We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank and benchmarked by the overnight index swap) as a function of market conditions and bank characteristics. These prices depend in particular on the distribution of liquidity...

This note proposes a new set-up for the fund backing the Single Resolution Mechanism (SRM). The proposed fund is a Multi-Tier Resolution Fund (MTRF), restricting the joint and several supranational liability to a limited range of losses, bounded by national liability at the upper and the lower...

Der wissenschaftliche Beirat beim Bundesfinanzministerium hat jüngst in einer Stellungnahme darauf aufmerksam gemacht, dass die gegenwärtige Finanzordnung in der Europäischen Währungsunion dem Staat in seiner Eigenschaft als Schuldner besondere Privilegien einräumt. Die Autoren geben einen...

In der Debatte über die Zukunft der Eurozone wird auch das Konzept der Bankenunion diskutiert. Hans-Peter Burghof, Universität Hohenheim, sieht unter den gegenwärtigen Bedingungen die Gefahr einer europäischen Bankenunion, in der das Vermögen einiger Länder des Währungsraumes ohne...

We study differences in the price paid for liquidity across banks using price data at the individual bank level. Unique to this paper, we also have data on individual banks' reserve requirements and actual reserve holdings, thus allowing us to gauge the extent to which a bank is short or long...

We raise some critical points against a naïve interpretation of "green finance" products and strategies. These critical insights are the background against which we take a closer look at instruments and policies that might allow green finance to become more impactful. In particular, we focus on...