TY  - BOOK
A1  - Nastansky, Andreas
A1  - Strohe, Hans Gerhard
T1  - Die Ursachen der Finanz- und Bankenkrise im Lichte der Statistik
N2  - Finanz- und Bankenkrisen können seit Jahrhunderten beobachtet werden und gründen auf ähnlichen Verhaltensweisen der Beteiligten. Wie die vergangenen zwei Jahre gezeigt haben, variieren hingegen die den Krisen zugrundeliegenden tieferen Ursachen und Mechanismen. Durch statistische Daten wird gezeigt, wie die Immobilienpreise in den USA zunächst stiegen. Wegen erwarteter weiterer Wertentwicklung wurden Kredite auch an Schuldner geringer (subprime) Bonität gegeben und Risiken als forderungsbesicherte Wertpapiere auf globalen Märkten veräußert. Als sich die Wachstumserwartungen nicht erfüllten, vermehrten sich Rückzahlungsausfälle lavinenartig. Vom amerikanischen Hypothekenmarkt breitete sich die Krise auf die internationalen Banken und im weiteren Verlauf auf die Weltwirtschaft aus.
N2  - Financial and banking crisis have been repeatedly reported on few centuries. In a way, they were caused by similar behaviour of the people involved. But the essential reasons and mechanisms were basicly different. In this paper, by statistics is to be demonstrated in which way US residential property prices had been developing before the beginning of the current crisis. Because of the expectation of continuing increase banks did not hesitate to give mortgages even to subprime, i.e. less reliable, debtors. Furthermore, they passed on their risk by selling special new securities, such as MBS (mortgage-backed securities), on global markets, i.e. all over the world. When the expectation of eternal growth failed to come true the number of debtors unable to meet their repayments snowballed and mortgage banking collapsed. Then the crisis was spreading across international banking and, eventually, severely damaged the whole world economy.
T3  - Statistische Diskussionsbeiträge - 35 
KW  - Finanzkrise
KW  - Banken
KW  - Subprime-Krise
KW  - forderungsbesicherte Wertpapiere
KW  - Interbankenmarkt
KW  - Abschreibungen
Y1  - 2009
U6  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus-37915
ER  - 
TY  - BOOK
A1  - Nastansky, Andreas
A1  - Strohe, Hans Gerhard
T1  - The impact of changes in asset prices on real economic activity : a cointegration analysis for Germany
N2  - This paper reviews theoretical and empirical evidence of asset price movements impact on the real economic activity. A key channel is the wealth effect on consumption. Fluctuations in stock prices and housing prices influence the households wealth and could have important impacts on households consumption. In addition, stock prices may affect corporate sector investments and property prices may affect building activity. Here, the method of cointegration is used to estimate the wealth effect and the investment effect in aggregate time series for Germany after the Reunification in 1990. Moreover, we discuss the role of asset prices in the monetary policy strategy of the ECB.
T3  - Statistische Diskussionsbeiträge - 38 
KW  - Stock Prices
KW  - Property Prices
KW  - Consumption
KW  - Investment
KW  - Central Banking Policy
Y1  - 2010
U6  - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus-43762
ER  -