This agent-based financial market model is a generalization of the model of Westerhoff (The Use of Agent-Based Financial Market Models to Test the Effectiveness of Regulatory Policies) by traders who are allowed to have different investment horizons as introduced by Demary (Who Does a Currency...

Die Krise im Euroraum zeigte erhebliche Schwachstellen in der Architektur der Währungsunion auf. So wurde die gemeinsame Geldpolitik nicht durch eine gemeinsame Bankenaufsicht ergänzt. Diese Aufsichtslücken ermöglichen im Verbund mit einer nicht ihrem Risiko entsprechenden...

We propose a new model of chartist-fundamentalist-interaction in which both groups of traders are allowed to select endogenously between different forecasting models and different investment horizons. Stochastic interest rates in both countries and different behavioral assumptions for...

After a period of deepening financial integration, the financial crisis triggered a fragmentation of Europe’s capital markets along national lines. Financial integration was prone to sudden stops and capital reversals because cross-border capital flows predominantly consisted of short-term...

After the internet bubble collapsed in 2000, German households have reduced their investments in the stock market. Losses at that time were not so much caused by market volatility, but the consequence of short-term speculation. However, putting savings into the stock market can be very...

Das Umfeld niedriger Zinsen ist weniger auf die Geldpolitik, sondern mehr auf globale Trends in der Investitionsnachfrage und in der Sparneigung sowie einen krisenbedingten Rückgang der Investitionen zurückzuführen. Mittelfristig kann die Überwindung der Bilanzrezession zu höheren...

The US-President Donald Trump has signed an executive order which directs the US Treasury department to revise financial regulation, especially the Dodd-Frank Act. Critics are afraid that this will cause inconsistencies in global regulation and weaken the EU’s financial centres. This article...

The Brexit will affect the stability of derivatives markets. These markets are huge and global, but they concentrate on the financial hub London. This article discusses post-Brexit scenarios for the financial supervision of these important markets and recommends to strengthen the supervision at...

European financial markets are still fragmented. A lack of cross-border lending and cross-border asset holdings hinders the financing of the economy, the conduct of monetary policy as well as cross-border risk-sharing against asymmetric shocks. Reviving the market for securitizations is vital...

Italy’s banks are struggling under high amounts of non-performing loans on their balance sheets and the Italian government is fighting with the European Commission over putting 50 billion Euro of problem loans into a bad bank, which needs funding of 10 billion Euro with public money....