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How Special Are They? – Targeting Systemic Risk by Regulating Shadow Banking
(2014-10-05)
This essay argues that at least some of the financial stability concerns associated with shadow banking can be addressed by an approach to financial regulation that imports its functional foundations more vigorously into ...
Resolution Planning and Structural Bank Reform within the Banking Union
(2014-12-18)
In the aftermath of the global financial crisis, both resolution planning, i.e. contingency planning by both regulated institutions and public authorities in order to prepare their actions in financial crisis, and concepts ...
The Limits of Model-Based Regulation
(2014-11-30)
In this paper, we investigate how the introduction of complex, model-based capital regulation affected credit risk of financial institutions. Model-based regulation was meant to enhance the stability of the financial sector ...
Does Austerity Pay Off?
(2015-02-01)
We ask whether cuts of government consumption lower or raise the sovereign default premium. To address this question, we set up a new data set for 38 emerging and advanced economies which contains quarterly time-series ...
Cross-Border Resolution of Global Banks
(2015-03-01)
Most recent regulations establish that resolution of global banking groups shall be done according to bail-in procedures and following a Single Point of Entry (SPE) as opposed to a Multiple Point of Entry (MPE) approach. ...
Too Interconnected to Fail: A Survey of the Interbank Networks Literature
(2015-10-01)
The banking system is highly interconnected and these connections can be conveniently represented as an interbank network. This survey presents a systematic overview of the recent advances in the theoretical literature on ...
Optimal Asset Allocation for Interconnected Life Insurers in the Low Interest Rate Environment Under Solvency Regulation
(2014-12-01)
I assess how Basel III, Solvency II and the low interest rate environment will affect the financial connection between the bank and insurance sector by changing the funding patterns of banks as well as the investment ...
How Do Banks React to Catastrophic Events? Evidence from Hurricane Katrina
(2017-09-01)
This paper explores how banks react to an exogenous shock caused by Hurricane Katrina in 2005, and how the structure of the banking system affects economic development following the shock. Independent banks based in the ...
Banking Union and the Governance of Credit Institutions - A Legal Perspective
(2015-04-08)
The creation of the Banking Union is likely to come with substantial implications for the governance of Eurozone banks. The European Central Bank, in its capacity as supervisory authority for systemically important banks, ...
Non-Mandatory Say on Pay Votes and AGM Participation: Evidence from Germany
(2015-06-01)
Since August 2009, German legislation allows for voluntary Say on Pay Votes (SoPV) during Annual General Meetings (AGMs). We examine 1,169 AGMs of all German listed firms with more than 10,000 agenda items over the period ...