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Professor Michael Koetter, Ph.D.

Professor Michael Koetter, Ph.D.
Aktuelle Position

seit 10/20

Stellvertretender Präsident

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 9/16

Leiter der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 9/16

Professor für Financial Economics

Otto-von-Guericke-Universität, Magdeburg

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Forschungsschwerpunkte
  • Allokation von Unternehmensinvestition und Gesamtwachstum
  • Finanzintermediation
  • Finanzmarktstabilität und Bankenregulierung
  • Risikobereitschaft und Wettbewerb
  • reale Auswirkungen auf Geldpolitik und Wirtschaftspolitik

Michael Koetter ist stellvertretender Präsident des Instituts und Leiter der Abteilung Finanzmärkte am IWH. Er ist Professor für Financial Economics an der Otto-von-Guericke-Universität Magdeburg. Die Abteilung richtet die jährliche FIN-FIRE conference on challenges to financial stability aus. Seine Forschung untersucht vornehmlich mithilfe empirischer Methoden die Interaktionen zwischen Finanzinstitutionen und -systemen, Regulation, Politik und der Realwirtschaft.

Michael Koetter promovierte an der Universität Utrecht und studierte International Money and Banking an der Universität Maastricht. Er war Professor an der Frankfurt School of Finance & Management (2012 – 2016) und an der Universität Groningen (2006 – 2012). Zurzeit ist er Mitglied des wissenschaftlichen Beratungsausschusses des Forschungsdaten- und Servicezentrums der Deutschen Bundesbank, Editor bei der Fachzeitschrift Economics of Transition and Institutional Change (ETIC) sowie Associate Editor beim Journal of Financial Stability. Er fungierte regelmäßig als Berater bei Zentralbanken und war Präsident der IBEFA.

Ihr Kontakt

Professor Michael Koetter, Ph.D.
Professor Michael Koetter, Ph.D.
- Abteilung Finanzmärkte
Nachricht senden +49 345 7753-727 Persönliche Seite LinkedIn Profil

Publikationen

Zitationen
6929

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The Reverse Revolving Door in the Supervision of European Banks

Stefano Colonnello Michael Koetter Alex Sclip Konstantin Wagner

in: International Journal of Central Banking, im Erscheinen

Abstract

We assemble data about executives on the boards of national supervisory authorities (NSA) in European banking, which reveal that 40% have an employment history in the financial industry. Appointment patterns to NSA boards differ substantially across countries. Generally, the appointment of former finance professionals as prudential supervisors is inconsequential for banks‘ valuations, capitalization, and asset growth. The exception are positive, but short-lived valuation effects for those banks whose alumni are appointed as executives of directly responsible NSA boards. Circumstantial evidence suggests that a “proximity bias“ is a more likely driver of this effect instead of superior financial expertise or intrinsic skills of the designated NSA executives.

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The Limits of Local Laws in Global Supply Chains: Cutting Ties or “Edutrading” Procurement Partners?

Hendrik Keilbach Michael Koetter Melina Ludolph Fabian Woebbeking

in: Journal of Development Economics, Vol. 182 (June), 2026

Abstract

We study the procurement patterns of non-listed firms and examine how these often-overlooked, yet pivotal players in global supply chains adjust their sourcing when they anticipate accountability for externalities beyond their organizational boundaries. Using granular customs data and a surprise information release about the German Supply Chain Due Diligence Act, product-level regressions reveal that importing firms are 3.5 percentage points less likely to source a product from countries where the relevant production sector exhibits elevated ESG-related risks, suggesting that firms tend to cut ties with higher-risk suppliers. The effects are concentrated among firms with well-diversified supplier networks for a product and higher profitability, suggesting they have the necessary flexibility to respond quickly to anticipated regulatory pressure. Our findings suggest that mandates requiring firms to incorporate broad sustainability considerations into their operational decisions may have limits, particularly for non-listed firms.

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Real Estate Transaction Taxes and Credit Supply

Michael Koetter Philipp Marek Antonios Mavropoulos

in: Journal of Financial Stability, Vol. 80 (September), 2025

Abstract

We exploit staggered real estate transaction tax (RETT) hikes across German states to identify the effect on the growth rates of regional house prices and outstanding mortgage loans by all local German banks. The results show that a RETT hike by one percentage point reduces regional house prices by 3%–4%. Furthermore, IV-regressions yield that a 1 percentage point drop in regional house prices induced by a RETT increase leads to a 0.3% decline in regional mortgage lending, particularly among low-capitalized banks in rural regions.

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Arbeitspapiere

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Do Online Real Estate Listing Prices Gauge Transaction Prices (Well)? Evidence from Novel Near-Real-Time Data

Michael Koetter Felix Noth Fabian Woebbeking

in: IWH Discussion Papers, Nr. 13, 2026

Abstract

We show that online listing prices closely approximate transaction prices across Europe. Our validation uses the IWH European Real Estate Index (EREI), a near-real-time database of monthly purchase prices, rents, listing counts, and time on market for 1,154 NUTS-3 regions in 16 countries since April 2024. With publication lags as short as one month, validated listing prices offer a timely, comparable complement to official house price statistics. Purchase price levels correlate between 0.94 and 0.97 with transaction prices in the five most populous markets, while calibration slopes range from 0.95 to 1.00. Aggregate listing prices exceed benchmark transaction prices by 13% to 22%.

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The Price of Beauty: Biodiversity Effects on Residential Housing Markets

Michael Koetter Birte Winter Fabian Woebbeking

in: IWH Discussion Papers, Nr. 21, 2025

Abstract

We study how and why local biodiversity affects residential property values. Leveraging remotely sensed greenness indicators and a novel dataset of granular property listings, we examine how changes in vegetation load on real estate prices. Hikes in greenness are associated with higher listing prices, fewer properties listed, and reduced liquidity in housing markets. These results suggest that price hikes in housing markets are driven by supply-side constraints instead of a “greenium” that buyers might be willing to pay due to innate preferences. Exogenous zoning shocks to foster biodiversity corroborate the presence of supply side constraints as price drivers in residential housing markets. Our findings emphasize the need to calibrate biodiversity and (social) housing policy objectives more explicitly.

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Contractionary Macroprudential Policy, Collateral Valuation, and Risk-shifting in EU Banking

Michael Koetter Felix Noth Fabian Woebbeking

in: IWH Discussion Papers, Nr. 4, 2025

Abstract

We study real estate lending responses to tighter macroprudential policy (MPP) in the form of lower required loan-to-value (LTV) ratios. Contract details of 2.4 million mortgage loans originated between 2008 and 2020 reveal significantly fewer new loan issuances in response to contractionary MPP, commensurate with an average reduction in aggregate lending of 21 percent. Loan-level analyses reveal, however, that banks comply with lower LTVs by systematically more benevolent valuations of residential real estate pledged as collateral instead of reducing loan size. Exploiting earthquakes as plausible exogenous shocks to property values corroborates these risk-shifting patterns by banks in the form of inflated property valuations after LTV shocks.

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