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Thema Finanzmärkte

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583 Ergebnisse, ab 561
  • Diskussionspapiere 1289 / 2013

    On the Linkages between Stock Prices and Exchange Rates: Evidence from the Banking Crisis of 2007-2010

    This study examines the nature of the linkages between stock market prices and exchange rates in six advanced economies, namely the US, the UK, Canada, Japan, the euro area, and Switzerland, using data on the banking crisis between 2007 and 2010. Bivariate GARCH-BEKK models are estimated producing evidence of unidirectional spillovers from stock returns to exchange rate changes in the US and the UK, ...

    2013| Guglielmo Maria Caporale, John Hunter, Faek Menla Ali
  • DIW Wochenbericht 8 / 2013

    Nachhaltige Finanzmärkte: Finanztransaktionssteuer und hohe Eigenkapitalpuffer sind unverzichtbar

    Nachhaltigkeit der Finanzmärkte ist eine Forderung, die erst in allerjüngster Zeit auf der wirtschaftspolitischen Agenda aufgetaucht ist. Hingegen ist die Stabilität des Finanzsystems ein seit Jahrzehnten angestrebtes Ziel. Das Verhältnis von Nachhaltigkeit und Stabilität ist indes noch ungeklärt. Angelehnt an das im Umweltbereich geltende Leitbild der Nachhaltigkeit werden hier Anforderungen an nachhaltige ...

    2013| Dorothea Schäfer
  • DIW Wochenbericht 8 / 2013

    Ein Finanzsystem muss von selbst zur Stabilität zurückfinden: Sieben Fragen an Dorothea Schäfer

  • DIW Wochenbericht 7 / 2013

    Monte Paschi spricht nicht gegen die EZB-Aufsicht über europäische Großbanken: Kommentar

    2013| Dorothea Schäfer
  • Diskussionspapiere 1346 / 2013

    Granularity in Banking and Growth: Does Financial Openness Matter?

    We explore the impact of large banks and of financial openness for aggregate growth. Large banks matter because of granular effects: if markets are very concentrated in terms of the size distribution of banks, idiosyncratic shocks at the bank-level do not cancel out in the aggregate but can affect macroeconomic outcomes. Financial openness may affect GDP growth in and of itself, and it may also influence ...

    2013| Franziska Bremus, Claudia M. Buch
  • Diskussionspapiere 1348 / 2013

    Big Banks and Macroeconomic Outcomes: Theory and Cross-Country Evidence of Granularity

    Does the mere presence of big banks affect macroeconomic outcomes? In this paper, we develop a theory of granularity (Gabaix, 2011) for the banking sector, introducing Bertrand competition and heterogeneous banks charging variable markups. Using this framework, we show conditions under which idiosyncratic shocks to bank lending can generate aggregate fluctuations in the credit supply when the banking ...

    2013| Franziska Bremus, Claudia M. Buch, Katheryn N. Russ, Monika Schnitzer
  • Diskussionspapiere 1344 / 2013

    Cross-Border Banking, Bank Market Structures and Market Power: Theory and Cross-Country Evidence

    Patterns in cross-border banking have changed since the global financial crisis. This may affect domestic bank market structures and macroeconomic stability in the longer term. In this study, I theoretically and empirically analyze how different modes of cross-border banking impact bank concentration. I use a two- country general equilibrium model with heterogeneous banks developed by De Blas and Russ ...

    2013| Franziska Bremus
  • Diskussionspapiere 1343 / 2013

    Capital Controls and Macroprudential Measures: What Are They Good For?

    Are capital controls and macroprudential measures successful in achieving their objectives? Assessing their effectiveness is complicated by selection bias and endogeneity; countries which change their capital-flow management measures (CFMs) often share specific characteristics and are responding to changes in variables that the CFMs are intended to influence. This paper addresses these challenges by ...

    2013| Kristin Forbes, Marcel Fratzscher, Roland Straub
  • Diskussionspapiere 1349 / 2013

    What Influences Banks' Choice of Risk Management Tools? Theory and Evidence

    This paper investigates the factors influencing banks' decision to engage in advanced risk management, from both a theoretical and an empirical perspective. In recent decades, credit risk management in banks has become highly sophisticated and banks have become more active and advanced in the management of credit risks. We identify two driving factors for risk management: bank competition and sector ...

    2013| Dilek Bülbül, Hendrik Hakenes, Claudia Lambert
  • Diskussionspapiere 1333 / 2013

    Credit Rating Agency Announcements and the Eurozone Sovereign Debt Crisis

    This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading ...

    2013| Christopher F. Baum, Margarita Karpava, Dorothea Schäfer, Andreas Stephan
583 Ergebnisse, ab 561