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

Am 24.11.1999 gibt Joseph E. Stiglitz seinen vorzeitigen Rücktritt als Chief Economist und Senior Vice President der Weltbank zum Jahresende bekannt. Er will sich wieder ausschließlich der Forschung und Lehre widmen und kehrt auf seinen Lehrstuhl am Economics Department der Stanford University...

This paper deals with two, potentially intertwined issues of stock exchangegovernance. First, we demonstrate in a static global games model that in-vestment propensity will vary across di®erent types of organizational formsand competition scenarios. Exchanges organized as mutuals are...

German open end real estate funds are internationally the only exceptionwhich have been for almost 50 years very successful. Since 2004, the whole sectorsuffers a crisis which is very close, if not already identical, to a bank run.Both phenomenon seek an explanation. The ongoing crisis let to...

In this paper, we propose a model of credit rating agencies using the global gamesframework to incorporate information and coordination problems. We introduce arefined utility function of a credit rating agency that, additional to reputationmaximization, also embeds aspects of competition and...

Empirical evidence suggests that even those firms presumably most in need of monitoring-intensive financing (young, small, and innovative firms) have a multitude of bank lenders, where one may be special in the sense of relationship lending. However, theory does not tell us a lot about the...

Open-end real estate funds are of particular importance in the German bankdominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of...

Open-end real estate funds are of particular importance in the German bank- dominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description...