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It has been an age-old debate whether the financial structure matters for the real economy’s efficiency and therefore for real outcomes. We suppose that varying socioeconomic conditions require appropriately designed corresponding financial sectors. For providing evidence, we firstly determine...
Persistent link: https://www.econbiz.de/10012153485
The Global Financial Crisis (GFC: 2008–2009) and the Euro Sovereign Crisis (ESC: 2010–2012) seem a process of creative destruction for the European Union (EU). The huge damage provoked by the GFC and ESC was, in fact, followed by important institutional building steps as the Banking Union...
Persistent link: https://www.econbiz.de/10012153491
The paper assesses the main factors underlying the decreasing profitability in the European banking sector, in comparison with the US. It underscores in particular the role of low interest rates, lower concentration, tighter regulation and the absence of a deep and liquid capital market. A...
Persistent link: https://www.econbiz.de/10012153570
European supervisors aggressively requested more capital at large banks. That may cut credit to the economy. We confirm that especially larger banks cut loans while less-significant banks partly offset that credit drop. Moreover, we identify nasty spillovers from that interaction. Specifically,...
Persistent link: https://www.econbiz.de/10012507218
This paper examines the supervision of Central Clearing Counterparties (CCPs) in Europe, since they function as an important pillar of the Capital Markets Union. Our research indicates that the current national-based supervision of CCPs leads to regulatory arbitrage and exposes the EU to huge...
Persistent link: https://www.econbiz.de/10012051209
, bank intermediation dominates. However, fragile, capital-constrained banks also meant a curtailed supply of funds, an issue … especially for bank-dependent small or medium-sized firms (SMEs). Hence, it appears more than evident that easing the access to … euro area economies, those worst hit. There might, however, be structural (economic) reasons why SMEs prefer (local) bank …
Persistent link: https://www.econbiz.de/10012051211
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The paper first outlines the challenges the global energy system is facing. It then summarises the present knowledge of energy efficient solutions in all energy using sectors from primary energy to useful energy and, more importantly, from useful energy to energy services (material efficiency...
Persistent link: https://www.econbiz.de/10010487370