Regulierung internationaler Finanzmärkte und Banken

Diese Forschungsgruppe analysiert Ursachen und Konsequenzen von internationalen Aktivitäten von Banken sowie den regulatorischen Rahmen, innerhalb dessen globale Banken operieren.

International aktive Banken können eine effiziente internationale Kapitalallokation vereinfachen und zur internationalen Risikoteilung beitragen. Allerdings können sie auch Instabilitäten generieren und zu einer Übertragung von Schocks über nationale Grenzen hinaus beitragen. Dies ist einer der Gründe für die aktuelle Re-Regulierung des internationalen Bankensystems.

Die Forschungsgruppe trägt auf drei verschiedenen Wegen zur Literatur bei. Erstens analysiert die Gruppe empirisch, warum internationale Banken global aktiv sind und wie Schocks im Finanzsystem übertragen werden. Zweitens untersucht die Gruppe das Entstehen von systemischen Risiken und Ungleichgewichten im integrierten Bankenmarkt und die sich daraus ergebenden Konsequenzen für die Realwirtschaft. Drittens werden die Auswirkungen von Änderungen bezüglich der Bankenaufsicht und Bankenregulierung analysiert, mit einem besonderen Fokus auf dem europäischen Integrationsprozess

 

IWH-Datenprojekt: International Banking Library

Forschungscluster
Finanzstabilität und Regulierung

Ihr Kontakt

Juniorprofessorin Dr. Lena Tonzer
Juniorprofessorin Dr. Lena Tonzer
Mitglied - Abteilung Finanzmärkte
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PROJEKTE

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.

Projektseite ansehen

Juniorprofessorin Dr. Lena Tonzer

01.2015 ‐ 12.2017

Dynamic Interactions between Banks and the Real Economy

Deutsche Forschungsgemeinschaft (DFG)

Professor Dr. Felix Noth

Referierte Publikationen

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Lending Effects of the ECB’s Asset Purchases

Michael Koetter

in: Journal of Monetary Economics, December 2020

Abstract

Between 2010 and 2012, the European Central Bank absorbed €218 billion worth of government securities from five EMU countries under the Securities Markets Programme (SMP). Detailed security holdings data at the bank level affirms an effective lending stimulus due to the SMP. Exposed banks contract household lending, but increase commercial lending substantially. Holding non-SMP securities from stressed EMU countries amplifies the commercial lending response. The SMP also improved liquidity buffers and profitability without compromising credit quality.

Publikation lesen

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The Impact of Social Capital on Economic Attitudes and Outcomes

Iftekhar Hasan Qing He Haitian Lu

in: Journal of International Money and Finance, November 2020

Abstract

This article traces the extant literature on the impact of social capital on economic attitudes and outcomes. Special attention is paid to clarify conceptual ambiguities, measurement techniques, channels of influence, and identification strategies. Insights derived from the literature are then used to analyze the marketplace lending industry in China, where the size of the peer-to-peer (P2P) lending market is larger than that of the rest of the world combined. Ironically, approximately two-thirds of these online P2P lending platforms have failed. Empirical evidence from the monthly operating data of 735 lending platforms and transaction level data from one prominent platform (Renrendai) shows that platforms in provinces with high social capital have low risk of failure, and borrowers in provinces with high social capital can borrow at low interest rate and are less likely to default. We also provide observations to guide future economic research on social capital.

Publikation lesen

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Finance and Wealth Inequality

Iftekhar Hasan Roman Horvath Jan Mares

in: Journal of International Money and Finance, November 2020

Abstract

Using a global sample, this paper investigates the determinants of wealth inequality capturing various economic, financial, political, institutional, and geographical indicators. Using instrumental variable Bayesian model averaging, it reveals that only a handful of indicators robustly matters and finance plays a key role. It reports that while financial depth increases wealth inequality, efficiency and access to finance reduce inequality. In addition, redistribution and education are associated with lower inequality whereas wars and openness to international trade contribute to greater wealth inequality.

Publikation lesen

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Do Conventional Monetary Policy Instruments Matter in Unconventional Times?

Manuel Buchholz Kirsten Schmidt Lena Tonzer

in: Journal of Banking and Finance, Nr. 105874, September 2020

Abstract

This paper investigates how declines in the deposit facility rate set by the ECB affect euro area banks’ incentives to hold reserves at the central bank. We find that, in the face of lower deposit rates, banks with a more interest-sensitive business model are more likely to reduce reserve holdings and allocate freed-up liquidity to loans. The result is driven by banks in the non-GIIPS countries of the euro area. This reveals that conventional monetary policy instruments have limited effects in restoring monetary policy transmission during times of crisis.

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Interactions Between Bank Levies and Corporate Taxes: How is Bank Leverage Affected?

Franziska Bremus Kirsten Schmidt Lena Tonzer

in: Journal of Banking and Finance, Nr. 105874, September 2020

Abstract

Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction of bank levies leads to lower leverage as liabilities become more expensive. This effect is weaker the more elevated corporate income taxes are. In countries charging very high corporate income taxes, the incentives of bank levies to reduce leverage turn insignificant. Thus, bank levies can counteract the debt bias of taxation only partially.

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Arbeitspapiere

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Friend or Foe? Crowdfunding Versus Credit when Banks are Stressed

Daniel Blaseg Michael Koetter

in: IWH Discussion Papers, Nr. 8, 2015

Abstract

Does bank instability push borrowers to use crowdfunding as a source of external finance? We identify stressed banks and link them to a unique, manually constructed sample of 157 new ventures seeking equity crowdfunding. The sample comprises projects from all German equity crowdfunding platforms since 2011, which we compare with 200 ventures that do not use crowdfunding. Crowdfunding is significantly more likely for new ventures that interact with stressed banks. Innovative funding is thus particularly relevant when conventional financiers are facing crises. But crowdfunded ventures are generally also more opaque and risky than new ventures that do not use crowdfunding.

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