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 Stabilität

Ihr Kontakt

Professorin Dr. Lena Tonzer
Professorin Dr. Lena Tonzer
- Abteilung Finanzmärkte
Nachricht senden +49 345 7753-835 Persönliche Seite

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.

Projektseite ansehen

Professorin Dr. Lena Tonzer

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

Professorin 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

<p>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.</p>

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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Are Bank Capital Requirements Optimally Set? Evidence from Researchers’ Views

Gene Ambrocio Iftekhar Hasan Esa Jokivuolle Kim Ristolainen

in: Journal of Financial Stability, October 2020

Abstract

We survey 149 leading academic researchers on bank capital regulation. The median (average) respondent prefers a 10% (15%) minimum non-risk-weighted equity-to-assets ratio, which is considerably higher than the current requirement. North Americans prefer a significantly higher equity-to-assets ratio than Europeans. We find substantial support for the new forms of regulation introduced in Basel III, such as liquidity requirements. Views are most dispersed regarding the use of hybrid assets and bail-inable debt in capital regulation. 70% of experts would support an additional market-based capital requirement. When investigating factors driving capital requirement preferences, we find that the typical expert believes a five percentage points increase in capital requirements would “probably decrease” both the likelihood and social cost of a crisis with “minimal to no change” to loan volumes and economic activity. The best predictor of capital requirement preference is how strongly an expert believes that higher capital requirements would increase the cost of bank lending.

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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Arbeitspapiere

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Banks’ foreign homes

Kirsten Schmidt Lena Tonzer

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>

Publikation lesen

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The Effect of Firm Subsidies on Credit Markets

Aleksandr Kazakov Michael Koetter Mirko Titze Lena Tonzer

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>

Publikation lesen

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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

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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.

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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.

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