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Währungskrisen: Ergebnis irrationaler Anleger oder hausgemachter Fehler der betroffenen Länder?

Währungskrisen: Ergebnis irrationaler Anleger oder hausgemachter Fehler der betroffenen Länder?

          
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About the Book

Inhaltsangabe: Einleitung: Für den Begriff „Währungskrise" gibt es in der Außenwirtschaftslehre eine Vielzahl von Definitionen. Während einige Autoren, wie Milesi-Ferretti und Razin (2000), unter einer Währungskrise nur eine signifikante Abwertung der Währung verstehen, definieren andere (z.B. Eichengreen, Rose und Wyplosz (1996)) eine Krise als eine Situation, in der ein Land sowohl eine außergewöhnlich starke Währungsabwertung als auch einen massiven Verlust an Währungsreserven erlitten hat. Die Erfahrungen mit der Asienkrise (1997/98) haben jedoch gezeigt, dass diese Definitionen viel zu eng sind. Hier sahen sich die betroffenen Länder neben Wechselkurssteigerungen und Reserveverlusten zudem noch drastischen Sozialproduktsrückgängen ausgesetzt. Der Ökonom Krugman hat dieses „Definitionsdilemma" erkannt und schreibt dazu resignierend in seinem Buch „Currency Crises" „There is no generally accepted formal definition of a currency crisis, but we now them when we see them.". Ähnlich verhält es sich auch bei der Frage nach den Ursachen von Währungskrisen. Bisweilen wird die Verantwortung dafür irrationalen Anlegern zugeschrieben. Dabei wird ihnen vorgeworfen, dass sie ihr Kapital ohne jede Vorwarnung und unabhängig vom jeweils konkret vorherrschenden ökonomischen Umfeld aus einem Land abziehen und auf diese Weise den Kollaps der Währung herbeiführen würden. Als Paradebeispiel wird von den Anhängern dieses Standpunkts häufig die Asienkrise genannt. In diesem Fall hätte der Abzug von über 100 Mrd. US-Dollar im Zeitraum von Mitte 1997 bis Ende 1998 nichts mit unsoliden Wirtschaftsdaten in den betroffenen Ländern zu tun gehabt. Verantwortlich dafür seien allein psychologische Faktoren gewesen. Der Chefökonom der Weltbank Stiglitz bezeichnet dieses Verhalten der Anleger in Anlehnung an Alan Greenspans Begriff der „Irrational Exuberance" als „Irrational Pessimism". Die Gegner dieser Betrachtungsweise führen dagegen an, dass die Kapitalflucht aufgrund makro- und mikroökon


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Product Details
  • ISBN-13: 9783838653433
  • Publisher: Diplom.de
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Weight: 145 gr
  • ISBN-10: 3838653432
  • Publisher Date: 22 Apr 2002
  • Height: 210 mm
  • No of Pages: 102
  • Series Title: German
  • Sub Title: Ergebnis irrationaler Anleger oder hausgemachter Fehler der betroffenen Länder?
  • Width: 148 mm


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