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)

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
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Publikationen

Sovereign Credit Risk Co-Movements in the Eurozone: Simple Interdependence or Contagion?

Manuel Buchholz Lena Tonzer

in: International Finance , im Erscheinen

Abstract

We investigate credit risk co-movements and contagion in the sovereign debt markets of 17 industrialized countries during the period 2008–2012. We use dynamic conditional correlations of sovereign credit default swap spreads to detect contagion. This approach allows us to separate contagion channels from the determinants of simple interdependence. The results show that, first, sovereign credit risk co-moves considerably, particularly among eurozone countries and during the sovereign debt crisis. Second, contagion varies across time and countries. Third, similarities in economic fundamentals, cross-country linkages in banking and common market sentiment constitute the main channels of contagion.

Publikation lesen

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Complexity and Bank Risk During the Financial Crisis

Thomas Krause Talina Sondershaus Lena Tonzer

in: Economics Letters , 2017

Abstract

We construct a novel dataset to measure banks’ complexity and relate it to banks’ riskiness. The sample covers stock listed Euro area banks from 2007 to 2014. Bank stability is significantly affected by complexity, whereas the direction of the effect differs across complexity measures.

Publikation lesen

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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

Arbeitspapiere

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The Role of Complexity for Bank Risk during the Financial Crisis: Evidence from a Novel Dataset

Thomas Krause Talina Sondershaus Lena Tonzer

in: IWH-Diskussionspapiere , Nr. 17, 2016

Abstract

We construct a novel dataset to measure banks’ complexity and relate it to banks’ riskiness. The sample covers stock listed Euro area banks from 2007 to 2014. Bank stability is significantly affected by complexity, whereas the direction of the effect differs across complexity measures. This heterogeneity advises against the use of a single complexity measure when evaluating the implications of bank complexity.

Publikation lesen

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

Jana Ohls Markus Pramor Lena Tonzer

in: Deutsche Bundesbank Discussion Papers , Nr. 27, 2016

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, foreign banks located in Germany 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 was effective in reducing lending inflows from German banks. Finally, we find that business and financial cycles matter for lending decisions.

Publikation lesen

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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
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