Anpassungsfähigkeit und Resilienz des Finanzsystems

Diese Forschungsgruppe untersucht kritische Aspekte der Anpassungsfähigkeit und Widerstandsfähigkeit von Finanzsystemen. Sie analysiert die Auswirkungen von Naturkatastrophen auf Finanzsysteme, die Auswirkungen politischer Präferenzen für die grüne Transformation und die Bedeutung von Kultur in den Volkswirtschaften.

Forschungscluster
Finanzresilienz und Regulierung

Ihr Kontakt

Professor Dr. Felix Noth
Professor Dr. Felix Noth
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PROJEKTE

08.2022 ‐ 07.2025

OVERHANG: Schuldenüberhang und grüne Investitionen – die Rolle von Banken für den klimafreundlichen Umgang mit emissionsintensiven Anlagenvermögen

Bundesministerium für Bildung und Forschung (BMBF)

Ziel von OVERHANG ist es, die Rolle von Banken für den klimafreundlichen Umgang mit emissionsintensiven Anlagevermögen zu untersuchen. Hierdurch sollen politikrelevante Erkenntnisse zu Finanzregulierung, staatlich kontrollierter Kreditvergabe und Finanzstabilität identifiziert sowie eine Sensibilisierung der verschuldeten Akteurinnen und Akteuren erreicht werden.

Projektseite ansehen

Das Projekt wird vom Bundesministerium für Bildung und Forschung (BMBF) finanziert.

Professor Michael Koetter, Ph.D.

07.2016 ‐ 12.2018

Relationship Lenders and Unorthodox Monetary Policy: Investment, Employment, and Resource Reallocation Effects

Leibniz-Gemeinschaft

We combine a number of unique and proprietary data sources to measure the impact of relationship lenders and unconventional monetary policy during and after the European sovereign debt crisis on the real economy. Establishing systematic links between different research data centers (Forschungsdatenzentren, FDZ) and central banks with detailed micro-level information on both financial and real activity is the stand-alone proposition of our proposal. The main objective is to permit the identification of causal effects, or their absence, regarding which policies were conducive to mitigate financial shocks and stimulate real economic activities, such as employment, investment, or the closure of plants.

Professor Michael Koetter, Ph.D.
Professor Dr. Steffen Müller

01.2015 ‐ 12.2019

Interactions between Bank-specific Risk and Macroeconomic Performance

Deutsche Forschungsgemeinschaft (DFG)

Professor Dr. Felix Noth

Referierte Publikationen

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Cross-border Exposures and Financial Contagion

Hans Degryse Muhammad Ather Elahi Maria Fabiana Penas

in: International Review of Finance, Nr. 2, 2010

Abstract

Integrated financial markets provide opportunities for expansion and improved risk sharing, but also pose threats of contagion risk through cross-border exposures. This paper examines cross-border contagion risk over the period 1999–2006. To that purpose we use aggregate cross-border exposures of 17 countries as reported in the Bank for International Settlements Consolidated Banking Statistics. We find that a shock that affects the liabilities of one country may undermine the stability of the entire financial system. Particularly, a shock wiping out 25% (35%) of US (UK) cross-border liabilities against non-US (non-UK) banks could lead to bank contagion eroding at least 94% (45%) of the recipient countries' banking assets. We also find that since 2006 a shock to Eastern Europe, Turkey and Russia affects most countries. Our simulations also reveal that the ‘speed of propagation of contagion’ has increased in recent years resulting in a higher number of directly exposed banking systems. Finally, we find that contagion is more widespread in geographical proximities.

Publikation lesen

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The Impact of Bank and Non-bank Financial Institutions on Local Economic Growth in China

Xiaoqiang Cheng Hans Degryse

in: Journal of Financial Services Research, Nr. 2, 2010

Abstract

This paper provides evidence on the relationship between finance and growth in a fast growing country, such as China. Employing data of 27 Chinese provinces over the period 1995–2003, we study whether the financial development of two different types of financial institutions — banks and non-banks — have a (significantly different) impact on local economic growth. Our findings indicate that banking development shows a statistically significant and economically more pronounced impact on local economic growth.

Publikation lesen

Lending Technology, Bank Organization and Competition

Hans Degryse Steven Ongena Günseli Tümer-Alkan

in: Journal of Financial Transformation, 2009

Abstract

This paper reviews recent theoretical and empirical studies investigating how both bank technology and organization shape bank-borrower interactions. We refer to two related concepts for bank technology. First, the technologies banks employ in loan granting decisions and second, the advances in information technology linked to the bank's lending technology. We also summarize and interpret the theoretical and empirical work on bank organization and its influence on lending technologies. We show that the choice of lending technology and bank organization depend heavily on the availability of information, the technological progress in the collection of information, as well as the banking market structure and the legal environment. We draw important policy conclusions from the literature. Competition authorities and supervisors have to remain alert to the consequences of the introduction of any new technology because: (1) advances in technology do not necessarily lead to more intense banking competition, and (2) the impact of technological and financial innovation on financial efficiency and stability depends on the incentives of the entire „loan production chain.‟

Publikation lesen

The Impact of Organizational Structure and Lending Technology on Banking Competition

Hans Degryse Luc Laeven Steven Ongena

in: Review of Finance, Nr. 2, 2009

Abstract

We investigate how bank organization shapes banking competition. We show that a bank's geographical lending reach and loan pricing strategy is determined by its own and its rivals’ organizational structure. We estimate the impact of organization on the geographical reach and loan pricing of a large bank. We find that the reach of the bank is smaller when rival banks are large and hierarchically organized, have superior communication technology, have a narrower span of organization, and are closer to a decision unit with lending authority. Rival banks’ size and the number of layers to a decision unit soften spatial pricing.

Publikation lesen

Dynamic Order Submission Strategies with Competition between a Dealer Market and a Crossing Network

Hans Degryse Mark Van Achter Gunther Wuyts

in: Journal of Financial Economics, Nr. 3, 2009

Abstract

We analyze a dynamic microstructure model in which a dealer market (DM) and a crossing network (CN) interact for three informational settings. A key result is that coexistence of trading systems generates systematic patterns in order flow, which depend on the degree of transparency. Further, we study overall welfare, measured by the gains from trade of all agents, and compare it with the maximum overall welfare. The discrepancy between both measures is attributable to two inefficiencies. Due to these inefficiencies, introducing a CN next to a DM, as well as increasing the transparency level, not necessarily produces greater overall welfare.

Publikation lesen

Arbeitspapiere

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Corporate Governance Structures and Financial Constraints in Multinational Enterprises – An Analysis in Selected European Transition Economies on the Basis of the IWH FDI Micro Database 2013 –

Andrea Gauselmann Felix Noth

in: IWH Discussion Papers, Nr. 3, 2015

Abstract

In our analysis, we consider the distribution of decision power over financing and investment between MNEs’ headquarters and foreign subsidiaries and its influence on the foreign affiliates’ financial restrictions. Our research results show that headquarters of multinational enterprises have not (yet) moved much decision power to their foreign subsidiaries at all. We use data from the IWH FDI Micro Database which contains information on corporate governance structures and financial restrictions of 609 enterprises with a foreign investor in Hungary, Poland, the Czech Republic, Slovakia, Romania and East Germany. We match data from Bureau van Dijk’s AMADEUS database on financial characteristics. We find that a high concentration of decision power within the MNE’s headquarter implicates high financial restrictions within the subsidiary. Square term results show, however, that the effect of financial constraints within the subsidiary decreases and finally turns insignificant when decision power moves from headquarter to subsidiary. Thus, economic policy should encourage foreign investors in the case of foreign acquisition of local enterprises to leave decision power within the enterprise and in the case of Greenfield investment to provide the newly established subsidiaries with as much power over corporate governance structures as possible.

Publikation lesen
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