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Refereed essays Web of Science
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 ...
In:
Journal of International Money and Finance
52 (2015), 32-59
| Franziska Bremus, Marcel Fratzscher
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DIW Roundup 66 / 2015
Small and medium-size enterprises (SMEs) are highly dependent on bank financing, which is why they have been particularly hit by tighter credit conditions in the aftermath of the global financial crisis. Given that SMEs account for about 60% of value added and 70% of employment in the euro area, they are crucial for economic recovery. Consequently, several policy initiatives have been launched to alleviate ...
2015| Franziska M. Bremus
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SOEPpapers 754 / 2015
During the European sovereign debt crisis, most countries that ran into fiscal trouble had Catholic majorities, whereas countries with Protestant majorities were able to avoid fiscal problems. Survey data show that, within Germany, views on theeuro differ between Protestants and Non-Protestants, too. Among Protestants, concerns about the euro have, compared to Non-Protestants, increased during the ...
2015| Adrian Chadi, Matthias Krapf
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DIW Economic Bulletin 20 / 2015
In the wake of the European debt crisis, it has become clear that government bonds may actually be a risky form of investment. The Basel Committee and the Bundesbank have therefore opened an intense debate as to whether banks investing in EU government bonds should be subject to regulatory capital requirements in the future. Currently, banks do not need equity capital when investing in sovereign bonds. ...
2015| Dorothea Schäfer, Dominik Meyland
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DIW Economic Bulletin 20 / 2015
2015
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Diskussionspapiere 1481 / 2015
This paper examines the impact of the recent global financial crisis on the cost of debt capital (syndicated loans) in a leading emerging market, namely China, using difference-in-differences and GARCH approaches. Before the crisis China adopted banking reforms allowing entry of foreign banks and more domestic participation in the syndicated loan market. As a result, during the crisis the volume of ...
2015| Guglielmo Maria Caporale, Suman Lodh, Monomita Nandy
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Diskussionspapiere 1480 / 2015
This paper analyses the determinants of Chinese direct investment (DI) in the European Union (EU). Evidence is based on panel Poisson models drawing on two investment monitors for individual projects. We distinguish between the numbers of greenfield investments (GIs) and mergers and acquisitions (M&As). The findings indicate that market size and trade relationships with China are the primary factors ...
2015| Christian Dreger, Yun Schüler-Zhou, Margot Schüller
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Diskussionspapiere 1479 / 2015
The paper analyzes the integration of euro area sovereign bond markets during the European sovereign debt crisis. It tests for contagion (i.e., an intensification in the transmission of shocks across countries), fragmentation (a reduction in spillovers) and flight-to-quality patterns, exploiting the heteroskedasticity of intraday changes in bond yields for identification. The paper finds that euro ...
2015| Michael Ehrmann, Marcel Fratzscher
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Diskussionspapiere 1466 / 2015
This paper estimates a bivariate VAR-GARCH(1,1) model to examine linkages between food and energy prices. The adopted framework is suitable to analyse both mean and volatility spillovers, and also allows for possible parameter shifts resulting from four recent events, namely: 1) the 2006 food crisis, 2) the Brent oil bubble, 3) the introduction of the Renewable Fuel Standard (RFS) policy, and 4) the ...
2015| Alanoud Al-Maadid, Guglielmo Maria Caporale, Fabio Spagnolo, Nicola Spagnolo
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Externe Monographien
Hannover:
Leibniz Univ.,
2015,
187 S.
| Antonia Grohmann