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
Nachricht senden Persönliche Seite

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

cover_journal-of-banking-and-finance.jpg

Hidden Gems and Borrowers with Dirty Little Secrets: Investment in Soft Information, Borrower Self-selection and Competition

Reint E. Gropp Andre Guettler

in: Journal of Banking and Finance, Nr. 2, 2018

Abstract

This paper empirically examines the role of soft information in the competitive interaction between relationship and transaction banks. Soft information can be interpreted as a valuable signal about the quality of a firm that is observable to a relationship bank, but not to a transaction bank. We show that borrowers self-select to relationship banks depending on whether their observed soft information is positive or negative. Competition affects the investment in learning the soft information from firms by relationship banks and transaction banks asymmetrically. Relationship banks invest more; transaction banks invest less in soft information, exacerbating the selection effect.

Publikation lesen

cover_international-journal-of-central-banking.jpg

International Banking and Cross-border Effects of Regulation: Lessons from Germany

Jana Ohls Markus Pramor Lena Tonzer

in: International Journal of Central Banking, Supplement 1, March 2017

Abstract

We analyze the inward and outward transmission of regulatory changes through German banks’ (international) loan portfolio. Overall, our results provide evidence for international spillovers of prudential instruments. These spillovers are, however, quite heterogeneous between types of banks and can only be observed for some instruments. For instance, domestic affiliates of foreign-owned global banks reduce their loan growth to the German economy in response to a tightening of sector-specific capital buffers, local reserve requirements, and loan-to-value ratios in their home country. Furthermore, from the point of view of foreign countries, tightening reserve requirements is effective in reducing lending inflows from German banks. Finally, we find that business and financial cycles matter for lending decisions.

Publikation lesen

cover_applied-economics-letters.jpg

Bank Risk Proxies and the Crisis of 2007/09: A Comparison

Felix Noth Lena Tonzer

in: Applied Economics Letters, Nr. 7, 2017

Abstract

The global financial crisis has again shown that it is important to understand the emergence and measurement of risks in the banking sector. However, there is no consensus in the literature which risk proxy works best at the level of the individual bank. A commonly used measure in applied work is the Z-score, which might suffer from calculation issues given poor data quality. Motivated by the variety of bank risk proxies, our analysis reveals that nonperforming assets are a well-suited complement to the Z-score in studies of bank risk.

Publikation lesen

cover_economics-letters.gif

Complexity and Bank Risk During the Financial Crisis

Thomas Krause Talina Sondershaus Lena Tonzer

in: Economics Letters, January 2017

Abstract

We construct a novel dataset to measure banks’ complexity and relate it to banks’ riskiness. The sample covers stock listed Euro area banks from 2007 to 2014. Bank stability is significantly affected by complexity, whereas the direction of the effect differs across complexity measures.

Publikation lesen

cover_international-finance.gif

Sovereign Credit Risk Co-movements in the Eurozone: Simple Interdependence or Contagion?

Manuel Buchholz Lena Tonzer

in: International Finance, Nr. 3, 2016

Abstract

We investigate credit risk co-movements and contagion in the sovereign debt markets of 17 industrialized countries during the period 2008–2012. We use dynamic conditional correlations of sovereign credit default swap spreads to detect contagion. This approach allows us to separate contagion channels from the determinants of simple interdependence. The results show that, first, sovereign credit risk co-moves considerably, particularly among eurozone countries and during the sovereign debt crisis. Second, contagion varies across time and countries. Third, similarities in economic fundamentals, cross-country linkages in banking and common market sentiment constitute the main channels of contagion.

Publikation lesen

Arbeitspapiere

cover_ecb-working-paper-series-2019-2334.png

Climate Change-Related Regulatory Risks and Bank Lending

Isabella Müller Eleonora Sfrappini

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.

Publikation lesen

cover_DP_2022-13.jpg

Explaining Regional Disparities in Housing Prices Across German Districts

Lars Brausewetter Stephan L. Thomsen Johannes Trunzer

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.

Publikation lesen

cover_DP_2022-3.jpg

Stress-ridden Finance and Growth Losses: Does Financial Development Break the Link?

Serafín Martínez-Jaramillo Ricardo Montañez-Enríquez Matias Ossandon Busch Manuel Ramos-Francia Anahí Rodríguez-Martínez José Manuel Sánchez-Martínez

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.

Publikation lesen

cover_DP_2022-2.jpg

Firm Subsidies, Financial Intermediation, and Bank Risk

Aleksandr Kazakov Michael Koetter Mirko Titze Lena Tonzer

in: IWH Discussion Papers, Nr. 2, 2022

Abstract

We study whether government subsidies can stimulate bank funding of marginal investment projects and the associated effect on financial stability. We do so by exploiting granular project-level information for the largest regional economic development programme in Germany since 1997: the Improvement of Regional Economic Structures programme (GRW). By combining the universe of subsidised firms to virtually all German local banks over the period 1998-2019, we test whether this large-scale transfer programme destabilised regional credit markets. Because GRW subsidies to firms are destabilised at the EU level, we can use it as an exogenous shock to identify bank responses. On average, firm subsidies do not affect bank lending, but reduce banks’ distance to default. Average effects conflate important bank-level heterogeneity though. Conditional on various bank traits, we show that well capitalised banks with more industry experience expand lending when being exposed to subsidised firms without exhibiting more risky financial profiles. Our results thus indicate that stable banks can act as an important facilitator of regional economic development policies. Against the backdrop of pervasive transfer payments to mitigate Covid-19 losses and in light of far-reaching transformation policies required to green the economy, our study bears important implications as to whether and which banks to incorporate into the design of transfer Programmes.

Publikation lesen

cover_DP_2020-02.jpg

Financial Linkages and Sectoral Business Cycle Synchronisation: Evidence from Europe

Hannes Böhm Julia Schaumburg Lena Tonzer

in: IWH Discussion Papers, Nr. 2, 2020

Abstract

We analyse whether financial integration between countries leads to converging or diverging business cycles using a dynamic spatial model. Our model allows for contemporaneous spillovers of shocks to GDP growth between countries that are financially integrated and delivers a scalar measure of the spillover intensity at each point in time. For a financial network of ten European countries from 1996-2017, we find that the spillover effects are positive on average but much larger during periods of financial stress, pointing towards stronger business cycle synchronisation. Dismantling GDP growth into value added growth of ten major industries, we observe that some sectors are strongly affected by positive spillovers (wholesale & retail trade, industrial production), others only to a weaker degree (agriculture, construction, finance), while more nationally influenced industries show no evidence for significant spillover effects (public administration, arts & entertainment, real estate).

Publikation lesen
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoWeltoffen Logo