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Finanzkrise und Bonuszahlungen in Banken

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Andreas Nastansky
added 3 research items
Financial and banking crisis have been repeatedly reported in several centuries. In a way, they were caused by similar behaviour of the people involved. But the essential reasons and mechanisms were basically different. This paper demonstrates by statistics in which way US residential property prices had been increasing before the beginning of the current crisis. Because of the expectations 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
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.
Andreas Nastansky
added 2 research items
Variable remuneration in credit institutions and investment firms can encourage excessive risk-taking behaviour. The present research investigates the impact of the Capital Requirement Directive and Regulation (CRD IV package) on this type of behaviour. The research shows that the Directive has had a significant effect on risk management. Deferral of variable pay, malus arrangements and a maximum ratio for the variable pay of risk-taking personnel are seen to be effective incentives even at this early stage. Competitive disadvantages with regard to attracting and retaining staff from unregulated sectors could not be verified. Problems have been found with regard to clawback clauses in the context of national employment law. Other problems concern the need for rules that are better adapted to the business scale. The rules work well in the case of big and significant institutions. For small and non-complex institutions, which are less engaged in risky activities and which pay out low amounts of variable remuneration, the relatively high implementation cost of deferral and pay-out in instrument are of concern. Member States have made wide use of exclusions. Regulating the extent, process and identification of such exclusions at the EU-level would further harmonise remuneration policies in the member states. European Commission Study on the CRD IV remuneration provisions January 2016 I 2
Bis zur globalen Finanzkrise wurde die Bedeutung des systemischen Risikos im Finanzsektor unterschätzt. In weiteren Verlauf wurde sichtbar, dass Risiken von Instituten, die auf der Ebene einer einzelnen Bank als nicht erkennbar bzw. beherrschbar galten, sich bei der Aggregation der Einzelrisiken gegenseitig verstärkten und auf andere Finanzmarkteilnehmer übergriffen. Daher stellt die Identifikation und Regulierung systemrelevanter Finanzinstitute eine essentielle Aufgabe speziell der makroprudenziellen Politik dar. In den zurückliegenden Jahren wurden deutliche Fortschritte bei der Entwicklung von Identifikationsmethoden und Mechanismen zur Abwicklung systemisch relevanter Finanzinstitute sowie der robusteren Gestaltung der Finanzmarktinfrastruktur erzielt. Als Lehre aus der Finanzkrise muss der Schluss gezogen werden, dass Finanzmarktstabilität nur gesichert werden kann, wenn das Finanzsystem als Ganzes betrachtet wird. So werden im vorliegenden Beitrag zur Einordnung in die Thematik zunächst zentrale Risikoarten und Determinanten diskutiert, um darauf aufbauend relevante Instrumente zur Finanzmarktregulierung vorzustellen und die Folgen staatlicher Interventionen in die Diskussion mit einzubeziehen. Dabei werden bisher entwickelte Messansätze zur Systemrelevanz vorgestellt und kritisch diskutiert, bevor auf Basis dieser Verfahren und Modelle systemrelevante nationale und globale Finanzintermediäre identifiziert und anhand von Indikatoren und Gewichtungen bewertet werden.
Andreas Nastansky
added a research item
The authors’ outline of the evolution of the banking sector development assesses governmental approaches to bank regulation and supervision and is a basic regulatory frame-work, needed to reduce bank failures; it characterises steps of the evolution of the banking sector and trends of its development. The discussion focuses on: 1. Initial forming and restructuring of the banks, changes in the commercial banking sector and the reorganising of the banking systems; 2. Change of the role of the national bank and the mode of its intervention; 3. Dynamics of the banking system development in Georgia and the risks of banking activities. The main findings suggest that 1. The Georgian banks overcame the crisis of the 90’s because of having portfolios of assets in foreign currencies and performing of the national banks function in the “lender of last resort”; 2. Regulatory and supervisory practices in Georgia develop from strict regulations to a deregulation that is most effective in promoting good performance and stability in the banking sector; 3. Alongside with the increase of banking concentration and openness the banking competition and financial risks boost too; that could be managed by further development of institutional reforms in the banking sector. There is an assess of the development and weakness of the banking sector.
Andreas Nastansky
added 3 research items
Finanz- und Bankenkrisen k�nnen seit Jahrhunderten beobachtet werden und gr�nden auf �hnlichen 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 zun�chst stiegen. Wegen erwarteter weiterer Wertentwicklung wurden Kredite auch an Schuldner geringer (subprime) Bonit�t gegeben und Risiken als forderungsbesicherte Wertpapiere auf globalen M�rkten ver�u�ert. Als sich die Wachstumserwartungen nicht erf�llten, vermehrten sich R�ckzahlungsausf�lle lavinenartig. Vom amerikanischen Hypothekenmarkt breitete sich die Krise auf die internationalen Banken und im weiteren Verlauf auf die Weltwirtschaft aus.