Hedgefonds und die Stabilität des internationalen Finanzsystems: Was können staatliche Regulierungen leisten?

The text at hand deals with the activities of hedge funds and their potentially disadvantageous implications for financial market stability. It shows that an enhanced market transparency, along with the introduction of centralised clearing houses for bilateral trades in derivatives, can make important contributions to the mitigation of such risks. Moreover, it recommends creating the legal preconditions for a compulsory governmental recapitalisation of financial institutes on the brink of insolvency, thus effectively preventing losses due to hedge fund defaults from spreading to uninvolved market participants.Received: June 22, 2010Accepted: January 17, 201