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
Mitglied - Abteilung Finanzmärkte
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PROJEKTE

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

Price Competition between an Expert and a Non-Expert

Jan Bouckaert Hans Degryse

in: International Journal of Industrial Organization, Nr. 6, 2000

Abstract

This paper characterizes price competition between an expert and a non-expert. In contrast with the expert, the non-expert's repair technology is not always successful. Consumers visit the expert after experiencing an unsuccessful match at the non-expert. This re-entry affects the behavior of both sellers. For low enough probability of successful repair at the non-expert, all consumers first visit the non-expert, and a 'timid-pricing' equilibrium results. If the non-expert's repair technology performs well enough, it pays for some consumers to disregard the non-expert a visit. They directly go to the expert's shop, and an 'aggressive-pricing' equilibrium pops up. For intermediate values of the non-expert's successful repair a 'mixed-pricing' equilibrium emerges where the expert randomizes over the monopoly price and some lower price.

Publikation lesen

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The Total Cost of Trading Belgian Shares: Brussels versus London

Hans Degryse

in: Journal of Banking and Finance, Nr. 9, 1999

Abstract

Since 1990, London’s SEAQ International (SEAQ-I) has attracted considerable trading volume in Belgian equities. This paper investigates competition between the Brussels CATS market and London’s SEAQ-I. Toward this end, we gathered extensive limit order book data as well as transactions and quotation information. With regard to liquidity (indirect costs), measured by the quoted and effective bid–ask spread, the paper concludes that CATS outperforms SEAQ International for both measures. The effective spread is of course substantially smaller than the quoted spread, with the CATS effective spread showing a U-shaped form. This paper, unique in employing an extensive data set that includes all hidden orders and the whole limit order book, produces results in line with the different market microstructure models. Total trading costs on CATS are lower (higher) for small (large) trade sizes.

Publikation lesen

On the Interaction between Vertical and Horizontal Product Differentiation: An Application to Banking

Hans Degryse

in: Journal of Industrial Economics, Nr. 2, 1996

Publikation lesen

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Phonebanking

Jan Bouckaert Hans Degryse

in: European Economic Review, Nr. 2, 1995

Abstract

In a two-stage game, we study under what conditions banks offer phonebanking (first stage). In the second stage, they are competitors in the market for deposits. Offering the phone option creates two opposing effects. The first is a demand effect as depositors strictly prefer to manage some of their financial transactions by phone. The second (strategic) effect is that competition is increased as transaction costs are lowered. Universal phonebanking prevails when the demand effect dominates the strategic effect. Specialization can occur in that one bank offers the phone option while the other does not.

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Arbeitspapiere

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Monetary Policy under the Microscope: Intra-bank Transmission of Asset Purchase Programs of the ECB

L. Cycon Michael Koetter

in: IWH Discussion Papers, Nr. 9, 2015

Abstract

With a unique loan portfolio maintained by a top-20 universal bank in Germany, this study tests whether unconventional monetary policy by the European Central Bank (ECB) reduced corporate borrowing costs. We decompose corporate lending rates into refinancing costs, as determined by money markets, and markups that the bank is able to charge its customers in regional markets. This decomposition reveals how banks transmit monetary policy within their organizations. To identify policy effects on loan rate components, we exploit the co-existence of eurozone-wide security purchase programs and regional fiscal policies at the district level. ECB purchase programs reduced refinancing costs significantly, even in an economy not specifically targeted for sovereign debt stress relief, but not loan rates themselves. However, asset purchases mitigated those loan price hikes due to additional credit demand stimulated by regional tax policy and enabled the bank to realize larger economic margins.

Publikation lesen

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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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