Änderungen der Notenbankzinsen sind in Deutschland wie in allen anderen westlichen Industrieländern das zentrale Instrument der Geldpolitik. Sie stellen den ersten Schritt im monetären Transmissionsprozeß dar. Die wichtigsten Notenbankzinsen sind in Deutschland der Pensionssatz, der...

Depositor preference and collateralization of borrowing may reduce the cost of settling the conflicts among creditors that arises in case of resolution or bankruptcy. This net benefit, which may be capitalized into the value of the bank rather than affect creditors’ expected returns, should...

Many governments have started issuing 'green' bonds tied to expenditures on projects with environmental objectives such as climate change mitigation. While well-intentioned, issuance of a green bond by an investment-grade sovereign has no environmental impact, leaves funding costs unchanged,...