Thema Finanzmärkte

Interactions between bank-specific risk and macroeconomic performance

The global financial crisis has demonstrated that risk at the level of individual financial institutions can harm the stability of the financial system as a whole and, in turn, macroeconomic performance. Building on the concept of granularity, this project investigates how risk at the level of large banks and macroeconomic performance are related. Moreover, it will be explored how regulatory...

Financial Literacy and Peer Effects: Causes and Consequences ; Dissertation

Liquidity Requirements: A Double-Edged Sword

This paper shows that bank liquidity regulation may be a "double-edged sword." Under certain conditions, it may hamper, rather than strengthen, a bank’s resilience to financial stress. The reason is the existence of two opposing effects of liquidity regulation, a liquidity effect and a solvency effect. The liquidity effect arises because a bank mitigates its risk of illiquidity when it increases its ...

Exchange Rate Forecasts and Expected Fundamentals

Using a large panel of individual professionals' forecasts, this paper demonstrates that good exchange rate forecasts are related to a proper understanding of fundamentals, specifically good interest rate forecasts. This relationship is robust to individual fixed effects and further controls. Reassuringly, the relationship is stronger during phases when the impact from fundamentals is more obvious, ...

Immobilienkrise in Schweden: Bad Banks als Lösung

Spillovers of U.S. Unconventional Monetary Policy to Emerging Markets: The Role of Capital Flows

A growing literature stresses the importance of the "global financial cycle", a common global movement in asset prices and credit conditions, for emerging market economies (EMEs). It is argued that one of the key drivers of this global cycle is monetary policy in the U.S., which is transmitted through international capital flows. In this paper, we add to this discussion and investigate empirically ...

From Financial to Real Economic Crisis: Evidence from Individual Firm-Bank Relationships in Germany

What began as a financial crisis in the United States in 2007–2008 quickly evolved into a massive crisis of the global real economy. We investigate the importance of the bank lending and firm borrowing channel in the international transmission of bank distress to the real economy - in particular, to real investment and labor employment by nonfinancial firms. We analyze whether and to what extent firms ...

Childhood Roots of Financial Literacy

Financial literacy predicts informed financial decisions, but what explains financial literacy? We use the concept of financial socialization and aim to represent three major agents of financial socialization: family, school and work. Thus we compile twelve relevant childhood characteristics in a new survey study and examine their relation to financial literacy, while controlling for established socio-demographic ...

Nur beschränkt nachvollziehbar: Länderratings während der Krise im Euroraum

Alle drei großen Ratingagenturen Standard & Poor’s, Moody’s und Fitch haben Griechenland, Irland, Portugal und Spanien während der europäischen Finanzmarkt- und Staatsschuldenkrise signifikant benachteiligt. Dies lässt sich nur zu einem geringen Teil auf objektive Fundamentaldaten zurückführen. Das Reformziel der Ratingverordnung der Europäischen Union und auch des Ratinggesetzes der Großen Koalition, ...

Cross-Country Estimates of Employment and Investment in Organisational Capital: A Task-Based Methodology Using the PIAAC Database

This work proposes a task-based methodology for the measurement of employment and investment in organisational capital (OC) in 20 OECD countries. It builds on themethodology of Squicciarini and Le Mouel (2012) and uses information from the OECD Programme for the International Assessment of Adult Competencies (PIAAC). OCis defined as firm-specific organisational knowledge resulting from the performance ...