Financial Intermediation

Financial Institutions

The department Financial Intermediation examines the role of intermediary institutions on the capital markets, in particular banks and insurance companies, but also little or unregulated market participants such as hedge funds and what is called "shadow banks". Selected research topics are the real economic effects of banking regulation, the trade-off between stability and competition, and the consequences of digitization for the business models of financial intermediaries.


Publications

Published Title Author/s Program Area Keywords Published
2020

When Brussels meets shadow banking- technical complexity, regulatory agency and the reconstruction of the shadow banking chain

Vanessa Endrejat, Matthias Thiemann Competition & Change Financial Intermediation, Systemic Risk Lab 2020
2020

Politics of Banking in Europe: Global Banks and Domestic Institutional Legacies

Elsa Massoc E-International Relations Financial Intermediation 2020
2019

The Effect of Academic Literature on Accounting Regulation: Evidence from Leases in Germany

Jan Friedrich Accounting History Review Financial Intermediation 2019
2018

Foreign Investment, Sovereign Debt, and Human Rights

Matthias Goldmann Sovereign Debt and Human Rights (Oxford University Press) Financial Intermediation Foreign direct investment, regulatory power, expropriation, socio-economic rights, linkages 2018
2020

Private Authority in Tackling Cross-border Issues. The Hidden Path of Integrating European Energy Markets

Burkard Eberlein, Sandra Eckert Journal of European Integration Financial Intermediation 2020
2019

Whatever it Takes: The Real Effects of Unconventional Monetary Policy

Viral Acharya, Tim Eisert, Christian Eufinger, Christian Hirsch Review of Financial Studies Data Center, Financial Intermediation 2019
2018

Persistent Liquidity Shocks and Interbank Funding

Marcel Bluhm Journal of Financial Stability Financial Intermediation, Systemic Risk Lab Financial fragility, Interbank market, Liquidity, Maturity, Network 2018
2019

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

Claudia Lambert, Felix Noth, Ulrich Schüwer Review of Finance Financial Intermediation catastrophic events, bank regulation, capital ratios, natural experiment 2019
2018

Intended and Unintended Consequences of Government Credit Guarantee Programs

Vasso Ioannidou, Jose Liberti, Thomas Mosk, Jason Sturgess Finance and Investment: The European Case (Oxford University Press) Financial Intermediation 2018
2019

Bank Response to Higher Capital Requirements: Evidence from a Quasi-Natural Experiment

Reint Gropp, Thomas Mosk, Steven Ongena, Carlo Wix Review of Financial Studies Financial Intermediation Bank capital ratios, Bank regulation, Credit supply 2019
2018

Too Complex to Work – A Critical Assessment of the Bail-in Tool under the European Bank Recovery and Resolution Regime

Tobias Tröger Journal of Financial Regulation Financial Intermediation 2018
2017

Too-big-to-fail im Spannungsfeld von Wettbewerb und Regulierung

Brigitte Haar Festschrift für Theodor Baums zum siebzigsten Geburtstag (Mohr Siebeck) Financial Intermediation 2017
2016

Systemic Risk and Financial Interconnectedness: Network Measures and the Impact of the Indirect Effect

Monica Billio, Michele Costola, Roberto Panzica, Loriana Pelizzon Systemic Risk Tomography: Signals, Measurement and Transmission Channels (ISTE Press - Elsevier) Financial Intermediation, Systemic Risk Lab systemic measures, connectedness measures, financial network, financial institutions, hedge funds, loss measures, quantile regressions, CoVaR, global network measures, local network measures, loss prediction, Settore SECS-P/05 - Econometria 2016
2016

Sovereign Debt Sustainability as a Principle of Public International Law: An Incremental Approach to Sovereign Debt Restructuring

Juan Pablo Bohoslavsky, Matthias Goldmann Yale Journal of International Law Financial Intermediation sovereign debt restructuring, international law, collective action clauses, debt sustainability, legal principles, holdout creditors, holdout litigation 2016
2016

A Discourse Theoretical Approach to Sovereign Debt Restructuring: Towards a Democratic Financial Order

Matthias Goldmann, Silvia Steininger German Law Journal Financial Intermediation democracy, finance, role of law, discourse theory, Habermas, sovereign debt, cleavages 2016
2017

From Public International to International Public Law: Translating World Public Opinion into International Public Authority

Matthias Goldmann, Ingo Venzke, Armin von Bogdandy European Journal of International Law Financial Intermediation international organizations, global governance, world public opinion, public authority, soft law 2017
2017

International Investment Law and Financial Regulation: Towards a Deliberative Approach

Matthias Goldmann International Investment Law and the Global Financial Architecture (Edward Elgar) Financial Intermediation international investment law, financial regulation, deliberation, monetary policy, sovereign debt 2017
2018

Much Ado about Nothing? Macro-Prudential Ideas and the Post-Crisis Regulation of Shadow Banking

Jan Friedrich, Matthias Thiemann Kölner Zeitschrift für Soziologie und Sozialpsychologie Financial Intermediation financial regulation, shadow banking, epistemic authority, private risk-management 2018
2018

Competition and Bank Stability

Martin Götz Journal of Financial Intermediation Financial Intermediation Risk, Stability, Competition, Contestability, Entry, Lending 2018
2017

Structural Reforms in Banking: The Role of Trading

Jan Pieter Krahnen, Felix Noth, Ulrich Schüwer Journal of Financial Regulation Financial Intermediation banking, structural reforms, prohibition of proprietary trading, banking separation 2017
2018

Rent-Seeking in Elite Networks

Rainer Haselmann, David Schoenherr, Vikrant Vig Journal of Political Economy Law and Finance, Financial Intermediation - 2018
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 Intermediation 2013
2017

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

Florian Hett, Alexander Schmidt Journal of Financial Economics Financial Intermediation, Transparency Lab, Experiment Center Bailout, Implicit Guarantees, Too-Big-To-Fail, Market Discipline 2017
2016

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

Tomaso Aste, Loriana Pelizzon, Nicolas Perony, Paolo Tasca Banking Beyond Banks and Money: A Guide to Banking Services in the Twenty-First Century (Springer) Financial Intermediation, Systemic Risk Lab 2016
2018

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

Jens-Hinrich Binder forthcoming in European Banking Regulation (CH Beck) Financial Intermediation 2018
2015

Komplexitätsbewältigung durch Verwaltungsverfahren?

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

A Time Varying Performance Evaluation of Hedge Fund Strategies through Aggregation

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

A Political Economy Perspective on Common Supervision in the Eurozone

Tobias Tröger Financial Regulation: A Transatlantic Perspective (Cambridge University Press) Financial Intermediation 2015
2015

Bail-In Clauses

Jan Pieter Krahnen, Laura Moretti Financial Regulation: A Transatlantic Perspective (Cambridge University Press) Financial Intermediation 2015
2013

Deciphering the Libor and Euribor Spreads during the Subprime Crisis

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

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

Tobias Tröger Reshaping Markets Economic Governance, the Global Financial Crisis and Liberal Utopia (Cambridge University Press) Financial Intermediation 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 Intermediation 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 Intermediation capital regulation, credit crunch, financial crisis, pro-cyclicality 2016
2015

Vertragsrechtliche Fragen negativer Zinsen auf Einlagen

Tobias Tröger Neue Juristische Wochenschrift Financial Intermediation 2015
2014

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

Brigitte Haar The Oxford Handbook of Financial Regulation (Oxford University Press) Financial Intermediation, Systemic Risk Lab Financial regulation, systemic risk, microprudential supervision, European Banking Authority, macroprudential supervision, European Systemic Risk Board, European Banking Union, Single Supervisory Mechanism 2014
2016

Does the Geographic Expansion of Bank Assets Reduce Risk?

Martin Götz, Luc Laeven, Ross Levine Journal of Financial Economics Financial Intermediation 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 Intermediation 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, Gyöngyi Lóránth, Loriana Pelizzon Journal of Money, Credit and Banking Financial Intermediation, Systemic Risk Lab 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 Intermediation 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 Intermediation 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 Intermediation 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 Intermediation 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 Intermediation banking union, macro-prudential supervision, real estate lending, bail-in, market discipline 2015

Working Papers

Title Author/s No. Program 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 Intermediation, 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 Intermediation 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 Intermediation, 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 Intermediation 2013 Systemic risk, Value-at-risk, Equity options, Implied volatility 201301

The Single Supervisory Mechanism – Panacea or Quack Banking Regulation?

Tobias Tröger 27 Financial Intermediation 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 Intermediation, Experiment Center 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 Intermediation 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 Intermediation 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 Intermediation 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 Intermediation, Transparency Lab 2014 credit supply, deleveraging, households, financial crisis 201401

Liquidity Coinsurance and Bank Capital

Fabio Castiglionesi, Fabio Feriozzi, Gyöngyi Lóránth, Loriana Pelizzon 45 Financial Intermediation, Systemic Risk Lab 2014 Bank Capital, Interbank Markets, Liquidity Coinsurance 201401

Measuring Ambiguity Aversion: A Systematic Experimental Approach

Jan Pieter Krahnen, Peter Ockenfels, Christian Wilde 55 Financial Intermediation, Financial Markets, Transparency Lab, Experiment Center 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 Intermediation 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 Intermediation 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 Intermediation 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 Intermediation 2014 shadow banking, regulatory arbitrage, prudential supervision 201401

Assessing Systemic Fragility – A Probabilistic Perspective

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

The Limits of Model-Based Regulation

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

Resolution Planning and Structural Bank Reform within the Banking Union

Jens-Hinrich Binder 81 Financial Intermediation 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 Intermediation 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 Intermediation 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 Intermediation 2015 Basel III, Solvency II, Life Insurance, Interest Rate Guarantees, Asset Allocation, Contagion, Interconnectedness 201501

On the Impact of Leveraged Buyouts on Bank Systemic Risk

Marcel Grupp 101 Financial Intermediation 2015 Leveraged buyouts, syndicated loans, systemic risk 201501

Regulatory Influence on Market Conditions in the Banking Union

Tobias Tröger 109 Financial Intermediation 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 Intermediation 2015 Financial fragility, interbank market, liquidity, maturity, network model 201501

Insurance Activities and Systemic Risk

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

Ownership, Wealth, and Risk Taking: Evidence on Private Equity Fund Managers

Carsten Bienz, Karin Thorburn, Uwe Walz 126 Financial Intermediation 2016 Private equity, leveraged buyouts, incentives, coinvestment, risk taking, wealth 201601

Rent-Seeking in Elite Networks

Rainer Haselmann, David Schoenherr, Vikrant Vig 132 Financial Intermediation, Law and Finance 2016 - 201601

The Political Economy of Bank Bailouts

Markus Behn, Rainer Haselmann, Thomas Kick, Vikrant Vig 133 Financial Intermediation, Law and 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 Intermediation 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 Intermediation 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 Intermediation 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 Intermediation 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 Intermediation 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 Intermediation 2016 Bank capital ratios, Bank regulation, Credit supply 201611

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

Felix Noth, Ulrich Schüwer 167 Financial Intermediation, Systemic Risk Lab 2017 natural disasters, bank stability, non-performing assets, bank performance 201704

Systemic Risk for Financial Institutions of Major Petroleum-Based Economies: The Role of Oil

Massimiliano Caporin, Michele Costola, Shawkat Hammoudeh, Ahmed Khalifa 172 Financial Markets, Financial Intermediation, Systemic Risk Lab 2017 Systemic Risk, Risk Measurement, VaR, ΔCoVaR, Oil, Financial Institutions, Petroleum-based Economies 201711

Liquidity Premia in CDS Markets

Christel Merlin Kuate Kamga, Christian Wilde 173 Financial Markets, Financial Intermediation 2017 CDS, liquidity 201708

International Banking Conglomerates and the Transmission of Lending Shocks Across Borders

Deyan Radev 175 Financial Intermediation 2017 Commercial banks, global banks, wholesale shocks, solvency shocks, transmission, internal capital markets 201708

Social Centralization, Bank Integration and the Transmission of Lending Shocks

Deyan Radev 174 Financial Intermediation 2017 Global banks, social centralization, bank integration, shocks, transmission 201708

United in Diversity? The Relationship between Monetary Policy and Banking Supervision in the Banking Union

Matthias Goldmann 178 Financial Intermediation, Macro and Finance 2018 Banking Union, Monetary Policy, Financial Stability, Single Supervisory Mechanism, Democratic Legitimacy 201801

Why MREL Won't Help Much

Tobias Tröger 180 Financial Intermediation 2017 MREL, TLAC, G-SIB, bail-in, bank resolution 201708

Too Complex to Work: A Critical Assessment of the Bail-in Tool under the European Bank Recovery and Resolution Regime

Tobias Tröger 179 Financial Intermediation 2017 bail-in, private sector involvement, precautionary recapitalization, cross-border insolvency, market discipline 201708

Remarks on the German Regulation of Crowdfunding

Tobias Tröger 184 Financial Intermediation 2017 crowdinvesting, crowdfunding, fintech, financial stability, market infrastructure, investor protection 201710

The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity

Carlo Wix 189 Financial Intermediation 2017 Financial Crises, Bank Lending, Real Effects, Firm Investment, Wage Rigidity, Labor Hoarding 201711

Bargaining with a Bank

Thomas Mosk 211 Financial Intermediation 2018 Credit lines, Contract terms, Bargaining, Screening 201801

All Economic Ideas are Equal, but Some are more Equal than Others: A Differentiated Perspective on Macroprudential Ideas and their Implementation

Edin Ibrocevic, Matthias Thiemann 214 Financial Intermediation, Systemic Risk Lab 2018 macroprudential regulation, ideational shift, systemic risk, topic modelling, central bank policy 201806

Reviving the Shadow Banking Chain in Europe: Regulatory Agency, Technical Complexity and the Dynamics of Co-Habitation

Vanessa Endrejat, Matthias Thiemann 222 Financial Intermediation 2018 201806

Portfolio Similarity and Asset Liquidation in the Insurance Industry

Mila Getmansky Sherman, Giulio Girardi, Stanislava Nikolova, Loriana Pelizzon, Kathleen Weiss Hanley 224 Systemic Risk Lab, Financial Intermediation 2018 Interconnectedness, Asset Liquidation, Similarity, Financial Stability, Insurance Com- panies, SIFI 201807

Networks in Risk Spillovers: A Multivariate GARCH Perspective

Monica Billio, Massimiliano Caporin, Lorenzo Frattarolo, Loriana Pelizzon 225 Financial Intermediation, Systemic Risk Lab 2018 spatial GARCH; network; risk spillover; nancial spillover 201808

Debt Holder Monitoring and Implicit Guarantees: Did the BRRD Improve Market Discipline?

Jannic Cutura 232 Financial Intermediation 2018 201809

What Drives Banks' Geographic Expansion? The Role of Locally Non-Diversifiable Risk

Reint Gropp, Felix Noth, Ulrich Schüwer 246 Financial Intermediation 2019 banking, geographic expansion, deregulation, locally non-diversiable risk, catastrophic risk 201903

Spillovers of Funding Dry-ups

Iñaki Aldasoro, Florian Balke, Andreas Barth, Egemen Eren 259 Financial Intermediation 2019 201909

The Case for a Normatively Charged Approach to Regulating Shadow Banking - Multipolar Regulatory Dialogues as a Means to Detect Tail Risks and Preclude Regulatory Arbitrage

Matthias Thiemann, Tobias Tröger 260 Financial Intermediation 2019 shadow banking, regulatory arbitrage, principles-based regulation, credit funds, prudential supervision, non-bank financial intermediation 201910

Econometrics at Scale: Spark Up Big Data in Economics

Benjamin Bluhm, Jannic Cutura 266 Financial Intermediation 2020 Econometrics, Distributed Computing, Apache Spark 202002

The Impact of Job Referrals on Employment Outcomes in Top Corporate Positions

Marie Lalanne, Lorenzo Maria Levati 268 Financial Intermediation 2020 Referrals, Job Match Quality, Social Networks, Board of Directors 202003

EU Agencies in Banking and Energy Between Institutional and Policy Centralisation

Sandra Eckert 278 Financial Intermediation 2020 agency, banking, centralisation, energy, fiduciary, electricity, policy 202005

How did we do? The Impact of Relative Performance Feedback on Intergroup Hostilities

Kevin Bauer 281 Financial Intermediation 2020 social identity, relative performance feedback, discrimination, outgroup derogation 202006

Accounting for Financial Stability: Lessons from the Financial Crisis and Future Challenges

Jannis Bischof, Christian Laux, Christian Leuz 283 Financial Intermediation 2020 Banks, Financial crisis, Financial stability, Disclosure, Loan loss accounting, Expected credit losses, Incurred loss model, Prudential filter, Fair value accounting 202007

Policy Papers

Year Title Author/s Program Area Keywords Year
September 2019

Completing Banking Union

Thomas Huertas Financial Intermediation Banking Union, EDIS, EDIC 2019-09
July 2019

Deutsche Bank and its Strategy Change: What it Means for the German Financial System

Reinhard H. Schmidt Financial Intermediation German financial system, corporate governance, German banks 2019-07
July 2019

On the Change of the German Financial System

Reinhard H. Schmidt Financial Intermediation German financial system, corporate governance, German banks 2019-07
June 2019

Diversity in Finance:An Overview

Reinhard H. Schmidt Financial Intermediation diversity, finance, banking systems, financial systems 2019-06
May 2019

An open banking platform for Germany - a future-oriented alternative to a merger of Deutsche Bank / Commerzbank

Volker Brühl, Jan Pieter Krahnen Financial Intermediation Open Banking Platform Germany, Banking Union, Merger, Deutsche Bank, Commerzbank 2019-05
March 2019

The Next SSM Term: Supervisory Challenges Ahead

Martin Götz, Tobias Tröger, Mark Wahrenburg Financial Intermediation SSM, Banking Union, ECB supervision 2019-03
March 2019

Evaluierung gesamt- und finanzwirtschaftlicher Effekte der Reformen europäischer Finanzmarktregulierung im deutschen Finanzsektor seit der Finanzkrise

Rainer Haselmann, Jan Pieter Krahnen, Mark Wahrenburg Financial Intermediation Regulierung, Banken, Kreditinstitute 2019-03
March 2019

Eine Open Banking Plattform für Deutschland – eine zukunftsorientierte Alternative zu einer Fusion Deutsche Bank/Commerzbank

Volker Brühl, Jan Pieter Krahnen Financial Intermediation Open Banking Platform Germany, Bankenunion, Fusion, Deutsche Bank, Commerzbank 2019-03
June 2018

How demanding and consistent is the 2018 stress test design in comparison to previous exercises?

Rainer Haselmann, Mark Wahrenburg Financial Intermediation stress test, European banks, Banking union 2018-06
June 2018

A New Governance Architecture for European Financial Markets? Towards a European Supervision of CCPs

Jan Friedrich, Matthias Thiemann Financial Intermediation Central Counterparties, European Supervisory Architecture, Capital Markets Union, regulatory arbitrage, EMIR, supervisory arbitrage, Brexit 2018-06
May 2018

If you do it, do it right – The need for a Common European Supervisory Architecture for CCPs

Jan Friedrich, Christian Resch, Matthias Thiemann Financial Intermediation Central Counterparties, European Supervisory Architecture, Capital Markets Union, regulatory arbitrage, EMIR, supervisory arbitrage 2018-05
February 2018

Passt das deutsche Dreisäulensystem in eine zunehmend harmonisierte Bankenstruktur für Europa?

Reinhard H. Schmidt Financial Intermediation Drei-Säulen-System, Bankensektor, Finanzkrise 2018-02
December 2017

Five Years after the Liikanen Report: What Have We Learned?

Martin Götz, Jan Pieter Krahnen, Tobias Tröger Financial Intermediation Financial stability, banking separation, prohibition of proprietary trading, banking and treasury functions, bail-in, MREL, TLAC 2017-12
November 2017

Provisioning Policies for Non-Performing Loans: How to Best Ensure a "Clean Balance Sheet"?

Mark Wahrenburg Financial Intermediation IFRS 9, provisioning rules, EU banks 2017-11
November 2017

The Recalibration of the European System of Financial Supervision in Regard of the Insurance Sector: From Dreary to Dreamy or Vice Versa?

Jens Gal, Helmut Gründl Financial Intermediation, Household Finance European Insurance Union, European Supervisory Authorities, EIOPA, European Insurance and Occupational Pensions Authority, Insurance Supervision 2017-11
September 2017

Undermined Market Discipline: The Role of Bank Rescues and Bailout Expectations

Florian Hett, Johannes Kasinger Financial Intermediation, Experiment Center bailout, market discipline, financial institutions, financial crisis, banks 2017-09
August 2017

Corporate Governance of Banks – A German Alternative to the “Standard Model”

Hans-Helmut Kotz, Reinhard H. Schmidt Financial Intermediation corporate governance, German banks, German banking system 2017-08
August 2017

Microfinance – Once and Today

Reinhard H. Schmidt Financial Intermediation Microfinance, German savings banks, German cooperative banks, Inclusive Finance 2017-08
June 2017

How Not To Do Banking Law in the 21st Century

Tobias Tröger Financial Intermediation Banking Union, ECB, EGC, Landeskreditbank Baden-Württemberg, NCAs, SSM 2017-06
March 2017

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

Martin Götz, Tobias Tröger Financial Intermediation 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 Intermediation, 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 dei Paschi di Siena

Martin Götz, Jan Pieter Krahnen, Tobias Tröger Financial Intermediation 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 Intermediation, 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 Intermediation 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 Intermediation, Macro and 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 Intermediation, Macro and 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 Intermediation 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 Intermediation, 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 Intermediation banks, government, regulation 2015-12
November 2015

Solvency II ante portas: Nutzen und Risiken der neuen Versicherungsregulierung

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

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

Helmut Gründl Financial Intermediation 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 Intermediation 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 Intermediation, Macro and 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 Intermediation, Macro and 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 Intermediation, Macro and 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 Intermediation banking separation proposals, proprietary trading ban, Dodd-Frank Act 2014-04
April 2014

How Important Are Hedge Funds in a Crisis?

Reint Gropp Financial Intermediation 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 Intermediation 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 Intermediation public-private relations, capture, collective action, social relations 2014-06
August 2013

Taxes, Banks and Financial Stability

Reint Gropp Financial Intermediation 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 Intermediation 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 Intermediation 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 Intermediation 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 Intermediation Bankenabwicklung, Restrukturierung, Bail-in, SoFFin 2014-10
October 2014

Making Sense of the Comprehensive Assessment

Viral Acharya, Sascha Steffen Financial Intermediation 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 Intermediation 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 Intermediation risk-taking, bank resolution regimes, USA, Europe 2014-11
November 2014

Bail-In jetzt richtig umsetzen

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

Schlechte Erfahrungen

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

Stellungnahme zum Gesetzentwurf der Bundesregierung: Finanzkonglomerate-Aufsichtsgesetz

Helmut Gründl Financial Intermediation 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 Intermediation Handelsgeschäft, Einlagengeschäft, Risiko 2013-02
February 2013

Beteiligung der Versicherungsnehmer an den Bewertungsreserven in der Lebensversicherung

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

Die Auswirkungen von Regulierung auf Bankverhalten und Wettbewerb

Jan Pieter Krahnen, Theodor Weimer Financial Intermediation 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 Intermediation 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 Intermediation 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 Intermediation Bail-in Anleihen, Banken, Aufsicht, Liikanen-Kommission 2013-09
October 2013

Rettung durch Regulierung? Eckpunkte des Liikanen-Berichts

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

Der einheitliche Abwicklungsmechanismus – Europäisches Allheilmittel oder weiße Salbe?

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

Rescue by Regulation? Key Points of the Liikanen Report

Jan Pieter Krahnen Financial Intermediation 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 Financial Intermediation Banking Union, Single Resolution Mechanism 2013-12
December 2013

A Big Bang for Banking in Europe

Jan Pieter Krahnen Financial Intermediation comprehensive assessment, banking supervision, euro area 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 Intermediation financial transaction tax, market fragmentation, speculative trading, market quality 2014-01
December 2013

Finanzmärkte: Mut zu radikaler Ordnungspolitik

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

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

Ester Faia Financial Intermediation 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 Intermediation 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 Intermediation Finanzmarktrecht, BaFin, FMSA 2012-02
May 2011

Ein Plädoyer für Banken-Vielfalt

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

Ein staatliches Hospital für kranke Banken

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

Das neue System der Europäischen Finanzmarktaufsicht

Helmut Siekmann Financial Intermediation 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 Intermediation 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 Intermediation Sparkassen- und Landesbankensektor, öffentlich rechtlicher Finanzsektor 2011-02
October 2010

Basel III: Unvollendet, aber nicht allein

Hermann Remsperger Financial Intermediation Basel III, Eigenkapital, Finanzkrise, Insolvenzordnung 2010-10
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 Intermediation Basel III, systemic risk, liquidity support 2010-11
October 2010

Stellungnahme zum "Restrukturierungsgesetz"

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

Die Finanzmarktaufsicht in der Krise

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

Ursachen, Auswirkungen und Lehren der Finanzkrise: Eine systematische Bestandsaufnahme

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

Criteria for a Workable Approach Towards Bank Levies and Bank Restructuring

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

Die Rolle von Anreizen für die Zukunfts der Kreditverbriefung

Günter Franke, Jan Pieter Krahnen Financial Intermediation 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 Intermediation systemic risk, banking hospital 2010-02
February 2010

Rettungsstrategie ohne Moral Hazard – Versuch eines Gesamtkonzepts zur Bankkrisenvermeidung

Jan Pieter Krahnen, Helmut Siekmann Financial Intermediation Systemisches Risiko, Bankenhospital 2010-02
November 2009

Defining and Measuring Systemic Risk

Stefan Gerlach Financial Intermediation systemic risk, statistical risk measurement 2009-11
October 2009

Stabilisierung der WestLB AG durch Garantien des Landes NRW

Helmut Siekmann Financial Intermediation Landesbanken 2009-10
October 2009

Die Neuordnung der Finanzmarktaufsicht

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

Die Schaffung von Einrichtungen der Finanzaufsicht auf EU-Ebene

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

Kluge Finanzarchitektur zur Begrenzung des systemischen Risikos

Jan Pieter Krahnen Financial Intermediation 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 Intermediation Finanztransaktionssteuer, Finanzinnovationen, Finanzspekulation 2011-11
November 2011

Long-Term Guarantees and the Countercyclical Premium Under Solvency II

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

Ratingagenturen entmachten - aber wie?

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

"Politiker wollen die Wahrheit nicht hören"

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

The Bail-In Puzzle

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

Die Bankenabgabe in Deutschland

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

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

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

Zukunft der Universalbanken

Michael Kemmer, Jan Pieter Krahnen Financial Intermediation Trennbanken, Restrukturierung, Abwicklung, Liikanen-Kommission 2013-04
April 2013

Deposit Insurance Suitable for Europe: Proposal for a Three-Stage Deposit Guarantee Scheme with Limited European Liability

Jan Pieter Krahnen Financial Intermediation banking union; deposit insurance; bank risk 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 Intermediation 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 Intermediation 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 Intermediation Ankeranleihen, Bail-in, systemisches Risiko, Bankenrestrukturierung 2012-10
September 2012

Neuausrichtung des OTC-Derivate-Marktes als Chance begreifen

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

Aktuelle Finanzmarktpolitik: Wo bleibt die Nachhaltigkeit?

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

"The Economic Rationale for Financial Regulation” Reconsidered

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

Risiko muss wieder kosten

Jan Pieter Krahnen Financial Intermediation Anleihemärkte, systemisches Risiko, Bankeninsolvenz 2011-09

Ongoing Research Projects

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

The Capital Purchase Program and Board Appointment

Christian Mücke, Loriana Pelizzon, Vincenzo Pezone, Anjan Thakor 2020 Bail Out, Board Appointments, TARP, Capital Ratio 123104 0
Financial Intermediation

Crises, Anti-Finance Opinions and Populisms in Europe

Elsa Massoc, Tobias Tröger 2020 Crises, Public opinion, Finance, Policymaking, Populism 123103 0
Financial Intermediation, Experiment Center

Digitalization of the Financial System

Kevin Bauer, Oliver Hinz 2020 Digital economics; Artificial intelligence; Human machine interaction; Algorithmic Unfairness; Hybrid human-machine behavior; Algorithms; Machine Learning, Decision Making; 123101 0
Financial Intermediation

Banking on States – The Divergent European Trajectories of Finance after the Crisis

Elsa Massoc 2019 Banks, states, regulation, post-crisis, institutions 123102 1
Financial Intermediation

Bank Competition for Wholesale Funding: Evidence from Corporate Deposits

Iñaki Aldasoro, Florian Balke, Andreas Barth, Egemen Eren 2019 global banks, dollar funding, US money market fund reform, corporate deposits 21133 1
Financial Intermediation

Asset Concentration Risk and Insurance Solvency Regulation

Helmut Gründl, Fabian Regele 2019 Asset Concentration Risk, Name Concentration Risk, Sector Concentration Risk, Systematic Risk, Idiosyncratic Risk, Insurance Regulation, Solvency II, Global Insurance Capital Standards (ICS) 21134 0
Financial Intermediation

Political Economy of Financial Regulation

Rainer Haselmann, Shikhar Singla, Vikrant Vig 2019 political economy; Basel regulation; regulatory capture; international standard setting; 21135 1
Financial Intermediation

Networks and Corporate Governance

Marie Lalanne 2019 Social Networks, Job Referrals, Gender, Boards of Directors, Executives, Corporate Governance 21231 0
Financial Intermediation

How do Startups Grow?

Zhuoer Qiu, Bernd Skiera, Simone Wies 2019 Startup Growth, New Ventures, Organizational Competences, Marketing Competence, Growth Pattern, Venture Capital, Human Capital, Startup Performance, Startup Survival 21233 0
Financial Intermediation

The State of the Union: The Politics of Integration in Banking and Energy

Burkard Eberlein, Sandra Eckert 2019 banking union, corporate power, energy union, European integration, governance, private authority, prudential regulation, regulatory governance, security of supply 21136 1
Law and Finance, Financial Intermediation

Foundations of Law and Finance

Rainer Haselmann, Casimiro Antonio Nigro, Tobias Tröger 2018 21291 1
Financial Intermediation

The Rise of Promotional / Development Banks in Contemporary Europe: Potentials and Pitfalls

Daniel Mertens, Matthias Thiemann 2018 market failure, industrial policy, promotional banks 21132 0
Financial Intermediation

The Regulation of Loan Loss Provisioning and Banks' Real Activities

Jannis Bischof 2018 Financial Reporting, Financial Stability, Financial Institutions, Loan Loss Provisions, Incurred Loss Model, Expected Loss Model, Credit Risk, IAS 39, IFRS 9 21130 1
Financial Intermediation

The Transformation of Public Interests in Sovereign Debt Disputes – An Empirical Analysis

Matthias Goldmann, Grygoriy Pustovit, Seo Young Shin 2018 Sovereign debt, holdout litigation, empirical legal studies, comparative law, public interest 21138 0
Financial Intermediation

Financing Innovation in Europe

David Heller, Jan Krzyzanowski, Uwe Walz 2017 21280 1
Financial Intermediation

Regulatory Competition and the Increasing Fragility of CCPs

Jan Friedrich, Christian Hirsch, Matthias Thiemann 2017 CCPs, Competition, Regulatory Arbitrage, Regulatory Forebearance, Financial Stability 21128 1
Financial Intermediation

Systemically Relevant Business Activities of Insurance Companies

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

Local Spillover Effects and Corporate Investment

Yangming Bao, Martin Götz 2017 corporate investment, peer effects, local spillover, urban agglomeration 21224 1
Systemic Risk Lab, Financial Intermediation

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

Mario Bellia, Nicola Mano, Loriana Pelizzon, Matteo Sottocornola 2017 22582 1
Financial Intermediation

Criminal Compliance and Financial Institutions: Conformity Effects and Cost Effectiveness

Christoph Burchard, Ercan Cömert, Horst Entorf, Dennis Gram 2017 Financial Crimes | Criminal Compliance |Financial Institutions | Differences-in-Differences | Treatment Effect Heterogeneity 21222 1
Financial Intermediation

A New Approach to Analyze the Retail Banking Market and its Development

Gabriela Alves Werb, Daniel Blaseg, Elham Maleki, Daniel M. Ringel, Bernd Skiera 2017 Financial Markets, Fintech, Market Definition, Market Analysis, Market Structure, Market Evolution, Competition, Market Visualization 21129 0
Financial Intermediation

Benefits of Procurement Auctions: Competitive Pressure vs. Selection of Efficient Suppliers

Rafael Lalive, Armin Schmutzler, Christine Zulehner 2016 21004 0
Financial Intermediation

Analysis of Mergers in First-Price Auctions

Klaus Gugler, Michael Weichselbaumer, Christine Zulehner 2016 21004 1
Experiment Center, Financial Intermediation

Measuring Time Inconsistency by Using Bank Account Data

Andrej Gill, Florian Hett 2016 financial mistakes, transaction data, household finance, time-inconsistency, present bias, time preferences 21640 1
Financial Intermediation

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 1
Data Center, Financial Intermediation

Whatever it Takes: The Real Effects of Unconventional Monetary Policy

Viral Acharya, Tim Eisert, Christian Eufinger, Christian Hirsch 2016 22390 1
Financial Intermediation, Macro and Finance

Stability through Deliberation: Finance and Public Law

Matthias Goldmann, Grygoriy Pustovit 2016 21193 1
Financial Intermediation

Effect of Capital Regulation on Bank Investment Strategies and Systemic Risk

Rainer Haselmann, Deyan Radev, Vikrant Vig 2016 Capital regulation, Market Risk, Systemic Risk, Bank Investment Strategies, Basel II.5 21121 1
Financial Intermediation

Crisis, Competition and Firms’ Workforce: Evidence from Procurement Auctions

Klaus Gugler, Michael Weichselbaumer, Christine Zulehner 2016 21004 1
Financial Intermediation

Household Liquidity Risk Management and Insurance Companies’ Investment Behavior

Yangming Bao, Irina Gemmo, Helmut Gründl, Martin Götz 2016 Demographic Change, Emergency Fund Hypothesis, Interest Rate Hypothesis, Life Insurance, Liquidity Risk Management, Surrender 21137 1
Financial Intermediation, Policy Center

Bail-In Tracker

Martin Götz, Dominic Hirschbühl, Theresa Kreft, Tobias Tröger, Gerrit Tönningsen 2016 21182 1
Financial Markets, Financial Intermediation

The Impact of Introducing Intraday Auctions on LSE

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

Demographic Changes, Optimal Design of Life Insurance Contracts and Household Welfare

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

Network Banks Exposures and Variance Spillovers in the Euro Area

Monica Billio, Massimiliano Caporin, Lorenzo Frattarolo, Loriana Pelizzon, Zorka Simon 2016 21610 1
Household Finance, Financial Intermediation

Social Networks and Informal Lines of Credit

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

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 Intermediation, Experiment Center

Financial Interactions in the Presence of Ambiguity

Wenhui Li, Peter Ockenfels, Christian Wilde 2016 21650 1
Macro and Finance, Financial Intermediation, Law and Finance, Financial Markets, Experiment Center

Capital Requirements and Financial Stability: Experimental Evidence

Paul Gortner, Baptiste Massenot 2016 21650 1
Financial Intermediation, Experiment Center

Banking Structure and Dynamics of Small and Medium Sized Enterprises

Douglas Cumming, Christian Eufinger, Andrej Gill, David Heller, Jan Krzyzanowski, Uwe Walz 2016 21640 1
Financial Intermediation, Systemic Risk Lab

A Genealogy of Systemic Risk Network Measures adopted by Regulators

Edin Ibrocevic, Loriana Pelizzon, Matthias Thiemann 2016 21610 1
Financial Intermediation

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 Intermediation

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

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

Shadow Banking with an Implicit Government Put

Matthias Thiemann 2015 21181 1
Financial Intermediation

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 Intermediation

Venture Boards - Empirical Evidence from Venture Capital-backed Start-Ups in the U.S.

Douglas Cumming, Uwe Walz, Jochen Christian Werth, Sijia Zhang 2015 Corporate Governance, Entrepreneurial Finance, Board Structure 11229 1
Financial Intermediation, 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 1
Financial Intermediation

The Adaptation of Off-Balance Sheet Financing Techniques in Leasing after the Financial Crisis

Matthias Thiemann 2014 11138 1
Financial Intermediation

The Sovereign-Bank Loop: Contagion Between Sovereign and Bank Credit Markets

Holger Kraft 2014 Contagion, Sovereign Debt Crisis, CDS, Panel VAR, Sign Restrictions 11137 1
Financial Intermediation

Bank Diversification and Risk Management

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

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 Intermediation, Transparency Lab

Capital Requirements and Bank Lending

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

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 Intermediation

Public Soft Information

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

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 Intermediation

Bargaining with a Bank

Thomas Mosk 2014 Bargaining, Financial Contracting 11141 1
Financial Intermediation

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 1
Financial Intermediation, 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 1
Financial Intermediation, Systemic Risk Lab

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

Helmut Gründl 2013 11126 1
Financial Intermediation, 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 Intermediation, Transparency Lab, Experiment Center

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 Intermediation, 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 1
Transparency Lab, Systemic Risk Lab, Experiment Center, Financial Intermediation

Corporate Governance in Banks

Tim Eisert, Christian Eufinger, Andrej Gill, Christian Hirsch, Uwe Walz 2013 Corporate Governance, Financial Institutions, Management Compensation, Moral Hazard, Ownership Structure, Risk Shifting 11221 1
Systemic Risk Lab, Financial Intermediation

Leverage in Private Equity: A Potential Source of Systemic Risk?

Christian Rauch, Uwe Walz 2013 Competition, Peers, LBOs, Product Market, Restructuring 11222 1
Financial Intermediation, 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 Intermediation, 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 1

Current Research Team

Researcher Position
Bauer, Kevin Junior Researcher
Bischof, Jannis External Researcher, SAFE Fellow
Eckert, Sandra External Researcher
Gill, Andrej External Researcher
Goldmann, Matthias Junior Researcher
Götz, Martin External Researcher
Gründl, Helmut External Researcher, SAFE Fellow
Haselmann, Rainer Senior Researcher, SAFE Fellow
Hillert, Alexander External Researcher
Kraft, Holger External Researcher, SAFE Fellow
Krahnen, Jan Pieter Senior Researcher
Li, Wenhui Research Assistant
Massoc, Elsa External Researcher
Mertens, Daniel External Researcher
Pezone, Vincenzo Junior Researcher
Schüwer, Ulrich External Researcher, Research Affiliate
Skiera, Bernd External Researcher, SAFE Fellow
Thiemann, Matthias External Researcher
Tröger, Tobias Senior Researcher
Vig, Vikrant External Researcher, SAFE Fellow
Walz, Uwe Senior Researcher