Thema Finanzmärkte

Kriegsbedingter Ölpreisanstieg erhöht Verbraucherpreise in Deutschland merklich und anhaltend

Der Krieg in der Ukraine hat den seit Mitte des vergangenen Jahres zu beobachtenden Anstieg der Ölpreise verstärkt und schlägt sich für die VerbraucherInnen in Deutschland merklich in zahlreichen Preissteigerungen, wie bei den Kraftstoffpreisen und Heizkosten, nieder. Auch wenn der russische Angriff auf die Ukraine eine ganz neue Erfahrung im Nachkriegseuropa darstellt, sind solche Schocks auf den ...

Financial Education is Effective and Efficient

Der antizyklische Kapitalpuffer: Reformoptionen

Der antizyklische Eigenkapitalpuffer, dessen Anforderung Kreditinstitute erfüllen müssen, soll die Widerstandskraft des Bankensystems stärken und dadurch die Kreditversorgung verstetigen. Damit sollen starke Auswirkungen des Finanzzyklus und entsprechende Krisen abgeschwächt werden. Dieses Instrument wurde 2016 eingeführt, sodass jetzt erste Erfahrungen vorliegen. Diese werden derzeit z. B. im makroprudenziellen ...

Mobile Money, Financial Inclusion, and Unmet Opportunities: Evidence from Uganda

Mobile money is an important instrument to improve the degree of financial inclusion, especially in developing countries. However, having a mobile money account does not imply that this account is actually used. In our sample, 86% of microentrepreneurs own a mobile money account, but only 49% actively use it – the resulting gap indicates unmet opportunities. We estimate that mobile money reaches up ...

Essays in International Finance, Energy Economics, and Applied Time Series Econometrics

Diese Dissertation beantwortet verschiedene politikrelevante ökonomische Fragen in den Bereichen Handelspolitik, Geldpolitik, sowie Rohstoffmärkte und Energieökonomik mit Hilfe von strukturellen Vektorautoregressionsmodellen (SVAR). SVARs stellen eine effektive Möglichkeit dar, die Beziehungen zwischen verschiedenen makroökonomischen und/oder Finanzmarkt-Variablen zu modellieren und werden verwendet, ...

Common Ownership Patterns in the European Banking Sector: The Impact of the Financial Crisis

We provide a description of ownership patterns in the top 25 European banks for the period 2003–2015, where we especially focus on the global financial crisis. Investment managers, such as Blackrock, are dominant in terms of number of blockholdings in different banks, maintaining fairly stable “common ownership” networks throughout our sample. However, the financial crisis led to capital injections ...

Die digitale Evolution wird auch vor dem Bargeld nicht halt machen: Kommentar

Non-Additivity of Subjective Expectations over Different Time Intervals

We examine the additivity of stock-market expectations over different time intervals. When asked about a ten-year interval, survey respondents expect a stock-price change that is not equal to, but closer to zero than, the sum of their expectations over two shorter time intervals that cover the same ten years. Such sub-additivity is irrational in that it cannot stem from aggregating short-term expectations. ...

Do Words Hurt More than Actions? The Impact of Trade Tensions on Financial Markets

We use machine learning techniques to quantify trade tensions between the United States and China. Our measure matches well-known events in the US-China trade dispute and is exogenous to the developments on global financial markets. Local projections show that rising trade tensions leave US markets largely unaffected, except for firms that are more exposed to China, while negatively impacting stock ...

How Shocks Affect Stock Market Participation

While there is a broad consensus in the literature that stock ownership is associated with individual characteristics, such as wealth, income, risk preferences, and financial literacy, less is known about the dynamics of stock market participation (SMP). Major fluctuations in SMP are oftentimes related to political events, economic shocks, and technological disruptions. We discuss the literature that ...