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Globale Kapitalmärkte – Chance oder Gefahr für Transformationsländer?

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  • Franz R. Hahn

    (WIFO)

Abstract

Weltweit haben fast alle Länder ihren Kapitalmarkt liberalisiert und für internationale Investoren geöffnet. Die Allokationseffizienz der Kapitalmärkte wurde jedoch dadurch nicht wesentlich verbessert. Der Großteil des internationalen Kapitalverkehrs erfolgt zwischen den reichen Ländern, der Kapitalexport von den reichen zu den armen Ländern ist hingegen von nachrangiger Bedeutung. Die aktuelle Entwicklung in Osteuropa steht dazu im Widerspruch: Die Perspektive auf einen raschen EU-Beitritt und auf die Teilnahme an der Währungsunion löste insbesondere seit Ende der 1990er-Jahre in vielen osteuropäischen Ländern einen massiven Zufluss von ausländischem Kapital aus. Er sollte vor allem die Transformation von der Plan- zur Marktwirtschaft beschleunigen. Die Triebkräfte dieses Kapitaltransfers sind jenen vor mehr als 100 Jahren sehr ähnlich, als hohe erwartete Ertragsraten in den peripheren Regionen ausreichend Kapital aus den reichen Ländern anzogen. Im ausgehenden 19. Jahrhundert erreichten die Kapitalmärkte bisher die höchste Allokationseffizienz.

Suggested Citation

  • Franz R. Hahn, 2010. "Globale Kapitalmärkte – Chance oder Gefahr für Transformationsländer?," WIFO Monatsberichte (monthly reports), WIFO, vol. 83(2), pages 137-148, February.
    • Handle: RePEc:wfo:monber:y:2010:i:2:p:137-148
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    References listed on IDEAS

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