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Die historische Geld- und Kapitaldatenbank des Center for Financial Studies
Die Historische Geld- und Kapitalmarktdatenbank, die vom Institut für Kapitalmarktforschung an der Johann Wolfgang Goethe-Universität in mehr als fünfjähriger Arbeit im Rahmen des DFG-Schwerpunktprogramms "Empirische ...
PSPP Resources of the Bank of Lithuania
Interbank Networks and Backdoor Bailouts: Benefiting from other Banks' Government Guarantees
This paper explains why banks derive a benefit from being highly interconnected. We show that when banks are protected by government guarantees they can significantly increase their expected returns by channeling funds ...
Incentive-Based Capital Requirements
This paper proposes a new regulatory approach that implements capital requirements contingent on executive incentive schemes. We argue that excessive risk-taking in the financial sector originates from the shareholder moral ...
Equilibrium Asset Pricing in Directed Networks
Directed links in cash flow networks affect the cross-section of price exposures and market prices of risk in equilibrium. In an asset pricing model featuring mutually exciting jumps, we measure directedness through an ...
Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change
This paper studies a dynamic stochastic general equilibrium model involving climate change. Our framework allows for feedback effects on the temperature dynamics. We are able to match estimates of future temperature ...
Predictors and Portfolios Over the Life Cycle
In a calibrated consumption-portfolio model with stock, housing, and labor income predictability, we evaluate the welfare effects of predictability on life-cycle consumption-portfolio choice. We compare skilled investors ...
The Effect of Personal Financing Disruptions on Entrepreneurship
This paper studies how disruptions to personal sources of financing, aside from commercial lending supply shocks, impair the survival and growth of small businesses. Entrepreneurs holding deposit accounts at retail banking ...
Natural Disaster and Bank Stability: Evidence from the U.S. Financial System
We show that property damages from weather-related natural disasters significantly weaken the stability of banks with business activities in affected regions, as reflected in lower z-scores, higher probabilities of default, ...
Too Complex to Work: A Critical Assessment of the Bail-in Tool under the European Bank Recovery and Resolution Regime
This paper analyzes the bail-in tool under the BRRD and predicts that it will not reach its policy objective. To make this argument, this paper first describes the policy rationale that calls for mandatory private sector ...