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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 21
  • Diskussionspapiere 1873 / 2020

    The Macroeconomic Effects of a European Deposit (Re-) Insurance Scheme

    Recent proposals for a still missing European deposit insurance scheme (EDIS) argue in favor of a reinsurance framework. In this paper, we use a regime-switching open-economy DSGE model with bank default to assess the relative efficiency of such a scheme. We find that reinsurance by EDIS is more effective in stabilizing real activity, credit, and welfare than a national fiscal backstop. We demonstrate ...

    2020| Marius Clemens, Stefan Gebauer, Tobias König
  • Diskussionspapiere 1862 / 2020

    Insolvency Regimes and Cross-Border Investment Decisions

    This paper investigates the effect of reforms of insolvency regulations on cross-border debt and equity investments at a sectoral level. Using disaggregated data from the Securities Holdings Statistics by Sector (SHSS) and OECD-indicators on the efficiency of insolvency regulations, we find that investors prefer to invest more in countries with more efficient insolvency frameworks. The effect, ...

    2020| Tatsiana Kliatskova, Loïc Baptiste Savatier
  • Diskussionspapiere 1860 / 2020

    The Financial Accelerator, Wages, and Optimal Monetary Policy

    I study the effects of labor market outcomes on firms' loan demand and credit intermediation. I first show in partial equilibrium that the presence of frictions in the banking sector lowers the capital factor demand elasticity to changes in real wages. This finding helps to connect the substitutability of labor and capital with credit conditions. Second, I use a new Keynesian banking model with an ...

    2020| Tobias König
  • Diskussionspapiere 1816 / 2019

    Income Redistribution, Consumer Credit, and Keeping up with the Riches

    In this study, we set up a DSGE model with upward looking consumption comparison and show that consumption externalities are an important driver of consumer credit dynamics. Our model economy is populated by two different household types. Investors, who hold the economy’s capital stock, own the firms and supply credit, and workers, who supply labor and demand credit to finance consumption. Furthermore, ...

    2019| Mathias Klein, Christopher Krause
  • Diskussionspapiere 1768 / 2018

    Legal Harmonization, Institutional Quality, and Countries' External Positions: A Sectoral Analysis

    This paper analyzes links between institutional harmonization and bilateral portfolio debt and equity holdings at the sectoral level. Motivated by the action plan for the European Capital Markets Union, we examine the potential for legal harmonization and convergence in institutional quality to affect financial structures. Our analysis yields three key insights. First, legal harmonization across the ...

    2018| Franziska Bremus, Tatsiana Kliatskova
  • Diskussionspapiere 1757 / 2018

    Interactions between Regulatory and Corporate Taxes: How Is Bank Leverage Affected?

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction ...

    2018| Franziska Bremus, Kirsten Schmidt, Lena Tonzer
  • DIW Roundup 133 / 2019

    Insolvency Regimes and Economic Outcomes

    When in distress, a firm may need restructuring or liquidation; in either case, legal uncertainty compounds the difficulty. Sound and efficient insolvency regimes are important as these not just positively affect investment, innovation, and economic growth, but also the supply and cost of credit. The design of appropriate insolvency frameworks in Europe is, however, still controversial. The debate ...

    2019| Tatsiana Kliatskova, Loïc Baptiste Savatier
  • DIW Roundup 129 / 2019

    Stability Implications of Financial Interconnectedness under the Capital Markets Union

    In the run-up to the European elections in May 2019, the European Commission is trying to advance the initiatives laid out in its action plan for a European Capital Markets Union (CMU). In order to diversify financing sources and to increase private risk sharing, the CMU aims at deepening the integration of European equity and debt markets. While there are benefits associated with more cross-border ...

    2019| Justus Inhoffen
  • DIW Roundup 122 / 2018

    Regulatory Differences and International Financial Integration

    The Capital Markets Union (CMU) – an initiative of the European Commission – aims to unify and deepen capital markets across EU Member States by removing existing barriers to cross-border investment and, in particular, harmonizing financial and business regulations. However, harmonizing institutional frameworks across the EU Member States that historically have different legal traditions is difficult ...

    2018| Tatsiana Kliatskova
  • DIW Roundup 116 / 2017

    Capital Market Integration and Macroeconomic Stability

    After the establishment of the Banking Union, the European Commission is working on measures to foster capital market deepening in Europe. Key goals for a European Capital Markets Union are to provide firms with alternative funding sources to bank credit and to make economies more resilient to local shocks through better international risk sharing. While open capital markets can improve portfolio diversification, ...

    2017| Franziska Bremus, Ruth Stelten
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