In Deutschland wird die Aufsicht über die Banken arbeitsteilig von der Bundesanstalt für Finanzdienstleistungsaufsicht …In Germany the work of supervising the banks is divided between BaFin (the Federal Financial Supervisory Authority) and … the Deutsche Bundesbank (Germany's central bank). How the banks are to be monitored is determined primarily by legislation …

economically similar products, I show that inconsistencies in regulatory incentives restrict hedging and increase shadow insurance … regulation interacts with monetary policy to shut down hedging incentives when interest rates rise …