Aufgrund seiner Komplexität lässt sich zum Bereich des Geld- und Kreditwesens nur interdisziplinär ein adäquater Zugang finden. Durch einen Blick über die eigenen Fachgrenzen hinaus, die Zusammenschau verschiedener Disziplinen und Perspektiven, konnte der Bogen, von der antiken...

Fast täglich kommen neue Hiobsbotschaften aus der Wirtschaft und vonseiten der Finanzmärkte. Aktien verlieren dramatisch an Wert, Banken brechen zusammen, Unternehmen aller Branchen bauen Mitarbeiter ab. Die aktuelle Finanzmarktkrise hat die größte und schwerwiegendste Rezession seit der...

Preface -- Introduction: Is the Finance Industry Ethically Irrelevant? -- Part A Foundations of Business and Finance Ethics -- Chapter 1 Ethical Economy, Economic Ethics, Business Ethics -- Part B The Ethical Economy and Finance Ethics of the Markets for Credit, Capital, Corporate Control, and...

This paper develops a test for discrimination in lending combining denial rates and recovery rates. In contrast to the recent outcome-test methodology scrutinizing biases in the credit market with differential profits, our approach is applicable to (simple and intersectional) discrimination...

We study, theoretically and in a quantitative model, the determinants of lender profits in the cross-section of households. We argue that the empirical pattern of high profit margins for high risk contracts calls for a departure from constant markups or ex-post perfect competition models.We...

Using a panel dataset of 26 advanced economies over the five decades preceding the Covid-19 crisis, we show that inequality rises following recessions and that rapidcredit growth in the run up to a downturn exacerbates that effect. A one standard deviation credit boom leads to a 40%...

The difference in unemployment rates between the U.S. and Europe is well documented. In this paper, we develop a model with frictional labor, goods and credit markets to understand how differences in unemployment rates across the U.S. and Europe can be explained by differences in income tax...

We investigate how shocks to the reputation of credit rating agencies and the subsequent introduction of stricter regulation affect investors’ reaction to rating signals. We focus on three major episodes of reputational distress: the Enron/WorldCom scandals, the subprime crisis and the lawsuit...

Direct lenders, non-bank credit intermediaries with low leverage, have become increas-ingly important players in corporate loan markets. In this paper we investigate the role they play in the monetary policy transmission mechanism, using syndicated loan data covering the 2000-2018 period. We...