financial crisis; financial markets; subprime; DotCom Bubble; Great Depression
en
Abstract:
Die zentrale Motivation der Arbeit war es, Krisenerscheinungen am Finanzmarkt einer Ursachenanalyse zu unterziehen. In dieser Arbeit werden die Weltwirtschaftskrise der 30er Jahre in den USA, die Dot-Com Krise, die um das Jahr 2000 stattfand und die Subprime-Krise im Jahr 2008 als kennzeichnende Krisenerscheinungen der letzten hundert Jahre herausgegriffen und analysiert. Das Ziel dieser Masterarbeit war es nicht, eine präzise Definition von finanzwirtschaftlichen Instrumenten oder eine umfassende Theorie über Finanzmärkte und deren innere Vorgänge zu erstellen. Vielmehr soll eine Verbindung von Bewertungsmodellen im klassischen und modernen Kontext mit Ereignissen am Finanzmarkt hergestellt werden.
de
The main purpose of this master thesis is the analysis of financial crises. For this reason, the paper draws a comparison between the Great Depression of the thirties, the Dot-Com Bubble around 2000 and the Subprime-Crisis of 2008. These different crises will be taken as examples for typical states of crisis over the last hundred years. It is not the primary aim of this master thesis to explain financial instruments or offer an exhaustive examination of intrinsic financial processes. Rather, this paper analyzes the relations between neo-classical as well as alternative models and incidents on the financial market. Important for this analysis was giving a clear structure of the financial market itself, at the beginning of the thesis, followed by a differentiation of financial positions into 'risky-' and 'fixed-income' segments. The differentiation is the basis to examine the pricing models in a more precise manner as well as to work out the reasons for major historic financial crises later on. The second part of the paper mainly consists of a comparison of investor behavior with the basic theory of financial dynamics through neo-classical and alternative valuation models. The approach should become apparent from the structure of the work. By choosing said structure and knowledge, the mechanics of financial crises are investigated from a practical point of view. Consequently, an identification of how crises in the financial market appears and how those responsible react becomes feasible. To facilitate dealings with future crises, this paper highlights differences and similarities of the growth and course of above mentioned crises.
en
Additional information:
Abweichender Titel laut Übersetzung der Verfasserin/des Verfassers Zsfassung in engl. Sprache
