25 Jahre IWH

Lena Tonzer, Ph.D.

Lena Tonzer, Ph.D.
Aktuelle Position

seit 5/14

Leiterin der Forschungsgruppe Regulierung internationaler Finanzmärkte und Banken

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 5/14

Leiterin der International Banking Library

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte

  • Banken- und Staatsschuldenkrisen
  • Integration auf Finanzmärkten
  • Bankenregulierung

Lena Tonzer ist seit Mai 2014 wissenschaftliche Mitarbeiterin in der Abteilung Finanzmärkte. Sie koordiniert die Forschungsgruppe "Regulierung internationaler Finanzmärkte und Banken" und forscht zu den Themen Banken- und Staatsschuldenkrisen, Integration auf Finanzmärkten und Bankenregulierung.

Von 2005 bis 2010 hat Lena Tonzer Internationale Volkswirtschaftslehre an der Eberhard Karls Universität Tübingen studiert. Im Anschluss absolvierte sie das Doktorandenprogramm am Europäischen Hochschulinstitut (EUI) in Florenz und promovierte 2014 zum Thema "Financial Stability and Regulation in Integrated Markets". Von November 2013 bis April 2014 war sie Junior Research Affiliate am IWH.

Ihr Kontakt

Lena Tonzer, Ph.D.
Lena Tonzer, Ph.D.
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-835 Persönliche Seite

Publikationen

Central bank transparency and cross-border banking

Stefan Eichler Helge Littke Lena Tonzer

in: Journal of International Money and Finance , Nr. 6, 2017

Abstract

We analyze the effect of central bank transparency on cross-border bank activities. Based on a panel gravity model for cross-border bank claims for 21 home and 47 destination countries from 1998 to 2010, we find strong empirical evidence that a rise in central bank transparency in the destination country, on average, increases cross-border claims. Using interaction models, we find that the positive effect of central bank transparency on cross-border claims is only significant if the central bank is politically independent and operates in a stable economic environment. Central bank transparency and credibility are thus considered complements by banks investing abroad.

Publikation lesen

cover_applied-economics-letters.jpg

Bank Risk Proxies and the Crisis of 2007/09: a Comparison

Felix Noth Lena Tonzer

in: Applied Economics Letters , Nr. 7, 2017

Abstract

The global financial crisis has again shown that it is important to understand the emergence and measurement of risks in the banking sector. However, there is no consensus in the literature which risk proxy works best at the level of the individual bank. A commonly used measure in applied work is the Z-score, which might suffer from calculation issues given poor data quality. Motivated by the variety of bank risk proxies, our analysis reveals that nonperforming assets are a well-suited complement to the Z-score in studies of bank risk.

Publikation lesen

Cover_IJCB13.jpg

International Banking and Cross-Border Effects of Regulation: Lessons from Germany

Jana Ohls Markus Pramor Lena Tonzer

in: International Journal of Central Banking , 2017

Abstract

We analyze the inward and outward transmission of regulatory changes through German banks’ (international) loan portfolio. Overall, our results provide evidence for international spillovers of prudential instruments. These spillovers are, however, quite heterogeneous between types of banks and can only be observed for some instruments. For instance, domestic affiliates of foreign-owned global banks reduce their loan growth to the German economy in response to a tightening of sector-specific capital buffers, local reserve requirements, and loan-to-value ratios in their home country. Furthermore, from the point of view of foreign countries, tightening reserve requirements is effective in reducing lending inflows from German banks. Finally, we find that business and financial cycles matter for lending decisions.

Publikation lesen

Arbeitspapiere

Drivers of systemic risk: Do national and European perspectives differ?

Claudia M. Buch Thomas Krause Lena Tonzer

in: Deutsche Bundesbank Discussion Papers , Nr. 9, 2017

Abstract

In Europe, the financial stability mandate generally rests at the national level. But there is an important exception. Since the establishment of the Banking Union in 2014, the European Central Bank (ECB) can impose stricter regulations than the national regulator. The precondition is that the ECB identifies systemic risks which are not adequately addressed by the macroprudential regulator at the national level. In this paper, we ask whether the drivers of systemic risk differ when applying a national versus a European perspective. We use market data for 80 listed euro-area banks to measure each bank’s contribution to systemic risk (SRISK) at the national and the euro-area level. Our research delivers three main findings. First, on average, systemic risk increased during the financial crisis. The difference between systemic risk at the national and the euro-area level is not very large, but there is considerable heterogeneity across countries and banks. Second, an exploration of the drivers of systemic risk shows that a bank’s contribution to systemic risk is positively related to its size and profitability. It decreases in a bank’s share of loans to total assets. Third, the qualitative determinants of systemic risk are similar at the national and euro-area level, whereas the quantitative importance of some determinants differs.

Publikation lesen

cover_DP_2017-12.jpg

Do Conventional Monetary Policy Instruments Matter in Unconventional Times?

Manuel Buchholz Kirsten Schmidt Lena Tonzer

in: IWH-Diskussionspapiere , Nr. 12, 2017

Abstract

This paper investigates how declines in the deposit facility rate set by the European Central Bank (ECB) affect bank behavior. The ECB aims to reduce banks’ incentives to hold reserves at the central bank and thus to encourage loan supply. However, given depressed margins in a low interest environment, banks might reallocate their liquidity toward more profitable liquid assets other than traditional loans. Our analysis is based on a sample of euro area banks for the period from 2009 to 2014. Three key findings arise. First, banks reduce their reserve holdings following declines in the deposit facility rate. Second, this effect is heterogeneous across banks depending on their business model. Banks with a more interest-sensitive business model are more responsive to changes in the deposit facility rate. Third, there is evidence of a reallocation of liquidity toward loans but not toward other liquid assets. This result is most pronounced for non-GIIPS countries of the euro area.

Publikation lesen

cover_DP_2017-2.jpg

Uncertainty, Financial Crises, and Subjective Well-being

Lena Tonzer

in: IWH-Diskussionspapiere , Nr. 2, 2017

Abstract

This paper focuses on the effect of uncertainty as reflected by financial market variables on subjective well-being. The analysis is based on Eurobarometer surveys, covering 20 countries over the period from 2000 to 2013. Individuals report lower levels of life satisfaction in times of higher uncertainty approximated by stock market volatility. This effect is heterogeneous across respondents: The probability of being unsatisfied is higher for respondents who are older, less educated, and live in one of the GIIPS countries of the euro area. Furthermore, higher uncertainty in combination with a financial crisis increases the probability of reporting low values of life satisfaction.

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