Search Results - subject_exact:"Kapitalmarktregulierung"

Who to regulate? : Identifying actors within DeFi's governance

Born, Alexandra; Gati, Zakaria; Lambert, Claudia; … - 2026

Decentralised Finance (DeFi) emerged in 2021 as a fast-growing crypto segment, attracting policymakers' attention due to its innovative approach of delivering financial services without relying on centralised intermediaries. This paper assesses DeFi governance arrangements for regulating and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015618124

Taxing speculative trades as a prudential policy

Park, Junghum - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015562419

The effects of regulating greenwashing : evidence from Europe's sustainable finance disclosure regulation (SFDR)

Allcott, Hunt; Egan, Mark L.; Smeets, Paul; Yang, Hanbin - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015563109

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The effects of regulating greenwashing : evidence from Europe's Sustainable Finance Disclosure Regulation (SFDR)

Allcott, Hunt; Egan, Mark L.; Smeets, Paul; Yang, Hanbin - 2026

Book / Working Paper

The Effects of Regulating Greenwashing : Evidence from Europe's Sustainable Finance Disclosure Regulation (SFDR)

Allcott, Hunt; Egan, Mark L.; Smeets, Paul; Yang, Hanbin - 2026

Book / Working Paper

Transformed intermediation : credit risk to NBFIs, liquidity risk to banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

We argue that the rapid asset growth of nonbank financial intermediaries (NBFIs) relative to banks is the outcome of transformations of risks between banks and NBFIs that increase the interconnectedness of the two sectors. These transformations are consistent with avoiding tighter, post-GFC bank...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015564039

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Transformed intermediation : credit risk to nbfis, liquidity risk to banks

Acharya, Viral V.; Cetorelli, Nicola; Tuckman, Bruce - 2026

Book / Working Paper

Regulatory responses to the financial stability implications of stablecoins

Bindseil, Ulrich - 2026 - Final version: 11 February 2026

In essence, the currently large stablecoins are electronic money issued by narrow balance sheet vehicles into a distributed ledger (or a "programmable platform"). Many believe that they will have significant success as a new form of money. Members of the current US administration expect that US...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015610715

Will central clearing change the market structure of U.S. Treasury repo to become more standardized and trade on an all-to-all basis?

Patel, Ketan - 2026

This paper examines whether the SEC's mandate for central clearing of U.S. Treasury repo transactions could enable all-to-all trading and support the development of a standardized term repo market. By mitigating counterparty risk through central clearing, cash lenders may become more willing to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611478

Fintech Competition and Banks’ Shrinking Margins in Brazil

Xu, Rui - 2026

The rise of fintech lenders has intensified competition in the banking industry. This study utilizes Brazilian bank-level data to examine the causal impact of increased competition on commercial banks’ lending rates and profitability. Employing a bank-specific Bartik exposure, constructed from...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015612696

The impact of dark pools on the market and market quality

Wakamatsu, Hiroaki - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613485

Catalyzing Transformation : Financial Sector Resilience and Innovation-Led Growth

2026

The Seoul Center for Finance and Innovation (SCFI) Trust Fund, established in collaboration with the Ministry of Economy and Finance of the Republic of Korea, aims to support financial sector stability, resilience, and private sector–led growth and innovation in the East Asia and Pacific...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613934

Short selling around news in international stock markets

Gorbenko, Arseny - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015616369

Private money and public debt. U.S. Stablecoins and the global safe asset channel

Ferrari, Massimo Minesso; Siena, Daniele - 2026

This paper studies the international macro-financial implications of U.S. dollar-backed payment stablecoins. These digital assets create a new global safe asset channel that links private money creation and global payment needs directly to U.S. public debt. By reshaping the demand for safe...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592687

Sweden's relative growth 1850-2020 : a drama in three acts

Jonung, Lars - 2026

Sweden's economic growth in relation to developments in the rest of the world exhibits three distinct phases over the past 170 years. From 1890 to 1950, Sweden experienced faster growth than comparable countries. This period of liberalization was followed by a phase of lagging behind until...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592799

Pyrrhic diversification : foreign institutional ownership and stock return sensitivity to the global financial cycle

Ambrocio, Gene; Bui, Dien Giau; Hasan, Iftekhar; Lin, … - 2026

We demonstrate that foreign institutional ownership (FIO) is associated with stronger stock return sensitivity to the Global Financial Cycle (GFC), indicating greater global co-movement among stocks selected by FIOs compared to those not selected. We conjecture that this may be because (i) FIOs...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015580296

Disentangling the "shadow banking" metaphor

Labat Moles, Héctor - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604801

A simple prudential-effort foundation for the financial trilemma

Nolan, Charles - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015604813

Margins as canaries in the coal mine

Kubitza, Christian; Oehmke, Martin - 2026

Central clearing counterparties (CCPs) manage counterparty risk by requiring clearing members to post margins. This paper explores the role of margins as "canaries in the coal mine:" By inducing defaults of fragile counterparties before contract maturity, margin calls enable CCPs to transfer...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605599

Riding the wave of fintech, broad money growth and population dynamics : exploring its impact on ASEAN bank stability

Shah, Syed Faisal; Mehmood, Waqas; Mahfuzur Rahman; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625383

Evolution and challenges of the yuan's internationalisation

Kaaresvirta, Juuso; Kerola, Eeva; Nuutilainen, Riikka - 2026

This paper examines recent developments in the internationalisation of the Chinese yuan, focusing on trade and portfolio flows, foreign exchange markets, cross‑border payments, and official reserve holdings. The promotion of the yuan's global role has been a deliberate policy objective for...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626511

Synthetic, but how much risk transfer?

Osberghaus, Alex; Schepens, Glenn - 2026

Banks use synthetic risk transfers (SRTs) to offload potential losses in their loan portfolios to non-bank investors while retaining the loans on their balance sheets. We investigate this trillion-euro market using transaction-level data from the euro area, the largest SRT market, and highlight...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626666

Stock market development and economic growth nexus : evidence from the fragile five countries

Helhel, Yeşim - 2026

In emerging markets, stock markets play a crucial role in supporting long-term growth. This study explores the causal relationship between stock market development and economic growth in the Fragile Five countries-Brazil, India, Indonesia, South Africa, and Turkey-covering the period from 2001...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628387

Comparative analysis of stablecoin architectural features in fragmented regulatory environments

Vlasov, Andrej Vasil'evič; Egorov, Andrej Jur'evič; … - 2026

Amidst the escalating geopolitical fragmentation of the global financial system, divergent stablecoin architectures are emerging. This study employs Qualitative Comparative Analysis (QCA) and introduces a formalized 'Geopolitical Stablecoin' (GPSC) model to conduct a systematic comparison of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628479

Financial inclusion, FinTech, and banking stability in Asia and Pacific economies

Koirala, Niraj - 2026

This paper examines the interplay between financial inclusion and FinTech in shaping banking stability, with a focus on economies in the Asia and Pacific region. Using an unbalanced panel dataset from 21 economies from 2000 to 2021, the paper finds that financial inclusion enhances banking...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628623

One market, one supervision : rethinking the supervisory landscape for a truly integrated capital market in Europe

Carmassi, Jacopo; Dumora Lemair, Olivier; Evrard, Johanne; … - 2026

This paper provides an evidence-based assessment of the EU supervisory landscape by combining a comprehensive mapping of supervisory models and authorities with an analysis of capital market players across key sectors, including market infrastructures, asset management, and crypto-asset service...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015628826

Financial and production integration in the macroeconomy

Brancati, Emanuele; Cao, Qingqing; Minetti, Raoul; Yi, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015637922

At cross-purposes : how prudential and monetary rate policies create asymmetric frictions in the banking sector

Widiyanti, Shandra; Siregar, Hermanto; Ratnawati, Anny; … - 2026

Indonesia's financial system is bank-centric, with banks managing approximately 78% of the nation's financial assets; therefore, the effectiveness of monetary policy transmission depends on banks' responsiveness to the central bank's interest rate policy (the BI Rate). However, a policy-relevant...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639037

Move fast and break everything : crypto, democrats and deregulation

Ferguson, Thomas; Chen, Jie; Lalisse, Matthias; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015639801

Regulating compliance in a world of decentralized finance

Schwarcz, Steven L.; Tiedemann, Jack - 2026

Decentralized finance (DeFi) promises cheaper, faster and more accessible financial services by replacing traditional regulated intermediaries with software protocols and smart contracts. But modern financial regulation needs these intermediaries, or at least versions of them; they serve as...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015641850

Enforcement gaps in emerging capital markets : a comparative assessment of insider dealing regulation in Jordan and France

Al Khalaileh, Lana; Alhasan, Tariq Kamal; Abu Issa, Hamzeh - 2026

This article compares insider dealing enforcement in Jordan and France to identify which combinations of substantive legal rules and institutional design produce credible deterrence in capital markets. Using a doctrinal-comparative method, the analysis evaluates (i) the legal definition of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643960

Do warnings change behavior? : money-laundering, grey-listing by the FATF, and cross-border financial flows

LaGarda, Guillermo; Verastegui, Paulina - 2026

Does Financial Action Task Force (FATF) grey-listing disrupt cross-border financial flows? The answer is not obvious. Grey-listing imposes no formal transaction restrictions, yet it can trigger compliance responses by financial institutions facing heightened regulatory risk and the prospect of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015644703

E-backtesting expected shortfall : what defines a "good" forecasting method for Chinese regulators?

Zhao, Weihua - 2026

Following the implementation of Basel IV, China's financial regulators have replaced Value-at-Risk (VaR) with Expected Shortfall (ES) as the standard market risk measure, necessitating regulatory-oriented evaluation of ES forecasts. This study examines what constitutes a prudent ES forecasting...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015656195

The micro and macro dynamics of capital flows

Saffie, Felipe; Varela, Liliana; Yi, Kei-mu - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015657381

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The micro and macro dynamics of capital flows

Saffie, Felipe; Varela, Liliana; Yi, Kei-mu - 2025

Book / Working Paper

The micro and macro dynamics of capital flows

Saffie, Felipe; Varela, Liliana; Yi, Kei-mu - 2021

Book / Working Paper

The micro and macro dynamics of capital flows

Saffie, Felipe; Varela, Liliana; Yi, Kei-mu - 2020

Book / Working Paper

The micro and macro dynamics of capital flows

Saffie, Felipe; Varela, Liliana; Yi, Kei-mu - 2020 - This revision 07 July 2025

Edition: This revision 07 July 2025

Book / Working Paper

The Micro and Macro Dynamics of Capital Flows

Saffie, Felipe; Varela, Liliana; Yi, Kei-mu - 2022

Book / Working Paper

The Micro and Macro Dynamics of Capital Flows

Saffie, Felipe - 2020

Book / Working Paper

Understanding systemic risks in the Canadian financial system

Bruneau, Gabriel; Clazie-Thomson, Sascha; Duprey, Thibaut; … - 2026 - Last updated: June 11, 2026

This paper reviews recent efforts to monitor and assess systemic risk in the Canadian financial system and outlines a framework for future system-wide stress testing. We examine how perceived and actual interconnections-across banks and non-bank financial institutions, domestic and foreign...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015661657

Regulatory and compliance issues in AI-driven financial services

Nahidi, Narmin - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015651226

Temporal dynamics of market microstructure in cryptocurrency perpetual futures : econometric evidence from centralized and decentralized exchanges

Zhivkov, Petar; Todorov, Venelin; Georgiev, Slavi - 2026

We apply rolling-window econometric methods, including GARCH(1,1) estimation, Bai-Perron structural break detection, CUSUM stability testing, and Granger causality analysis in bivariate VAR frameworks, to analyze the temporal dynamics of market integration in cryptocurrency perpetual futures,...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015652336

Initial margin for crypto currencies risks in uncleared markets

Amirdjanova, Anna; Lynch, David; Wei, Zheng - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653040

Financial liberalizations, booms, and crashes

Grimm, Maximilian; Schularick, Moritz; Verner, Emil - 2026 - This version: April 20, 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653218

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Financial liberalizations, booms, and crashes

Grimm, Maximilian; Schularick, Moritz; Verner, Emil - 2026

Book / Working Paper

Financial liberalizations, booms, and crashes

Grimm, Maximilian; Schularick, Moritz; Verner, Emil - 2026

Book / Working Paper

The impact of financial liberalization, political connection and audit quality on the cost of debt

Le, Ben; Reddy, Nischala; Nguyen, Phong; Moore, Paula Hearn - 2026

We study the effect of financial liberalization, political connections, audit quality and the interaction of these factors on the cost of debt using a dataset for Vietnam for the period 2007-2024. Our findings show that firms were able to borrow at a lower cost after financial liberalization due...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015653762

Bank valuation and macroprudential capital buffers

Cuijpers, Eric - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668638

Making stablecoins stable(r): can regulation help?

Goel, Tirupam; Lewrick, Ulf; Agarwal, Isha - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668384

Green finance : beyond transparency

Hilbrich, Sören; Berensmann, Kathrin - 2026

Financial markets still provide financing on a large scale for investments in environmentally harmful activities, while projects conducive to the green transformation are often not funded. Sustainable finance policies, such as new reporting requirements and standards for sustainable financial...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015650911