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Knappheit sicherer Anleihen?: Neue Herausforderungen nach der Krise

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  • Christoph Große Steffen

Abstract

Sichere und liquide Wertpapiere sind das Schmiermittel im Finanzsystem. Sie dienen der Wertaufbewahrung, um regulatorische Erfordernisse zu erfüllen, sowie als Bezugspunkt für wichtige Marktpreise. Während einige Wissenschaftler eine fortdauernde Knappheit im Angebot sicherer Anleihen und Anlagemöglichkeiten sehen, mit möglichen globalen Auswirkungen, sind andere Wissenschaftler gelassen oder widersprechen der Ansicht einer Knappheit sicherer Anleihen. Im veränderten Umfeld nach der globalen Finanzmarktkrise und der Schuldenkrise im Euroraum stellt die Knappheit sicherer Wertpapiere neue Herausforderungen an die Wirtschaftspolitik. Während sie nach wie vor als mögliche Ursache für globale Ungleichgewichte gelten, geht die Debatte nach der Krise weit darüber hinaus in den Bereich der Finanzmarktregulierung sowie der Effektivität von Finanz- und Geldpolitik.

Suggested Citation

  • Christoph Große Steffen, 2014. "Knappheit sicherer Anleihen?: Neue Herausforderungen nach der Krise," DIW Roundup: Politik im Fokus 3, DIW Berlin, German Institute for Economic Research.
    • Handle: RePEc:diw:diwrup:3de
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    File URL: https://www.diw.de/documents/publikationen/73/diw_01.c.434488.de/DIW_Roundup_3_de.pdf
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    References listed on IDEAS

    as
    1. Martin Feldstein, 2013. "An Interview with Paul Volcker," Journal of Economic Perspectives, American Economic Association, vol. 27(4), pages 105-120, Fall.
    2. Ingo Fender & Ulf Lewrick, 2013. "Mind the gap? Sources and implications of supply-demand imbalances in collateral asset markets," BIS Quarterly Review, Bank for International Settlements, September.
    3. Mr. Manmohan Singh, 2013. "The Changing Collateral Space," IMF Working Papers 2013/025, International Monetary Fund.
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