Die internationale Wachstumsdebatte befindet sich immer noch unter dem Einfluss der Finanzkrise, weil sich in den Industriestaaten die Wachstumsraten nicht wie erwartet wieder erholt haben. Die verschiedenen Erklärungsansätze lassen sich in Angebots- und Nachfrageansätze unterscheiden. Die...

Die große Stabilität des deutschen Wohnimmobilienfinanzierungsmarktes lässt es fraglich erscheinen, ob makroprudenzielle Instrumente tatsächlich benötigt werden und ob deren gesellschaftliche Kosten den Nutzen für die Finanzstabilität nicht überschreiten. Wenn solche Gesetze eingeführt...

Using industry data from Eurostat and applying the Rajan-Zingales methodology, we investigate the real growth effects of banking sector integration in the European Union. Our sample stretches from 2000 until 2012 and includes the phase of rapid financial integration before the crisis as well as...

Financial crises are usually preceded by large current account deficits. However, the channel through which international capital flows affect financial stability is hardly identified, yet. In this paper, we study the impact of current account balances on bank risk-taking making use of the...

We explore the relationship between asset encumbrance and bank funding in the context of covered bonds a form of collateralized debt. Covered bond issuance influences the incidence of bank runs by unsecured creditors and, in turn, conditions in the unsecured funding market influence the bank s...

This paper studies the role of conditioning political factors for determining the impact of banking crises on sovereign bond yield spreads for a sample of 33 emerging economies in the period 1995-2010. Accounting for the endogenous nature of banking crisis outbreaks, I find that sovereign bond...

In past years, the most common approaches for deriving early-warning models belong to the family of binary-choice methods, which have been coupled with a separate loss function to optimize model signals based on policymakers preferences. The evidence in this paper shows that early-warning models...

What began as a financial crisis in the U.S. in 2007/8 quickly became a massive crisis of the global real economy. We investigate the importance of the bank lending and firm borrowing channel in the international transmission of bank distress to the real economy, in particular to firm...

We develop a new measure of uncertainty derived from bank-level data. We apply the measure of firm-level uncertainty developed by Bloom and others (2012) to banking. Uncertainty is measured as the cross-sectional dispersion of shocks to banking-sector specific variables. We then analyze how...

We study the effects of monetary policy on output during financial crises. We use a large panel of advanced and emerging economies to guarantee a sufficiently high number of financial crises episodes. A financial crises dummy, which is constructed based on the narrative approach, is interacted...