The focus of this article is the analysis of the inflation risk of European real estate securities. Following both a causal and a final understanding of risk, the analysis is twofold. First, to examine the causal influence of inflation on short- and long-term asset returns, different regression...

We examine the financial stability implications of covered bonds. Banks issue covered bonds by encumbering assets on their balance sheet and placing them within a dynamic ring fence. As more assets are encumbered, jittery unsecured creditors may run, leading to a banking crisis. We provide...

We present preliminary findings on the liquidity of the government and covered bond markets in Denmark before, during and after the 2008 financial crisis. The analysis focuses on wholesale trading in benchmark bonds in the two markets and is based on an up to now unused transaction level dataset...

Von 1995 bis 1997 wurden in vier mitteleuropäischen Ländern (Tschechien, Polen, Ungarn, Slowakei) neue Gesetze über Hypothekenbanken und Pfandbriefe erlassen. Die gesetzgeber waren dabei bestrebt, an historische Wurzeln anzuknüpfen und auch aktuelle Entwicklungen in Europa zu...