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Thierfelder, Felix - Deutsche Bundesbank - 2012

Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not uniform across maturities. As funding pressures were...

Persistent link: https://www.econbiz.de/10010957159

Maturity shortening and market failure

Thierfelder, Felix - Deutsche Bundesbank - 2012

Persistent link: https://www.econbiz.de/10010535438

Rollover risk in commercial paper markets and firms' debt maturity choice

Thierfelder, Felix - Deutsche Bundesbank - 2008

of firm's publicly observable credit quality. Under plausible assumptions about the cost of bank borrowing the model … times and bank debt in adverse times. The paper suggests that better publicly available information about firm quality and …

Persistent link: https://www.econbiz.de/10005058998

A network analysis of the evolution of the German interbank market

Roukny, Tarik; Georg, Co-Pierre; Battiston, Stefano - Deutsche Bundesbank - 2014

In this paper, we report a descriptive investigation of the structural evolution of two of the most important over-the-counter markets for liquidity in Germany: the interbank market for credit and for derivatives. We use end-of-quarter data from the German large credit register between 2002 and...

Persistent link: https://www.econbiz.de/10010957124

Banking consolidation and small businessfinance: empirical evidence for Germany

Marsch, Katharina; Schmieder, Christian; Forster-van … - Deutsche Bundesbank - 2007

on bank credit and as they represent the vast majority of the corporate sector reduced credit availability for those …-sized enterprises (SME). We measure the financing opportunities of SMEs based on the bank debt/assets ratio and the logarithmized credit … size and control both explicitly for bank mergers and for the increase in the average bank size in the course of the …

Persistent link: https://www.econbiz.de/10005082782

Exports versus FDI revisited: does finance matter?

Buch, Claudia M.; Kesternich, Iris; Lipponer, Alexander; … - Deutsche Bundesbank - 2010

The crisis on international financial markets that started in 2007 has shown the potential links between the financial sector and the real economy. Exports and foreign direct investment (FDI) have declined, presumably not only because of a lack of demand, but also because of restricted access of...

Persistent link: https://www.econbiz.de/10008518267

Financial constraints and the margins of FDI

Buch, Claudia M.; Kesternich, Iris; Lipponer, Alexander; … - Deutsche Bundesbank - 2009

Recent literature on multinational firms has stressed the importance of low productivity as a barrier to the cross-border expansion of firms. But firms may also need external finance to shoulder the costs of entering foreign markets. We develop a model of multinational firms facing real and...

Persistent link: https://www.econbiz.de/10008533500

Money market derivatives and the allocation of liquidity risk in the banking sector

Hakenes, Hendrik; Fecht, Falko - Deutsche Bundesbank - 2006

that due to its size, a large bank receives a more precise signal about the overall liquidity development in the banking … sector. In an upcoming liquidity shortage this large bank can exploit its informational advantage in the spot money market by … rationing liquidity. Using forward contracts, the large bank can credibly commit not to squeeze small banks in the event of a …

Persistent link: https://www.econbiz.de/10005082808

Endogenous credit derivatives and bank behavior

Pausch, Thilo - Deutsche Bundesbank - 2007

Instruments for credit risk transfer arise endogenously from and interact with optimizing behavior of their users. This is particularly true with credit derivatives which are usually OTC contracts between banks as buyers and sellers of credit risk. Recent literature, however, does not account...

Persistent link: https://www.econbiz.de/10005082815

Comparing the value revelance of R&D reporting in Germany: standard and selection effects

Ramb, Fred; Reitzig, Markus - Deutsche Bundesbank - 2005

On the basis of accounting and market data for firms and groups listed on German stock exchanges between 1997 and 2003, we show that the value relevance of R&D information under German accounting standards can be superior to that provided by US-GAAP and IAS. The results, obtained while...

Persistent link: https://www.econbiz.de/10005083232