Isabella Müller

Isabella Müller
Aktuelle Position

seit 10/18

Wissenschaftliche Mitarbeiterin der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte

  • realwirtschaftliche Auswirkungen von Finanzintermediären
  • Finanzintermediation
  • politische Ökonomie des Bankensystems
  • Finanzstabilität
  • makroprudenzielle Politik

Seit Oktober 2018 ist Isabella Müller Doktorandin in der Abteilung Finanzmärkte. Sie untersucht die Auswirkungen von Finanzintermediären sowie die politische Ökonomie des Bankensystems.

Isabella Müller studierte an der Maastricht University sowie an der Universität Leipzig und verbrachte ein Auslandssemester an der Universidad de Salamanca in Spanien. 2021 ist sie mit dem renommierten Lamfalussy Forschungsstipendium der Europäischen Zentralbank ausgezeichnet worden.

Ihr Kontakt

Isabella Müller
Isabella Müller
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-761

Publikationen

Arbeitspapiere

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A Note on the Use of Syndicated Loan Data

Isabella Müller Felix Noth Lena Tonzer

in: IWH Discussion Papers, Nr. 17, 2022

Abstract

Syndicated loan data provided by DealScan has become an essential input in banking research over recent years. This data is rich enough to answer urging questions on bank lending, e.g., in the presence of financial shocks or climate change. However, many data options raise the question of how to choose the estimation sample. We employ a standard regression framework analyzing bank lending during the financial crisis to study how conventional but varying usages of DealScan affect the estimates. The key finding is that the direction of coefficients remains relatively robust. However, statistical significance seems to depend on the data and sampling choice.

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.

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Trade Shocks, Credit Reallocation and the Role of Specialisation: Evidence from Syndicated Lending

Isabella Müller

in: IWH Discussion Papers, Nr. 15, 2020

Abstract

This paper provides evidence that banks cut lending to US borrowers as a consequence of a trade shock. This adverse reaction is stronger for banks with higher ex-ante lending to US industries hit by the trade shock. Importantly, I document large heterogeneity in banks‘ reaction depending on their sectoral specialisation. Banks shield industries in which they are specialised in and at the same time reduce the availability of credit to industries they are not specialised in. The latter is driven by low-capital banks and lending to firms that are themselves hit by the trade shock. Banks‘ adjustments have adverse real effects.

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