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The price of liquidity : bank characteristics and market conditions
Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - 2010
We identify frictions in the market for liquidity as well as bank-specific and market-wide factors that affect the prices that banks pay for liquidity, captured here by borrowing rates in repos with the central bank and benchmarked by the overnight index swap. We have price data at the...
Persistent link: https://www.econbiz.de/10008689127
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The price of liquidity : the effects of market conditions and bank characteristics
Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - 2011
We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank and benchmarked by the overnight index swap) as a function of market conditions and bank characteristics. These prices depend in particular on the distribution of liquidity...
Persistent link: https://www.econbiz.de/10009380429
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On the stability of different financial systems
Fecht, Falko - 2003
Anlagemöglichkeiten am Finanzmarkt haben. Ist der Anteil dieser Haushalte vergleichsweise gering, so entsteht ein Finanzsystem, das sich …. Einlageverträge von Banken bieten in diesem Finanzsystem keine Liquiditätsversicherung. Ist hingegen der Anteil der Haushalte mit … wenig effizienten Direktanlagemöglichkeiten vergleichsweise hoch, so bildet sich eine bank-dominiertes Finanzsystem heraus …
Persistent link: https://www.econbiz.de/10011432080
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On the stability of different financial systems
Fecht, Falko - 2003
An economy in which deposit-taking banks of a Diamond/ Dybvig style and an asset market coexist is modelled. Firstly, within this framework we characterize distinct financial systems depending on the fraction of households with direct investment opportunities that are less efficient than those...
Persistent link: https://www.econbiz.de/10001764076
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The Price of Liquidity : The Effects of Market Conditions and Bank Characteristics
Fecht, Falko - 2011
We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank and benchmarked by the overnight index swap) as a function of market conditions and bank characteristics. These prices depend in particular on the distribution of liquidity...
Persistent link: https://www.econbiz.de/10013121244
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Fear, Deposit Insurance Schemes, and Deposit Reallocation in the German Banking System
Fecht, Falko - 2019
Recent regulatory initiatives such as the European Deposit Insurance Scheme propose a change in the coverage and backing of deposit insurances. An assessment of these proposals requires a thorough understanding of what drives depositors' withdrawal decisions. We show that Google searches for...
Persistent link: https://www.econbiz.de/10012869998
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Welfare Effects of Financial Integration
Fecht, Falko - 2016
This paper compares four forms of inter-regional financial risk sharing: (i) segmentation, (ii) integration trough the secured interbank market, (iii) integration trough the unsecured interbank market, (iv) integration of retail markets. The secured interbank market is an optimal risk-sharing...
Persistent link: https://www.econbiz.de/10012989290
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The Price of Liquidity : Bank Characteristics and Market Conditions
Fecht, Falko - 2016
We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique to this paper, we also have data on individual banks' reserve requirements and actual reserve holdings, thus allowing us to gauge the extent to which a bank is short or long...
Persistent link: https://www.econbiz.de/10012991071
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On the Stability of Different Financial Systems
Fecht, Falko - 2016
Persistent link: https://www.econbiz.de/10012991235
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Fear, Deposit Insurance Schemes, and Deposit Reallocation in the German Banking System
Fecht, Falko - 2018
Recent regulatory initiatives such as the European Deposit Insurance Scheme propose a change in the coverage and backing of deposit insurances. An assessment of these proposals requires a thorough understanding of what drives depositors' withdrawal decisions. We show that Google searches for...
Persistent link: https://www.econbiz.de/10012919037