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Persistent link: https://www.econbiz.de/10012433064
The paper uses a panel of more than 1m German firms over 2010-2016, to provide the first firm-bank level evidence of local crowding out for a developed economy characterized by low interest rates and fiscal austerity. Our mechanism relies on two structural features of Germany's banking...
Persistent link: https://www.econbiz.de/10013330594
reformed and exposed to the direct competition of private banks. By relying on both private and public banking, the Italian … and at the same time foster credit provision to the private sector. Competition made public banks more efficient than … private competition and that it depends less on its being "public" than on the specific character it takes in a given …
Persistent link: https://www.econbiz.de/10013179328
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One of the main concerns when considering Central Bank Digital Currency (CBDC) is the disintermediating effect on the banking sector in normal times, and even more the risk of a bank run in times of crisis. This paper extends the bank run model of Gertler and Kiyotaki (2015) by analyzing the...
Persistent link: https://www.econbiz.de/10012431527
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The topography of China's financial network is unique. Is it also uniquely robust to contagion? We explore this question using network theory. We find that networks that are more concentrated are less fragile when connectivity is low. However, they remain vulnerable to the occurrence of...
Persistent link: https://www.econbiz.de/10012436164
This paper proposes a general statistical framework for systemic financial stress indexes. Several existing index designs can be represented as special cases. We introduce a daily variant of the ECB's CISS for the euro area and the US. The CISS aggregates a representative set of stress...
Persistent link: https://www.econbiz.de/10013328812
Despite changes in production networks, welfare state institutions or global finance, Germany's growth model still rests on its unique three-pillar banking system with its strong position of public and cooperative banks. This chapter takes a close look at German savings banks and reassesses the...
Persistent link: https://www.econbiz.de/10013179334
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