Eine längere Erwerbsbeteiligung kann einen zentralen Beitrag zur nachhaltigen Finanzierung des umlagefinanzierten gesetzlichen Rentensystems leisten. Die Anhebung des Renteneintrittsalters und die Mobilisierung des Erwerbspotenzials Älterer gelten als zentrale Stellschrauben, sind jedoch...

In many-to-many matching markets, various concepts have been introduced to analyze stability. Most of these concepts are not straightforward to interpret. For instance, stability blocks may make members of a blocking coalition worse off. This paper argues that the differences between stability...

When default losses elevate borrowing costs, expanding credit cannot stabilize the economy because default rates feed back to lending rates through bank balance sheets. Asset management companies (AMCs) break this loop by purchasing nonperforming loans at their long-run recovery values, thereby...

The modern financial markets are constantly evolving and giving rise to new asset types, Gold backed cryptocurrencies (GBCs) are one such asset class. Recent studies try to deploy a comparative analysis between Gold and GBCs. However, do GBCs independently stabalize a volatile market? This study...

We propose a theory of stablecoin disintermediation, whereby stablecoins not only erode banks' deposit franchises but also transmit liquidity stress to the banking system. Using transaction-level data linking onchain transactions to wholesale interbank payments, we document the first evidence of...