The Federal Reserve has been criticized for not preventing the risky behavior of large financial companies prior to the financial crisis of 2008-09, for approving mergers that aggravated the too big to fail problem, and for its substantial contribution to bailouts when their risk management...

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

We study the effects of a bank’s engagement in trading. Traditional banking is relationship-based: not scalable, long-term oriented, with high implicit capital, and low risk (thanks to the law of large numbers). Trading is transactions-based: scalable, short-term, capital constrained, and with...

This paper aims to examine the evolution of currency risk exposure of Brazilian corporations, especially exporting companies, from the 2008 crisis, when several companies suffered substantial losses due to the decline of the real. We analyze their financial based on the usage of derivatives, as...

Der Beitrag gibt einen Überblick über die allgemeinen und spezifisch staatlichen und verbraucherpolitischen Initiativen, für die das Bundesministerium für Ernährung, Landwirtschaft und Verbraucherschutz (BMELV) im Bereich von Finanzdienstleistungen auf das Riester-Sparen bezogen (mit-)...

The present study is centered primarily on determining whether the German banking system is to be characterized by procyclical behavior from 2000 to 2011 and to what extent specific sectors of the German banking system showed significant balance sheet operations to increase their leverage within...

In this study, we propose our hypothesis that the distinguishable principal-agent relationships of German banks are significantly influencing the risk-taking attitudes of bank managers. Particularly, we intend to substantiate the theory that banks owned by dispersed shareholders or federal state...

Financial market crises with the threat of a subsequent debt-deflation depression have occurred with increasing regularity in the United States from 1980 through the present. Almost reflexively, when confronted with such circumstances, US institutions and the policymakers that run them have...

Beginning with the 1990’s, the gaming services sector has undergone several changes that have induced governments to review gambling taxes. We examine the economic rationale behind actual and prospected reforms, comparing different tax instruments with respect to their incidence.

The present study is centered primarily on determining whether the German banking system is to be characterized by procyclical behavior from 2000 to 2011 and to what extent specific sectors of the German banking system showed significant balance sheet operations to increase their leverage within...