Im vergangenen Jahrzehnt gingen beträchtliche Kapitalströme aus den entwickeltenVolkswirtschaften mit einem starken Kreditwachstum in den Ländern des westlichen Balkans,der Türkei und den GUS einher. Dennoch konnten fast alle Länder der Region – ungeachtetihrer unterschiedlichen...

The persistence of financial instability calls into question the adequacy of the current regulatory regime. Acritical review of the three pillars at the core of current financial regulation exposes some structural flaws.[...]

Given recent adverse developments, widespread foreign currency borrowing in CEECs poses a serious challenge for financial stability. Against this background, we use survey data to study the determinants of loan arrears of private households. Our data confirm a non-negligible impact of foreign...

We use the 2020 Small Business Credit Survey to study the sources of racial disparities in use of the Paycheck Protection Program (PPP). Black-owned firms are 8.9 percentage points less likely than observably similar white-owned firms to receive PPP loans. About 55 percent of this take-up...

Welche Einflussfaktoren bestimmen die Spreadentwicklung im Kapitalmarktsegment derBanken im Verlauf der Finanzkrise? Unter Verwendung der Regressionsanalyse werden dieDeterminanten von Asset-Swap- (ASW) und Credit-Default-Swap- (CDS) Spreads ausgewähltereuropäischer Banken im Zeitraum April...

This paper presents an in-depth analysis of developments in the microfinance sector beforeand after the Lehman Brothers collapse in 2008 by comparing them with developments intraditional banking sectors of emerging market economies and developing countries. Thefindings indicate that microfinance...

Lack of transparency in securitization transactions significantly contributed to thesevere financial crisis of 2007–2009. To increase transparency we—based on arecent idea by Markowitz (2009)—propose an incentive compatible mechanismfor future securitization transactions: financial claims...

Among the policy responses to the global financial crisis, the international provision of US dollars via central bank swap lines stands out. This paper studies the build-up of stresses on banks' balance sheets that led to this coordinated policy response. Using the BIS international banking...

This paper reviews the market reaction to bank rescue packages announced in six countries between October 2008 and January 2009. The study distinguishes the impact on creditors as seen in the change of CDS spreads from the impact on shareholders as seen in the movement of bank stock prices....

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...