Regulierung internationaler Finanzmärkte und Banken
Diese Forschungsgruppe analysiert Ursachen und Konsequenzen von internationalen Aktivitäten von Banken sowie den regulatorischen Rahmen, innerhalb dessen globale Banken operieren.
International aktive Banken können eine effiziente internationale Kapitalallokation vereinfachen und zur internationalen Risikoteilung beitragen. Allerdings können sie auch Instabilitäten generieren und zu einer Übertragung von Schocks über nationale Grenzen hinaus beitragen. Dies ist einer der Gründe für die aktuelle Re-Regulierung des internationalen Bankensystems.
Die Forschungsgruppe trägt auf drei verschiedenen Wegen zur Literatur bei. Erstens analysiert die Gruppe empirisch, warum internationale Banken global aktiv sind und wie Schocks im Finanzsystem übertragen werden. Zweitens untersucht die Gruppe das Entstehen von systemischen Risiken und Ungleichgewichten im integrierten Bankenmarkt und die sich daraus ergebenden Konsequenzen für die Realwirtschaft. Drittens werden die Auswirkungen von Änderungen bezüglich der Bankenaufsicht und Bankenregulierung analysiert, mit einem besonderen Fokus auf dem europäischen Integrationsprozess
IWH-Datenprojekt: International Banking Library
Forschungscluster
Wirtschaftliche Dynamik und StabilitätIhr Kontakt
PROJEKTE
07.2017 ‐ 12.2022
Die politische Ökonomie der europäischen Bankenunion
Europäischer Sozialfonds (ESF)
Ursachen für nationale Unterschiede in der Umsetzung der Bankenunion und daraus resultierende Auswirkungen auf die Finanzstabilität.
01.2015 ‐ 12.2017
Dynamic Interactions between Banks and the Real Economy
Deutsche Forschungsgemeinschaft (DFG)
Referierte Publikationen
Monetary Policy through Exchange Rate Pegs: The Removal of the Swiss Franc-Euro Floor and Stock Price Reactions
in: International Review of Finance, Nr. 4, 2021
Abstract
The Swiss National Bank abolished the exchange rate floor versus the Euro in January 2015. Using a synthetic matching framework, we analyze the impact of this unexpected (and therefore exogenous) policy change on the stock market. The results reveal a significant level shift (decline) in asset prices following the discontinuation of the minimum exchange rate. As a novel finding in the literature, we document that the exchange‐rate elasticity of Swiss asset prices is around −0.75. Differentiating between sectors of the Swiss economy, we find that the industrial, financial and consumer goods sectors are most strongly affected by the abolition of the minimum exchange rate.
Macroprudential Policy and Intra-Group Dynamics: The Effects of Reserve Requirements in Brazil
in: Journal of Corporate Finance, December 2021
Abstract
We examine whether liquidity dynamics within banking groups matter for the transmission of macroprudential policy. Using matched bank headquarters-branch data for identification, we find a lending channel of reserve requirements for municipal branches whose headquarters are more exposed to the policy tool. The result is driven by the 2008–2009 crisis and is stronger for state-owned branches, especially when being less profitable and liquidity constrained. These findings suggest the presence of cross-regional distributional effects of macroprudential policies operating via internal capital markets.
Global Syndicated Lending during the COVID-19 Pandemic
in: Journal of Banking and Finance, December 2021
Abstract
This paper examines the pricing of global syndicated loans during the COVID-19 pandemic. We find that loan spreads rise by over 11 basis points in response to a one standard deviation increase in the lender's exposure to COVID-19 and over 5 basis points for an equivalent increase in the borrower's exposure. This implies excess interestof about USD 5.16 million and USD 2.37 million respectively for a loan of average size and duration. The aggravating effect of the pandemic is exacerbated with the level of government restrictions to tackle the virus's spread, with firms’ financial constraints and reliance on debt financing, whereas it is mitigated for relationship borrowers, borrowers listed in multiple exchanges or headquartered in countries that can attract institutional investors.
Does Gender Affect Innovation? Evidence from Female Chief Technology Officers
in: Research Policy, Nr. 9, 2021
Abstract
In this paper, we examine the impact of female Chief Technology Officers (CTOs) on corporate innovation. We find that firms with female CTOs are more innovative (as captured by both patent counts and patent citations) than firms with male CTOs. This effect is more pronounced for firms with a stronger innovation-supportive culture, firms with female CEOs, and when female CTOs are more powerful. Using mediation analyses, we further validate that female CTOs’ transformational leadership style is a plausible mechanism through which they affect innovation positively.
Quid Pro Quo? Political Ties and Sovereign Borrowing
in: Journal of International Economics, November 2021
Abstract
Do stronger political ties with a global superpower improve sovereign borrowing conditions? We use data on voting at the United Nations General Assembly along with foreign aid flows to construct an index of political ties and find evidence that suggests stronger political ties with the US is associated with both better sovereign credit ratings and lower yields on sovereign bonds especially among lower income countries. We use official heads-of-state visits to the White House and coalition forces troop contributions as additional measures of the strength of political ties to further reinforce our findings.