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Die Bedeutung realwirtschaftlicher Ungleichgewichte für die Finanzkrise

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  • Ewald Walterskirchen

Abstract

Finanzkrisen resultieren aus der Liberalisierung der Finanzmärkte und darauf folgenden Kreditblasen. Die Verschuldung steigt bis zu einem gewissen Schwellenwert, an dem der Optimismus plötzlich in Panik umschlägt. Die Anhäufung von Schulden und Vermögen geht Hand in Hand. Überhöhte Schulden sind immer auch überzogene Vermögen: Was sich einer ausborgt, muss ihm einer anderer leihen. Vor allem drei Arten von Ungleichheiten trugen zur Kreditblase vor dem Ausbruch der Finanzkrise bei: - die zunehmende soziale Ungleichheit zwischen Arm und Reich, die Hypothekarkredite an mittellose Haushalte und Spekulationsexzesse nach sich zog, - die anhaltenden Leistungsbilanzüberschüsse und -defizite, die nicht durch Wechselkurse ausgeglichen wurden und zu einem Auftürmen von Ersparnissen bzw. Auslandsschulden führten, sowie - die Destabilisierung der Wirtschaft durch stark schwankende Vermögenspreise (Immobilienpreisblasen), d. h. durch zunehmende Ungleichheit zwischen Vermögensbesitz und Leistungseinkommen. In allen diesen Fällen muss die Wirtschaftspolitik zu mehr Gerechtigkeit beitragen. Außergewöhnliche wirtschaftspolitische Maßnahmen sind notwendig, um die gesamtwirtschaftliche Schuldenquote zu verringern. Wesentlich ist, dass die Gläubiger ihren gebührenden Anteil daran tragen. Eine Verteilung der Bankenprobleme auf alle Steuerzahler ist der falsche Weg. Schulden und Vermögen müssen parallel verringert werden, damit neue Kredit- und Investitionsbereitschaft entstehen kann. Das sollte auf sozial verträgliche Weise erfolgen: durch sehr niedrige Zinssätze, höhere Inflationsraten, Vermögenssteuern und gegebenenfalls Schuldennachlass (z. B. Griechenland). Umverteilungspolitik ist nicht nur aus sozialen, sondern auch aus ökonomischen Gründen notwendig, um neue Wachstumsimpulse zu setzen.

Suggested Citation

  • Ewald Walterskirchen, 2013. "Die Bedeutung realwirtschaftlicher Ungleichgewichte für die Finanzkrise," Wirtschaft und Gesellschaft - WuG, Kammer für Arbeiter und Angestellte für Wien, Abteilung Wirtschaftswissenschaft und Statistik, vol. 39(2), pages 153-165.
    • Handle: RePEc:clr:wugarc:y:2013v:39i:2p:153
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