Financial Markets
The Financial Markets department examines the functioning, resilience, and change of financial markets, which today are essentially determined by exogenous and endogenous shocks, risk spillovers (e.g., due to the Corona pandemic, the Ukraine war, and the 2023 banking stress), monetary policy, technology, and regulation. This raises research questions about the consequences for asset pricing, competition, secondary market liquidity, market stability, systemic and country risk, and consumer protection. Specific regulatory measures such as the EU's Markets in Financial Instruments Directive (MiFID II), the European Market Infrastructure Regulation (EMIR), the Sustainable Finance Disclosure Regulation (SFDR) or secular trends such as demographic change or climate change affect the functioning of markets or the investment decisions of investors and are therefore also the subject of research in the department. The same applies to new digital developments such as FinTechs, BigTechs and recent developments in artificial intelligence, crypto assets or blockchain technology, which could disrupt the functioning of financial markets and contribute to systemic and sovereign risks, as well as the new EU regulation on crypto assets (MiCA), which aims to improve investor protection.
The department is (co-)organizing the following conference series:
Publications
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