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Publications of the Project: European capital markets and macroeconomic stability: The role of equity and debt

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29 results, from 21
  • Externe Monographien

    Essays in International Finance

    Opinions regarding capital account openness have been undergoing changes. On the one hand, financial liberalization and integration are viewed as sources of economic growth and prosperity due to a better allocation of capital to productive uses. In addition, free capital mobility and access to foreign capital are considered to be important facilitators of investment as well as cross-border risk sharing. ...

    Berlin: FU Berlin, 2019, 121, XXX S. | Tatsiana Kliatskova
  • Refereed essays Web of Science

    Insolvency Regimes and Cross-Border Investment Decisions

    This paper investigates the effect of insolvency regulation reforms on cross-border debt and equity investments at aggregate and sectoral levels. Using disaggregated data from the ECB’s Securities Holdings Statistics by Sector (SHSS) database and the OECD indicators on efficiency of insolvency regulations, we find that investors increase their debt and equity holdings in the countries that undertook ...

    In: Journal of International Money and Finance 131 (2023), 102795, 24 S. | Tatsiana Kliatskova, Loïc Baptiste Savatier, Michael Schmidt
  • Refereed essays Web of Science

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

    Motivated by the action plan for a European capital markets union (CMU), this paper analyzes the potential for legal harmonization and convergence in institutional quality to affect capital market integration. Based on hand-collected data on the implementation of EU-directives, our analysis yields three key insights. First, legal harmonization promotes portfolio equity holdings. Second, discrepancies ...

    In: Journal of International Money and Finance 107 (2020), 102217, 19 S. | Franziska Bremus, Tatsiana Kliatskova
  • Refereed essays Web of Science

    Interactions between Bank Levies 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 ...

    In: Journal of Banking & Finance 118 (2020), 105874 | Franziska Bremus, Kirsten Schmidt, Lena Tonzer
  • Weitere externe Aufsätze

    A Deep Dive into Risk Sharing through the Capital Channel in the Euro Area – Inter- versus Intra-Regional Risk Sharing

    In: Financial Integration and Structure in the Euro Area
    S. 68-72
    | Alexandra Born, Franziska Bremus, Wieger Kastelein, Claudia Lambert, Natalia Martín Fuentes
  • Weitere externe Aufsätze

    Capital Markets Union and Cross-Border Risk Sharing

    In: Frankin Allen ... (Eds.) , Capital Markets Union and Beyond
    im Ersch.
    | Franziska Bremus, Claudia M. Buch
  • Externe 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
  • Externe 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
  • Externe 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
29 results, from 21
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