Financial Institutions – Stability and Regulation

Financial Institutions

Financial institutions took a center stage during all historical episodes of financial stability. The 2008/2009 financial crisis and the ensuing European debt crisis brought to the forefront numerous new important questions regarding the incentives and behavior of financial institutions that are only poorly understood.

The SAFE research area Financial Institutions aims at creating a deeper understanding of the behavior of financial institutions as well as of their interaction with other institutions, with the real economy and markets from a variety of perspectives (microeconomic, macroeconomic, management and legal). The contributing researchers use a variety of data and approaches (theoretical, empirical, experimental).

Specifically, the area strives after enhancing our understanding of the main transmission mechanisms for the spillover and spreading of financial instability, of the effects of (actual or alleged) unstable financial institutions – across borders – on investments, consumption, growth and capital allocation, of the effects of information disclosure on the behavior of banks, insurance companies and hedge funds and the implications for market prices, financial stability and welfare. A further important topic is the impact of regulatory approaches on the behavior of financial institutions.

While policy oriented and applied research is a priority, the area also supports fundamental research of financial institutions, such as the effects of competition, internal incentives to take risk or to produce information, or questions regarding how agents react to different forms of uncertainty and asymmetric information.


Publications

Published Title Author/s Research Area Keywords Published
2017

Rent-Seeking in Elite Networks

Rainer Haselmann, David Schoenherr, Vikrant Vig forthcoming in the Journal of Political Economy Corporate Finance, Financial Institutions - 2017
2013

Identifying the Valuation Effects and Agency Costs of Corporate Diversification: Evidence from the Geographic Diversification of US Banks

Martin Götz, Luc Laeven, Ross Levine Review of Financial Studies Financial Institutions 2013
2016

Bank Rescues and Bailout Expectations: The Erosion of Market Discipline During the Financial Crisis

Florian Hett, Alexander Schmidt accepted for publication in the Journal of Financial Economics Financial Institutions, Transparency Lab Bailout, Implicit Guarantees, Too-Big-To-Fail, Market Discipline 2016
2016

Banking Beyond Banks and Money. A Guide to Banking Services in the Twenty-First Century

Tomaso Aste, Loriana Pelizzon, Nicolas Perony, Paolo Tasca Springer Financial Institutions, Systemic Risk Lab 2016
2016

To Ring-Fence or Not, and How? Strategic Questions for Post-Crisis Banking Reform in Europe

Jens-Hinrich Binder CH Beck (forthcoming) Financial Institutions 2016
2015

Komplexitätsbewältigung durch Verwaltungsverfahren?

Jens-Hinrich Binder Zeitschrift für das gesamte Handels- und Wirtschaftsrecht Financial Institutions 2015
2014

A Time Varying Performance Evaluation of Hedge Fund Strategies through Aggregation

Monica Billio, Lorenzo Frattarolo, Loriana Pelizzon Bankers, Markets and Investors Financial Institutions Extra performances, Hedge funds, Markov switching models, Financial crises 2014
2015

A Political Economy Perspective on Common Supervision in the Eurozone

Tobias Tröger Cambridge University Press Financial Institutions 2015
2015

Bail-In Clauses

Jan Pieter Krahnen, Laura Moretti Cambridge University Press Financial Institutions 2015
2013

Deciphering the Libor and Euribor Spreads during the Subprime Crisis

Loriana Pelizzon, Domenico Sartore North American Journal of Economics and Finance Financial Institutions Subprime crisis, Collateral, Liquidity, Unconventional monetary policy 2013
2016

How Special Are They? Targeting Systemic Risk by Regulating Shadow Banks

Tobias Tröger Cambridge University Press Financial Institutions shadow banking, regulatory arbitrage, prudential supervision 2016
2015

Financial Distress, Stock Returns, and the 1978 Bankruptcy Reform Act

Dirk Hackbarth, Rainer Haselmann, David Schoenherr Review of Financial Studies Financial Institutions financial distress, law and finance, shareholder recovery, stock returns 2015
2016

Pro-Cyclical Capital Regulation and Lending

Markus Behn, Rainer Haselmann, Paul Wachtel The Journal of Finance Financial Institutions capital regulation, credit crunch, financial crisis, pro-cyclicality 2016
2015

Vertragsrechtliche Fragen negativer Zinsen auf Einlagen

Tobias Tröger Neue Juristische Wochenschrift Financial Institutions 2015
2015

European Financial Regulation – Cross-Border Capital Flows, Systemic Risk and the European Banking Union as Reference Points for EU Financial Market Integration

Brigitte Haar Oxford University Press Financial Institutions, Systemic Risk Lab Financial regulation, systemic risk, microprudential supervision, European Banking Authority, macroprudential supervision, European Systemic Risk Board, European Banking Union, Single Supervisory Mechanism 2015
2016

Does the Geographic Expansion of Bank Assets Reduce Risk?

Martin Götz, Luc Laeven, Ross Levine Journal of Financial Economics Financial Institutions Banking, Bank Regulation, Financial Stability, Risk, Hedging, Business Cycles, Industrial Structuree 2016
2014

Spillover Effects among Financial Institutions: A State-Dependent Sensitivity Value-at-Risk Approach

Zeno Adams, Roland Füss, Reint Gropp Journal of Financial and Quantitative Analysis Systemic Risk Lab, Financial Institutions Risk spillovers, state-dependent sensitivity value-at-risk (SDSVaR), quantile regression, financial institutions, hedge funds 2014
2014

Liquidity Coinsurance and Bank Capital

Fabio Castiglionesi, Fabio Feriozzi, Gyongyi Loranth, Loriana Pelizzon Journal of Money Credit and Banking Financial Institutions Bank Capital, Interbank Markets, Liquidity Coinsurance 2014
2015

The Effects of a Low Interest Rate Environment on Life Insurers

Elia Berdin, Helmut Gründl The Geneva Papers on Risk and Insurance: Issues and Practice Financial Institutions Life Insurers, Interest Rate Guarantees, Risk Assessment, Solvency II 2015
2014

The Single Supervisory Mechanism – Panacea or Quack Banking Regulation?

Tobias Tröger European Business Organization Law Review Financial Institutions prudential supervision, banking union, regulatory capture, political economy of bureaucracy, Single Supervisory Mechanism (SSM), European Central Bank (ECB), European Banking Authority (EBA) 2014
2015

The Effects of Contingent Convertible (CoCo) Bonds on Insurers’ Capital Requirements under Solvency II

Helmut Gründl, Tobias Niedrig The Geneva Papers on Risk and Insurance: Issues and Practice Financial Institutions Contingent Convertible Capital, CoCo Bond, Basel III, Solvency II, Life Insurance, Interconnectedness 2015
2015

Optimal Asset Allocation for Interconnected Life Insurers in the Low Interest Rate Environment Under Solvency Regulation

Tobias Niedrig Journal of Insurance Issues Financial Institutions Basel III, Solvency II, Life Insurance, Interest Rate Guarantees, Asset Allocation, Contagion, Interconnectedness 2015
2015

Regulatory Influence on Market Conditions in the Banking Union

Tobias Tröger European Business Organization Law Review Financial Institutions banking union, macro-prudential supervision, real estate lending, bail-in, market discipline 2015

Working Papers

Title Author/s No. Research Area Year Keywords Published

Hidden Gems and Borrowers with Dirty Little Secrets: Investment in Soft Information, Borrower Self-selection and Competition

Reint Gropp, Christian Gruendl, Andre Guettler 19 Financial Institutions, Transparency Lab 2013 soft information, discretionary lending, relationship lending, competition 201301

Spillover Effects among Financial Institutions: A State-Dependent Sensitivity Value-at-Risk Approach

Zeno Adams, Roland Füss, Reint Gropp 20 Systemic Risk Lab, Financial Institutions 2013 Risk spillovers, state-dependent sensitivity value-at-risk (SDSVaR), quantile regression, financial institutions, hedge funds 201301

Who Invests in Home Equity to Exempt Wealth from Bankruptcy?

Stefano Corradin, Reint Gropp, Harry Huizinga, Luc Laeven 21 Financial Institutions, Transparency Lab 2013 Homestead exemptions, Personal bankruptcy, Portfolio allocation, Home ownership 201301

Systemic Risk in the Financial Sector: What Can We Learn from Option Markets?

Holger Kraft, Alexander Schmidt 25 Systemic Risk Lab, Financial Institutions 2013 Systemic risk, Value-at-risk, Equity options, Implied volatility 201301

The Single Supervisory Mechanism – Panacea or Quack Banking Regulation?

Tobias Tröger 27 Financial Institutions 2013 prudential supervision, banking union, regulatory capture, political economy of bureaucracy, Single Supervisory Mechanism (SSM), European Central Bank (ECB), European Banking Authority (EBA) 201301

Bank Rescues and Bailout Expectations: The Erosion of Market Discipline During the Financial Crisis

Florian Hett, Alexander Schmidt 36 Transparency Lab, Financial Institutions 2013 Bailout, Implicit Guarantees, Too-Big-To-Fail, Market Discipline 201301

Systemic Risk and Sovereign Debt in the Euro Area

Deyan Radev 37 Systemic Risk Lab, Financial Institutions 2013 Sovereign debt, Sovereign default, Financial distress, Systemic risk, Contagion, Banking stability, Tail risk 201301

How do insured deposits affect bank risk? Evidence from the 2008 Emergency Economic Stabilization Act

Claudia Lambert, Felix Noth, Ulrich Schüwer 38 Financial Institutions 2013 financial crisis, deposit insurance, bank regulation 201301

Banks’ financial distress, lending supply and consumption expenditure

H. Evren Damar, Reint Gropp, Adi Mordel 39 Financial Institutions 2014 credit supply, banking, financial crisis, consumption expenditure, liquid assets, consumption smoothing 201401

Did Consumers Want Less Debt? Consumer Credit Demand versus Supply in the Wake of the 2008-2009 Financial Crisis

Reint Gropp, John Krainer, Elizabeth Laderman 42 Financial Institutions, Transparency Lab 2014 credit supply, deleveraging, households, financial crisis 201401

Liquidity Coinsurance and Bank Capital

Fabio Castiglionesi, Fabio Feriozzi, Gyongyi Loranth, Loriana Pelizzon 45 Financial Institutions 2014 Bank Capital, Interbank Markets, Liquidity Coinsurance 201401

Measuring Ambiguity Aversion: A Systematic Experimental Approach

Jan Pieter Krahnen, Peter Ockenfels, Christian Wilde 55 Financial Institutions, Financial Markets, Transparency Lab 2014 ambiguity, valuation discount, experimental economics 201401

Financial Regulation in the EU – Cross-Border Capital Flows, Systemic Risk and the European Banking Union as Reference Points for EU Financial Market Integration

Brigitte Haar 57 Systemic Risk Lab, Financial Institutions 2014 Financial regulation, systemic risk, microprudential supervision, European Banking Authority, macroprudential supervision, European Systemic Risk Board, European Banking Union, Single Supervisory Mechanism 201401

Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort Under an Incomplete Contract

Patrick Behr, Alejandro H. Drexler, Reint Gropp, Andre Guettler 62 Systemic Risk Lab, Financial Institutions 2014 Loan officer, incentives, monitoring, screening, loan origination 201401

The Effects of a Low Interest Rate Environment on Life Insurers

Elia Berdin, Helmut Gründl 65 Financial Institutions 2014 Life Insurers, Interest Rate Guarantees, Risk Assessment, Solvency II 201401

How Special Are They? – Targeting Systemic Risk by Regulating Shadow Banking

Tobias Tröger 68 Financial Institutions 2014 shadow banking, regulatory arbitrage, prudential supervision 201401

Assessing Systemic Fragility – a Probabilistic Perspective

Deyan Radev 70 Financial Institutions 2014 Banking Stability, Financial Distress, Tail Risk, Contagion 201401

The Limits of Model-Based Regulation

Markus Behn, Rainer Haselmann, Vikrant Vig 75 Financial Institutions 2014 capital regulation, internal ratings, Basel regulation 201401

Resolution Planning and Structural Bank Reform within the Banking Union

Jens-Hinrich Binder 81 Financial Institutions 2015 Bank Resolution, Resolution Planning, Living Wills, Structural Bank Reform, Banking Union 201501

How Do Banks React to Catastrophic Events? Evidence from Hurricane Katrina

Claudia Lambert, Felix Noth, Ulrich Schüwer 94 Financial Institutions 2015 catastrophic events, bank regulation, capital ratios, natural experiment 201501

Banking Union and the Governance of Credit Institutions - A Legal Perspective

Jens-Hinrich Binder 96 Financial Institutions 2015 Banking Union, Single Supervisory Mechanism, Single Resolution Mechanism, Banking Regulation, Bank Corporate Governance 201501

Optimal Asset Allocation for Interconnected Life Insurers in the Low Interest Rate Environment Under Solvency Regulation

Tobias Niedrig 97 Financial Institutions 2015 Basel III, Solvency II, Life Insurance, Interest Rate Guarantees, Asset Allocation, Contagion, Interconnectedness 201501

Regulatory Influence on Market Conditions in the Banking Union

Tobias Tröger 109 Financial Institutions 2015 banking union, macro-prudential supervision, real estate lending, bail-in, market discipline 201501

Interbank Funding as Insurance Mechanism for (Persistent) Liquidity Shocks

Marcel Bluhm 117 Financial Institutions 2015 Financial fragility, interbank market, liquidity, maturity, network model 201501

Insurance Activities and Systemic Risk

Elia Berdin, Matteo Sottocornola 121 Systemic Risk Lab, Financial Institutions 2015 Systemic Risk, Insurance Activities, Systemically Important Financial Institutions 201501

Rent-Seeking in Elite Networks

Rainer Haselmann, David Schoenherr, Vikrant Vig 132 Financial Institutions, Corporate Finance 2016 - 201601

The Political Economy of Bank Bailouts

Markus Behn, Rainer Haselmann, Thomas Kick, Vikrant Vig 133 Financial Institutions, Corporate Finance 2016 political economy, bailouts, state-owned enterprises, elections 201601

A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers

Elia Berdin, Christoffer Kok, Cosimo Pancaro 137 Financial Institutions 2016 Financial Stability, Insurance, Interest Rate Risk, Stress Test 201601

The Forward-looking Disclosures of Corporate Managers: Theory and Evidence

Reint Gropp, Rasa Karapandza, Julian Opferkuch 140 Financial Institutions, Data Center 2016 Repeated Games; Asymmetric Information; Firms; Reputation 201601

The Effects of Contingent Convertible (CoCo) Bonds on Insurers’ Capital Requirements under Solvency II

Helmut Gründl, Tobias Niedrig 98 Financial Institutions 2015 Contingent Convertible Capital, CoCo Bond, Basel III, Solvency II, Life Insurance, Interconnectedness 201501

Whatever it Takes: The Real Effects of Unconventional Monetary Policy

Viral Acharya, Tim Eisert, Christian Eufinger, Christian Hirsch 152 Data Center, Financial Institutions 2016 Unconventional Monetary Policy, Real Effects, Zombie Lending 201601

Mortgage Supply and the US Housing Boom: The Role of the Community Reinvestment Act

Vahid Saadi 155 Financial Institutions 2016 The Community Reinvestment Act, Mortgage supply, House prices, Homeownership 201611

Bank Response To Higher Capital Requirements: Evidence From A Quasi-Natural Experiment

Reint Gropp, Thomas Mosk, Steven Ongena, Carlo Wix 156 Financial Institutions 2016 Bank capital ratios, Bank regulation, Credit supply 201611

Estimation and Model-Based Combination of Causality Networks

Giovanni Bonaccolto, Massimiliano Caporin, Roberto Panzica 165 Financial Institutions 2017 Granger causality, quantile causality, multi-layer network, network combination 201701

Natural Disaster and Bank Stability: Evidence from the U.S. Financial System

Felix Noth, Ulrich Schüwer 167 Financial Institutions, Systemic Risk Lab 2017 natural disasters, bank stability, non-performing assets, bank performance 201702

Policy Papers

Year Title Author/s Research Area Keywords Year
March 2017

Fines for Misconduct in the Banking Sector – What is the Situation in the EU?

Martin Götz, Tobias Tröger Financial Institutions financial stability, banking supervision, banking regulation, bank sanctions, monetary penalties 2017-03
March 2017

Financial Resilience Revisited: Why Consistency in Regulation is now Paramount – Across Sectors and Regions, and Over Time

Franklin Allen, Jan Pieter Krahnen, Hélène Rey Financial Institutions, Financial Markets financial resilience, financial markets regulation, banking regulation 2017-03
February 2017

Taking Bail-in Seriously - The Looming Risks for Banking Policy in the Rescue of Monte Paschi di Siena

Martin Götz, Jan Pieter Krahnen, Tobias Tröger Financial Institutions BRRD, banking resolution, banking supervision, SRM, financial stability, systemic risk 2017-02
January 2017

SME Funding Without Banks? On the interplay of banks and markets

Günter Franke, Jan Pieter Krahnen Financial Institutions, Financial Markets SME, funding, capital markets, lending instruments, banks 2017-01
November 2016

Banks' internal rating models - time for a change? The system of floors as proposed by the Basel Committee

Rainer Haselmann, Mark Wahrenburg Financial Institutions Internal rating models, floors, banking regulation, BCBS 2016-11
April 2016

Euro area shadow banking activities in a low-interest-rate environment: a flow-of-funds perspective

Günter Beck, Hans-Helmut Kotz Financial Institutions, Macro Finance Non-bank financial intermediation, shadow banking, financial stability, systemic risk, financial regulation, low interest rate environment 2016-04
April 2016

Lost in translation? ECB’s monetary impulses and financial intermediaries’ responses

Günter Beck, Hans-Helmut Kotz, Natalia Zabelina Financial Institutions, Macro Finance Non-bank financial intermediation, interest-rate channel, credit channel, risk-taking channel of monetary policy, market-based financial intermediation, monetary transmission mechanism, waterbed effect 2016-04
March 2016

Should the marketing of subordinated debt be restricted/different in one way or the other? What to do in the case of mis-selling?

Martin Götz, Tobias Tröger Financial Institutions Bail-in, BRRD, subordinated debt, EU market regulation 2016-03
November 2016

Structural Reforms in Banking: The Role of Trading

Jan Pieter Krahnen, Felix Noth, Ulrich Schüwer Financial Institutions, Financial Markets proprietary trading, banking separation proposals, bank risk 2016-11
December 2015

The German Banking System: Characteristics and Challenges

Patrick Behr, Reinhard H. Schmidt Financial Institutions banks, government, regulation 2015-12
November 2015

Solvency II ante portas: Nutzen und Risiken der neuen Versicherungsregulierung

Helmut Gründl Financial Institutions Versicherungen, Regulierung 2015-11
November 2015

Solvency II at the Gates: Benefits and Risks of the New Insurance Regulation

Helmut Gründl Financial Institutions Insurance, Regulation 2015-11
August 2015

The Effects of Contingent Convertible (CoCo) Bonds on Insurers' Capital Requirements under Solvency II

Helmut Gründl, Tobias Niedrig Financial Institutions Life insurance companies, Coco bonds, Solvency II 2015-08
September 2015

Euro Area Macro-Financial Stability: A Flow-of-Funds Perspective

Günter Beck, Hans-Helmut Kotz, Natalia Zabelina Financial Institutions, Macro Finance Bank and non-bank financial intermediation, shadow banking, financial stability, systemic risk, financial regulation 2015-09
September 2015

Did emergency liquidity assistance (ELA) of the ECB delay the bankruptcy of Greek banks?

Martin Götz, Rainer Haselmann, Jan Pieter Krahnen, Sascha Steffen Financial Institutions, Macro Finance emergency liquidity assistance (ELA), economic and monetary union, banking supervision, Greece 2015-09
September 2015

Waren die ELA-Notkredite der EZB für griechische Banken eine Konkursverschleppung?

Martin Götz, Rainer Haselmann, Jan Pieter Krahnen, Sascha Steffen Financial Institutions, Macro Finance emergency liquidity assistance (ELA), Währungsunion, Bankenaufsicht, Griechenland 2015-09
April 2014

Lessons from the Implementation of the Volcker Rule for Banking Structural Reform in the European Union

Douglas J. Elliott, Christian Rauch Financial Institutions banking separation proposals, proprietary trading ban, Dodd-Frank Act 2014-04
April 2014

How Important Are Hedge Funds in a Crisis?

Reint Gropp Financial Institutions systemic risk analysis, statistical risk measurement, spillover effects 2014-04
May 2014

Frontiers of Sustainable Finance in Europe: The Social Impact Bond

Ester Faia Financial Institutions social impact bonds, risk premia, incentives for investment 2014-05
June 2014

Curtailing capture through the European banking union: a note of caution

Cornelia Woll Financial Institutions public-private relations, capture, collective action, social relations 2014-06
August 2013

Taxes, banks and financial stability

Reint Gropp Financial Institutions taxes, financial institutions, tax incidence, financial stability, tax revenues, bank incentives 2013-08
June 2014

Stellungnahme zum Entwurf eines Gesetzes zur Absicherung stabiler und fairer Leistungen für Lebensversicherte

Helmut Gründl Financial Institutions Lebensversicherungen, Solvency II, Bewertungsreserven, Niedrigzinsphase 2014-06
January 2014

On the European Commission’s Proposal for a Structural Reform of Banking

Jan Pieter Krahnen Financial Institutions proprietary trading, banking separation proposals, Liikanen Commission 2014-01
September 2014

Effective Resolution of Banks: Problems and Solutions

Günter Franke, Jan Pieter Krahnen, Thomas von Lüpke Financial Institutions Bank Recovery and Resolution Directive (BRRD), Single Resolution Mechanism (SRM), Bail-in 2014-09
October 2014

Stellungnahme zum Entwurf eines Gesetzes zur Umsetzung der Richtlinie 2014/59/EU (BRRD-Umsetzungsgesetz)

Martin Götz Financial Institutions Bankenabwicklung, Restrukturierung, Bail-in, SoFFin 2014-10
October 2014

Making Sense of the Comprehensive Assessment

Viral Acharya, Sascha Steffen Financial Institutions Asset Quality Review, Single Supervisy Mechanism, European Central Bankor 2014-10
November 2014

Robustness, Validity, and Significance of the ECB’s Asset Quality Review and Stress Test Exercise

Sascha Steffen Financial Institutions Stress Test, Comprehensive Assessment, Asset Quality Review, European Central Bank, European Banking Authority, Single Supervisory Mechanism 2014-11
November 2014

Resolution threats and bank discipline – What Europe can learn for the Single Resolution Mechanism from U.S. experience

Magdalena Ignatowski, Josef Korte Financial Institutions risk-taking, bank resolution regimes, USA, Europe 2014-11
November 2014

Bail-In jetzt richtig umsetzen

Jan Pieter Krahnen Financial Institutions total loss absorbing capacity (TLAC), nachrangiges Fremdkapital, too big to fail, bail-in 2014-11
November 2014

Implementing bail-in properly

Jan Pieter Krahnen Financial Institutions total loss absorbing capacity (TLAC), too big to fail, bail-in 2014-11
February 2012

Schlechte Erfahrungen

Helmut Siekmann, Volker Wieland Financial Institutions Finanztransaktionssteuer, Bankenaufsicht 2012-02
April 2013

Stellungnahme zum Gesetzentwurf der Bundesregierung: Finanzkonglomerate-Aufsichtsgesetz

Helmut Gründl Financial Institutions Finanzkonglomerate; Eigenmittelanforderungen; Aufsichtsbehörde; BaFin; Bundesbank 2013-04
February 2013

Kommentierung des “Entwurf eines Gesetzes zur Abschirmung von Risiken und zur Planung der Sanierung and Abwicklung von Kreditinstituten und Finanzgruppen”

Andreas Hackethal, Jan Pieter Krahnen Financial Institutions Handelsgeschäft, Einlagengeschäft, Risiko 2013-02
February 2013

Beteiligung der Versicherungsnehmer an den Bewertungsreserven in der Lebensversicherung

Helmut Gründl Financial Institutions Lebensversicherungen, Garantiezins, Bewertungsreserven 2013-02
June 2013

Die Auswirkungen von Regulierung auf Bankverhalten und Wettbewerb

Jan Pieter Krahnen, Theodor Weimer Financial Institutions Bail-in Anleihen, Banken, Regulierung, Liikanen-Kommission 2013-06
May 2013

Own Risk and Solvency Assessment Within the Solvency II Framework and its Interplay with the Quantitative Solvency Capital Requirements

Jens Gal, Helmut Gründl Financial Institutions Insurance, Solvency II, Own Risk and Solvency Assessment 2013-05
August 2013

Savings Banks and Cooperative Banks in Europe

Dilek Bülbül, Reinhard H. Schmidt, Ulrich Schüwer Financial Institutions national systems of local banks, bank competition, performance indicators 2013-08
September 2013

Gesprächsreihe zu Strukturreformen im europäischen Bankensektor: Wiederherstellung privater Haftung und die zukünftige Rolle der Aufsicht

Elke König Financial Institutions Bail-in Anleihen, Banken, Aufsicht, Liikanen-Kommission 2013-09
October 2013

Rettung durch Regulierung? Eckpunkte des Liikanen-Berichts

Jan Pieter Krahnen Financial Institutions Liikanen-Kommission, Bail-in, Trennbanken, Bankenunion 2013-10
September 2013

Der einheitliche Abwicklungsmechanismus – Europäisches Allheilmittel oder weiße Salbe?

Tobias Tröger Financial Institutions Bankenunion, SRM, Abwicklungsinstrumente, Bail-in 2013-09
October 2013

Rescue by Regulation? Key Points of the Liikanen Report

Jan Pieter Krahnen Financial Institutions Liikanen Commission, Bail-in, Banking Separation, Banking Union 2013-10
December 2013

Designing the funding side of the Single Resolution Mechanism (SRM): A proposal for a layered scheme with limited joint liability

Jan Pieter Krahnen, Jörg Rocholl Financial Institutions Banking Union, Single Resolution Mechanism 2013-12
January 2014

Securities Transaction Tax in France: Impact on Market Quality and Inter-Market Price Coordination

Peter Gomber, Martin Haferkorn, Kai Zimmermann Financial Institutions financial transaction tax, market fragmentation, speculative trading, market quality 2014-01
December 2013

Finanzmärkte: Mut zu radikaler Ordnungspolitik

Jan Pieter Krahnen Financial Institutions Finanzkrise, Bankenunion, Regulierung, Ordnungspolitik 2013-12
February 2014

Surveillance of peer to peer payment systems and peer to peer lending platforms

Ester Faia Financial Institutions financial innovation, peer to peer payment systems, Bitcoin, regulation 2014-02
February 2012

Recommendations by the Issing Commission – Memo for the G-20 November 2011 summit in Cannes

Otmar Issing, Jan Pieter Krahnen, Klaus Regling, William White Financial Institutions shadow banking, systemic risk analysis, regulatory arbitrage 2012-02
February 2012

Stellungnahme zum Entwurf eines Zweiten Gesetzes zur Umsetzung eines Maßnahmenpakets zur Stabilisierung des Finanzmarktes

Helmut Siekmann Financial Institutions Finanzmarktrecht, BaFin, FMSA 2012-02
May 2011

Ein Plädoyer für Banken-Vielfalt

Reinhard H. Schmidt Financial Institutions Drei-Säulen-System, Bankensektor, Finanzkrise 2011-05
February 2010

Ein staatliches Hospital für kranke Banken

Günter Franke, Jan Pieter Krahnen Financial Institutions Systemisches Risiko, Bankenhospital 2010-02
September 2011

Das neue System der Europäischen Finanzmarktaufsicht

Helmut Siekmann Financial Institutions Regulierung, Finanzaufsicht, Systemrisiken 2011-09
March 2011

On a Fundamental Reorganisation of the Landesbanks and Savings Banks Sector in Germany

Heinz Hilgert, Jan Pieter Krahnen, Günther Merl, Helmut Siekmann Financial Institutions Landesbanks and savings banks sector; public law financial system 2011-03
February 2011

Streitschrift für eine grundlegende Neuordnung des Sparkassen- und Landesbankensektors in Deutschland

Heinz Hilgert, Jan Pieter Krahnen, Günther Merl, Helmut Siekmann Financial Institutions Sparkassen- und Landesbankensektor, öffentlich rechtlicher Finanzsektor 2011-02
October 2010

Basel III: Unvollendet, aber nicht allein

Hermann Remsperger Financial Institutions Basel III, Eigenkapital, Finanzkrise, Insolvenzordnung 2010-10
October 2010

Stellungnahme zum "Restrukturierungsgesetz"

Jan Pieter Krahnen, Helmut Siekmann Financial Institutions Systemisches Risiko, Restruktuierung, Abwicklung 2010-10
August 2010

Die Finanzmarktaufsicht in der Krise

Helmut Siekmann Financial Institutions Finanzmarktaufsicht, Ratingagenturen, Abwicklung 2010-08
July 2010

Ursachen, Auswirkungen und Lehren der Finanzkrise: Eine systematische Bestandsaufnahme

Helmut Siekmann Financial Institutions Systemisches Risiko, Finanzaufsicht 2010-07
June 2010

Criteria for a workable approach towards bank levies and bank restructuring

Otmar Issing, Jan Pieter Krahnen Financial Institutions systemic risk, bank resolution 2010-06
April 2009

Die Rolle von Anreizen für die Zukunfts der Kreditverbriefung

Günter Franke, Jan Pieter Krahnen Financial Institutions Kreditverbriefung, Agency Theorie, Vergütungssysteme 2009-04
February 2010

Rescue Strategy without moral hazard – an attempt to provide a master plan for avoiding banking crises

Jan Pieter Krahnen, Helmut Siekmann Financial Institutions systemic risk, banking hospital 2010-02
February 2010

Rettungsstrategie ohne Moral Hazard – Versuch eines Gesamtkonzepts zur Bankkrisenvermeidung

Jan Pieter Krahnen, Helmut Siekmann Financial Institutions Systemisches Risiko, Bankenhospital 2010-02
October 2009

Stabilisierung der WestLB AG durch Garantien des Landes NRW

Helmut Siekmann Financial Institutions Landesbanken 2009-10
October 2009

Die Neuordnung der Finanzmarktaufsicht

Helmut Siekmann Financial Institutions Finanzmärkte, Rechtsordnung 2009-10
April 2009

Die Schaffung von Einrichtungen der Finanzaufsicht auf EU-Ebene

Helmut Siekmann Financial Institutions Gemeinschaftsagenturen, Finanzmarktaufsicht 2009-04
December 2011

Kluge Finanzarchitektur zur Begrenzung des systemischen Risikos

Jan Pieter Krahnen Financial Institutions systemisches Risiko, too-big-to-fail, Regulierung 2011-12
November 2011

Stellungnahme zum Antrag der SPD-Fraktion auf Einführung einer Finanztransaktionssteuer in Europa

Volker Wieland Financial Institutions Finanztransaktionssteuer, Finanzinnovationen, Finanzspekulation 2011-11
November 2011

Long-Term Guarantees and the Countercyclical Premium Under Solvency II

Helmut Gründl, Hato Schmeiser Financial Institutions insurance supervision, capital requirements, Solvency II 2011-11
July 2011

Ratingagenturen entmachten - aber wie?

Reinhard H. Schmidt Financial Institutions Ratingagenturen, Marktmacht 2011-07
July 2011

"Politiker wollen die Wahrheit nicht hören"

Jan Pieter Krahnen Financial Institutions Ratingagenturen, Schuldenkrise 2011-07
July 2011

The bail-in puzzle

Jan Pieter Krahnen Financial Institutions debt restructuring, financial stability, bank bonds 2011-07
April 2011

Die Bankenabgabe in Deutschland

Helmut Siekmann Financial Institutions Bankenabgabe, Systemisches Risiko, Restrukturierungsgesetz 2011-04
December 2012

Europataugliche Einlagensicherung: Vorschlag für eine dreistufige Einlagensicherung mit begrenzter europäischer Haftung

Jan Pieter Krahnen Financial Institutions Bankenunion, Einlagensicherung, Bankinsolvenzen 2012-12
November 2012

Comment on the European Parliament Draft Report on the proposal for a recovery and resolution directive

Jan Pieter Krahnen Financial Institutions bail-in bonds, bank resolution, Liikanen Report 2012-11
April 2013

Zukunft der Universalbanken

Michael Kemmer, Jan Pieter Krahnen Financial Institutions Trennbanken, Restrukturierung, Abwicklung, Liikanen-Kommission 2013-04
February 2013

Civil Liability of Credit Rating Agencies after CRA 3 – Regulatory All-or-Nothing Approaches Between Immunity and Over-Deterrence

Brigitte Haar Financial Institutions Rating Agencies, regulation, contractual liability, CRA3 2013-02
November 2012

Stellungnahme zum Entwurf eines Dritten Gesetzes zur Umsetzung eines Maßnahmenpakets zur Stabilisierung des Finanzmarktes

Helmut Siekmann Financial Institutions Finanzmarktstabilisierungsgesetz, Restrukturierungsfond, systemisches Risiko 2012-11
October 2012

Marktkräfte und Finanzstabilität: Desiderate und Anreizwirkungen eines institutionellen Rahmens für Bankenrestrukturierung

Günter Franke, Jan Pieter Krahnen Financial Institutions Ankeranleihen, Bail-in, systemisches Risiko, Bankenrestrukturierung 2012-10
September 2012

Neuausrichtung des OTC-Derivate-Marktes als Chance begreifen

Peter Gomber, Thorsten Gommel Financial Institutions EMIR, OTC-Derivate, CDS 2012-09
July 2012

Aktuelle Finanzmarktpolitik: Wo bleibt die Nachhaltigkeit?

Reinhard H. Schmidt Financial Institutions Finanzkrise, Finanzmarktpolitik, Regulierung, Nachhaltigkeit 2012-07
April 2012

"The Economic Rationale for Financial Regulation” Reconsidered

Richard Herring, Reinhard H. Schmidt Financial Institutions regulation, supervision, systemic risk 2012-04
September 2011

Risiko muss wieder kosten

Jan Pieter Krahnen Financial Institutions Anleihemärkte, systemisches Risiko, Bankeninsolvenz 2011-09
September 2015

Financial Regulation: A Transatlantic Perspective

Ester Faia, Andreas Hackethal, Michael Haliassos, Katja Langenbucher Financial Institutions, Household Finance, Macro Finance banking union, microprudential regulation, macroprudential regulation, investor protection, borrower protection 2015-09
December 2013

A Big Bang for Banking in Europe

Jan Pieter Krahnen Financial Institutions comprehensive assessment, banking supervision, euro area 2013-12
April 2013

Deposit insurance suitable for Europe: Proposal for a three-stage deposit guarantee scheme with limited European liability

Jan Pieter Krahnen Financial Institutions banking union; deposit insurance; bank risk 2013-04
November 2010

Recommendations by the Issing Commission - Memo for the G-20 Summit in Seoul

Otmar Issing, Jan Pieter Krahnen, Klaus Regling, William White Financial Institutions Basel III, systemic risk, liquidity support 2010-11
November 2009

Defining and Measuring Systemic Risk

Stefan Gerlach Financial Institutions systemic risk, statistical risk measurement 2009-11

Research Projects

Category Project Researcher Project Duration Keywords Project ID Publication Count
Financial Institutions

Regulatory Competition and the Increasing Fragility of CCPs

Jan Friedrich, Matthias Thiemann 2017 CCPs, Competition, Regulatory Arbitrage, Regulatory Forebearance, Financial Stability 21128 0
Financial Institutions

Microeconomic assessment of banks' securitization strategies

Loriana Pelizzon, Max Riedel, Michael Schmidt 2017 Asset-Backed Securities, Bank Holdings, Eligible Assets, Ratings, Securitization Related JEL Codes: G21, G24, G28 21003 0
Financial Institutions

Systemically relevant business activities of insurance companies

Helmut Gründl, Fabian Regele 2017 Systemic Risk, Conditional Shortfall Probability, ΔCoVaR, Marginal Expected Shortfall, Risk Management, Insurance Activities, Financial Stability 21127 0
Financial Institutions

Credibility of Resolution Regimes without Structural Reform of the Banking Sector

Tobias Tröger, Mark Wahrenburg 2017 bank resolution, bail-in, too-big-to-fail, price effects, structured interviews 21126 0
Systemic Risk Lab, Financial Institutions

The Impact of Quantitative Easing on Stock and CDS Prices of European Insurance Companies

Mario Bellia, Nicola Mano, Loriana Pelizzon, Matteo Sottocornola 2017 22582 0
Financial Institutions

On the impact of government credit guarantees programs on firms’ access to credit and performance during the financial crisis

Vasso Ioannidou, Jose Liberti, Thomas Mosk, Jason Sturgess 2016 Access to credit, government guarantees 21923 0
Data Center, Financial Institutions

Whatever it takes: the real effects of unconventional monetary policy

Viral Acharya, Tim Eisert, Christian Eufinger, Christian Hirsch 2016 22390 1
Financial Institutions

M&A(dvertisement)

Alexander Hillert, Anja Kunzmann 2016 mergers and acquisitions, advertising, investor attention, overvaluation, managerial opportunistic behavior 21124 0
Financial Institutions, Macro Finance

Stability through Deliberation: Finance and Public Law

Matthias Goldmann 2016 21193 1
Financial Institutions

Asset Replacement and Productivity

Elisabeth Falck, Rainer Haselmann, Michael Kötter, Michael Weber 2016 Asset replacement, total factor productivity, productivity determinants, quasi-experimental research design 21122 0
Financial Institutions

Effect of Capital Regulation on Bank Investment Strategies and Systemic Risk

Rainer Haselmann, Deyan Radev 2016 Capital regulation, Market Risk, Systemic Risk, Bank Investment Strategies, Basel II.5 21121 0
Financial Institutions

Bail-In Tracker

Ivelina Dimitrova, Martin Götz, Dominik Hirschbühl, Theresa Kreft, Tobias Tröger, Gerrit Tönningsen 2016 21182 1
Financial Markets, Financial Institutions

The impact of introducing intraday auctions on LSE

Peter Gomber, Satchit Sagade, Christian Westheide 2016 21620 1
Household Finance, Financial Institutions

Demographic changes, optimal design of life insurance contracts and household welfare

Helmut Gründl, Martin Götz, Holger Kraft, Raimond Maurer 2016 21660 1
Financial Institutions, Systemic Risk Lab

Network banks exposures and variance spillovers in the euro area

Monica Billio, Massimiliano Caporin, Lorenzo Frattarolo, Loriana Pelizzon 2016 21610 1
Macro Finance, Financial Institutions, Corporate Finance, Financial Markets

Bailouts and financial stability: Experimental evidence

Paul Gortner, Baptiste Massenot 2016 21650 1
Household Finance, Financial Institutions

Social Networks and Informal Lines of Credit

Olga Goldfayn, Nathanael Vellekoop 2016 Personality; Household consumption and Savings 21650 1
Financial Institutions

The Effect of Regulation on Banks’ Market Structure

Rainer Haselmann, Nora Marija Laurinaityte, Vikrant Vig, Christine Zulehner 2016 bank regulation, model based regulation, bank competition 21600 1
Financial Institutions, Financial Markets

Financial interactions in the presence of ambiguity

Peter Ockenfels, Christian Wilde 2016 21650 1
Household Finance, Financial Institutions

Legal feasibility of proposed changes to the regulation of life insurance contracts

Jens Gal 2016 21660 1
Macro Finance, Financial Institutions, Corporate Finance, Financial Markets

Capital requirements and financial stability: Experimental evidence

Paul Gortner, Baptiste Massenot 2016 21650 1
Corporate Finance, Financial Institutions

Banking structure and dynamics of small and medium sized enterprises

Douglas Cumming, Christian Eufinger, Andrej Gill, Uwe Walz 2016 21640 1
Financial Institutions, Systemic Risk Lab

A Genealogy of Systemic Risk Network Measures adopted by Regulators

Loriana Pelizzon, Sviataslau Sivagrakau, Matthias Thiemann 2016 21610 1
Household Finance, Financial Institutions

Household liquidity risk management and insurance companies’ investment behavior

Yangming Bao, Irina Gemmo, Helmut Gründl, Martin Götz 2016 21660 1
Financial Institutions, Systemic Risk Lab

Consequences of Changes in the Banking Structure due to Complex Financial Regulation for Financial Stability and Systemic Risk

Brigitte Haar, Rainer Haselmann, Katharina Pistor, Vikrant Vig, Christine Zulehner 2016 bank regulation, competition law, too big to fail, financial stability 21600 1
Financial Institutions

Challenges for competition law arising from financial stability

Brigitte Haar, Casimiro Antonio Nigro, Katharina Pistor 2016 bank regulation, too big to fail, financial stability, bank regulation, model based regulation, bank competition 21600 1
Financial Institutions

Monetary Policy and Bank Lending: A Natural Experiment from the US Mortgage Market

Ulrich Schüwer, Carlo Wix 2016 Bank lending, monetary policy, credit demand, mortgage market, natural experiment 21123 0
Financial Institutions

The Modern Tontine: An Innovative Instrument for Longevity Provision in an Ageing Society

Helmut Gründl, Jan-Hendrik Weinert 2015 21192 1
Financial Institutions

Shadow banking with an implicit government put

Matthias Thiemann 2015 21181 1
Financial Institutions

Real Effects of a Bank Liquidity Shock on Bank Lending Decisions and Corporate Investments

Rainer Haselmann, Melissa Schultheis, Cornelius Veith, Beatrice Weder di Mauro 2015 21190 1
Financial Institutions, Systemic Risk Lab

Interconnectedness of insurance companies

Mila Getmansky Sherman, Giulio Girardi, Stanislava Nikolova, Loriana Pelizzon, Kathleen Weiss Hanley 2014 Regulation, Systemic risk, portfolio exposures, networks, Insurance companies 12127 0
Financial Institutions

The adaptation of off-balance sheet financing techniques in leasing after the financial crisis

Matthias Thiemann 2014 11138 0
Financial Institutions

The Role of Subsidiary Debt for the Borrowing Cost of Diversified Firms

Michela Altieri 2014 Diversified firms, cost of debt, free cash flow, subsidiary debt, internal capital markets. 21005 0
Financial Institutions

The sovereign-bank loop: contagion between sovereign and bank credit markets

Holger Kraft 2014 Contagion, Sovereign Debt Crisis, CDS, Panel VAR, Sign Restrictions 11137 0
Financial Institutions

Bank Diversification and Risk Management

Yangming Bao, Martin Götz, Dominik Hirschbühl, Luc Laeven, Ross Levine 2014 Geographic Corporate Diversification, Bank Risk, Banking, Economies of scope, Diversification Benefits 11131 1
Financial Institutions

Redlining in the US Housing Market and the Early Stage of the Housing Bubble

Reint Gropp, Vahid Saadi 2014 Community Reinvestment Act, Mortgage supply, Housing boom, Financial crisis 11140 1
Financial Institutions, Transparency Lab

Capital Requirements and Bank Lending

Reint Gropp, Thomas Mosk, Steven Ongena, Carlo Wix 2014 banking, bank capital, capital regulation 11129 1
Financial Institutions

The Impact of Interest Rate and Mortality Risks on the Solvency Situation of Life Insurance Companies

Elia Berdin, Helmut Gründl 2014 Life Insurers, Interest Rate Guarantees, Risk Assessment, Solvency II, Effects of Monetary Policy 21180 1
Financial Institutions

Public Soft Information

Reint Gropp, Rasa Karapandza, Julian Opferkuch 2014 transparency, soft information, financial markets, financial institutions 11133 1
Financial Institutions

Single resolution mechanism

Jens-Hinrich Binder, Theresa Kreft, Tobias Tröger 2014 Single Resolution Mechanism (SRM), Bank Reorganization, Bail in, Single Resolution Fund, Backstops, Banking Union 11135 1
Financial Institutions

Bargaining with a Bank

Thomas Mosk 2014 Bargaining, Financial Contracting 11141 0
Financial Institutions

Banking market structure and catastrophic risk

Reint Gropp, Felix Noth, Ulrich Schüwer, Carlo Wix 2014 diversification benefits, banking market structure, banking liberalization, catastrophic risk 11132 0
Financial Institutions, Systemic Risk Lab

The Internal Organization of Banks and the Transmission of Lending Shocks across Borders

Reint Gropp, Deyan Radev, Michael Schröder 2013 banking, contagion, liquidity shocks, solvency shocks, internal bank organization 11121 0
Financial Institutions, Systemic Risk Lab

Basel III and Solvency II - Risks and Side-Effects from their Interplay

Helmut Gründl 2013 11126 1
Financial Institutions, Systemic Risk Lab

Consequences of Adverse Shocks on Bank Behavior

Claudia Lambert, Felix Noth, Ulrich Schüwer 2013 natural disasters, non-performing assets, bank failures 11123 1
Financial Institutions, Transparency Lab

Experimental studies on ambiguity and ambiguity aversion

Jan Pieter Krahnen, Peter Ockenfels, Christian Wilde 2013 ambiguity, ambiguity aversion, valuation discount, experimental economics 11125 1
Financial Institutions, Systemic Risk Lab

On the Determinants of Interbank Networks

Marcel Bluhm, Co-Pierre Georg, Jan Pieter Krahnen 2013 Network formation, Financial Fragility, Panel Data Regressions 11127 0
Financial Institutions, Systemic Risk Lab

A New Approach to Measuring Systemic Risk: Option-implied Tail Risk Dependencies in the Financial Sector

Holger Kraft, 2012 Systemic risk, Value-at-risk, Equity options, Implied volatility 11122 1
Financial Institutions, Systemic Risk Lab

CDS Markets: Liquidity, Default Risk, and Correlation Risk

Christel Merlin Kuate Kamga, Christian Wilde 2012 CDS, default risk, liquidity premia, financial crisis 11124 0

Current Research Team

Researcher Position
Altieri, Michela Assistant Professor
Bao, Yangming Research Assistant
Bellia, Mario Research Assistant
Bluhm, Marcel External Researcher, CFS/SAFE Fellow
Falck, Elisabeth Research Assistant
Friedrich, Jan Research Assistant
Gal, Jens Assistant Professor
Gebhardt, Günther Professor
Gill, Andrej Assistant Professor
Goldmann, Matthias Assistant Professor
Gomber, Peter Professor
Gropp, Reint External Researcher, CFS/SAFE Fellow
Gründl, Helmut Professor
Götz, Martin Professor
Haar, Brigitte Professor
Haselmann, Rainer Professor
Hillert, Alexander Professor
Hirsch, Christian Assistant Professor
Hirschbühl, Dominik Research Assistant
Kraft, Holger Professor
Krahnen, Jan Pieter Professor
Laurinaityte, Nora Marija Research Assistant
Massenot, Baptiste Assistant Professor
Maurer, Raimond Professor
Mosk, Thomas Assistant Professor
Noth, Felix External Researcher
Nölke, Andreas Professor
Ockenfels, Peter Professor
Panzica, Roberto Research Assistant
Pelizzon, Loriana Professor
Radev, Deyan Assistant Professor
Riedel, Max Research Assistant
Sagade, Satchit Assistant Professor
Schmidt, Michael Research Assistant
Schultheis, Melissa Research Assistant
Schüwer, Ulrich External Researcher
Sivagrakau, Sviataslau Research Assistant
Thiemann, Matthias Assistant Professor
Tröger, Tobias Professor
Wahrenburg, Mark Professor
Walz, Uwe Professor
Weber, Michael External Researcher
Weder di Mauro, Beatrice External Researcher, CFS/SAFE Fellow
Weinert, Jan-Hendrik Research Assistant
Westheide, Christian Assistant Professor
Wilde, Christian Assistant Professor
Wix, Carlo Research Assistant
Zulehner, Christine Professor

Contact

LOEWE Center SAFE

Goethe University Frankfurt | House of Finance
Theodor-W.-Adorno-Platz 3
60323 Frankfurt am Main | Germany

Phone: +49 69 798 30080 | info@safe.uni-frankfurt.de

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