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Price and quantity effects of the German real estate transfer tax
Petkova, Kunka; Weichenrieder, Alfons J. - 2017 - This version: 15 June 2017
This paper analyzes the tax effects of the German real estate transfer tax (RETT). While the vast majority of single-family houses in Germany are owner-occupied, apartments are usually held by private and incorporated investors. For this reason, we conducted a regression analysis to determine...
Persistent link: https://www.econbiz.de/10011669079
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Cross-border banking in regulated markets : is financial integration desirable?
Haufler, Andreas; Wooton, Ian - 2016
We set up a two-country, regional model of trade in financial services. Competitive firms in each country manufacture untraded consumer goods in an uncertain productive environment, borrowing funds from a bank in either the home or the foreign market. Duopolistic banks can choose their levels of...
Persistent link: https://www.econbiz.de/10011554376
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Banking regulation and sovereign default risk : how regulation undermines rules
Hülsewig, Oliver; Steinbach, Armin - 2024
Banking regulation invites banks to gamble when buying government bonds that regulators consider to be risk-free. The … regulation in order to enhance their fiscal leeway. We examine an unintended side-effect of banking regulation, namely the zero … area periphery countries to a restrictive macroprudential capital regulation shock. We find that, unlike in the US, euro …
Persistent link: https://www.econbiz.de/10014576947
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Credit Derivatives and the Default Risk of Large Complex Financial Institutions
Calice, Giovanni; Ioannidis, Christos; Williams, Julian - 2011
This paper addresses the impact of developments in the credit risk transfer market on the viability of a group of systemically important financial institutions. We propose a bank default risk model, in the vein of the classic Merton-type, which utilizes a multi-equation framework to model...
Persistent link: https://www.econbiz.de/10009302128
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Systematic risk, bank moral hazard, and bailouts
Lucchetta, Marcella; Moretto, Michele; Parigi, Bruno - 2018
We show that the impact of government bailouts (liquidity injections) on a representative bank's risk taking depends on the level of systematic risk of its loans portfolio. In a model where bank's output follows a geometric Brownian motion and the government guarantees bank's liabilities, we...
Persistent link: https://www.econbiz.de/10011794114
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How do financial crises redistribute risk?
Mitchener, Kris; Vossmeyer, Angela - 2023
We examine how financial crises redistribute risk, employing novel empirical methods and micro data from the largest financial crisis of the 20th century - the Great Depression. Using balance-sheet and systemic risk measures at the bank level, we build an econometric model with incidental...
Persistent link: https://www.econbiz.de/10014323137
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Bank networks : contagion, systemic risk and prudential policy
Aldasoro, Iñaki; Delli Gatti, Domenico; Faia, Ester - 2015
We present a network model of the interbank market in which optimizing risk averse banks lend to each other and invest in non-liquid assets. Market clearing takes place through a tâtonnement process which yields the equilibrium price, while traded quantities are determined by means of a...
Persistent link: https://www.econbiz.de/10010475334
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The countercyclical capital buffer and the composition of bank lending
Auer, Raphael A.; Ongena, Steven - 2019
Do macroprudential regulations on residential lending influence commercial lending behavior too? To answer this question, we identify the compositional changes in banks' supply of credit using the variation in their holdings of residential mortgages on which extra capital requirements were...
Persistent link: https://www.econbiz.de/10012064522
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The 2008 financial crisis and taxation policy
Hemmelgarn, Thomas; Nicodème, Gae͏̈tan J.A. - 2010
The 2008 financial crisis is the worst economic crisis since the Great Depression of 1929. It has been characterised by a housing bubble in a context of rapid credit expansion, high risk-taking and exacerbated financial leverage, leading to deleveraging and credit crunch when the bubble burst....
Persistent link: https://www.econbiz.de/10003937066
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Embedded supervision : how to build regulation into decentralised finance
Auer, Raphael A. - 2022
stablecoin issuers raises the challenge of how to apply technology-neutral regulation so that similar risks are subject to the …
Persistent link: https://www.econbiz.de/10013206072