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Publikationen des Projekts: Europäische Kapitalmärkte und makroökonomische Stabilität: Die Rolle von Eigen- und Fremdkapital

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47 Ergebnisse, ab 11
  • DIW Wochenbericht 13 / 2019

    „Big Bank Theory“: Lieber grenzüberschreitend als national konsolidieren: Kommentar

    2019| Franziska Bremus
  • DIW Wochenbericht 51/52 / 2018

    Rechtliche Harmonisierung kann Kapitalmarktintegration erleichtern

    Nachdem die europäische Bankenunion auf den Weg gebracht wurde, soll nun zusätzlich eine Kapitalmarktunion die Stabilität des europäischen Finanzsystems stärken. Ein Kernziel ist dabei, die Aktien- und Anleihemärkte der europäischen Länder besser zu integrieren, indem rechtliche Regeln harmonisiert und damit Hürden für grenzüberschreitende Wertpapieranlagen abgebaut werden. Der vorliegende Bericht ...

    2018| Franziska Bremus, Tatsiana Kliatskova
  • DIW Wochenbericht 22 / 2017

    Fragmentierte Kreditmärkte erhöhen Finanzierungskosten für kleine und mittelgroße Firmen

    Die europäische Finanz- und Schuldenkrise hat für viele kleine und mittelgroße Unternehmen (KMU) im Euroraum höhere Finanzierungskosten mit sich gebracht. Ein Grund dafür ist, dass der europäische Kreditmarkt heute stärker fragmentiert ist als zu Beginn der Krise, weil viele Banken ihr internationales Kreditgeschäft reduziert haben. Dieser Bericht zeigt, dass Firmen, in deren Heimatländern die Kreditvergabe ...

    2017| Franziska Bremus, Katja Neugebauer
  • DIW Weekly Report 35 / 2020

    Bank Levies Can Make Bank Balance Sheets More Resilient, but High Corporate Tax Rates Dampen the Effect

    Following the global financial crisis of 2008/2009, many European countries introduced bank levies to enable financial institutions to share in the costs of future banking crises via resolution and restructuring funds. Simultaneously, bank levies can set an incentive for banks to reduce their leverage, thereby achieving a more stable capital structure. Using information from banks’ balance sheets, ...

    2020| Franziska Bremus, Lena Tonzer
  • DIW Weekly Report 32/33 / 2020

    European Bank Deposit Insurance Could Cushion Impact of Corona-Induced Corporate Insolvencies

    The European banking union has so far lacked its third pillar: a joint insurance fund for bank savings deposits. As the present study shows, this could be a major disadvantage in dealing with the economic impact of the corona pandemic. A scenario in which a wave of corporate insolvencies leads to loan and deposit losses reaching six percent over a year would over- whelm Germany’s national deposit insurance ...

    2020| Marius Clemens, Stefan Gebauer, Tobias König
  • DIW Weekly Report 6/7 / 2020

    From Iran to Russia to Hong Kong: Geopolitical Risks Are Weighing on the German Economy

    Over the past years, there has been an increase in global geopolitical risk, the most recent example being the intensifying conflict between the USA and Iran. Such geopolitical risks also affect the German economy. A geopolitical shock, defined as an unexpected increase in risk, has a significantly negative effect on the development of the German economy, and stock prices fall. By comparison, German ...

    2020| Max Hanisch
  • DIW Weekly Report 3 / 2020

    Financial Stability: New, Detailed Datasets Allow for Innovation of Stress Tests

    The 2008-2010 crisis has shown that authorities were missing crucial information necessary to identify risks to the financial system in an accurate and timely manner. To be prepared for future crises, a range of legislation in Europe and beyond was passed. The scope and depth of information being reported from across the financial system, including previously disregarded segments, have thus significantly ...

    2020| Justus Inhoffen, Iman van Lelyveld
  • Diskussionspapiere 1938 / 2021

    The Impact of ECB Corporate Sector Purchases on European Green Bonds

    This papers analyzes the effect of the ECB’s Corporate Sector Purchase Programme (CSPP) and the recent Pandemic Emergency Purchase Programme (PEPP) on the yields of eligible green bonds, a new but rapidly growing segment of the corporate bond market. We exploit these policy changes using a difference-in-differences strategy, with ineligible corporate green bonds issued in euro, U.S. dollars and Swedish ...

    2021| Franziska Bremus, Franziska Schütze, Aleksandar Zaklan
  • Diskussionspapiere 1937 / 2021

    Crowding of International Mutual Funds

    We study the relationship between crowding and performance in the active mutual fund industry. We construct a fund-specific measure of crowding using the equity holdings overlap of 17,364 global funds. Funds in the top decile of crowding underperform passive benchmark funds by 1.4% per year. The impact of crowding on performance cannot be attributed to diseconomies of scale. We explore several mechanisms: ...

    2021| Tanja Artiga Gonzalez, Teodor Dyakov, Justus Inhoffen, Evert Wipplinger
  • Diskussionspapiere 1908 / 2020

    Firm Financing and the Relative Demand for Labor and Capital

    During both the 2008 and the COVID crises, aggregate employment in Europe and the US fell despite continuing growth in the aggregate capital stock. Using more than one million firm-year observations of small and medium European firms between 2003 and 2018, this paper introduces new stylized facts on how firms’ relative demand for labor and capital evolved as their capital structure adjusted to the ...

    2020| Khalid ElFayoumi
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