Der Finanzmarkt New York: Eine Ökonomische Analyse Des Objektivierten Geld- Und Kapitalmarktes in Den USA
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Die gro en Etappen in der Geschichte des Geld-und Kapitalmarktes der Ver- einigten Staaten von Amerika sind gekennzeichnet durch schwere Krisen und durch die darauf folgenden Reaktionen des Gesetzgebers. Die Serie von Depressio- nen in der ersten Hälfte des 19. Jahrhunderts, zuletzt der Einbruch im Jahre 1857, führten zu dem allerdings noch unzulänglichen Versuch, durch den National Bank- ing Act of 1863 die Unelastizität des Systems der unabhängigen Einzelbanken zu überwinden. Nach einer weiteren Reihe von Störungen, an deren Ende die schwere Kreditkrise von 1907 stand, wurde durch den Federal Reserve Act of 1913 in den USA, als letzte der gro en Handels-und Industrienationen der westlichen Welt, eine Zentralbank geschaffen. Das Federal Reserve System hat in den 50 Jahren seines Bestehens entscheidend zur Gesundung der amerikanischen Finanzwirt- schaft beigetragen. Die Weltwirtschaftskrise von 1929/31 löste mit den Banking Acts of 1933 und 1935 eine weitere grundlegende Reform der gesetzlichen Bestim- mungen aus. Erstmals wurde auch der Kapitalmarkt in die Regulierungen mit ein- bezogen. Die wichtigsten Ergebnisse dieser Reform waren die Errichtung der Securities and Exchange Commission und die Trennung in Geldmarkt-und Kapi- talmarktbanken. Insgesamt besteht auch in den USA die Tendenz zur immer stärkeren Beschränkung der ursprünglichen absoluten Bankfreiheit. Das wichtigste Ereignis nach dem Ende des 2. Weltkrieges schlug sich allerdings nicht in einem Gesetz nieder.
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