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Big Banks and Macroeconomic Outcomes

In: Jon Danielsson (Ed.) , Post-Crisis Banking Regulation : Evolution of Economic Thinking as it Happened on Vox
London:CEPR
S. 117-126
| Franziska Bremus, Claudia M. Buch, Katheryn N. Russ, Monika Schnitzer
Monographien

How Effective Are Bank Levies in Reducing Leverage Given the Debt Bias of Corporate Income Taxation?

To finance resolution funds, the regulatory toolkit has been expanded in many countries by bank levies. In addition, these levies are often designed to reduce incentives for banks to rely excessively on wholesale funding resulting in high leverage ratios. At the same time, corporate income taxation biases banks’ capital structure towards debt financing in light of the deductibility of interest on debt. ...

Vienna: SUERF, 2020, 6 S.
(SUERF Policy Briefs ; 21/2020)
| Franziska Bremus, Kirsten Schmidt, Lena Tonzer
Monographien

Interactions between Bank Levies and Corporate Taxes: How Is the 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 ...

Frankfurt a.M.: ESRB, 2019, 36 S.
(Working Paper Series ; 103)
| Franziska Bremus, Kirsten Schmidt, Lena Tonzer
Monographien

Happy Birthday? The Euro at 20: Monetary Dialogue January 2019

We analyse the first twenty years of the euro both from an economic and an institutional perspective. We find that in particular during the period since the financial crisis, convergence as measured by a variety of indicators has not improved. Design flaws in the Eurozone institutional architecture have contributed importantly to this lack of convergence. This is why further reforms are urgently needed. ...

Bruxelles: European Parliament, 2019, 30 S.
(In-depth Analysis)
| Kerstin Bernoth, Franziska Bremus, Geraldine Dany-Knedlik, Henrik Enderlein, Marcel Fratzscher, Lukas Guttenberg, Alexander Kriwoluzky, Rosa Lastra
Monographien

Don't Stop Me Now: The Impact of Credit Market Fragmentation on Firms' Financing Constraints

This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010-2014. We find that the decline in cross-border lending led to a deterioration in the borrowing conditions of small firms. In countries with ...

London: Systemic Risk Centre, 2017, 40 S.
(SRC Discussion Paper ; 67)
| Franziska Bremus, Katja Neugebauer
Monographien

Drivers of Structural Change in Cross-Border Banking since the Global Financial Crisis

The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro area. Our results suggest that expansionary monetary policy in the source countries – as measured by the ...

London: CEPR, 2014, 39 S.
(Discussion Paper Series / Centre for Economic Policy Research ; 10296)
| Franziska Bremus, Marcel Fratzscher
Monographien

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 ...

Cambridge, Mass.: National Bureau of Economic Research, 2013, 40 S.
(NBER Working Paper Series ; 19093)
| Franziska Bremus, Claudia Buch, Katheryn N. Russ, Monika Schnitzer
Monographien

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 ...

München: CESifo, 2013, 42 S.
(CESifo Working Papers ; 4356)
| Franziska Bremus, Claudia M. Buch
Monographien

Unemployment and Portfolio Choice: Does Persistence Matter?

Households can rely on private savings or on public unemployment insurance to hedge against the risk of becoming unemployed. These hedging mechanisms are used differently across countries. In this paper, we use a life cycle model to study the effects of unemployment on the portfolio choice of households in the US and in Germany. We distinguish short- and long-term unemployment and find that, in case ...

Tübingen: IAW, 2011, 53 S.
(IAW Discussion Papers ; 77)
| Franziska Bremus, Vladimir Kuzin
Zeitungs- und Blogbeiträge

Mehr Ökonominnen braucht das Land!

In: Makronom (24.06.2019), [Online-Artikel] | Kerstin Bernoth, Franziska Bremus, Geraldine Dany-Knedlik, Stephanie Ettmeier
94 results, from 81