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Negativzinsen bei Geschäftsbanken: Welche Effekte sind zu erwarten?

Author

Listed:
  • Hans-Peter Burghof
  • Otte,Max
  • Tobias Tröger
  • Ansgar Belke
  • Thorsten Polleit
  • Martin Klein

Abstract

Die Europäische Zentralbank erhebt seit Mitte 2014 Negativzinsen für Bankeinlagen. Seit Herbst letzten Jahres wird diese Entwicklung von einigen Banken an Privatanleger mit sehr hohen Gesamteinlagen weitergegeben. Hans-Peter Burghof, Universität Hohenheim, sieht in einem »Minuszins« einen »unmöglichen Zins«, der die Erwartungen der Sparer enttäuscht. Für Max Otte, Universität Graz, begünstigt das Niedrigzinsumfeld die Entstehung und Vermehrung großer Vermögen und behindert die Vermögensbildung bei breiten Bevölkerungsschichten. Der öffentliche Sektor sei ebenfalls Gewinner dieser Politik. Nach Ansicht von Tobias Tröger, Goethe-Universität Frankfurt am Main, können im Rahmen bestehender Einlageverträge negative Zinsen nicht erhoben werden. Für Ansgar Belke, Universität Duisburg-Essen, handelt es sich bei Negativzinsen um eine Marktverzerrung: Negative Zinssätze lassen Gläubiger für das Privileg der Schuldner zahlen, dass die Kreditnehmer das Geld der Kreditgeber verwenden dürfen – ein Arrangement, das Fundamentalprinzipien der Finanzierungslehre verletzt. Thorsten Polleit, Degussa und Universität Bayreuth, ist der Meinung, dass das Senken des Marktzinses auf 0% oder sogar in den negativen Bereich für eine Politik steht, die unvereinbar ist mit einer freien Marktwirtschaft. Ein negativer realer Marktzins beende den Zinsbezug und nehme damit den Anreiz zu sparen und zu investieren, die Volkswirtschaft verfalle dem Kapitalverzehr. Für Martin Klein, Martin-Luther-Universität Halle-Wittenberg, ist die Erfahrung mit negativen Zinsen bei der EZB und bei Geschäftsbanken bisher noch zu kurzfristig, um ein abschließendes Urteil zuzulassen. Entscheidend für die Zukunft werden, seiner Ansicht nach, vor allem die Auswirkungen der ab dem Frühjahr ins Haus stehenden massiven Liquiditätsausweitung im Rahmen der Geldpolitik der EZB sein. Sie werden das Zinsgefüge weiter nach unten verschieben.

Suggested Citation

  • Hans-Peter Burghof & Otte,Max & Tobias Tröger & Ansgar Belke & Thorsten Polleit & Martin Klein, 2015. "Negativzinsen bei Geschäftsbanken: Welche Effekte sind zu erwarten?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(02), pages 05-25, January.
  • Handle: RePEc:ces:ifosdt:v:68:y:2015:i:02:p:05-25
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    References listed on IDEAS

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    More about this item

    Keywords

    Zins; Bank; Zinspolitik; Negativzinsen;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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