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Talina Sondershaus

Talina Sondershaus
Aktuelle Position

seit 9/16

Wissenschaftliche Mitarbeiterin der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 12/19

Affiliated Researcher

Norges Bank, Norwegen

Forschungsschwerpunkte
  • unkonventionelle Geldpolitik und Finanzierungsbeschränkungen von Unternehmen
  • Komplexität von Banken

Seit September 2016 ist Talina Sondershaus Doktorandin in der Abteilung Finanzmärkte. Sie untersucht Auswirkungen unkonventioneller Geldpolitik auf Finanzintermediation und Realwirtschaft und beschäftigt sich außerdem mit Effekten von Bankennetzwerken. Nach einem Doktorandenpraktikum ist sie seit Dezember 2019 Affiliated Researcher bei der Norges Bank.

Talina Sondershaus studierte an der Universität Mannheim sowie an der Universität Leipzig und verbrachte ein Auslandssemester an der University of Bergen in Norwegen.

Ihr Kontakt

Talina Sondershaus
Talina Sondershaus
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-807 Persönliche Seite

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.

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Arbeitspapiere

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Covered Bonds and Bank Portfolio Rebalancing

Jin Cao Ragnar E. Juelsrud Talina Sondershaus

in: Norges Bank Working Papers, Nr. 6, 2021

Abstract

We use administrative and supervisory data at the bank and loan level to investigate the impact of the introduction of covered bonds on the composition of bank balance sheets and bank risk. Covered bonds, despite being collateralized by mortgages, lead to a shift in bank lending from mortgages to corporate loans. Young and low-rated firms in particular receive more credit, suggesting that overall credit risk increases. At the same time, we find that total balance sheet liquidity increases. We identify the channel in a theoretical model and provide empirical evidence: Banks with low initial liquidity and banks with sufficiently high risk-adjusted return on firm lending drive the results.

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Spillovers of Asset Purchases Within the Real Sector: Win-Win or Joy and Sorrow?

Talina Sondershaus

in: IWH Discussion Papers, Nr. 22, 2019

Abstract

Events which have an adverse or positive effect on some firms can disseminate through the economy to firms which are not directly affected. By exploiting the first large sovereign bond purchase programme of the ECB, this paper investigates whether more lending to some firms spill over to firms in the surroundings of direct beneficiaries. Firms operating in the same industry and region invest less and reduce employment. The paper shows the importance to consider spillover effects when assessing unconventional monetary policies: Differences between treatment and control groups can be entirely attributed to negative effects on the control group.

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Do Asset Purchase Programmes Shape Industry Dynamics? Evidence from the ECB's SMP on Plant Entries and Exits

Manfred Antoni Steffen Müller Talina Sondershaus

in: IWH Discussion Papers, Nr. 12, 2019

Abstract

Asset purchase programmes (APPs) may insulate banks from having to terminate relationships with unproductive customers. Using administrative plant and bank data, we test whether APPs impinge on industry dynamics in terms of plant entry and exit. Plants in Germany connected to banks with access to an APP are approximately 20% less likely to exit. In particular, unproductive plants connected to weak banks with APP access are less likely to close. Aggregate entry and exit rates in regional markets with high APP exposures are also lower. Thus, APPs seem to subdue Schumpeterian cleansing mechanisms, which may hamper factor reallocation and aggregate productivity growth.

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