The declared intention of policy makers is that future bank restructuring should be conducted through bail-in rather than bail-out. Over the past years there have been a few cases of European bank restructuring where bail-in was implemented. This paper exploits these events to investigate the...

The declared intention of policy makers is that future bank restructuring should be conducted through bail-in rather than bail-out. Over the past years there have been a few cases of European banks being restructured where creditors were bailed in. This paper exploits these events to investigate...

[Introduction ...]This paper is structured as follows. The next chapter outlines the selected bail-in cases and formulates the hypotheses regarding expected market reactions. Chapter 3 covers the methodology. We introduce our identification procedure for the event selection, comment on the data...

Die globale Finanzkrise und die Krise im Euroraum offenbarten deutliche Schwächen in der Bankenregulierung und -aufsicht. Drei wesentliche Reformstränge sollen das Finanzsystem stärken: die Erhöhung der Eigenkapitalanforderungen für Banken, die Gründung der Europäischen Bankenunion und...

We analyze the reaction of European bank CDS spreads in response to the SIFI-regulation. Our results suggest that new regulation prepared by the FSB did not succeed in lowering bail-out expectations for the targeted banks. The findings show an overall decrease in CDS spreads and hence indicating...

In this paper we analyzed the violations of UIP for the Swiss Franc against the Dollar, the Euro, the Yen, the Pound and the Canadian Dollar using recent data up to fall 2008. This exercise provides the following main results : first the Swiss interest rate puzzle disappeared, i.e. mean returns...

Europe's failure to manage a bold, common response would further increase divergence, strengthen anti-European forces and fuel populism.

Die Corona-Krise hat ihren Ausgangspunkt in China und große gesundheitliche sowie wirtschaftliche Schäden verursacht. Mittlerweile sind auch in Japan, Korea, Italien, Deutschland, Großbritannien, Frankreich, Spanien und vor allem den USA hohe und rapide wachsende Fallzahlen von Infektionen...

Most recent regulations establish that resolution of global banking groups shall be done according to bail-in procedures and following a Single Point of Entry (SPE) as opposed to a Multiple Point of Entry (MPE) approach. The latter requires parent holding of global groups to put up front the...

Das vorliegende Manuskript untersucht den Zusammenhang zwischen Regeln zur finanziellen Unabhängigkeit von Zentralbanken und deren Finanzkraft. Wir studieren die Regeln und Bilanzdaten von 35 Zentralbanken in der OECD mit dem Ziel herauszuarbeiten, ob die Eigentümerstruktur der Bank (privat...