TY - GEN A1 - Mügge, Daniel T1 - Es ist doch Politik! : Liberalisierung und Integration der Finanzmärkte als politischer Prozess T1 - It’s still politics! : Liberalization and integration of financial markets N2 - This article examines the liberalization and cross-border integration of European financial markets from a political-economic perspective. Three features particularly come to the fore: First, national liberalization and European integration have been two sides of one integrated political process that owes its specific dynamics to the conflicts of interest between different groups of actors. Second, not only effective liberalization, but also market integration relies on an extension and formalization of public financial market regulation – and thus seemingly on ‘more state’. Third, the established distinction between ‘state’ and ‘market’ and their respective roles is insufficient for a proper understanding for the politics of financial market regulation. KW - Finanzmärkte KW - europäische Finanzmärkte KW - Financial markets KW - European financial markets Y1 - 2005 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus-47537 ER - TY - GEN A1 - Börsch, Alexander T1 - Konvergenz, Divergenz oder Hybridisierung? : Globalisierung der Finanzmärkte und Corporate Governance T1 - Convergence, divergence or hybridisation? : Globalization of financial markets and corporate governance N2 - The paper analyzes the impact of financial globalization on corporate governance systems. While shareholder systems are relatively unaffected by globalization pressures, the burden of adjustment rests primarily on stakeholder systems, owing to their dominant non-market forms of coordination. Convergence theory therefore expects a transformation of stakeholder systems towards shareholder systems, whereas the ‘hybridization thesis’ argues for a combination of elements from shareholder and stakeholder systems as a result of globalization. The ‘Varieties of Capitalism’ approach expects stability in corporate governance systems and a continuation of differences between them. KW - Finanzmärkte KW - Globalisierung KW - Unternehmensführung KW - Financial markets KW - globalization KW - corporate governance Y1 - 2005 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus-47545 ER - TY - GEN A1 - Keßler, Oliver T1 - Nichtwissen und die Etablierung von Governance-Regimen T1 - Ignorance and the establishment of governance regimes N2 - This article analyzes to what extend new knowledge and ignorance-structures within financial markets challenge basic assumptions in scientific discourse. ‘Ignorance’ is seen as an inherent part of governance-regimes. It is argued that the self-fulfilling prophecy of a bank run as the dominant metaphor for systemic risks is insufficient to capture today’s dynamics and categorical changes. Therefore, the paper seeks to show that ‘science’ has not sufficiently attempted to fully come to terms with issues of uncertainty and self-reference. KW - Finanzmärkte KW - Regulierung der Finanzmärkte KW - Finanzwesen KW - Financial markets KW - financial regulation KW - financial architecture Y1 - 2005 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus-47555 ER - TY - CHAP ED - Hummel, Detlev T1 - The Euro Financial Crisis : impacts on banking, capital markets, and regulation ; report of the international workshop in Potsdam on July 20/21, 2012 N2 - On July 20/21 in 2012, an international workshop was held on the subject of the global impact of the Euro-Financial-Crisis at the University of Potsdam. Prof. Dr. Detlev Hummel, faculty Finance and Banking, was the host of the event. Academic colleagues from Beijing, Moscow and Connecticut (USA) as well as domestic capital market and banking experts presented their analyses. Different aspects of national and international finance markets were examined, with a focus on the European region, China and Russia. Mistakes and failures of the banking regulations were identified as one, but note the sole cause of the economic problems. A lack of budget discipline of some politicians and the loss of business competitiveness of certain European nations were mentioned, too. Some members of the European Union did not succeed in mastering the challenges of the global economy. There have been structural issues in some states that impede their competitiveness in the global market, for example with China. The participants pointed out a number of other reasons for the crisis, like dubious distribution types as well as a lack of transparency of certain financial products. Furthermore, remuneration and incentive schemas of investment banks and especially the reckless risk management policy of large banks were identified as other factors for the crisis. The participants of the international workshop in Potsdam agree that the birth of the Euro-currency was a political event and will remain a challenge. The reform of the banking supervision and further steps towards an economic and fiscal union are new research tasks. N2 - Am 20./21. Juli 2012 fand an der Universität Potsdam ein internationaler Erfahrungsaustausch über die globalen Folgen der Euro-Finanzkrise statt. Eingeladen hatte Prof. Dr. Detlev Hummel, Lehrstuhl für Betriebswirtschaftslehre mit dem Schwerpunkt Finanzierung und Banken. Kooperationspartner aus Peking, St. Petersburg und Moskau sowie Connecticut (USA), wie auch heimische Kapitalmarkt- und Bankexperten trugen Analysen vor. Es wurden unterschiedliche Aspekte aus Sicht nationaler und internationaler Finanzmärkte vorgestellt, wobei neben dem europäischen Raum auch China und Russland im Fokus standen. Die Ursachen der Euro-Finanzkrise wurden einerseits in einer unzureichenden Bankenregulierung gesehen. Eine mangelnde Haushaltsdisziplin politischer Entscheidungsträger und der Verlust der Wettbewerbsfähigkeit bestimmter europäischer Staaten standen ebenso zur Debatte. Teile der europäischen Gemeinschaft haben die Herausforderungen der Globalisierung nicht gemeistert. Es handelt sich hierbei um Strukturprobleme einzelner Staaten, die eine globale Wettbewerbsfä-higkeit, beispielsweise gegenüber China, verhindern. Weitere Ursachen - wie die teils fragwürdigen Vertriebsformen sowie die mangelnde Transparenz bestimmter Finanzprodukte, aber auch extreme Vergütungs- und Anreizmechanismen von Investmentbanken, vor allem aber die leichtfertige Risikopolitik großer Institute sowie Systemschwächen dabei - wurden aufgezeigt. Die Teilnehmer des internationalen Workshops in Potsdam waren sich darüber einig, dass die Einführung des Euro ein politisches Ereignis war und eine solche Herausforderung bleibt. Die Reform der europäischen Bankenaufsicht und weitere Schritte in Richtung einer wirtschaftlichen und finanzpolitischen Union stellen neue Aufgaben für die Forschung dar. KW - Euro-Finanzkrise KW - Bankenregulierung KW - Finanzmärkte KW - Euro KW - Euro-Financial-Crisis KW - bank regulation KW - financial markets KW - Euro Y1 - 2013 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus-65228 SN - 978-3-86956-252-0 ER - TY - GEN A1 - Walter, Norbert A1 - Speyer, Bernhard T1 - Zwischen Governance und Polymorphie T1 - Between governance and polymorphy N2 - The authors analyze the reasons for the establishment of a regulatory regime for international financial markets in accordance with the ideas of liberal internationalism. They argue that the system of international markets is affected by polymorphy, indicating the existence of different forms of regulation. Five factors produce this polymorphy: the non-existence of a homogenous object of steering, the dynamic nature of these objects, the fact that the purpose of governance is not clearly defined, the dominance of governance by the USA and Great Britain, and governance as a result of a multi-level game with various coalitions. KW - Regierung KW - finanzielle Regulierung KW - Finanzmärkte KW - governance KW - financial regulation KW - financial markets Y1 - 2005 U6 - http://nbn-resolving.de/urn/resolver.pl?urn:nbn:de:kobv:517-opus-8033 ER -