Macroeconomic Imbalances in EMU and the Eurosystem

Schulden; Finanzmarktkrise; Euro; Schuldenkrise; Europäische Wirtschafts- und Währungsunion

Determinanten des deutschen Kreditzinsniveaus

Seit Mitte der 90er Jahre liegt das deutsche Kreditzinsniveau über dem Durchschnitt der EWU. Worauf ist diese Entwicklung zurückzuführen? Sind die deutschen Banken weniger effizient? Liegt der Zinsunterschied an den hohen Refinanzierungskosten? Gibt es in Deutschland mehr Kreditausfälle, oder schätzen die deutschen Banken die Risiken realistischer ein

Monitoring banking sector risks: An applied approach

Despite abundant empirical evidence on the merits and limits of early-warning systems for banking crises the day-to-day use of such systems seems to be limited. Reluctance to use such systems may partly be explained by the difficulties to operationalise the proposed models, which are often demanding in terms of data requirements and/ or methodologies. We try to overcome these difficulties and show how an early-warning system can be implemented in practice. Drawing on existing empirical work, we develop a model that provides timely and readily digestible information on macroeconomic developments, e.g. booming credit volumes, excessively rising asset prices or exchange rates, which in the past typically preceded banking crises. Our model is tailored to meet the professional needs of an internationally operating private sector financial institution and can be applied across a wide range of industrial countries and emerging markets

Determinanten des deutschen Kreditzinsniveaus

Seit Mitte der 90er Jahre liegt das deutsche Kreditzinsniveau über dem Durchschnitt der EWU. Worauf ist diese Entwicklung zurückzuführen? Sind die deutschen Banken weniger effizient? Liegt der Zinsunterschied an den hohen Refinanzierungskosten? Gibt es in Deutschland mehr Kreditausfälle, oder schätzen die deutschen Banken die Risiken realistischer ein? --

Bilateral current account rebalancing in the EMU: The link between Germany and the eurozone peripheral countries

Some current account rebalancing within EMU is currently in progress. Following the financial crisis, German current account surpluses with Italy, Spain, Portugal and Greece have decreased. The following article shows that rebalancing has been achieved mainly at the expense of domestic demand in these countries. Moreover, although all four peripheral countries have achieved some rebalancing of their current accounts vis-à-vis Germany, the path of adjustment differs

Makroökonomische Ungleichgewichte in der EWU und das Eurosystem

Zahlungsbilanz, Zahlungsbilanzungleichgewicht, Schulden, Leistungsbilanz, Wettbewerb, Europäische Wirtschafts- und Währungsunion

Shadow banking in the euro area: risks and vulnerabilities in the investment fund sector

This paper first highlights the structural features of shadow banking in the euro area, focussing on investment funds. It then discusses the potential systemic risks that the recent expansion of the investment fund sector presents. While investment funds provide important intermediation services to the real sector, including market and liquidity risk-sharing and the bridging of information gaps, their rapid expansion may present systemic risks that need to be detected, monitored and managed. In particular, the risk of fund outflows and the possible negative impacts on the wider financial system have risen due to the rapid expansion of the investment fund sector, its growing involvement in capital markets, its use of synthetic leverage, and the inherent and growing maturity and liquidity mismatch arising from the demandable nature of fund share investments. While available data suggest that vulnerabilities within the investment fund sector are growing and links to the wider financial system and real economy have strengthened, data limitations prevent drawing a definitive conclusion on the sectors' contribution to systemic risk