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IMK Finanzmarktstabilitätsreport 2017/2018

Author

Listed:
  • Thomas Theobald

    (Macroeconomic Policy Institute (IMK))

  • Silke Tober

    (Macroeconomic Policy Institute (IMK))

Abstract

Der IMK Finanzmarktstabilitätsreport 2017/2018 thematisiert Risiken, die sich für die mittlere Frist abzeichnen. Problematisch sind die bisher nur unvollständige Umsetzung der Basel-III-Regulierungsreformen und die abnehmende Regulierungsbereitschaft. Zudem bergen die niedrigen Risikoprämien die Gefahr einer abrupten Neubewertung im Zuge derer Bedenken über die Schuldentragfähigkeit einzelner Schuldner oder Schuldnergruppen erneut aufflackern. Liquiditätsrisiken haben infolge einer steigenden Bedeutung von Investmentfonds zugenommen, und das Zinsrisiko im Bankensystem ist gestiegen. Zur Vollendung der Bankenunion fehlen weiterhin eine einheitliche Einlagensicherung und eine effektive Absicherung des Bankenabwicklungsfonds durch den Europäischen Stabilitätsmechanismus. Reformbedarf besteht auch bei der Regulierung von außerbörslichen OTC-Derivaten, wobei eine öffentliche Trägerschaft Zentraler Kontrahenten bei der Abwicklung sinnvoll wäre. Fintechs stellen eine neue Herausforderung für die Finanzmarktaufsicht dar. Die aktuelle Zahlungsdienstrichtlinie ist ein Schritt in die richtige Richtung. Als weiterer Schritt sollte die Einführung eines digitalen Euro konzeptionell vorbereitet werden, um eine wertstabile und sichere Alternative zu bereits existierenden und künftig bereitgestellten Systemen zu liefern.

Suggested Citation

  • Thomas Theobald & Silke Tober, 2018. "IMK Finanzmarktstabilitätsreport 2017/2018," IMK Report 134-2018, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute.
    • Handle: RePEc:imk:report:134-2018
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    File URL: http://www.boeckler.de/pdf/p_imk_report_134_2018.pdf
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    References listed on IDEAS

    as
    1. Mohaddes, Kamiar & Raissi, Mehdi & Weber, Anke, 2017. "Can Italy grow out of its NPL overhang? A panel threshold analysis," Economics Letters, Elsevier, vol. 159(C), pages 185-189.
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