Ordnungspolitische Konsequenzen der Wirtschaftskrise

In: Wirtschaftspolitische Konsequenzen der Finanz- und Wirtschaftskrise, S. 31-56

Abstract

"There are many similarities but also significant differences between the first and the second world economic crisis. Ten distinct causes can be identified for the second world economic crisis and many are due to institutional insufficiencies. The second world economic crisis is not a Keynesian but a Hayekian crisis. A pivotal cause of this crisis is the central banks' policy of 'cheapest' money. Therefore, it is necessary to tie the executives of central banks to compulsory rules. The crisis particularly revealed that a lack of liability causes a waste of capital, since the applied bonus reward systems are subject to asymmetric liabilities. From a liberal point of view an appropriate institutional framework, that is supposed to prevent future crises, must not consist of more but better regulation, especially including the Option that banks may file for bankruptcy. This is one of the most important consequences of this economic crisis." (author's abstract)