"Portfolioinvestitionen in Schwellenländern der G20 : Hintergründe und mögliche Gefahren für die Stabilität des internationalen Finanzsystems"

Worldwide economic crisis that effects all major economies is rare. In the past, severe economic crises were usually contained within a country or a region. With the beginning of the financial and economic crisis in the United States and the rapid financial contagion of developed and developing countries, the Federal Reserve Bank of the United States as well as the central banks in Europe reduced their main financing interest rate. In addition to using conventional monetary policies, the focus of which is reducing the interest rate and therefore the price of bank loans, the central banks began to buy government and company bonds through unconventional monetary policy. This not only reduced interest rates on bank loans, but also reduced refinancing costs for governments and companies in developed countries. While monetary policy reduced the interest rate level in developed countries, the interest rate in lower- and middle-income countries of the G 20 remained the same, thus creating a significant interest rate difference between the country groups. Therefore, yield-seeking investors began to increase existing investments in lower- and middle-income countries of the G 20. During this development the financial markets of both country groups began to move in a synchronized manner. Due to the financial crisis, investors developed a higher risk perception on unexpected negative price changes; this especially affected less developed financial markets. A fundamental interest rate ...