Professor Dr. Stefan Eichler

Professor Dr. Stefan Eichler
Aktuelle Position

seit 10/16

Professor für International Monetary Economics 

Technische Universität Dresden

seit 4/14

Leiter der Forschungsgruppe Marktstrukturen im Finanzsektor und Finanzstabilität

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)


  • Finanzkrisen
  • Geldpolitik
  • Wechselkurse
  • internationale Investitionen

Seit Oktober 2016 ist Stefan Eichler Professor für Internationale Monetäre Ökonomik an der Technischen Universität Dresden. Am IWH leitet er die Forschungsgruppe "Marktstrukturen im Finanzsektor und Finanzstabilität".

Nach seinem Studium der Volkswirtschaftslehre an der Technischen Universität Chemnitz und der Technischen Universität Dresden promovierte Stefan Eichler im Januar 2012 zum Thema „Exchange Rate Expectations, Currency Crises, and the Pricing of American Depositary Receipts”. Von Oktober 2013 bis März 2014 war Stefan Eichler Lehrstuhlvertreter an der Technischen Universität Dresden. Von April bis September 2014 war er Juniorprofessor für "International Macroeconomics and Finance" an der Otto-von-Guericke-Universität Magdeburg. Von Oktober 2014 bis September 2016 war er Professor für "Geld und Internationale Finanzwirtschaft" an der Leibniz Universität Hannover.

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Professor Dr. Stefan Eichler
Professor Dr. Stefan Eichler
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Do Federal Reserve Bank Presidents’ Interest Rate Votes in the FOMC follow an Electoral Cycle?

Stefan Eichler T. Lähner

in: Applied Economics Letters , Nr. 9, 2016


We find that Federal Reserve Bank presidents’ regional bias in their dissenting interest rate votes in the Federal Open Market Committee follows an electoral cycle. Presidents put more weight on their district’s economic environment during the year prior to their (re-)election relative to nonelection years.

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How Do Political Factors Shape the Bank Risk-Sovereign Risk Nexus in Emerging Markets?

Stefan Eichler

in: Review of Development Economics , im Erscheinen


This paper studies the role of political factors for determining the impact of banking sector distress on sovereign bond yield spreads for a sample of 19 emerging market economies in the period 1994–2013. Using interaction models, I find that the adverse impact of banking sector distress on sovereign solvency is less pronounced for countries with a high degree of political stability, a high level of power sharing within the government coalition, a low level of political constraint within the political system, and for countries run by powerful and effective governments. The electoral cycle pronounces the bank risk–sovereign risk transfer.

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National Politics and Bank Default Risk in the Eurozone

Stefan Eichler Karol Sobanski

in: Journal of Financial Stability , 2016


We study the impact of national politics on default risk of eurozone banks as measured by the stock market-based Distance to Default. We find that national electoral cycles, the power of the government as well as the government’s party ideological alignment significantly affect the stability of banks in the eurozone member countries. Moreover, we show that the impact of national politics on bank default risk is more pronounced for large as well as weakly capitalized banks.

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Central Bank Transparency and Cross-border Banking

Stefan Eichler Helge Littke Lena Tonzer

in: IWH-Diskussionspapiere , Nr. 16, 2016


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. Central bank transparency and credibility are thus considered complements by banks investing abroad.

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Regional Banking Instability and FOMC Voting

Stefan Eichler T. Lähner Felix Noth

in: IWH-Diskussionspapiere , Nr. 15, 2016


This study analyzes if regionally affiliated Federal Open Market Committee (FOMC) members take their districts’ regional banking sector instability into account when they vote. Considering the period from 1978 to 2010, we find that a deterioration in a district’s bank health increases the probability that this district’s representative in the FOMC votes to ease interest rates. According to member-specific characteristics, the effect of regional banking sector instability on FOMC voting behavior is most pronounced for Bank presidents (as opposed to governors) and FOMC members who have career backgrounds in the financial industry or who represent a district with a large banking sector.

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The Political Determinants of Government Bond Holdings

Stefan Eichler T. Plaga

in: IWH-Diskussionspapiere , Nr. 14, 2016


This paper analyzes the link between political factors and sovereign bond holdings of US investors in 60 countries over the 2003-2013 period. We find that, in general, US investors hold more bonds in countries with few political constraints on the government. Moreover, US investors respond to increased uncertainty around major elections by reducing government bond holdings. These effects are particularly significant in democratic regimes and countries with sound institutions, which enable effective implementation of fiscal consolidation measures or economic reforms.

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