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1、causesanDregulatoryconsequencesofthefinancialmarketscrisisEkkehardA.Köhler
2、AndreasHoffmann1.IntroDuCtIoninitsreportontheoriginofthefinancialcrisis,the“presi-dent’sWorkinggrouponfinancialmarkets,”whichwaschargedwithinvestigatingthefinancialcrisis,cametotheconclusionthatthec
3、risiswasmadepossibleduetoarelaxationofcreditissuingstandardswithregardtosub-primemortgagesandbymistakesrelatingtotheirevalua-tionandsecuritizationprocesses.furthermore,weaknessesintheriskmanagementproce-duresoffinancialinstitutionsandstatemonitoringagenciescontributedtoage
4、neral“erosionofdiscipline”affectingtheissuanceofsecurities.however,whentheunderwriters,whoserepresentativesincludetheustreasuryDepartment,thefederalreserve,thestockexchangewatchdogu.s.securitiesexchangecommission(sec)andthecommodityfuturestradingcommission,attributethecaus
5、eofthefinancialcrisistotheinadequateregulatoryframeworksgoverningfinancialmarkets,theircausalanalysisfallsshort.Buildinguponpreviousresearchofhoffmannandschnabl,goldschmidtandköhler1thispapercombinesinternational227crisisanalysisfromanoverinvestmentviewandtheanalysisofcons
6、titu-tionalframeworkstodealwiththeproblemswearecurrentlyfacing.thereisbroadconsensusthattwoconditionsmustbefulfilledforthebuild-upofaspeculativeoverinvestmentbubble:first,liquiditymustbeavailabletofeedsuchspeculation;second,investorsmustbeabletoexpecthigh–i.e.above-average
7、–returnsinaspecificmarket.2inkeepingwiththesecriteria,thefirstpartofthisarticlewillaccountfortheoriginofthefinancialcrisisasaconsequenceofstimulationviamonetarypolicy(liquidity)andmisleadinginstitutionalincentives(posi-tiveexpectations).thedevelopmentofmonetarypolicyintheu
8、nitedstatessince2000anditscontributiontocreatingthereal-estatebubblewillalsobetakenintoconsideration.inthesecondpart,theinternationalconversiontoaccommodativemon-etarypolicyanditseffectsoncapitalmarketswillbeanalyzed.next,theeventsofthefinancialcrisiswillbebrieflysummarize
9、dt.finally,thestateresponsestothecrisiswillbedescribedandcriticallyexaminedwithregardtoth
