Kann das Finanzprodukt „Bausparen“ wettbewerbsfähig sein?

Abstract

When assumptions are realistic, building-saving systems based on an overlapping- generations approach, under which the contributions of savers are made available to borrowers as lendings, represent - except in the launch phase of such systems - a less than optimal form of financing for all participants unless there are tax benefits or subsidies. On the other hand, building-saving is competitive, on principle, where building-saving institutions have been able to preserve the profits they have made in their launch phases and where the yields of such launch-phase profits are used for subsidising current lending conditions. When the interest cycle is taken into consideration, efforts to ensure fixed lengths of time that must have been elapsed prior to building-loan allocation mean that the attractiveness of building-saving fluctuates in the course of the interest cycle and that, even where conserved launch-phase profits exist, competitiveness at any given moment can only be ensured with the help of public financial support. However, where the length of time prior to building-loan allocation is variable and where launch-phase profits are conserved, public financial promotion is not necessary.