25 Jahre IWH

Professor Hans Degryse, Ph.D.

Professor Hans Degryse, Ph.D.
Aktuelle Position

 

seit 12/16

Research Fellow der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 01/12

Research Professor

KU Leuven

Forschungsschwerpunkte

  • Finanzintermediation
  • empirische Bankenforschung

Hans Degryse ist seit Dezember 2016 Research Fellow am IWH. Seine Forschung konzentriert sich auf Finanzintermediation und umfasst empirische Forschung im Bereich Banking, Bankenrecht und Volkswirtschaftspolitik, sowie die Marktmikrostruktur.

Seit 2012 ist Hans Degryse Research Professor an der KU Leuven. Zuvor unterrichtete er am CentER, dem Forschungsinstitut der Tilburg Universität.

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Professor Hans Degryse, Ph.D.
Professor Hans Degryse, Ph.D.
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Publikationen

Competition between Financial Markets in Europe: What can be Expected from MiFID?

Hans Degryse

in: Financial Markets and Portfolio Management , im Erscheinen

Abstract

The Markets in Financial Instruments Directive (MiFID) could be the foundation of new trading platforms in Europe. This contribution employs insights from the theoretical and empirical literature to highlight some of the possible implications of MiFID. In particular, we argue that more competition will lead to more liquid markets, reflected in lower bid–ask spreads and greater depth. It will also lead to innovation in incumbent markets and stimulate the design of new trading platforms. MiFID has already introduced more competition, as evidenced by the startup of Instinet Chi-X, the announcement of new initiatives, including Project Turquoise and BATS, and the reactions of incumbent exchanges.

Publikation lesen

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The Political Economy of Financial Systems: Evidence from Suffrage Reforms in the Last Two Centuries

Hans Degryse Thomas Lambert Armin Schwienbacher

in: The Economic Journal , im Erscheinen

Abstract

Voting rights were initially limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development, as this new electorate has lower financial holdings and benefits less from the riskiness and financial returns from stock markets. Our panel data evidence covering the years 1830–1999 shows that tighter restrictions on the voting franchise induce greater stock market development, whereas a broader voting franchise is more conducive to the banking sector, consistent with Perotti and von Thadden (2006). The results are robust to controlling for other institutional arrangements and endogeneity.

Publikation lesen

Is more Finance better? Disentangling Intermediation and Size Effects of Financial Systems

Thorsten Beck Hans Degryse Christiane Kneer

in: Journal of Financial Stability , 2014

Abstract

Financial systems all over the world have grown dramatically over recent decades. But is more finance necessarily better? And what concept of financial system – a focus on its size, including both intermediation and other auxiliary “non-intermediation” activities, or a focus on traditional intermediation activity – is relevant for its impact on real sector outcomes? This paper assesses the relationship between the size of the financial system and intermediation, on the one hand, and GDP per capita growth and growth volatility, on the other hand. Based on a sample of 77 countries for the period 1980–2007, we find that intermediation activities increase growth and reduce volatility in the long run. An expansion of the financial sectors along other dimensions has no long-run effect on real sector outcomes. Over shorter time horizons a large financial sector stimulates growth at the cost of higher volatility in high-income countries. Intermediation activities stabilize the economy in the medium run especially in low-income countries. As this is an initial exploration of the link between financial system indicators and growth and volatility, we focus on OLS regressions, leaving issues of endogeneity and omitted variable biases for future research.

Publikation lesen
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