25 Jahre IWH

Juniorprofessorin Lena Tonzer, Ph.D.

Juniorprofessorin Lena Tonzer, Ph.D.
Aktuelle Position

seit 9/17

Juniorprofessorin

Martin-Luther-Universität Halle-Wittenberg

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. Darüber hinaus ist sie seit September 2017 Juniorprofessorin an der Martin-Luther-Universität Halle-Wittenberg (ESF-Projekt Die politische Ökonomie der europäischen Bankenunion).

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

Juniorprofessorin Lena Tonzer, Ph.D.
Juniorprofessorin Lena Tonzer, Ph.D.
Mitglied - Abteilung Finanzmärkte
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Publikationen

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Taxing Banks: An Evaluation of the German Bank Levy

Claudia M. Buch Björn Hilberg Lena Tonzer

in: Journal of Banking & Finance , 2016

Abstract

Bank distress can have severe negative consequences for the stability of the financial system. Regimes for the restructuring and resolution of banks, financed by bank levies, aim at reducing these costs. This paper evaluates the German bank levy, which has been implemented since 2011. Our analysis offers three main insights. First, revenues raised through the levy were lower than expected. Second, the bulk of the payments were contributed by large commercial banks and by the central institutions of savings banks and credit unions. Third, for those banks, which were affected by the levy, we find evidence for a reduction in lending and higher deposit rates.

Publikation lesen

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Uncertainty, Bank Lending, and Bank-level Heterogeneity

Claudia M. Buch Manuel Buchholz Lena Tonzer

in: IMF Economic Review , Nr. 4, 2015

Abstract

We analyze how uncertainty affects bank lending. We measure uncertainty as the cross-sectional dispersion of shocks to bank-level variables. Comparing this measure of uncertainty in banking to more traditional measures of uncertainty, we find similar but no identical patterns. Higher uncertainty in banking has negative effects on bank lending. This effect is heterogeneous across banks: lending by banks that are better capitalized and have higher liquidity buffers tends to be affected less. Also, the degree of internationalization matters, as loan supply by banks in financially open countries is affected less by uncertainty. The impact of the ownership status of the individual bank is less important, in contrast.

Publikation lesen

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

Manuel Buchholz Lena Tonzer

in: International Finance , Nr. 3, 2016

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

Arbeitspapiere

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Macroprudential Policy and Intra-group Dynamics: The Effects of Reserve Requirements in Brazil

Chris Becker Matias Ossandon Busch Lena Tonzer

in: IWH-Diskussionspapiere , Nr. 21, 2017

Abstract

This paper examines whether intra-group dynamics matter for the transmission of macroprudential policy. Using novel bank-level data on the Brazilian banking system, we investigate the effect of reserve requirements targeting headquarter banks’ deposit share on credit supply by their municipal bank branches. For identification purposes, we exploit that reserve requirements are adjusted following global economic cycles. Our results reveal a lending channel of reserve requirements for branches whose parent banks are more exposed to targeted deposits. Branch ownership and exposure to internal liquidity are central in explaining the results. Our findings reveal limitations in current macroprudential policy frameworks.

Publikation lesen

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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

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Delay Determinants of European Banking Union Implementation

Michael Koetter Thomas Krause Lena Tonzer

in: IWH-Diskussionspapiere , Nr. 24, 2017

Abstract

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
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