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Das europaeische Schattenbankensystem: Typologisierung und die Bewertung regulatorischer Initiativen auf europaeischer Ebene

Author

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  • Karl Michael Beyer

    (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria)

  • Lars Braeutigam

    (Institute for Comprehensive Analysis of the Economy, Johannes Kepler University Linz, Austria)

Abstract

In der vorliegenden Studie wird eine komparative Analyse des europaeischen Schattenbankensystems (SBS) durchgefuehrt. Zuerst wird der Umfang des jeweiligen Schattenbankensektors fuer 27 EU-Staatenmithilfe einer entitaetenbasierten Methodologie auf Basis von EZB-Daten fuer das Jahr 2014 geschaetzt. Darauf aufbauend wird auf Basis des Indikators der SBS-Intensitaet (Umfang des SBS in Relation zum BIP) eine Typologisierung der hinsichtlich ihrer Auspraegung von Schattenbankenstrukturen sehr heterogenen europaeischen Staaten vorgenommen. Es ergeben sich drei Grundtypen, wobei fuer jeden dieser Typen ein Land als Fallbeispiel (Irland fuer Typ 1, Oesterreich fuer Typ 2, Polen fuer Typ 3) naeher dargestellt wird: Typ 1 umfasst jene Laender, deren Schattenbankensektor das jeweilige Bruttoinlandsprodukt um ein Vielfaches uebersteigt. Hierbei zeigt sich, dass einzelne Staaten (Luxemburg, Irland, Niederlande, Grossbritannien) als Knotenpunkte des europaeischen Schattenbankensystems fungieren, wobei zugleich die unmittelbaren Verbindungslinien des SBS-Sektors zu den nationalen Wirtschaftsstrukturen teils als eher begrenzt angenommen werden duerfen. Typ-2-Laender lassen sich durch ein groessenmaessig relativ ausgeglichenes Verhaeltnis von SBS-Umfang zu nationaler Wirtschaftsleistung kennzeichnen. In den Typ-3-Laendern hingegen sind nennenswerte Schattenbankstrukturen kaum vorhanden. Inwiefern die Finanzmarktentitaeten der Laender der zwei letzteren Typen andernorts in SBS-Aktivitaeten eingebunden sind, bleibt hingegen offen. Die Knotenpunkte des europaeischen Schattenbankensystems (Typ-1-Laender) jedenfalls, deren realwirtschaftliche Strukturen die Groesse des Schattenbankensektors bei weitem nicht rechtfertigen, legen eine solche transnationale Einbindung nahe. Abschliessend werden ausgewaehlte Regulierungs- und Reforminitiativen mit SBS-Bezug von Seiten der Europaeischen Kommission (Geldmarktfonds-Verordnung, SFT Verordnung, Kapitalmarktunion inkl. Rahmenwerk fuer STS-Verbriefungen) einer kritischen Wuerdigung unterzogen. Hierbei wird zu Tage gefoerdert, dass die laenderbasierte Typologie moeglicherweise nur einen temporaeren Zustand des europaeischen Schattenbankensystems abbildet. Speziell die Effekte der gegenwaertig im Entwurf befindlichen Kapitalmarktunion haben das Potential, den Umfang des europaeischen Schattenbankensystems deutlich wachsen zu lassen und zugleich die heterogene SBS-Landschaft erheblich umzugestalten, wobei die tatsaechlichen Entwicklungen im Voraus nur vage abgeschaetzt werden koennen.

Suggested Citation

  • Karl Michael Beyer & Lars Braeutigam, 2016. "Das europaeische Schattenbankensystem: Typologisierung und die Bewertung regulatorischer Initiativen auf europaeischer Ebene," ICAE Working Papers 56, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    • Handle: RePEc:ico:wpaper:56
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    References listed on IDEAS

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