Thema Finanzmärkte

Financing Renewables in the Age of Falling Technology Costs

Cost of renewable energies have dropped, approaching wholesale power price levels. As a result, the role of renewable energy policy design is shifting – from covering incremental costs towards facilitating risk-hedging. An analytical model of the financing structure of renewable investment projects is developed to assess this effect und used to compare different policy design choices: contracts for ...

Consumer Debt: Many Borrowers Unaware of Their Interest Rates; Cost Display Influences Likelihood of Accepting Credit Scenario

The consumer debt of households in Germany totals in the triple-digit billions and is characterized by a wide range of interest rates. Despite the high volume of debt, many people do not know the terms of their consumer credit contracts. This report analyzes new survey data on general knowledge about typical forms of consumer credit, such as the overdraft facility and consumer loans. Women tend to ...

What Goes around Comes around: How Large Are Spillbacks from US Monetary Policy?

Spillovers from US monetary policy entail spillbacks to the domestic economy. Applying counterfactual analyses in a Bayesian proxy structural vector-autoregressive model we find that spillbacks account for a non-trivial share of the slowdown in domestic real activity following a contractionary US monetary policy shock. Spillbacks materialise as a monetary policy tightening depresses foreign sales and ...

Real Effects of Financial Market Integration: Evidence from an ECB Collateral Framework Change

Does central bank collateral policy contribute to financial market integration? We address this question by exploiting that, in 2007, the European Central Bank replaced national collateral frameworks by a single list. Under the single list regime, euro area banks could pledge all euro area bank loans as collateral, not only domestic loans as before the framework change. Banks holding a large share ...

The Impact of Public Procurement on Financial Barriers to Green Innovation: Evidence from European Community Innovation Survey

The purpose of this study is to identify whether an innovative company’s likelihood of facing financial constraints is different when the company possesses a public procurement contract (PP). Theory suggests that the treatment effects of public procurement, particularly when mediated by the demand-pull effect, may lower a company’s funding constraints for innovation. We test this theory and apply extended ...

Die EZB zwischen Falken und Tauben

Hintergrund und Erfahrungen von kapitalgedeckten Alterssicherungssystemen mit automatischer Einschreibung und Abwahlmöglichkeit ("Opt-out") am Beispiel von NEST: Kurzexpertise im Auftrag des Bundesministeriums für Finanzen (BMF)

The Impact of Price Display on Financial Decisions

Credit decisions play an important role for the economic wellbeing of households. However, the complexity of products and varying price information display makes it hard for consumers to navigate this field. Empirical evidence has important implications for consumer protection policies, as many people fail to make optimal choices for themselves and struggle to understand credit cost information. Presenting ...

Schuldendynamik am Immobilienmarkt – vom Kreditboom zur Stagnation?

Finanzkrisen der jüngsten Zeit zeichnen sich durch einen starken Gleichlauf der Entwicklung der Kreditvergabe am privaten Immobilienmarkt mit der Entwicklung der Immobilienpreise aus. Der Aufsatz untersucht den Zusammenhang zwischen Immobilienpreisen, Verschuldung, Finanzkrisen und den Schwankungen der gesamtwirtschaftlichen Wirtschaftsaktivität. Weil bei der Kreditvergabe der Wert von Immobilien eine ...

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 ...