Skip to main content

Basel III

weitere Zeitschriftenartikel

13-02-2021 | Regular Article

Firm–bank credit network, business cycle and macroprudential policy

We present an agent-based model to study firm–bank credit market interactions in different phases of the business cycle. The business cycle is exogenously set, and it can give rise to various scenarios. Compared to other models in this literature …

Luca Riccetti, Alberto Russo, Mauro Gallegati

01-02-2021 | Hintergrund & Wissen | Issue 1/2021

Neuer Fokus im Finanz-Controlling

Warum Basel IV nicht nur ein Thema für Banken ist

Der Basler Ausschuss für Bankenaufsicht hat im Dezember 2019 das "Consolidated Framework" des Basel III-Regelwerks verabschiedet, besser unter der Bezeichnung Basel IV bekannt. Das neue Regelwerk basiert weiterhin auf drei Säulen, in welchen die …

Prof. Bernd Zirkler


Banking stability and borrower discouragement: a multilevel analysis for SMEs in the EU-28

The promotion of a more stable European banking system has become a priority which, not doubt, will bring important benefits to firms. However, bank stability comes with stronger regulations that could harm the access to finance of small and …

Ana Mol-Gómez-Vázquez, Ginés Hernández-Cánovas, Johanna Koëter-Kant

18-01-2021 | Original Research

Systemic risk, real GDP growth, and sentiment

Using a mixed frequency VAR methodology, which can accommodate variables with different frequencies in a VAR framework, we model the relation between monthly systemic risk and real GDP growth. To identify the importance of business and consumer …

Angelos Kanas, Panagiotis D. Zervopoulos

01-01-2021 | Analysen und Berichte | Issue 1/2021 Open Access

Kommunalfinanzierung in der Corona-Krise — Einschnitte, aber keine Zeitenwende

Über die vergangenen Jahre stellte sich der Status quo der Kommunalfinanzierung in Deutschland als recht stabil dar. Der Kommunalkredit ist dabei insbesondere für die Investitionen eine zentrale Säule der Finanzierung. Größere Veränderungen waren …

Stephan Brand, Johannes Steinbrecher

07-12-2020 | Original Research Open Access

Bank regulation and systemic risk: cross country evidence

Using data for banks from 65 countries for the period 2001–2013, we investigate the impact of bank regulation and supervision on individual banks’ systemic risk. Our cross-country empirical findings show that bank activity restriction, initial …

Lei Chen, Hui Li, Frank Hong Liu, Yue Zhou

23-11-2020 | Issue 1/2021 Open Access

A homogeneous approach to testing for Granger non-causality in heterogeneous panels

This paper develops a new method for testing for Granger non-causality in panel data models with large cross-sectional (N) and time series (T) dimensions. The method is valid in models with homogeneous or heterogeneous coefficients. The novelty of …

Artūras Juodis, Yiannis Karavias, Vasilis Sarafidis

19-11-2020 | Survey Paper Open Access

The standard formula of Solvency II: a critical discussion

Establishing a standard formula (SF) for the regulation of European insurance companies is a Herculean task. It has to acknowledge very different business models and national peculiarities. In addition, regulatory authorities—as a stakeholder on …

Matthias Scherer, Gerhard Stahl

25-09-2020 Open Access

Avoiding taxes: banks’ use of internal debt

This paper investigates how multinational banks use internal debt to shift profits to low-taxed affiliates. Using regulatory data on multinational banks headquartered in Germany, we show that banks use this tax avoidance channel more aggressively …

Franz Reiter, Dominika Langenmayr, Svea Holtmann


Assessing macro-prudential policies: the case of FX lending

This paper analyzes effectiveness and side effects of pre Basel III macroprudential policy measures to reduce excessive foreign currency (FX) lending growth in Austria to the private non-financial sector. Our series of macroprudential measures …

Michael Sigmund


The impact of non-banking financial institutions on monetary policy transmission in Euro area

The structure of financial intermediation has been subject to significant changes in last decades. The share of banks in the financial system is declining while non-banks are increasing, and this trend is especially evident in Euro area. The …

Darja Milic

28-08-2020 | Original Research Open Access

Board busyness and new insights into alternative bank dividends models

This study examines the possible opposing effects of the board function of busyness (i.e. the presence of busy independent non-executive directors serving on multiple boards) on bank dividend payout patterns between two alternative payouts models …

Vu Quang Trinh, Marwa Elnahass, Aly Salama

20-06-2020 | Original Research Paper | Issue 2/2020

Quantiles in a multi-stage nested classification credibility model

In insurance and finance it is often important to have a satisfactory estimate for an extreme quantile, like the one underlying capital requirements in Solvency II and Basel III. If credibility techniques on means are used for the determination of …

Georgios Pitselis

28-05-2020 | Original Research | Issue 1/2021

Strategic usefulness of ignorance: evidence from income smoothing via retained interest of securitized loans

This paper examines the notion of strategic ignorance in an earnings management context. Managers possess less information about loans subjected to securitization and auditors are aware of this shortcoming. Consistent with managers exploiting …

Emre Kilic, Gerald Lobo, Tharindra Ranasinghe, Lin Yi

22-05-2020 | Survey Paper | Issue 2/2020 Open Access

A guide to Monte Carlo simulation concepts for assessment of risk-return profiles for regulatory purposes

Various regulatory initiatives (such as the pan-European PRIIP-regulation or the German chance-risk classification for state subsidized pension products) have been introduced that require product providers to assess and disclose the risk-return …

Stefan Graf, Ralf Korn

21-05-2020 | Regular Article

Loan-loss provisions, earnings management, and capital management by Russian banks: the impact of changes in banking regulation and oversight

This paper compares earnings management (EM) and capital management (CM) by Russian banks before and after changes in banking regulation and oversight in Russia. In Russia, in recent years, the Central Bank of the Russian Federation has imposed …

Egor Nikulin, Jeff Downing


Bank stability and economic growth: trade-offs or opportunities?

Recent debates on banking regulation indicate that regulatory capital improves banking stability but may also impede economic growth. These outcomes suggest that regulatory capital reform may induce a trade-off between bank stability and economic …

Robert Stewart, Murshed Chowdhury, Vaalmikki Arjoon

01-05-2020 | Titel | Issue 5-6/2020

Virus infiziert die Kreditwirtschaft

Banken und Sparkassen stehen mittels Funktion im Zentrum der Krise, ausgelöst durch die Corona-Pandemie. Die Institute sind Helfer und Betroffene zugleich. In einem beispiellosen Kraftakt halten sie die Wirtschaft am Laufen. Doch die Gefahr ist …

Stefan Terliesner

01-05-2020 | Strategie | Issue 5-6/2020

Gesetzgeber verursachen ein Nullsummenspiel

Insbesondere kleine Kreditinstitute leiden unter der strengen Regulierung. Eine Small Banking Box soll Erleichterungen bringen. Doch an anderer Stelle entstehen nun neue Vorgaben, die positive Effekte zunichtemachen können.

Anja Kühner

28-04-2020 | Original Research | Issue 1/2021 Open Access

Risk exposures of European cooperative banks: a comparative analysis

This study sheds light on risk exposures of cooperative banks in Austria, Germany and Italy. We investigate how major risk elements of banks in these countries have evolved over time, across countries and institutions. Cooperative banks’ exposure …

Davide Salvatore Mare, Dieter Gramlich

20-04-2020 | Original Paper | Issue 7/2020

The pricing of European non-performing real estate loan portfolios: evidence on stock market evaluation of complex asset sales

Recent empirical evidence raises doubt about the ability of financial market participants to generate information efficient valuations for capital market instruments whose cash flows are related to residual claims and dependent on real estate …

Florian Manz, Birgit Müller, Dirk Schiereck

16-04-2020 | Original Research | Issue 4/2020

Structural Pricing of CoCos and Deposit Insurance with Regime Switching and Jumps

In this article, we develop a semi-analytical solution for a structural model that combines jump and regime switching risk. We use an Esscher transform that is applicable to regime switching double exponential jump diffusion to move from the …

Olivier Le Courtois, Xiaoshan Su

14-04-2020 | Original Research | Issue 4/2020

When enough is not enough: bank capital and the Too-Big-To-Fail subsidy

This paper takes a unique approach to study the relationship between bank capital and Too-Big-To-Fail (TBTF) during the Financial Crisis. A structural credit risk model is used to compute implied market value capital ratios which, when compared to …

Michael B. Imerman

07-04-2020 | Original Paper | Issue 4/2020

Effects of declining bank health on borrowers’ earnings quality: evidence from the European sovereign debt crisis

This study investigates whether the deterioration of banks’ financial health affects borrowers’ earnings quality. To examine this issue, we consider the European sovereign debt crisis a shock to the health of certain European banks; these banks …

Florian Kiy, Theresa Zick

23-03-2020 | Regular Article | Issue 1/2021 Open Access

Quantifying the importance of different contagion channels as sources of systemic risk

A framework that allows computing contagion effects from both direct exposure contagion and overlapping portfolios is presented. The effects of the latter are broken down into loss correlation, effects from fire sales and mark-to-market …

Christoph Siebenbrunner

20-03-2020 | Research Article | Issue 2/2020

Transparency and market discipline: evidence from the Russian interbank market

This article investigates the role of bank voluntary disclosure, as a source of information about risk, in the interbank market. Using data on the 179 largest Russian banks over the period of 2004–2013 we test whether the ability to attract …

François Guillemin, Maria Semenova


Predicting the Loss Given Default Distribution with the Zero-Inflated Censored Beta-Mixture Regression that Allows Probability Masses and Bimodality

We propose a new procedure to predict the loss given default (LGD) distribution. Studies find empirical evidence that LGD values have a high concentration at the endpoint 0. Thus, we first use a logistic regression to determine the probability …

Ruey-Ching Hwang, Chih-Kang Chu, Kaizhi Yu

24-02-2020 | Issue 3/2020

On the dynamic representation of some time-inconsistent risk measures in a Brownian filtration

It is well-known from the work of Kupper and Schachermayer that most law-invariant risk measures are not time-consistent, and thus do not admit dynamic representations as backward stochastic differential equations. In this work we show that in a …

Julio Backhoff-Veraguas, Ludovic Tangpi

30-01-2020 | Issue 5/2020

The impact of population size on the risk of local government default

Since the outbreak of the international economic crisis in 2008, governments’ fiscal policies have been strongly influenced by high levels of public debt and default. Studies of the causes of debt problems for large local governments have …

Dionisio Buendía-Carrillo, Juan Lara-Rubio, Andrés Navarro-Galera, María Elena Gómez-Miranda


How do reputation, structure design and FinTech ecosystem affect the net cash inflow of P2P lending platforms? Evidence from China

Based on daily data of 749 active online P2P lending platforms in Chinese market, this study explores the key factors affecting the net cash inflow rate of the platform which is vital for its operation and survival from the perspective of …

Xueru Chen, Xiaoji Hu, Shenglin Ben

24-01-2020 | Issue 1/2020

How Cyclical Is Bank Capital?

Using annual data since 1834 and quarterly data since 1959, I find a negative correlation between aggregate output and the bank capital ratio, though the numbers are mostly small and insignificant, even when considering leads and lags. Somewhat …

Joseph G. Haubrich

16-01-2020 | Research Article | Issue 1/2020

Application of the Merton model to estimate the probability of breaching the capital requirements under Basel III rules

In this paper, we estimate the probability of a financial institution breaching the Common Equity Tier 1 capital under Basel III rules. We do so by applying the Merton model, where balance sheet data and market data are used to match the …

Vincenzo Russo, Valentina Lagasio, Marina Brogi, Frank J. Fabozzi

14-01-2020 | Issue 3/2020 Open Access

Computing valuation adjustments for counterparty credit risk using a modified supervisory approach

Considering counterparty credit risk (CCR) for derivatives using valuation adjustments (CVA) is a fundamental and challenging task for entities involved in derivative trading activities. Particularly calculating the expected exposure is time …

Patrick Büchel, Michael Kratochwil, Daniel Rösch

14-01-2020 | Original Research | Issue 3/2020 Open Access

Multiday expected shortfall under generalized t distributions: evidence from global stock market

We apply seven alternative t-distributions to estimate the market risk measures Value at Risk (VaR) and its extension Expected Shortfall (ES). Of these seven, the twin t-distribution (TT) of Baker and Jackson (in Twin t distribution, University of …

Robina Iqbal, Ghulam Sorwar, Rose Baker, Taufiq Choudhry

09-12-2019 | Research Paper | Issue 1/2020

Efficient Model Points Selection in Insurance by Parallel Global Optimization Using Multi CPU and Multi GPU

In the insurance sector, Asset Liability Management refers to the joint management of the assets and liabilities of a company. The liabilities mainly consist of the policies portfolios of the insurance company, which usually contain a large amount …

Ana Maria Ferreiro-Ferreiro, José Antonio García-Rodríguez, Luis A. Souto, Carlos Vázquez

01-12-2019 | Research | Issue 1/2019 Open Access

Scalable architecture for Big Data financial analytics: user-defined functions vs. SQL

Large financial organizations have hundreds of millions of financial contracts on their balance sheets. Moreover, highly volatile financial markets and heterogeneous data sets within and across banks world-wide make near real-time financial …

Kurt Stockinger, Nils Bundi, Jonas Heitz, Wolfgang Breymann

30-11-2019 | Original Research Paper | Issue 1/2020

Optimal risk sharing in insurance networks

An application to asset–liability management

We discuss the impact of risk sharing and asset–liability management on capital requirements. Our analysis contributes to the evaluation of the merits and deficiencies of different risk measures. In particular, we highlight that the class of …

Anna-Maria Hamm, Thomas Knispel, Stefan Weber

26-11-2019 | Issue 4/2019

Risk estimation for short-term financial data through pooling of stable fits

We suggest a new, parsimonious, method to fit financial data with a stable distribution. As a result of a stable fitting via maximum likelihood estimation (MLE), we find that some assets have similar values as stability indices, independently of …

Marzia De Donno, Riccardo Donati, Gino Favero, Paola Modesti


Effects of monetary policy and credibility on financial intermediation: evidence from the Brazilian banking sector

Since, under inflation targeting (IT), the main monetary policy instrument to control inflation is the basic interest rate, an important question that arises is: How do changes in this instrument affect financial intermediation? On the other hand …

Gabriel Caldas Montes, José Américo Pereira Antunes, Alexei Ferreira Araújo

10-10-2019 | Issue 6/2019

Increasing tax transparency: investor reactions to the country-by-country reporting requirement for EU financial institutions

We employ an event study methodology to investigate the capital market reaction to the surprising political decision to adopt a public country-by-country reporting (CbCR) obligation for EU financial institutions. Our results are suggestive of a …

Verena K. Dutt, Christopher A. Ludwig, Katharina Nicolay, Heiko Vay, Johannes Voget

04-10-2019 | Regular Article | Issue 1/2020

Systemic financial risk indicators and securitised assets: an agent-based framework

The paper presents an agent-based model of a credit economy which includes a securitisation process and a bailout mechanism for bank bankruptcies. Within this framework, banks are able to sell mortgages to a financial vehicle corporation, which …

Andrea Mazzocchetti, Eliana Lauretta, Marco Raberto, Andrea Teglio, Silvano Cincotti

23-07-2019 | Aufsätze | Issue 1/2019

Ratingagenturen – eine Analyse ihrer historischen Wurzeln

Ratingagenturen sind von den internationalen Finanzmärkten nicht mehr wegzudenken. Besonders in den USA, wo fast alle Unternehmen, die auf dem Finanzmarkt tätig sind, ein Rating von mindestens einer der drei renommierten amerikanischen Agenturen …

Marco Pleßner, Justus Blaschke

15-07-2019 | Issue 3/2020

Risk factors explaining returns anomaly in emerging market banks – study on Indian banking system

The article provides evidence about the risk factors influence the pricing of banking stocks in the context of emerging economies like India. We use 10 years of data comprising of public and private banks for empirical evidence of abnormal …

Sabyasachi Mohapatra, Arun Kumar Misra, Marimuthu Murali Kannan

01-07-2019 | Titel | Issue 7-8/2019

Wer sich als Partner für Gründer positioniert

Deutsche Geldhäuser halten sich mit Hochrisiko-Anlagen bislang eher zurück. In Firmenanteile investieren hierzulande vor allem Beteiligungsfonds. Doch der Markt wächst, weil sich immer mehr ausländische Finanzinvestoren engagieren.

Barbara Bocks

01-06-2019 | Strategie | Issue 6/2019

Europa setzt auf Solidarität und Verhältnismäßigkeit

Anlässlich der Wahlen zum Europäischen Parlament ziehen Politiker und Vertreter der Finanzwirtschaft ihre Bilanz zur vergangenen Legislaturperiode. Und sie sagen voraus, welche Vorhaben auf die Geldhäuser zukommen.

Christian Kemper

01-06-2019 | Branchendiskussion | Issue 6/2019

Europa setzt auf Solidarität und Verhältnismäßigkeit

Anlässlich der Wahlen zum Europäischen Parlament haben Politiker und Vertreter der Finanzwirtschaft Bilanz zur vergangenen Legislaturperiode gezogen. Und sie sagen voraus, welche Vorhaben auf die Branche zukommen.

Christian Kemper

27-04-2019 | Issue 4/2020

Reciprocity in bank regulatory reforms and income inequality: first evidence from a panel vector autoregression analysis

Our study examines the dynamics between variations in bank regulatory policies and the income distribution, using an IMF database of quantified measures for financial reforms as well as the Standardized World Income Inequality Database. The …

Lea Steininger, Michael Sigmund

25-04-2019 | Original Research | Issue 3/2020 Open Access

Bank competition, information specialization and innovation

Complementary to rich existing evidence on bank competition and corporate innovation, this paper aims to investigate the impacts of bank competition on innovation efficiencies, in terms of both R&D input and output at firm level. By acknowledging …

Lin Tian, Liang Han, Biao Mi

15-04-2019 | Issue 4/2020

Do banking sector and stock market development matter for economic growth?

Financial development as a concept is multifaceted with no clear measurement or definition. Inference via individual proxies may result in an incomplete understanding of the relationship between financial development and economic growth, since …

Joshua Cave, Kausik Chaudhuri, Subal C. Kumbhakar

15-04-2019 | Issue 4/2020

GAS Copula models on who’s systemically important in South Africa: Banks or Insurers?

This paper makes use of the generalized autoregressive score (GAS) Copula model to estimate the Conditional Value at Risk (CoVaR) measure of systemic risk. The proposed measure of systemic risk considers the score of the conditional density as the …

Mathias Mandla Manguzvane, John Weirstrass Muteba Mwamba

03-04-2019 | Issue 2/2020 Open Access

The Banks that Said No: the Impact of Credit Supply on Productivity and Wages

This paper estimates the effects of changes in bank credit supply on the real economy. We use UK firm-level data around the global financial crisis and information on pre-existing bank lending relationships to isolate exogenous credit supply …

Jeremy Franklin, May Rostom, Gregory Thwaites

01-04-2019 | Original Research | Issue 3/2020

Securitized banking and interest rate sensitivity

Gorton and Metrick (J Financ Econ 104:425–451, 2012) coin the term “securitized banking” to refer to the combination of asset securitization activity along with the use of collateral to raise funds in the repo market. To examine securitized …

Brian Du

20-03-2019 | Regular Article | Issue 3/2020

Macroprudential regulation for a dynamic Chinese banking system with a scale-free network

The frequent global financial crises in recent years show that it is necessary to implement macroprudential regulation for the banking system. At present, quantitative research on the macroprudential regulation for the dynamic Chinese banking …

Qianqian Gao, Hong Fan

07-03-2019 | Original Research | Issue 2/2020

Systemic risk-shifting in U.S. commercial banking

This paper puts forward the proposition that U.S. commercial banks use dividends as a mechanism to shift systemic risk to debt-holders and the deposit insurer. Using a mixed data sampling modeling approach, it is shown that monthly systemic risk …

Angelos Kanas, Panagiotis D. Zervopoulos

02-03-2019 | Original Research | Issue 3/2020

Shari’ah-compliant Sukuk versus conventional bond announcements: is there a wealth effect?

We employ standard event study methodology to examine the stock price reaction to the issuance announcements of 237 Islamic bonds (Sukuk) versus 231 conventional bonds issued in twelve financial markets from 2005 to 2017. We further examine the …

Ghadeer Khartabiel, Ahmad Abu-Alkheil, Tunku Salha Tunku Ahmad, Walayet Khan

25-02-2019 | Open Forum | Issue 1/2020

Artificial intelligence: consciousness and conscience

Our society is in the middle of the AI revolution. We discuss several applications of AI, in particular medical causality, where deep-learning neural networks screen through big data bases, extracting associations between a patient’s condition and …

Gunter Meissner

22-02-2019 | Regular Paper | Issue 6/2019 Open Access

Modeling compliance specifications in linear temporal logic, event processing language and property specification patterns: a controlled experiment on understandability

Mature verification and monitoring approaches, such as complex event processing and model checking, can be applied for checking compliance specifications at design time and runtime. Little is known about the understandability of the different …

Christoph Czepa, Amirali Amiri, Evangelos Ntentos, Uwe Zdun

06-02-2019 | Aufsätze | Issue 4/2019

Potential, Erfolge und Herausforderungen der Agenten-basierten Modellierung in den Wirtschaftswissenschaften

Dieser Artikel diskutiert die Anwendung von Agenten-basierten Modellen in der volkswirtschaftlichen Forschung. Es wird eine kurze Einführung in die ökonomische Analyse mittels Agenten-basierter Modelle gegeben und die Entwicklung der …

Herbert Dawid

01-02-2019 | Regular Article | Issue 3/2019

Exchange rate dynamics under limits of arbitrage and heterogeneous expectations

Following the failure of Lehman Brothers in September 2008, with the liquidity drying up in the interbank lending markets, the scope for short-term arbitrage in forex markets has reduced substantially. Increased counterparty risk and strengthening …

Soumya Datta

29-01-2019 | Regular Article | Issue 2/2019

The length of the trading day and trading volume

As the financial literature has documented, trading volume is generally affected by information releases, extreme returns, herd instinct, overconfidence, panic and volatility. In this study, we provide further empirical evidence that the extension …

Mahmoud Qadan, David Y. Aharon

29-01-2019 | Original Article | Issue 1/2019

Net Stable Funding Ratio and Liquidity Hoarding

As a component of the liquidity requirements of Basel III, the Net Stable Funding Ratio (NSFR) seeks to limit the maturity transformation of banks. This paper examines whether the NSFR affects the inefficient precautionary liquidity hoarding of …

Martin Windl

02-01-2019 | Issue 2/2019

Demystifying Yield Spread on Corporate Bonds Trades in India

This paper aims to study the dynamics of corporate bond yield spread in India, and attempted to identify the possible determinants: bonds’ liquidity, credit quality and therefore their yield spreads. A large sample of daily corporate bond trade …

Kedar nath Mukherjee

01-12-2018 | Research | Issue 1/2018 Open Access

A real options model for loan portfolios of actively traded Philippine universal banks

This study applies Real Options Theory to banking in the environment of actively traded Philippine Universal Banks. These banks exist in an environment of imperfect information with regard to lending, and a country where credit scarcity impedes …

Jackson J. Tan, Fernando L. Trinidad

30-11-2018 | Issue 4/2019

On the incidence of bank levies: theory and evidence

In the aftermath of the financial crisis, several European countries have introduced levies on bank liabilities. The aim is to compensate taxpayers for the provision of bailouts and guarantees and to internalize the fiscal costs of future banking …

Michael Kogler

01-11-2018 | Analysen und Berichte | Issue 11/2018

Entwicklungen am Wohnimmobilienmarkt der USA seit der Subprime-Krise

Zehn Jahre nach Beginn der Subprime-Krise übersteigen die Wohnimmobilienpreise in den USA leicht den Höchststand des vorherigen Booms. Sowohl das Hauspreis- wie auch das Kreditwachstum bleiben bislang jedoch unter ihrer damaligen Dynamik zurück …

Michael Richter, Laura Schupp

20-10-2018 | Issue 3/2019

Liquidity Creation and Bank Capital

This paper aims to evaluate the relationship between capital and liquidity creation following the implementation of the Basel III rules. These regulatory measures target both increased capital ratios and a reduction of banks’ maturity …

Barbara Casu, Filippo di Pietro, Antonio Trujillo-Ponce

12-10-2018 | Issue 3/2019 Open Access

Regulation and Bankers’ Incentives

We study the effects of minimum capital requirements, capital buffers, liquidity regulation and loan loss provisions on the incentives of bankers to exert effort and take excessive risk. These regulations impact differently the behavior of …

Fabiana Gómez, Jorge Ponce

01-10-2018 | Branchendiskussion | Issue 10/2018

Ist nach dem Crash vor dem Crash?

Zehn Jahre nach dem Höhepunkt der weltweiten Finanzkrise kämpfen Aufseher und Kreditinstitute noch immer mit den Auswirkungen. Zudem mehren sich die Stimmen von Experten, die vor neuen Gefahren warnen.

Bianca Baulig

26-09-2018 | Issue 2/2020

Foreign Exchange Manipulation and the Equity Returns of Global Banks

We investigate the valuation effects of foreign exchange manipulation for seven systemically important banks that settled with regulators and legal authorities. The seven settlement banks suffer a total market value loss of $48 billion that far …

Aigbe Akhigbe, Bhanu Balasubramnian, Ann Marie Whyte

01-09-2018 | Strategie | Issue 9/2018

Weitblick bewahren angesichts niedriger Zinsen

Die expansive Geldpolitik in Europa hat bei Banken und Sparkassen tiefe Spuren hinterlassen. Um dem Ertragsrückgang entgegenzuwirken, strukturieren sie ihre Eigenanlage um. Welche Investments noch Rendite versprechen.

François Baumgartner, Jan F. Wagner

23-08-2018 | Regular Article | Issue 4/2019

Agent-based modeling of systemic risk in the European banking sector

In this paper, we use an agent-based simulation combined with innovative calibration techniques to model the European banking system as accurately as possible. Our novel contribution to the recent literature involves adding bank heterogeneity to …

Petr Teply, Tomas Klinger

09-08-2018 | Original Research | Issue 1/2019

Bank capital structure, capital requirements and SRISK across bank ownership types and financial crisis: panel VAR approach

This paper analyzes the simultaneous and dynamic multi-directional interrelationships between bank capital structure, capital requirements and SRISK (systemic risk) across the bank ownership type—foreign and domestic banks—and the financial …

Sameh Jouida

02-08-2018 | Issue 2/2020 Open Access

Intertemporal diversification of sub-sovereign debt

This paper presents a comprehensive empirical analysis of the debt maturity structure of the Swedish municipal sector. The Swedish municipal debt portfolio is characterized by a short maturity structure and an asset-liability mismatch that poses …

David Knezevic

01-08-2018 | Zeitgespräch | Issue 8/2018

Zehn Jahre nach der Lehman-Pleite — Finanzmärkte stabil?

Die Pleite der Investmentbank Lehman Brothers am 15. September 2008 löste eine globale Finanzkrise aus. Dies kann als außergewöhnliches Ereignis interpretiert werden, aber auch als eine Krise des Systems.

Martin Hellwig, Jochen Zimmermann, Mechthild Schrooten, Hans-Peter Burghof, Stephan Schulmeister

18-06-2018 | Issue 4/2019

International funding cost and heterogeneous mortgage interest-rate pass-through: a bank-level analysis

This study examines the transmission of the cost-of-funds rates, domestically and internationally, to owner-occupied housing interest rates at the bank level for the period 2002(7)–2015(12) in Australia. Three main issues, cross-sectional …

Quynh Chau Pham Holland, Benjamin Liu, Eduardo Roca

11-06-2018 | Original Research Paper | Issue 2/2018

Optimal management of immunized portfolios

We generalize the contribution of Fong and Vasicek (Financ Anal J 39:73–78, 1983a; Innov Bond Portf Manag Durat Analy Immun 1983:227–238, 1983b; J Financ 39:1541–1546, 1984) by developing a risk-return optimization problem for immunized life …

Riccardo Cesari, Vieri Mosco

06-06-2018 | Original Article | Issue 3/2018

Individuals’ Perception and Processing of Risk Information: Exploratory Evidence from Germany

This paper presents a first exploratory study to analyze private investors’ perceptions regarding risk reporting. With the help of think-aloud protocols, we gain insight into how and to what extent readers perceive risk information of a German …

Kathrin Kureck, Susanne Homölle

02-06-2018 | Issue 1/2019

Bank lending and loan quality: an emerging economy perspective

This paper analyses how non-performing loans (NPLs) in the emerging economy of India behave through the cycle. We find that a one-percentage point increase in loan growth is associated with an increase in NPLs over total advances (NPL ratio) of …

Pallavi Chavan, Leonardo Gambacorta

01-05-2018 | Issue 2/2019

Credit Value Adjustment with Market-implied Recovery

We present a model for CVA calculation in which the recovery rate is inferred from the term structure of CDS spreads. The negative relation between recovery rates and default probabilities induces a substantial underestimation of the CVA when …

Pascal François, Weiyu Jiang

18-04-2018 | Issue 2-3/2018

The Evolving Complexity of Capital Regulation

This article traces the growing complexity of capital regulation with emphasis on decisions of the Basel Committee on Banking Supervision and bank regulators in the US. The pattern is one of increasingly complex regulations as each round of reform …

Richard J. Herring

18-04-2018 | Issue 2-3/2018

Financial Stability and Resolution of Federal Reserve Goal and Implementation Conflicts

The Federal Reserve has been assigned the goal of fostering financial stability along with its monetary policy goals of maximum employment and stable prices. This paper considers whether the financial stability and monetary policy goals have …

Robert A. Eisenbeis, Simon Kwan, Larry Wall

18-04-2018 | Issue 2-3/2018

The Interplay among Financial Regulations, Resilience, and Growth

Interconnectedness has been an important source of market failures, leading to the recent financial crisis. Large financial institutions tend to have similar exposures and thus exert externalities on each other through various mechanisms.

Franklin Allen, Itay Goldstein, Julapa Jagtiani

17-04-2018 | Original Paper | Issue 1/2018 Open Access

Access to banks and external capital acquisition: perceived innovation obstacles

We examine whether low access to banks is perceived as problematic when obtaining financial capital for innovation activities. Data on innovation obstacles from the Swedish Community Innovation Survey are combined with geo-coded data at the firm …

Mikaela Backman, Tina Wallin

01-04-2018 | Titel | Issue 5/2018

Großinstitute trifft es am härtesten

Die Reform des Baseler Regelwerks, bekannt als Basel IV, lässt insbesondere für systemrelevante Banken in Europa die Kapitalanforderungen steigen. Kleinen Geldhäusern winken hingegen Erleichterungen. Wie sich die Vorgaben auswirken, hängt von der Umsetzung hierzulande ab. Um die Institute nicht zu schwächen, muss auf die Homogenität der Vorschriften geachtet werden.

Stefan Terliesner

01-04-2018 | Analysen und Berichte | Issue 4/2018

Clearing von außerbörslichen Euro-Derivaten

Wie teuer wäre eine Relokation in die EU nach dem Brexit?

Auf dem G20-Gipfel wurde 2009 beschlossen, dass insbesondere OTC-Derivate-Transaktionen künftig überwiegend über Zentrale Gegenparteien (Central Counterparties) abgewickelt werden sollten. Weltweit beträgt das pro Jahr abgewickelte Volumen von …

Volker Brühl

06-03-2018 | Original Research | Issue 2/2019

Testing for the underlying dynamics of bank capital buffer and performance nexus

This paper reveals the underlying dynamics between the capital buffer and bank performance in EU-27 countries. A dynamic panel analysis shows that capital buffer is significantly affected by bank performance and risk exposure. Remarkably, a …

Anachit Bagntasarian, Emmanuel Mamatzakis

20-02-2018 | Original Research | Issue 1/2019

How local is local? Evidence from bank competition and corporate innovation in U.S.

This paper aims to fill in a research gap in the effects of bank competition on corporate innovation. In addition to the evidence on the favorable effects of bank competition on corporate innovation, this paper shows novel evidence on the …

Lin Tian, Liang Han

01-02-2018 | Focus | Issue 16/2018

Evaluation research on commercial bank counterparty credit risk management based on new intuitionistic fuzzy method

Over the past few years, the world economy is still in a profound adjustment stage after financial crisis, and it will continue to maintain a “New Mediocre” situation. It is clear that multiple risk factors, such as the issue of Brexit and …

Qian Liu, Chong Wu, Lingyan Lou

01-01-2018 | Schwerpunkt | Issue 1/2018

„Methodisch gibt es einiges, was Unter nehmen von Banken lernen könnten“

Kaum eine Branche beschäftigt sich so intensiv mit Risiko-Management wie die Banken. Risiko-Management-Experte Andreas Peter erzählt von Erfahrungen der Branche, zu denen auch Auswüchse und Überregulierung gehören. Für Unternehmen können diese …

Jürgen Weber

28-12-2017 | Original Research | Issue 4/2018

Board composition, monitoring and credit risk: evidence from the UK banking industry

This paper examines the effects of board composition and monitoring on the credit risk in the UK banking sector. The study finds CEO duality, pay and board independence to have a positive and significant effect on credit risk of the UK banks.

Jia Lu, Agyenim Boateng

15-12-2017 | Issue 1/2019

Effects of economic variables on NPLs depending on the economic cycle

Late payments are a major problem for Spanish banks. This paper studies as determinants of loan delinquency: unemployment, interest rates, inflation, housing prices, leverage, bad debt coverage and solvency, which were the main problems facing the …

Salvador Climent-Serrano

11-12-2017 | Regular Article | Issue 2/2020

Combining monetary policy and prudential regulation: an agent-based modeling approach

This paper explores the interaction between monetary policy and prudential regulation in an agent-based modeling framework. Firms borrow funds from the banking system in an economy regulated by a central bank. The central bank carries out monetary …

Michel Alexandre, Gilberto Tadeu Lima

08-12-2017 | Issue 3/2018

A nonlinear interval portfolio selection model and its application in banks

In classical Markowitz’s Mean-Variance model, parameters such as the mean and covariance of the underlying assets’ future return are assumed to be known exactly. However, this is not always the case. The parameters often correspond to quantities …

Dawen Yan, Yaxing Hu, Kinkeung Lai

01-12-2017 | Issue 12/2017


Springer Fachmedien Wiesbaden

01-12-2017 | Analysen und Berichte | Issue 12/2017

Chicago Plan und Vollgeld als Alternative zum Kreditgeld: ein Weg zu stetigem Wachstum?

Die gemeinsame Grundidee von Chicago Plan Revisited, Positive Money und Vollgeld ist es, zu verhindern, dass Geschäftsbanken im Zuge der Kreditvergabe oder des Ankaufs von Vermögenswerten Geld schaffen. Der Autor untersucht mögliche Konsequenzen …

Olaf Schlotmann

01-11-2017 | Strategie | Issue 11/2017

Kleinen Instituten die Last abnehmen

Die Debatte über die Small Banking Box gewinnt an Fahrt. Finanzministerium und Bundesbank rühren kräftig die Werbetrommel. Doch in der Europäischen Union stößt der deutsche Vorschlag noch auf Unverständnis.

Stefan Terliesner

24-10-2017 | Research Article | Issue 1/2018

Systemic risk in Europe: deciphering leading measures, common patterns and real effects

The paper studies salient features of systemic risk in a sample of 22 European (EU and non-EU) countries during January 2010–March 2016. Building on a novel dataset and conducting an empirical horse race, we determine pivotal systemic risk …

Mikhail Stolbov, Maria Shchepeleva

14-10-2017 | Original Research Paper | Issue 2/2017 Open Access

Solvency II solvency capital requirement for life insurance companies based on expected shortfall

This paper examines the consequences for a life annuity insurance company if the solvency II solvency capital requirements (SCR) are calibrated based on expected shortfall (ES) instead of value-at-risk (VaR). We focus on the risk modules of the …

Tim J. Boonen

12-10-2017 | Issue 3/2020 Open Access

Is Financial Regulation Good or Bad for Real Estate Companies? – An Event Study

This study investigates how three regulatory reforms undertaken in the aftermath of the global financial crisis have affected returns of real estate companies. The three reforms are aimed at regulating different segments of the market – Basel III …

Martin Hoesli, Stanimira Milcheva, Alex Moss

01-10-2017 | Analysen und Berichte | Issue 10/2017

Abweichungen von der gedeckten Zinsparität: Erklärung anhand der Euro-/US-Dollar-Basis

Die gedeckte Zinsparität gilt als eine der am weitesten verbreiteten Theorien auf den internationalen Finanzmärkten. Sie bildet aufgrund von Arbitrageüberlegungen einen Zusammenhang zwischen der Zinsdifferenz zweier Länder und der erwarteten …

Jonas Schlegel, Patrick Weiß

01-10-2017 | Analysen und Berichte | Issue 10/2017

Aufschwung in Deutschland weiter kräftig — Anspannungen nehmen zu

Der Aufschwung der deutschen Wirtschaft hat an Stärke und Breite gewonnen. In einigen Segmenten, so am Arbeitsmarkt, machen sich inzwischen sogar erste Zeichen einer Anspannung bemerkbar. Neben den Konsumausgaben tragen nun auch die Investitionen …

Roland Döhrn, Ferdinand Fichtner, Oliver Holtemöller, Stefan Kooths, Timo Wollmershäuser

30-09-2017 | Issue 4/2017

Bank earnings and regulatory capital management using available for sale securities

Based on a large sample of publicly listed and non-listed US commercial banks from 1996 to 2011, we find robust evidence consistent with banks using realized available for sale (AFS) securities gains and losses to smooth earnings and increase low …

Mary E. Barth, Javier Gomez-Biscarri, Ron Kasznik, Germán López-Espinosa

01-09-2017 | Analysen und Berichte | Issue 9/2017

Die aktuelle Kritik an der makroökonomischen Geldtheorie

Eine universelle Übereinkunft darüber, was Geld eigentlich ist, gibt es nicht. Geld wird in einem Prozess geschöpft, an dem die Zentralbank, Geschäftsbanken und Haushalte, der Staat und Unternehmen beteiligt sind. Deren Rolle wurde im …

Georg Quaas

09-08-2017 | Original Research | Issue 4/2018

A macroeconomic reverse stress test

Reverse stress tests are a relatively new stress test instrument that aims at finding exactly those scenarios that cause a bank to cross the frontier between survival and default. Afterward, the scenario which is most probable has to be …

Peter Grundke, Kamil Pliszka

04-08-2017 | Issue 3/2017

Merton Model and Capital Measurement in Commercial Banks: A Case Study of Selected Emerging Countries in Southeast Asia

Following the implementation of Basel III criteria concerning the supervision of banks capital, this paper attempts to examine the competence of Merton-type probability of default as an indicator for measuring optimal capital in commercial banks …

Mohammadreza Janvisloo Alizadeh, Reza Sherafatian-Jahromi

01-08-2017 | Zeitgespräch | Issue 8/2017

Wie geht es mit dem Brexit weiter?

Nach der Wahl vom Juni 2017 in Großbritannien sind die Verhandlungen mit der EU nicht einfacher geworden. Die ersten beiden Verhandlungsrunden haben noch keine Ergebnisse gebracht. Es wird bis Ende März 2019, dem vom EU-Recht vorgegebenen …

Paul J. J. Welfens, Michael Hüther, Matthias Diermeier, Gabriel Felbermayr, Jasmin Gröschl, Karsten Nowrot, Andreas Grimmel

26-07-2017 | Regular Article | Issue 1/2018

Early warning indicators and macro-prudential policies: a credit network agent based model

Credit network configurations play a crucial role in determining the vulnerability of the economic system. Following the network-based financial accelerator approach, we constructed an agent based model reproducing an artificial credit network …

Ermanno Catullo, Antonio Palestrini, Ruggero Grilli, Mauro Gallegati

07-07-2017 | Abhandlung | Issue 1/2017

Finanzmarktwächter: Über die Synchronisation von Politik und Ökonomie

Der Artikel untersucht aus der Perspektive einer akteurzentrierten Differenzierungstheorie, wie politische Entscheidungen und finanzökonomische Entwicklungen zeitlich koordiniert werden. Zur Beantwortung dieser Forschungsfrage entwickelt der …

Ulf Bohmann, Henning Laux

31-05-2017 | Original Research | Issue 3/2018

Financial statements based bank risk aggregation

One of the major challenges involved in risk aggregation is the lack of risk data. Recently, researchers have found that mapping financial statements into risk types is a satisfactory way to resolve the problem of data shortage and inconsistency.

Jianping Li, Lu Wei, Cheng-Few Lee, Xiaoqian Zhu, Dengsheng Wu

23-05-2017 | Research Paper | Issue 4/2017

Meta Modeling for Business Process Improvement

Conducting business process improvement (BPI) initiatives is a topic of high priority for today’s companies. However, performing BPI projects has become challenging. This is due to rapidly changing customer requirements and an increase of …

Dr. Florian Johannsen, Prof. Dr. Hans-Georg Fill

10-05-2017 | Issue 3/2017

Risk bounds for factor models

Recent literature has investigated the risk aggregation of a portfolio X = ( X i ) 1 ≤ i ≤ n $X=(X_{i})_{1\leq i\leq n}$ under the sole assumption that the marginal distributions of the risks X i $X_{i} $ are specified, but not their dependence …

Carole Bernard, Ludger Rüschendorf, Steven Vanduffel, Ruodu Wang

22-03-2017 | State-of-the-Art | Issue 1/2017

Family businesses and non-family equity: literature review and avenues for future research

Family firms commonly prefer internal funding and retention of control. Under certain circumstances, however, equity investments from outside the family can be a relevant alternative source of capital. To facilitate further knowledge about the …

Felix K. Thiele

01-03-2017 | Analysen und Berichte | Issue 3/2017

Der Transmissionsmechanismus der Geldpolitik

Warum springt die Kreditvergabe nicht an?

Seit dem Ausbruch der Finanzkrise hat die Europäische Zentralbank (EZB) ihren Leitzins bis auf 0% gesenkt, und über diverse Wertpapierankaufprogramme pumpt sie in bisher nie dagewesener Form Geld in die Märkte. Damit hat die EZB zwar ihr Ziel, das …

Daniel Hagemann, Monika Wohlmann

01-03-2017 | Neues Wachstum | Special Issue 1/2017

Wachstumsschwäche, Bankenmalaise und Bankenregulierung

The paper contributes to the ongoing discussion about appropriate policies towards banks when economic growth is lagging. Whereas the European Commission and representatives of the German government argue that strict banking regulation harms …

Martin Hellwig

27-02-2017 | Issue 2/2017

Green Project Bonds als finanzielle Alternative für Energieunternehmen

Die Neuausrichtung der Energiepolitik mitsamt der Forcierung Erneuerbarer Energien (EE) hat die Wettbewerbsbedingungen für die Unternehmen der Energiewirtschaft tiefgreifend verändert. Die resultierenden Herausforderungen haben in den vergangenen …

Dipl.-Kffr. Sylvia Richter, Univ.-Prof. Dr. Andreas Horsch

25-02-2017 | Issue 3/2018

Institutions and Deposit Insurance: Empirical Evidence

Do banks’ responses to changes in deposit insurance vary across countries even if the countries have comparable institutions? If so, by how much? Using data on the financial performance of large banks in 15 financially and economically developed …

Kathryn L. Dewenter, Alan C. Hess, Jonathan Brogaard

21-02-2017 | Original Article | Issue 2/2018

Credit Risk Capital Estimation Under IRB Approach for Banks in India

In this paper, an attempt is made to estimate credit risk capital charge for public sector and private sector banks in India for the period from 2007–2008 to 2013–2014 under advanced internal rating based (AIRB) approach using Basel risk weight …

Richa Verma Bajaj

01-02-2017 | BANKMAGAZIN-Gespräch | Issue 2-3/2017

„Wir betreiben keine Bankstrukturpolitik“

Andreas Dombret, Vorstandsmitglied der Deutschen Bundesbank, über die Digitalisierung von Kreditinstituten aus dem Blickwinkel der Finanzaufsicht, Vorschriften für Fintechs und Erleichterungen bei der Regulierung.

Springer Fachmedien Wiesbaden

01-02-2017 | State-of-the-Art | Issue 1/2017

Family businesses and non-family equity: literature review and avenues for future research

Family firms commonly prefer internal funding and retention of control. Under certain circumstances, however, equity investments from outside the family can be a relevant alternative source of capital. To facilitate further knowledge about the …

Felix K. Thiele

01-01-2017 | Titel | Issue 1/2017

Den Kopf über Wasser halten

Die gute Nachricht für Geldhäuser hierzulande lautet, dass die deutsche Wirtschaft im kommenden Jahr weiter wächst. Die schlechte Nachricht ist, dass Banken mit einer weiteren Flut an Vorschriften internationaler Gremien rechnen müssen. Die …

Jan F. Wagner

22-12-2016 | Original Research | Issue 4/2017

Copula-based factor model for credit risk analysis

A standard quantitative method to assess credit risk employs a factor model based on joint multivariate normal distribution properties. By extending the one-factor Gaussian copula model to produce a more accurate default forecast, this paper …

Meng-Jou Lu, Cathy Yi-Hsuan Chen, Wolfgang Karl Härdle

11-11-2016 | Issue 4/2016

Assessing financial distress dependencies in OTC markets: a new approach using trade repositories data

In this paper, we study the relationships among financial market sub-segments as a way to identify potential financial distress through increased co-movements among them. To study how sub-markets are mutually co-dependent, we combine granular data …

Michele Bonollo, Irene Crimaldi, Andrea Flori, Laura Gianfagna, Fabio Pammolli

03-11-2016 | Regular Article | Issue 2/2018

A survey of network-based analysis and systemic risk measurement

The financial crisis led to a number of new systemic risk measures and a renewed concern over the risk of contagion. This paper surveys the systemic risk literature with a focus on the importance of contributions made by those emphasizing a …

Andre R. Neveu

01-11-2016 | Branchendiskussion | Issue 11/2016

Deutsche Großbanken müssen kämpfen

▪ Geldinstitute stehen unter massivem Druck, denn das Dauerzinstief lässt ihre Erträge abschmelzen. ▪ Commerzbank und Deutsche Bank haben einen großen Teil ihres Börsenwerts verloren. Das Misstrauen der Investoren gegenüber den beiden Häusern ist …

Carmen Mausbach

10-10-2016 | Schwerpunktthema | Issue 2-3/2016

The effect of CSR on the media reputation of the Swiss banking industry before and after the financial crisis 2008

This paper examines the effect of CSR on the media reputation of corporations in crisis periods. As research object the media coverage of the Swiss banking industry before and after the financial crisis 2008 was selected. The method applied was a …

Daniel Vogler, Angelo Gisler

01-10-2016 | Issue 2/2016

Are Banks’ Internal Risk Parameters Consistent? Evidence from Syndicated Loans

Syndicated loans provide an exceptional opportunity to study differences in banks’ approaches to measuring risk because many of these loans are held by more than one bank. We study differences in banks’ estimates of risk parameters used to …

Simon Firestone, Marcelo Rezende

23-09-2016 | Issue 1/2018

Withdrawal from Foreign Lending in the Financial Crisis by Parent Banks and Their Branches and Subsidiaries: Supply Versus Demand Effects

This study investigates the different channels through which internationally active banks can provide loans abroad. Using data on German banks from 2002 to 2010, we contrast determinants for cross-border lending by the parent bank with lending by …

Rainer Frey, Cornelia Kerl, Alexander Lipponer

01-09-2016 | Issue 3/2016 Open Access

Interactive computations: toward risk management in interactive intelligent systems

Understanding the nature of interactions is regarded as one of the biggest challenges in projects related to complex adaptive systems. We discuss foundations for interactive computations in interactive intelligent systems (IIS), developed in the …

Andrzej Skowron, Andrzej Jankowski

31-08-2016 | Issue 1/2018

Bank Contingent Capital: Valuation and the Role of Market Discipline

This paper develops a structural model to evaluate contingent capital notes (CCN) of Basel III under alternative regulatory closure rules. Our dynamic model has a fixed default barrier and at specific discrete time points an additional higher …

Chia-Chien Chang, Min-Teh Yu

01-08-2016 | Finanzsystem | Issue 8/2016

Makroprudenzielle Politik

Makroprudenzielle Politik hat das Ziel, die Stabilität des Finanzsystems zu überwachen und zu sichern. Systemrisiken entstehen, wenn Schieflagen in Teilen des Finanzsystems die Funktionsweise der Finanzmärkte und damit die realwirtschaftliche …

Claudia M. Buch, Jens Reich, Benjamin Weigert

01-08-2016 | Finanzsystem | Issue 8/2016

Regulierung der EU-Finanzmärkte

Nach der Finanz-, Wirtschafts- und Verschuldungskrise sind erhebliche Regulierungsanstrengungen unternommen worden, um die Finanzmärkte robust zu machen. Nicht alle sind zielführend. So lässt sich beispielsweise der einheitliche …

Dorothea Schäfer

26-07-2016 | Issue 5/2017

Automatic classification of data-warehouse-data for information lifecycle management using machine learning techniques

The aim of Information Lifecycle Management (ILM) is to govern data throughout its lifecycle as efficiently as possible and effectively from technical points of view. A core aspect is the question, where the data should be stored, since different …

Sebastian Büsch, Volker Nissen, Arndt Wünscher

12-07-2016 | Issue 4/2017

Resolving small random symmetric linear systems on graphics processing units

This paper focuses on the resolution of a large number of small random symmetric linear systems and its parallel implementation in single precision on graphics processing units (GPUs). The computations involved by each linear system are …

L. A. Abbas-Turki, S. Graillat

01-07-2016 | Vertrieb | Issue 7-8/2016

Bunte Mischung ist für Kunden von Vorteil

Bei der Aufnahme von Darlehen können Privatleute und Unternehmer aus vielen Töpfen schöpfen. Dabei übersehen sie häufig die staatlichen Förderangebote. Bankmitarbeiter sollten daher gezielt darauf eingehen.

Elke Pohl

01-07-2016 | Analysen und Berichte | Issue 7/2016

Die aktuellen Entwicklungen der Bankenaufsicht im Lichte der Stabilität des Finanzsystems

Die globale Finanzkrise hat deutlich gezeigt, dass der Banken- und Finanzsektor angemessen reguliert werden muss. Dabei kommt es vor allem darauf an, die Stabilität des Finanzsystems zu sichern. Die Autoren gehen zunächst der Frage nach, was unter …

Mario Straßberger, Larysa Sysoyeva

20-06-2016 | Original Research | Issue 1/2017

Application of multi-level matching between financial performance and corporate social responsibility in the banking industry

This study applies a new matching method to examine the old yet debatable idea that high corporate social responsibility (CSR) is associated with improved bank financial performance (FP). The conventional matching method focuses on one treatment …

Meng-Wen Wu, Chung-Hua Shen, Ting-Hsuan Chen

01-06-2016 | Issue 2-3/2016

A Top-down Approach to Stress-testing Banks

We propose a simple, parsimonious, and easily implementable method for stress-testing banks using a top-down approach that captures the heterogeneous impact of shocks to macroeconomic variables on banks’ capitalization. Our approach relies on a …

Pavel Kapinos, Oscar A. Mitnik

01-06-2016 | Issue 2-3/2016

Enhancing Prudential Standards in Financial Regulations

The financial crisis has generated fundamental reforms in the financial regulatory system in the U.S. and internationally. Much of this reform was in direct response to the weaknesses revealed in the pre-crisis system. The new “macroprudential” …

Franklin Allen, Itay Goldstein, Julapa Jagtiani, William W. Lang

01-06-2016 | Original Paper | Issue 2/2016 Open Access

Interactive granular computing

Decision support in solving problems related to complex systems requires relevant computation models for the agents as well as methods for reasoning on properties of computations performed by agents. Agents are performing computations on complex …

Andrzej Skowron, Andrzej Jankowski, Soma Dutta

01-06-2016 | Zeitgespräch | Issue 6/2016

EU vor der Zerreißprobe – wie sieht die gemeinsame Zukunft aus?

Innerhalb der Europäischen Union macht sich zunehmend Nationalismus breit. Dies wird sichtbar an der Uneinigkeit über die Flüchtlingspolitik und die Rettungspakete sowie am Stimmengewinn antieuropäischer Parteien. Das Referendum in Großbritannien …

Gisela Müller-Brandeck-Bocquet, Jürgen Neyer, Daniela Schwarzer, Jens Hölscher, Horst Tomann

01-06-2016 | Schwerpunkt | Issue 3/2016

Fintechs im Kreditgeschäft — wenn etablierte Akteure sich bedroht sehen

Die Finanzbranche ist durch IT-Startups (Fintechs) zunehmend neuer Konkurrenz ausgesetzt, die aufgrund geringer regulatorischer Auflagen flexibler agieren kann als etablierte Banken. Insbesondere bieten innovative Unternehmen Dienstleistungen an …

Prof. Dr. Matthias Schumann, Aaron Mengelkamp

25-05-2016 | Issue 2/2017

The Poverty Penalty and Microcredit

A poverty penalty arises when the poor pay more than the non-poor to access goods and services. An example is the cost to access credit. Microfinance Institutions (MFIs) usually explain their high interest rates on the grounds of the high risk …

Begoña Gutiérrez-Nieto, Carlos Serrano-Cinca, Beatriz Cuéllar-Fernández, Yolanda Fuertes-Callén

11-05-2016 | Original Paper | Issue 8/2016

Revisiting Basel risk weights: cross-sectional risk sensitivity and cyclicality

We empirically assess the sensitivity of Basel risk weights to bank portfolio risk and the business cycle. With our econometric model, we distinguish between cross-sectional risk sensitivity and longitudinal risk sensitivity (cyclicality) of the …

Rainer Baule, Christian Tallau

01-05-2016 | Strategie | Issue 6/2016

Finanzmärkte und soziale Nachhaltigkeit im Spannungsverhältnis

Eine unzureichende Regulierung kann Ungleichgewichte verschärfen. Privaten Gewinnen stehen dann soziale Verluste gegenüber. Deshalb sollte sich die Aufsicht auf eine bessere Gläubigerhaftung, die Vermeidung von Moral Hazard sowie die Bekämpfung …

Dr. Christian Hecker

01-05-2016 | Geschäftsfelder | Issue 6/2016

Institutionelle müssen mehr Risiken eingehen

Zinsstrategien bringen kaum mehr Erträge. Höhere Renditen können Geldinstitute im Treasury mit Aktien und alternativen Anlagen erzielen, die aber meist weniger liquide sind und mit mehr Eigenkapital unterlegt werden müssen.

Stefan Terliesner

01-05-2016 | Strategie | Issue 6/2016

Verhaltensrisiken sorgen für große Kapitallücken

Der aktuelle Stresstest unterscheidet sich deutlich von seinem Vorgänger. Es werden keine Mindestkapitalquoten angesetzt, dafür unterziehen die Prüfer die Institute einem Benimm-Check. Allein deshalb dürfte die Belastungsprobe Mängel in der …

Stefan Terliesner

05-04-2016 | Original Paper | Issue 1/2016

The geography of financial intermediation in Turkey: 1988–2013

This study aims to provide an analysis of the evolution of regional financial inequalities in Turkey over the 1988–2013 period. The theoretical premise of the study is the Keynesian view that the nature and the level of development of the banking …

Ayse Ozden Birkan, Serpil Kahraman Akdogu

01-04-2016 | Issue 2/2016 Open Access

Adapting extreme value statistics to financial time series: dealing with bias and serial dependence

We handle two major issues in applying extreme value analysis to financial time series, bias and serial dependence, jointly. This is achieved by studying bias correction methods when observations exhibit weak serial dependence, in the sense that …

Laurens de Haan, Cécile Mercadier, Chen Zhou

01-04-2016 | Issue 1/2016

Credit valuation adjustment of cap and floor with counterparty risk: a structural pricing model for vulnerable European options

This study develops a structural pricing model based on the Black 76 formula for the evaluation of the credit value adjustment (CVA) of OTC traded caps and floors, which is mandated as an integral part of Basel III. The proposed structural pricing …

Lie-Jane Kao

01-04-2016 | Schwerpunkt | Issue 2/2016

Hoteliers behalten wie Piloten stets ihre Ziele im Blick

Otto Lindner führt sein Hotel-Imperium mit Ideen und Innovationen zum Erfolg. Marode Betriebe bringt sein Sanierer-Team zurück in die Profitabilität
Thorsten Garber

01-04-2016 | Vertrieb | Issue 5/2016

Kunden schätzen Standardlösungen

Immer mehr Kunden kaufen Anlageprodukte über Vergleichsportale. Selbst Finanzprofis suchen zunehmend im Internet nach Angeboten für Kunden. Auf den Plattformen werden jedoch vor allem standardisierte Lösungen vermittelt.

Anja Kühner

01-04-2016 | Titel | Issue 5/2016

Basel kippt Risikomodelle

Die neuen Kapitalanforderungen gehen deutschen Geldhäusern zu weit. Statt die möglichen Verluste aus Kreditausfällen abzufedern, wird das Risikomanagement der Institute geschwächt. Deshalb könnte künftig die Darlehensvergabe restriktiver …

Christian Kemper

31-03-2016 | Issue 1/2018

Managerial Risk-Taking Behavior: A Too-Big-To-Fail Story

We examine the implications of the US government’s too-big-to-fail (TBTF) policy as it has been applied to banks. Using alternative measures of risk, we compare the risk-taking behavior of 11 TBTF banks, identified by the Comptroller of the …

Asghar Zardkoohi, Eugene Kang, Donald Fraser, Albert A. Cannella

01-03-2016 | Issue 1/2016

Usefulness of fair values for predicting banks’ future earnings: evidence from other comprehensive income and its components

This paper examines whether fair value adjustments included in other comprehensive income (OCI) predict future bank performance. It also examines whether the reliability of these estimates affects their predictive value. Using a sample of bank …

Brian Bratten, Monika Causholli, Urooj Khan

01-03-2016 | Analysen und Berichte | Issue 3/2016

Finanzmärkte und (soziale) Nachhaltigkeit – ein schwieriges Verhältnis

Die Finanzmarktregulierung ist auch eine Frage sozialer Nachhaltigkeit. Ist sie unzureichend, können Ungleichgewichte verschärft werden: privaten Gewinnen stehen dann soziale Verluste gegenüber. Trotz der Finanzmarktkrise profitieren Vermögende …

Christian Hecker

04-02-2016 | Issue 1/2017

What Drives Heterogeneity of Cyclicality of Loan-Loss Provisions in the EU?

In the theory of banking, prudent risk management is perceived as being necessary to curb the excessive procyclicality evident in many activities of banks. As banks differ in their risk-management approaches, their sensitivity to the business …

Małgorzata Olszak, Mateusz Pipień, Iwona Kowalska, Sylwia Roszkowska

01-02-2016 | Strategie | Issue 2-3/2016

Das Verhältnis zwischen Staaten und Banken regulieren

Kreditinstitute und Staaten stehen in einer wechselseitigen Abhängigkeit. Ein Vorschlag, wie dieses Geflecht aufzubrechen ist, definiert zentrale Stellschrauben für eine praxistaugliche, anreizkompatible Lösung.

Dr. Carl-Christoph Hedrich, Diplom-Betriebswirt Dominic Hepp

01-01-2016 | Original Paper | Issue 1-2/2016

German Mittelstand bonds: yield spreads and liquidity

We estimate a cross-sectional model of the yield spreads of German Mittelstand bonds as a function of liquidity measures as well as a number of variables that control for both the characteristics of the issuing firm and the bond characteristics. Our …

Sebastian Utz, Martina Weber, Maximilian Wimmer

01-01-2016 | Strategie | Issue 1/2016

Nur beschränkt nachvollziehbar: Länderratings während der Krise im Euroraum

Alle drei großen Ratingagenturen Standard & Poor’s, Moody’s und Fitch haben Griechenland, Irland, Portugal und Spanien während der europäischen Finanzmarkt- und Staatsschuldenkrise signifikant benachteiligt. Dies lässt sich nur zu einem geringen

Steffen Nauhaus, Dorothea Schäfer

01-12-2015 | Issue 3/2015

Banks’ Liquidity Buffers and the Role of Liquidity Regulation

We assess the determinants of banks’ liquidity holdings using data for nearly 7000 banks from 25 OECD countries. We highlight the role of several bank-specific, institutional and policy variables in shaping banks’ liquidity risk management. Our …

Clemens Bonner, Iman van Lelyveld, Robert Zymek

01-12-2015 | Comprehensive Assessment | Issue 4/2015

Funktionsweise und Einschätzung des Comprehensive Assessment

Die Veröffentlichung der Ergebnisse des Comprehensive Assessment im Oktober 2014 durch die Europäische Zentralbank (EZB) markierte den Höhepunkt und Abschluss der bis dato umfassendsten Bilanzprüfung des europäischen Bankensektors. Die Überprüfung …

Prof. Dr. Sascha Steffen, Dipl.-Math. Lea Steinruecke

01-12-2015 | Research | Issue 1/2015 Open Access

An explicit version of the Chebyshev-Markov-Stieltjes inequalities and its applications

Given is the Borel probability space on the set of real numbers. The algebraic-analytical structure of the set of all finite atomic random variables on it with a given even number of moments is determined. It is used to derive an explicit version of …

Werner Hürlimann

01-12-2015 | Wirtschafts- und Sozialkunde | Issue 12/2015

Welche Finanzinstitute unter Beobachtung stehen

Systemrelevante Kreditinstitute sind Banken, deren Pleite eine Gefahr für die Wirtschaft darstellt. Welche Merkmale diese Geldhäuser gemeinsam haben und mit welchen Instrumenten ihre Risiken aufgedeckt werden sollen.

Carmen Mausbach

01-11-2015 | Titel | Issue 12/2015

Mehr Regeln schaffen keine bessere Bank

Einheitliche Finanzregeln sollen Europas Banken stabiler machen. Dabei widersprechen sich einige der neuen Anforderungen. Deutsche Geldhäuser fürchten nun um ihre Wettbewerbsfähigkeit und stemmen sich gegen die Vorgaben von Politik und Aufsicht.

Christian Kemper

01-11-2015 | Analysen und Berichte | Issue 11/2015

Staaten und Banken – ein konkreter Regulierungsvorschlag

In einer Währungsunion mit gemeinsamer Geldpolitik und Bankenaufsicht, aber fehlender Fiskalunion, ist die wechselseitige Abhängigkeit zwischen Banken und Staaten von besonderer Brisanz. Denn die Mitgliedstaaten verschulden sich in einer Währung, übe…

Carl-Christoph Hedrich, Dominic Hepp

01-11-2015 | Bankwirtschaft | Issue 11/2015

Schutz gegen den Zahlungsausfall

Voraussetzung für die Bereitstellung eines Darlehens sind häufig entsprechende Sicherheiten des Kreditnehmers. BANKFACHKLASSE erklärt die wichtigsten Arten.

Tobias Hohberger

01-10-2015 | Issue 4/2015

Aggregation-robustness and model uncertainty of regulatory risk measures

Research related to aggregation, robustness and model uncertainty of regulatory risk measures, for instance, value-at-risk (VaR) and expected shortfall (ES), is of fundamental importance within quantitative risk management. In risk aggregation …

Paul Embrechts, Bin Wang, Ruodu Wang

01-10-2015 | Issue 2/2015

Do Depositors Discipline Banks and Did Government Actions During the Recent Crisis Reduce this Discipline? An International Perspective

The recent financial crisis highlights the importance of both regulatory and market discipline. Government reactions to the crisis included expanding deposit insurance coverage and rescuing troubled institutions, including some institutions that …

Allen N. Berger, Rima Turk-Ariss

01-10-2015 | Analysen und Berichte | Issue 10/2015

Nur beschränkt nachvollziehbar: Länderratings während der Krise im Euroraum

Alle drei großen Ratingagenturen Standard & Poor’s, Moody’s und Fitch haben Griechenland, Irland, Portugal und Spanien während der europäischen Finanzmarkt- und Staatsschuldenkrise signifikant benachteiligt. Dies lässt sich nur zu einem geringen …

Steffen Nauhaus, Dorothea Schäfer

01-09-2015 | Analysen und Berichte | Issue 9/2015

Vollgeld und Full Reserve Banking: die Kritik auf dem Prüfstand – eine Replik

In der Dezemberausgabe 2014 veröffentlichte der Wirtschaftsdienst einen Aufsatz von Martin Sauber und Benedikt Weihmayr zum Vollgeld und Full Reserve Banking. Dazu äußert sich Lino Zeddies als ein Vertreter der deutschen Vollgeldbewegung kritisch und…

Lino Zeddies, Benedikt Weihmayr, Martin Sauber

13-08-2015 | Original Paper | Issue 3/2016

The impact of Basel II on the debt costs of German SMEs

We investigate the ex-post effects of the Basel II reform on the debt costs of German small and medium-sized enterprises (SMEs). We assume that Basel II formalized the credit assessment procedure of banks and that especially SMEs might face higher co…

Alexandra Schindele, Andrea Szczesny

01-08-2015 | Issue 1/2015

Return and Volatility Spillover among Banks and Insurers: Evidence from Pre-Crisis and Crisis Periods

We investigate the return and volatility interdependencies among the US, the UK, the EU, and Japanese banks and insurers during the period of 2003 to 2009. We find strong return and volatility transmissions within and across banking and insurance …

Elyas Elyasiani, Elena Kalotychou, Sotiris K. Staikouras, Gang Zhao

01-08-2015 | Issue 1/2015

Financial liberalization and patterns of international portfolio holdings

International financial markets during the past several decades have been characterized by a significant rise in gross international capital flows, increased prominence of nontraditional financial institutions, and globalization of the banking …

Pedro de Araujo, Olena Mykhaylova, James Staveley-O’Carroll

01-08-2015 | Issue 8/2015

Kurz kommentiert

Martin Junkernheinrich, Christina Boll, Stephan Paul, Martin Klein

01-08-2015 | Schwerpunkt | Issue 4/2015

IT-Abschlussprüfung — Herausforderung und Chance

Als geschätztes Auditierungswerkzeug unterstützt der Prüfungsstandard (PS) 330 des Instituts der Wirtschaftsprüfer in Deutschland e.V. (IDW) bereits seit vielen Jahren zuverlässig die Facharbeit von Wirtschaftsprüfern [

Dr. Christopher Schulz, Dr. Sascha Roth

01-07-2015 | Titel | Issue 7-8/2015

Das Fundament bricht weg

Auf lange Frist werden die Institute das Zinstief nicht ausgleichen können, darin sind sich Bankexperten und Repräsentanten der Geldhäuser einig. „Wenn der Zins praktisch abgeschafft ist, kann das mittelfristig nicht ohne Auswirkungen a

Christian Kemper

01-07-2015 | Original Paper | Issue 3/2015

Prediction power of high-frequency based volatility measures: a model based approach

This paper empirically compares the prediction power of popular high frequency measures of daily volatility, paying attention to different volatility models, loss functions and indices. We use data from 18 worldwide indices, covering a period from …

Alain Hamid

01-07-2015 | Bankwirtschaft | Issue 7-8/2015

Schatzmeister und Wächter der Bilanz


Die Kapitalplanung hat die Höhe und Zusammensetzung des Eigenkapitals zum Gegenstand. Sie muss vorrangig sicherstellen, dass die Bank oder Sparkasse über ausreichend Eigenkapital verfügt, um etwaige Verluste aufzufangen. Im Beispiel (si

Professor Michael Eichhorn

01-06-2015 | Original Paper | Issue 1/2015

Minimizing bank liquidity risk: evidence from the Lehman crisis

We propose a new framework for Asset-Liability Management of bank liquidity risk. We consider liquidity-risk diversification across asset and liability classes of US commercial banks and provide evidence of banks’ heterogeneous response to the …

Nikolas Topaloglou

01-06-2015 | Geschäftsfelder | Issue 6/2015

Schwacher Euro, starkes Geschäft

Das Risiko, das schwankende Wechselkurse neben allen positiven Effekten mit sich bringen, umgehen Unternehmen, indem sie auf Standorte jenseits europäischer Landesgrenzen setzen. Zu den Top-Investitionszielen der deutschen Industrie zäh

Christian Kemper

01-06-2015 | Rechnungswesen | Issue 6/2015

Wie Banken mit Kennzahlen ihr Geschäft steuern


Neben den Eigenkapitalanforderungen schreibt Basel III auch bestimmte Größen für die Liquidität vor. Vor allem zwei Kennzahlen sollen hier für Stabilität und funktionierende Märkte sorgen: die Liquidity Coverage Ratio (LCR) und die Net

Carmen Mausbach

01-05-2015 | Issue 4/2015

Cornish-Fisher Expansion for Commercial Real Estate Value at Risk

The computation of Value at Risk has traditionally been a troublesome issue in commercial real estate. Difficulties mainly arise from the lack of appropriate data, the non-normality of returns, and the inapplicability of many of the traditional …

Charles-Olivier Amédée-Manesme, Fabrice Barthélémy, Donald Keenan

01-05-2015 | Finanzen + Wirtschaftlichkeit | Issue 5/2015

Kommunale Finanzierungen über den Kapitalmarkt nehmen zu

Studie belegt steigende Bedeutung als ergänzende Finanzierungsform

Im Rahmen ihres Schuldenmanagements nutzen Städte und Gemeinden den klassischen Kommunalkredit noch immer als bevorzugte Finanzierungsform. Obwohl viele annehmen, dass sich die Konditionen von Kommunalkrediten verteuern und sich das Ang

Dr. Oliver Rottmann

03-04-2015 | Issue 3/2016

Securitization: A Financing Vehicle for All Seasons?

Securitization is considered to be one of the biggest financial innovations of the last century. It is also regarded as both a catalyst and a solution to the 2008 financial crisis. Once a popular method of financing the mortgage and consumer credit m…

Bonnie G. Buchanan

01-04-2015 | Strategie | Issue 4/2015

Letzte Chance für interne Risikobewertung

▪ Zur Bestimmung des Eigenkapitals können Banken einen Standardansatz oder eigene, genehmigungspflichtige Risikomodelle verwenden.

Stefan Terliesner

01-04-2015 | BANKMAGAZIN-Gespräch | Issue 4/2015

„Unternehmerfamilien schätzen eine gewisse Vertraulichkeit“

▪ Name: Bankhaus Lampe

▪ Hauptsitz: Dusseldorf

Gabler Verlag Wiesbaden

01-04-2015 | IT | Issue 4/2015

Wie Systeme stabilisiert werden können

▪ Effizientes Management von IT-Services ist für Kreditinstitute von besonderer Bedeutung.

Hadi Stiel

01-04-2015 | Spektrum | Issue 2/2015

Wie sich Basel III auf das Rating von KMUs auswirkt

Als Gremium zur Empfehlung aufsichtsrechtlicher Mindeststandards verabschiedete der Basler Ausschuss für Bankenaufsicht bisher drei aufeinander aufbauende Reformpakete mit Eigenkapitalrichtlinien: Basel I (1988), Basel II (2004) und Bas

Prof. Dr. Bernd Zirkler, M.A. Jonathan Hofmann

01-04-2015 | Rechnungswesen | Issue 4/2015

Firmenkunden gründlich analysieren


Das größte Gewicht im Ratingverfahren haben quantitative Unternehmensinformationen, die auch als Hard Facts bezeichnet werden. Es handelt sich hierbei um Daten, die die gegenwärtige Verfassung des Unternehmens beschreiben. Diese Informa

Carmen Mausbach

01-03-2015 | Issue 3/2015

A long-run survival analysis of corporate liquidations in Ireland

This paper examines the role of credit and the macroeconomy in small and medium enterprise (SME) distress during a prolonged economic downturn. Specifically, we estimate the determinants of SME distress in Ireland during the severe financial and …

Robert Kelly, Eoin O. Brien, Rebecca Stuart

01-03-2015 | Finanzen + Wirtschaftlichkeit | Issue 3/2015

Wirksame Konsolidierung sollte strategisch ausgerichtet sein

KGSt-Handbuch zur strategischen Haushaltskonsolidierung bietet Orientierung

Viele Kommunen haben Konsolidierungserfahrungen über mehrere Jahre hinweg. Sie haben daher kein Erkenntnisproblem, sondern vielmehr ein Umsetzungs- und damit ein Steuerungsproblem. Es gibt aber auch eine nennenswerte Anzahl von Kommunen

Norbert Zucht

01-03-2015 | Issue 2/2015

Developing a Sustainability Credit Score System

Within the banking community, the argument about sustainability and profitability tends to be inversely related. Our research suggests this does not need to be strictly the case. We present a credit score system based on sustainability issues, which …

Rodrigo Zeidan, Claudio Boechat, Angela Fleury

01-02-2015 | Bankmagazin-Gespräch | Issue 2-3/2015

„Der Präsident ist zwar der oberste Repräsentant, aber nicht der Chef“

Genossenschalich Finanzgruppe

▪ Banken: 1.078

▪ Fili

Gabler Verlag Wiesbaden

01-02-2015 | Strategie | Issue 2-3/2015

Innerhalb der Leitplanken sicher bewegen

▪ Ab 2014 dürfen Kreditinstitute Bilanzpositionen wie aktivierte latente Steuern und Firmenwerte Jahr für Jahr weniger ihrem harten Kernkapital zur

Stefan Terliesner

01-02-2015 | Issue 2/2015

The role of demographics in small business loan pricing

Demographic change influences the structure of the entrepreneurially active population, which may affect credit risk and financing conditions of small firms. Using bank internal data of small business loans in Germany, we find that the lending …

Doris Neuberger, Solvig Räthke-Döppner

29-01-2015 | Methodologies and Application | Issue 4/2016

Fuzzy measure identification for criteria coalitions using linguistic information

Modeling interactions between criteria in multiple criteria decision analysis (MCDA) is a complex task. Such complexity arises when there are visible redundancies and synergies among criteria, which traditional MCDA methods cannot deal with. The Choq…

R. Bernal, M. Karanik, J. I. Peláez

01-01-2015 | Bankmagazin-Gespräch | Issue 1/2015

„Ethik-Rating wäre ein klarer Beweis für einen Sinneswandel“

Springer Fachmedien Wiesbaden

01-01-2015 | Titel | Issue 1/2015

Ohne Schnörkel Geld verdienen


Nicht viel besser sieht es laut Bain auf Ebene der einzelnen Häuser aus. Im Betrachtungszeitraum „verdienten nicht einmal sechs Prozent der Banken ihre Eigenkapitalkosten“. Die Gründe sind bekannt: rückläufiger Zinsüberschuss, stagniere

Stefan Terliesner

01-01-2015 | Analysen und Berichte | Issue 1/2015

Paradigmenwechsel in der Kommunalfinanzierung — der lange Schatten der Finanzkrise

Trotz der aktuell guten Finanzlage der deutschen Kommunen geht die Schere zwischen finanzstarken und -schwachen Kommunen weiter auseinander. Die Aufnahme von Krediten bleibt eine wichtige Finanzierungsquelle der Städte und Gemeinden. Das Kommunalgesc…

Stephan Brand

01-12-2014 | Analysen und Berichte | Issue 12/2014

Vollgeld und Full Reserve Banking — Geldreformen auf dem Prüfstand

Das heutige Kreditgeldsystem wird von Kritikern zunehmend infrage gestellt. Vertreter von Vollgeld und Full Reserve Banking postulieren, dass die dezentrale Giralgeldschöpfung der Banken destruktive Boom-Bust-Zyklen, finanzielle Instabilitäten sowie …

Martin Sauber, Benedikt Weihmayr
Image Credits