25 Jahre IWH


Die Abteilung „Finanzmärkte“ am IWH befasst sich mit dem institutionellen Wandel von Finanzsystemen in Europa. Die Forschung der Abteilung beschäftigt sich mit den Ursachen und Wirkungen der internationalen Tätigkeit von Banken und anderen Finanzintermediären, dem Zusammenhang zwischen Marktstrukturen im Bankensektor und gesamtwirtschaftlicher Stabilität, Ansteckungseffekten auf internationalen Finanzmärkten sowie der Rolle des Finanzsektors für die Realwirtschaft.

Hierbei spielen insbesondere Wechselwirkungen zwischen dem Finanzsektor und Wachstums- und Innovationsprozessen in der Realwirtschaft eine Rolle. Methodisch zielt die Forschung der Abteilung auf die integrierte Betrachtung von Anpassungen auf der Mikro- und Makroebene sowie die Evaluation wirtschaftspolitischer Maßnahmen zur Regulierung von Finanzmärkten.

Brown Bag Seminar


Ihr Kontakt

Professor Michael Koetter, Ph.D.
Professor Michael Koetter, Ph.D.
Leiter - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-727

Referierte Publikationen


Credit Risk Connectivity in the Financial Industry and Stabilization Effects of Government Bailouts

Jakob Bosma Michael Koetter Michael Wedow

in: Journal of Business & Economic Statistics , im Erscheinen

Publikation lesen


Bank Response To Higher Capital Requirements: Evidence From A Quasi-natural Experiment

Reint E. Gropp Thomas Mosk Steven Ongena Carlo Wix

in: Review of Financial Studies , im Erscheinen


We study the impact of higher capital requirements on banks’ balance sheets and its transmission to the real economy. The 2011 EBA capital exercise provides an almost ideal quasi-natural experiment, which allows us to identify the effect of higher capital requirements using a difference-in-differences matching estimator. We find that treated banks increase their capital ratios not by raising their levels of equity, but by reducing their credit supply. We also show that this reduction in credit supply results in lower firm-, investment-, and sales growth for firms which obtain a larger share of their bank credit from the treated banks.

Publikation lesen


Big Fish in Small Banking Ponds? Cost Advantages and Foreign Affiliate Presences

Michael Koetter Rients Galema

in: Journal of International Money and Finance , im Erscheinen

Publikation lesen


Crises and Rescues: Liquidity Transmission Through Global Banks

Michael Koetter Claudia M. Buch C. T. Koch

in: International Journal of Central Banking , im Erscheinen

Publikation lesen

How Do Banks React to Catastrophic Events? Evidence from Hurricane Katrina

Claudia Lambert Felix Noth U. Schuewer

in: Review of Finance , im Erscheinen

Publikation lesen



Flooded Through the Back Door: Firm-level Effects of Banks‘ Lending Shifts

Oliver Rehbein

in: IWH-Diskussionspapiere , Nr. 4, 2018


I show that natural disasters transmit to firms in non-disaster areas via their banks. This spillover of non-financial shocks through the banking system is stronger for banks with less regulatory capital. Firms connected to a disaster-exposed bank with below median capital reduce their employment by 11% and their fixed assets by 20% compared to firms in the same region without such a bank during the 2013 flooding in Germany. Relationship banking and higher firm capital also mitigate the effects of such negative cross-regional spillovers.

Publikation lesen


Predicting Earnings and Cash Flows: The Information Content of Losses and Tax Loss Carryforwards

Sandra Dreher Sebastian Eichfelder Felix Noth

in: IWH-Diskussionspapiere , Nr. 30, 2017


We analyse the relevance of losses, accounting information on tax loss carryforwards, and deferred taxes for the prediction of earnings and cash flows up to four years ahead. We use a unique hand-collected panel of German listed firms encompassing detailed information on tax loss carryforwards and deferred taxes from the tax footnote. Our out-of-sample predictions show that considering accounting information on tax loss carryforwards and deferred taxes does not enhance the accuracy of performance forecasts and can even worsen performance predictions. We find that common forecasting approaches that treat positive and negative performances equally or that use a dummy variable for negative performance can lead to biased performance forecasts, and we provide a simple empirical specification to account for that issue.

Publikation lesen


Badly Hurt? Natural Disasters and Direct Firm Effects

Felix Noth Oliver Rehbein

in: IWH-Diskussionspapiere , Nr. 25, 2017


We investigate firm outcomes after a major flood in Germany in 2013. We robustly find that firms located in the disaster regions have significantly higher turnover, lower leverage, and higher cash in the period after 2013. We provide evidence that the effects stem from firms that already experienced a similar major disaster in 2002. Overall, our results document a positive net effect on firm performance in the direct aftermath of a natural disaster.

Publikation lesen


Delay Determinants of European Banking Union Implementation

Michael Koetter Thomas Krause Lena Tonzer

in: IWH-Diskussionspapiere , Nr. 24, 2017


To safeguard financial stability and harmonise regulation, the European Commission substantially reformed banking supervision, resolution, and deposit insurance via EU directives. But most countries delay the transposition of these directives. We ask if transposition delays result from strategic considerations of governments conditional on the state of their financial, regulatory, and political systems? Supervisors might try to protect national banking systems and local politicians maybe reluctant to surrender national sovereignty to deal with failed banks. Alternatively, intricate financial regulation might require more implementation time in large and complex financial and political systems. We therefore collect data on the transposition delays of the three Banking Union directives and investigate observed delay variation across member states. Our correlation analyses suggest that existing regulatory and institutional frameworks, rather than banking market structure or political factors, matter for transposition delays.

Publikation lesen


Do We Want These Two to Tango? On Zombie Firms and Stressed Banks in Europe

Manuela Storz Michael Koetter Ralph Setzer Andreas Westphal

in: ECB Working Paper , 2017


We show that the speed and type of corporate deleveraging depends on the interaction between corporate and financial sector health. Based on granular bank-firm data pertaining to small and medium-sized enterprises (SME) from five stressed and two non-stressed euro area economies, we show that “zombie” firms generally continued to lever up during the 2010–2014 period. Whereas relationships with stressed banks reduce SME leverage on average, we also show that zombie firms that are tied to weak banks in euro area periphery countries increase their indebtedness even further. Sustainable economic recovery therefore requires both: deleveraging of banks and firms.

Publikation lesen
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoWeltoffen Logo