle Eigenkapitalregeln, die Besteuerung von Finanztransaktionen und die Regulierung von Geschäftsmodellen und Produkten umfassen sollte.

Suggested Citation

  • Andre Horovitz & Martin Schütte & Barbara Hendricks & Sigrid Müller & Max Otte, 2010. "Ist ein Verbot von Wertpapier-Leerverkäufen bzw. ungedeckten Credit Default Swaps sinnvoll?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 63(13), pages 03-18, July.
    • Handle: RePEc:ces:ifosdt:v:63:y:2010:i:13:p:03-18
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    References listed on IDEAS

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    1. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
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    3. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
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    More about this item

    Keywords

    Wertpapier; Wertpapieranalyse; Wertpapieremission; Finanzmarktkrise; Finanzsektor; Regulierung; Börsenkurs;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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