Individual financial systems can be understood as very specific configurations of certain keyelements. Often these configurations remain unchanged for decades. We hypothesize that thereis a specific relationship between key elements, namely that of complementarity. Thus,complementarity seems to...

This paper develops a continuous-time model of liquidity provision by banks, in which customers can deposit and withdraw their funds strategically ...

Securitization was meant to disperse credit risk to those who were better able to bear it. In practice, securitization appears to have concentrated the risks in the financial intermediary sector itself. This paper outlines an accounting framework for the financial system for assessing the impact...

This paper investigates the returns and °ows of German money marketfunds before and during the liquidity crisis of 2007/2008. The main¯ndings of this paper are: in liquid times, money market funds en-hanced their returns by investing in less liquid papers. By doing sothey outperformed other...

The rate of growth in bank loans to private households and firms in Germany hasdeclined substantially since early 2000 and currently stands at virtually zero. In thisarticle, we analyse whether cyclical factors (“demand-side driven”) or banks’ unwillingnessand/or inability to lend...

This paper investigates the returns and flows of German money marketfunds before and during the liquidity crisis of 2007/2008. The mainfindings of this paper are: In liquid times money market funds enhancedtheir returns by investing in less liquid papers. By doing so they outperformedother funds...

Der vorliegende Beitrag stellt einen Versuch dar, die Zukunft des Bankwesens in Europa unter der spezifischen Fragestellung zu analysieren, ob sich trotz der offensichtlichen und gravierenden Änderungen informations-technologischer, regulatorischer und politischer Art im Umfeld der Banken die...

The service industries in general and financial services in particular have been disproportionatelylarge investors in information technology. However, critics have suggested that the productivityeffects of this investment have been negligible, a serious outcome given the importance of the...

Historical examples (ISDN, Teletex, telefax, telex) show us that forecasting efforts in the telecommunication sector can go awry - not only by a few percentage points but by large magnitudes. We maintain that with strong network effects it is not possible to forecast the success of...

This paper will present results of the surveys and new trends which were relatedto e-governmental issues. A common understanding of e-government isusage of ICT means in the public sector for delivering information and servicesto its customers and enterprises. The objective is improvement of...