Hannes Böhm

Hannes Böhm
Aktuelle Position

seit 4/17

Wissenschaftlicher Mitarbeiter der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)


  • Finanzmarktstabilität
  • Geldpolitik
  • Finanzkrisen

Hannes Böhm ist seit April 2017 Doktorand in der Finanzmarktabteilung. Seine Forschung umfasst die Interaktion zwischen dem Finanzsektor und staatlichen Ausfallrisiken während der Eurokrise, der Stabilität von Finanzmärkten sowie den Effekten und der Transmission von Geldpolitik.

Hannes Böhm studierte an der Westfälischen Wilhelms-Universität Münster sowie der Universität Leipzig.

Ihr Kontakt

Hannes Böhm
Hannes Böhm
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-860




What Drives the Commodity-Sovereign-Risk-Dependence in Emerging Market Economies?

Hannes Böhm Stefan Eichler Stefan Gießler

in: IWH-Diskussionspapiere, Nr. 23, 2019


Using daily data for 34 emerging markets in the period 1994-2016, we find robust evidence that higher export commodity prices are associated with higher sovereign bond returns (indicating lower sovereign risk). The economic effect is especially pronounced for heavy commodity exporters. Examining the drivers, we find, first, that commodity-dependence is higher for countries that export large volumes of volatile commodities and that the effect increases in times of recessions, high inflation, and expansionary U.S. monetary policy. Second, the importance of raw material prices for sovereign financing can likely be mitigated if a country improves institutions and tax systems, attracts FDI inflows, invests in manufacturing, machinery and infrastructure, builds up reserve assets and opens capital and trade accounts. Third, the concentration of commodities within a country’s portfolio, its government indebtedness or amount of received development assistance appear to be only of secondary importance for commodity-dependence.

Publikation lesen


Avoiding the Fall into the Loop: Isolating the Transmission of Bank-to-Sovereign Distress in the Euro Area and its Drivers

Hannes Böhm Stefan Eichler

in: IWH-Diskussionspapiere, Nr. 19, 2018


We isolate the direct bank-to-sovereign distress channel within the eurozone’s sovereign-bank-loop by exploiting the global, non-eurozone related variation in stock prices. We instrument banking sector stock returns in the eurozone with exposure-weighted stock market returns from non-eurozone countries and take further precautions to remove any eurozone crisis-related variation. We find that the transmission of instrumented bank distress, while economically relevant, is significantly smaller than the corresponding coefficient in the unadjusted OLS framework, confirming concerns on reverse causality and omitted variables in previous studies. Furthermore, we show that the spillover of bank distress is significantly stronger for countries with poorer macroeconomic performances, weaker financial sectors and financial regulation and during times of elevated political uncertainty.

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