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Aktienmarkt und Konjunkturschwankungen. Gibt es einen Zusammenhang in den OECD-Ländern?

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  • Franz R. Hahn

    (WIFO)

Abstract

Die ökonomische Theorie beurteilt die Bedeutung von Finanzmärkten für den Konjunkturzyklus sehr uneinheitlich. Während marktdominierte Finanzsysteme als allokationseffizient, aber instabil gelten, stehen bankdominierte Finanzsysteme in dem Ruf, effizient vor systemischen Risken zu schützen, die durch Marktinstabilitäten entstehen. Anhand empirischer Daten für 22 OECD-Länder wird diese Hypothesen nur gestützt – für die Periode 1970/2000 wurde kein signifikant dämpfender Einfluss bankdominierter Finanzsysteme auf den Konjunkturzyklus festgestellt. Aktienmärkte hingegen verstärkten unabhängig und direkt die Outputfluktuationen in den OECD-Ländern.

Suggested Citation

  • Franz R. Hahn, 2003. "Aktienmarkt und Konjunkturschwankungen. Gibt es einen Zusammenhang in den OECD-Ländern?," WIFO Monatsberichte (monthly reports), WIFO, vol. 76(8), pages 643-654, August.
    • Handle: RePEc:wfo:monber:y:2003:i:8:p:643-654
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    References listed on IDEAS

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    Cited by:

    1. Markus Marterbauer & Ewald Walterskirchen, 2005. "Einfluss der Haus- und Wohnungspreise auf Wirtschaftswachstum und Inflation," WIFO Studies, WIFO, number 25691.

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