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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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

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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

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Taxing Banks: An Evaluation of the German Bank Levy

Claudia M. Buch Björn Hilberg Lena Tonzer

in: Journal of Banking and Finance, November 2016

Abstract

Bank distress can have severe negative consequences for the stability of the financial system. Regimes for the restructuring and resolution of banks, financed by bank levies, aim at reducing these costs. This paper evaluates the German bank levy, which has been implemented since 2011. Our analysis offers three main insights. First, revenues raised through the levy were lower than expected. Second, the bulk of the payments were contributed by large commercial banks and by the central institutions of savings banks and credit unions. Third, for those banks, which were affected by the levy, we find evidence for a reduction in lending and higher deposit rates.

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Bank Recapitalization, Regulatory Intervention, and Repayment

Thomas Kick Michael Koetter Tigran Poghosyan

in: Journal of Money, Credit and Banking, Nr. 7, 2016

Abstract

We use prudential supervisory data for all German banks during 1994–2010 to test if regulatory interventions affect the likelihood that bailed-out banks repay capital support. Accounting for the selection bias inherent in nonrandom bank bailouts by insurance schemes and the endogenous administration of regulatory interventions, we show that regulators can increase the likelihood of repayment substantially. An increase in intervention frequencies by one standard deviation increases the annual probability of capital support repayment by 7%. Sturdy interventions, like restructuring orders, are effective, whereas weak measures reduce repayment probabilities. Intervention effects last up to 5 years.

Publikation lesen

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Lend Global, Fund Local? Price and Funding Cost Margins in Multinational Banking

Rients Galema Michael Koetter C. Liesegang

in: Review of Finance, Nr. 5, 2016

Abstract

In a proposed model of a multinational bank, interest margins determine local lending by foreign affiliates and the internal funding by parent banks. We exploit detailed parent-affiliate-level data of all German banks to empirically test our theoretical predictions in pre-crisis times. Local lending by affiliates depends negatively on price margins, the difference between lending and deposit rates in foreign markets. The effect of funding cost margins, the gap between local deposit rates faced by affiliates abroad and the funding costs of their parents, on internal capital market funding is positive but statistically weak. Interest margins are central to explain the interaction between internal capital markets and foreign affiliates lending.

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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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