Die Zuordnung von Regulierungskompetenzen im deutschen Bankensektor. Eine vertragstheoretische Analyse

The paper applies the incomplete financial contract models of Repullo (2000) as well as Kahn and Santos (2005; 2006) to the German banking sector and discusses what con-sequences the current institutional allocation of bank regulatory powers has for the func-tionality of the banking sector. It asks whether bank regulatory competences in Germany should be concentrated on a single regulatory and supervisory authority or whether dif-ferent regulatory institutions should be involved. The question which authority should do what task in the latter case is also addressed. The paper shows that, under weak condi-tions, Deutsche Bundesbank should act as LLR.