Regulierung internationaler Finanzmärkte und Banken
Die Forschungsgruppe "Regulierung internationaler Finanzmärkte und Banken" analysiert internationale Kapitalströme und die Auswirkungen von Regulierungsänderungen auf die Finanzstabilität. Integrierte Finanzmärkte begünstigen eine effiziente Kapitalallokation und Risikoteilung – sie erleichtern aber auch die grenzüberschreitende Übertragung von Schocks.
Dementsprechend hat sich die Bankenregulierung in den letzten Jahren weiterentwickelt, wobei die vollen Auswirkungen dieser Reformen noch unklar sind. Daher konzentriert sich die Forschung der Gruppe auf zwei Bereiche:
Erstens werden die Haupttreiber internationaler Kapitalströme und deren Auswirkungen auf Finanzstabilität untersucht. Zeiten hoher Finanzintegration sind oft gefolgt von Krisen mit nachhaltigen realwirtschaftlichen Folgen. Ziel ist es, zu verstehen, wie eine stabile und effektive Kreditvergabe gewährleistet werden kann.
Zweitens wird untersucht, wie sich Veränderungen in der Regulierung und Aufsicht auf das grenzüberschreitende Bankgeschäft auswirken, insbesondere im Kontext der europäischen Integration. Dazu gehört die Bewertung des Trade-offs zwischen regulatorischer Harmonisierung und unbeabsichtigten Marktverzerrungen.
Zwei Datenprojekte tragen zu diesen Forschungsthemen bei: die International Banking Library, eine webbasierte Plattform für den Forschungsaustausch mit einem vierteljährlichen Newsletter, der mehr als 700 Abonnenten erreicht, und die Financial Markets Directives Database, die die Umsetzung der wichtigsten EU-Vorschriften im Bereich Finanzmärkte mit besonderem Schwerpunkt auf der Europäischen Bankenunion dokumentiert. Gemeinsam fördern sie eine evidenzbasierte Politikanalyse und erhöhen die Sichtbarkeit der Gruppe.
Forschungscluster
Wirtschaftliche Dynamik und StabilitätIhr Kontakt
- Abteilung Finanzmärkte
PROJEKTE
10.2021 ‐ 06.2025
Distributional Effects of Macroeconomic Policies in Europe (DEMAP)
Leibniz-Gemeinschaft
Das Projekt untersucht wie politische Maßnahmen auf dem Level der Europäischen Union, wie zum Beispiel der European Recovery Fund, die Ungleichheit zwischen Haushalten beeinflusst.
07.2017 ‐ 12.2022
Die politische Ökonomie der europäischen Bankenunion
Europäischer Sozialfonds (ESF)
Ursachen für nationale Unterschiede in der Umsetzung der Bankenunion und daraus resultierende Auswirkungen auf die Finanzstabilität.
01.2015 ‐ 12.2017
Dynamic Interactions between Banks and the Real Economy
Deutsche Forschungsgemeinschaft (DFG)
Referierte Publikationen
Aggregate Dynamics with Sectoral Price Stickiness Heterogeneity and Aggregate Real Shocks
in: Journal of Money, Credit and Banking, im Erscheinen
Abstract
<p>This paper investigates the relationship between heterogeneity in sectoral price stickiness and the response of the economy to aggregate real shocks. We show that sectoral heterogeneity reduces inflation persistence for a constant average duration of price spells, and that inflation persistence can fall despite duration increases associated with increases in heterogeneity. We also find that sectoral heterogeneity reduces the persistence and volatility of interest rate and output gap for a constant price spells duration, while the qualitative impact on inflation volatility tends to be positive. A relevant policy implication is that neglecting price stickiness heterogeneity can impair the economic dynamics assessment.</p>
Does It Pay to Get Connected? An Examination of Bank Alliance Network and Bond Spread
in: Journal of Economics and Business, im Erscheinen
Abstract
This paper examines the effects of bank alliance network on bonds issued by European banks during the period 1990–2009. We construct six measures capturing different dimensions of banks’ network characteristics. In opposition to the results obtained for non-financial firms, our findings indicate that being part of a network does not create value for bank’s bondholders, indicating a dark side effect of strategic alliances in the banking sector. While being part of a network is perceived as a risk-increasing event by market participants, this negative perception is significantly lower for the larger banks, and, to a lesser extent, for the more profitable banks. Moreover, during crisis times, the positive impact on bond spread of a bank’s higher centrality or of a bank’s higher connectedness in the network is stronger, indicating that market participants may fear spillover effects within the network during periods of banks’ heightened financial fragility.
How Do EU Banks’ Funding Costs Respond to the CRD IV? An Assessment Based on the Banking Union Directives Database
in: Journal of Financial Stability, im Erscheinen
Abstract
<p>The establishment of the European Banking Union constitutes a major change in the regulatory framework of the banking system. Main parts are implemented via directives that show staggered transposition timing across EU member states. Based on the newly compiled Banking Union Directives Database, we assess how banks’ funding costs responded to the Capital Requirements Directive IV (CRD IV). Our findings show an upward trend in funding costs which is driven by an increase in cost of equity and partially offset by a decline in cost of debt. The diverging trends are most present in countries with an ex-ante lower regulatory capital stringency, which is in line with banks’ short-run adjustment needs but longer-run benefits from increased financial stability.</p>
The Effect of Bank Organizational Risk-management on the Price of Non-deposit Debt
in: Journal of Financial Services Research, April 2024
Abstract
<p>We test whether organizational risk management matters to bondholders of U.S. bank holding companies (BHCs), and find that debt financing costs increase when the BHC has lower-quality risk management. Consistent with bailouts giving rise to moral hazard among bank creditors, we find that bondholders put less emphasis on risk management in large institutions for which bailouts are expected ex-ante. BHCs that maintained strong risk management before the financial crisis had lower debt costs during and after the crisis, compared to other banks. Overall, quality risk management can curtail risk exposures at BHCs and result in lower debt costs.</p>
Arbeitspapiere
Banks’ foreign homes
in: Deutsche Bundesbank Discussion Papers, Nr. 46, 2024
Abstract
<p>Our results reveal that higher lending spreads between foreign and home markets redirect real estate backed lending towards foreign markets offering a higher interest rate, which provides evidence for "search for yield" behavior. This re-allocation is found especially for banks with more expertise on the foreign market due to a higher local activity and holds for commercial and residential real estate backed loans. Furthermore, "search for yield" behavior and a resulting increase in foreign real estate backed lending is found when macroprudential regulation is missing or misaligned between a bank’s country of residence and the destination country. When turning to the question of whether the detected search for yield behavior results in more risk, we find that especially better capitalized banks report higher forbearance ratios as they might face less stigma effects compared to low capitalized banks.</p>
The Effect of Firm Subsidies on Credit Markets
in: IWH Discussion Papers, Nr. 24, 2022
Abstract
<p>We use project-level information for the largest regional economic development program in German history to study how government subsidies to firms affect credit markets. We identify credit market responses by considering both, bank lending and firm borrowing during 1998-2019. We find that subsidies lead to larger lending volumes without crowding out credit to non-subsidized firms. Banks that are more exposed to subsidized firms exhibit moderately higher credit risk though. Firm subsidies support lending especially when credit constraints are elevated during the years of the financial crisis.</p>
Climate Change-Related Regulatory Risks and Bank Lending
in: ECB Working Paper, Nr. 2670, 2022
Abstract
We identify the effect of climate change-related regulatory risks on credit real-location. Our evidence suggests that effects depend borrower's region. Following an increase in salience of regulatory risks, banks reallocate credit to US firms that could be negatively impacted by regulatory interventions. Conversely, in Europe, banks lend more to firms that could benefit from environmental regulation. The effect is moderated by banks' own loan portfolio composition. Banks with a portfolio tilted towards firms that could be negatively a affected by environmental policies increasingly support these firms. Overall, our results indicate that financial implications of regulation associated with climate change appear to be the main drivers of banks' behavior.
Explaining Regional Disparities in Housing Prices Across German Districts
in: IWH Discussion Papers, Nr. 13, 2022
Abstract
Over the last decade, German housing prices have increased unprecedentedly. Drawing on quality-adjusted housing price data at the district level, we document large and increasing regional disparities: Growth rates were higher in 1) the largest seven cities, 2) districts located in the south, and 3) districts with higher initial price levels. Indications of price bubbles are concentrated in the largest cities and in the purchasing market. Prices seem to be driven by the demand side: Increasing population density, higher shares of academically educated employees and increasing purchasing power explain our findings, while supply remained relatively constrained in the short term.
Stress-ridden Finance and Growth Losses: Does Financial Development Break the Link?
in: IWH Discussion Papers, Nr. 3, 2022
Abstract
Does financial development shield countries from the pass-through of financial shocks to real outcomes? We evaluate this question by characterising the probability density of expected GDP growth conditional on financial stability indicators in a panel of 28 countries. Our robust results unveil a non-linear nexus between financial stability and expected GDP growth, depending on countries’ degree of financial development. While both domestic and global financial factors affect expected growth, the effect of global factors is moderated by financial development. This result highlights a previously unexplored channel trough which financial development can break the link between financial (in)stability and GDP growth.
