Multinational banks' deleveraging in the crisis driven by pre-crisis characteristics and behavior
In: Discussion paper Eurosystem
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In: Discussion paper Eurosystem
In: Discussion paper / Series 1, Studies of the Economic Research Centre / Deutsche Bundesbank, 2004,15
World Affairs Online
In: Thünen-series of applied economic theory working paper 22
In: Studien zur Politikwissenschaft
In: Abt. B. Forschungsberichte und Dissertationen 31
World Affairs Online
In: Theorie und Praxis der deutschen Sozialdemokratie
In: Bundesbank Discussion Paper No. 18/2015
SSRN
Mit dem Ausbruch der Finanzkrise kamen viele Banken weltweit unter Druck und mussten ihre Geschäftsmodelle überdenken. Dieser Beitrag zeigt die Entwicklung bei den Auslandspositionen der Banken. Die Adjustierung der Bankbilanzen verlief in zwei Phasen. Bis ins Frühjahr 2010 betraf der Abbau vor allem Forderungen gegenüber den Ländern USA und Großbritannien mit ihren großen Finanzzentren. Hier wurden insbesondere die Interbankenfinanzierung, aber auch jene von Hedgefonds, Private Equity- und Zweckgesellschaften reduziert. In der zweiten Abbauphase, die in erster Linie von der Staatsschuldenkrise geprägt war, standen die Peripherieländer Portugal, Irland, Italien, Griechenland und Spanien im Fokus - insbesondere deren Banken- und Staatsfinanzierung wurde eingeschränkt. Hingegen werden seit Frühjahr 2010 die Positionen gegenüber den Banken in den ausländischen Finanzzentren wieder ausgebaut und EWU-Staatsanleihen der Nichtperipherieländer verstärkt in die Portfolien genommen. Insgesamt gingen die Auslandsforderungen deutscher Banken von 3,1 Billionen Euro Ende Oktober 2008 um 30 Prozent auf 2,1 Billionen Euro Ende Oktober 2012 zurück. ; The outbreak of the financial crisis caused many banks worldwide to come under pressure, forcing them to rethink their business models. This analysis shows the shrinking of German banks' balance sheet items that are related to non-residents. It is illustrated that up to and into spring 2010 the shrinkage mainly affected claims on the United States and Great Britain, both home to large financial centres. Interbank funding, but also the claims of hedge funds, private equity firms and special-purpose vehicles were reduced. The second stage of shrinkage, which was dictated primarily by the sovereign debt crisis, was concentrated mainly on the peripheral countries of Portugal, Ireland, Italy, Greece and Spain - it was particularly their bank and government funding which was curtailed. By contrast, claims on banks in non-euro-area financial centres have been expanded again since spring 2010 and euro-area government bonds issued by non-peripheral countries have been increasingly being added to portfolios. All in all, German banks' claims on non-residents went down by 30 percent from 3.1 trillion euro as at end-October 2008 to 2.1 trillion euro as at end-October 2012.
BASE
As, in Europe, many institutional reforms have been undertaken to establish an economic union, it can be expected that the relevance of borders has decreased over time. For the EU 15, we investigate the expected integration process of the market for corporate control - an illustrative market for studying integration issues - over the period from 1995 to 2007. Our gravity regressions show that borders lost relevance from 1995 up to the bursting of the new economy bubble. During this period, the transition from the European Economic Community to the European Union at the end of 1993 and the introduction of the euro may have led to accelerated integration. However, thereafter we find no evidence for further progress driven by institutional factors. On the other hand, geographical distance became less relevant for M&As for the entire time span from 1995 to 2007. The continued lack of full integration is also evidenced by heterogeneity inside Europe. This becomes apparent in differing and continuing bilateral border effects. Country pairs with supposedly liberal capital market thinking, such as the Netherlands, Germany and the UK are found to be divided by relatively small barriers. Hence, a still existing lack of integration in Europe may not be a result of missing institutional reforms. In the Poisson estimations, the results depend neither on the choice of the number of observations nor on the log of aggregated transaction value as the dependent variable; however, the use of the levels is inappropriate.
BASE
As, in Europe, many institutional reforms have been undertaken to establish an economic union, it can be expected that the relevance of borders has decreased over time. For the EU 15, we investigate the expected integration process of the market for corporate control - an illustrative market for studying integration issues - over the period from 1995 to 2007. Our gravity regressions show that borders lost relevance from 1995 up to the bursting of the new economy bubble. During this period, the transition from the European Economic Community to the European Union at the end of 1993 and the introduction of the euro may have led to accelerated integration. However, thereafter we find no evidence for further progress driven by institutional factors. On the other hand, geographical distance became less relevant for M&As for the entire time span from 1995 to 2007. The continued lack of full integration is also evidenced by heterogeneity inside Europe. This becomes apparent in differing and continuing bilateral border effects. Country pairs with supposedly liberal capital market thinking, such as the Netherlands, Germany and the UK are found to be divided by relatively small barriers. Hence, a still existing lack of integration in Europe may not be a result of missing institutional reforms. In the Poisson estimations, the results depend neither on the choice of the number of observations nor on the log of aggregated transaction value as the dependent variable; however, the use of the levels is inappropriate.
BASE
In: Bundesbank Series 1 Discussion Paper No. 2010,14
SSRN
In: European Journal of Political Economy, Band 25, Heft 1, S. 85-97
In: European journal of political economy, Band 25, Heft 1, S. 85-97
ISSN: 1873-5703
We consider a central bank council made up of a central bank board that addresses aggregates of the currency area and a group of national central bank governors that are assumed to focus on their home economies. Relatively small member countries favour a situation where the group of national central bank governors has high voting shares, whereas large countries prefer decisions to be taken by the central bank board. With respect to output persistence, spillover effects also lessen the disadvantages of decisions taken by a central bank board for a relatively small country. Thus, international linkages reduce the significance of the design of the central bank council in a currency union. Furthermore, monetary policy decided by a short-term domestically-orientated governor of a small country may negatively affect the future welfare of the country. [Copyright Elsevier B.V.]
In: Berichte aus der Volkswirtschaft
In: Bundesbank Series 1 Discussion Paper No. 2004,15
SSRN
In: Neue Kommunikationsformen für tradierte soziale Umgebungen, S. 92-97
Die Diskussion um die politischen Folgen der Globalisierung hat das Augenmerk von Wissenschaft und Politik erneut auf den Standort und den Handlungsspielraum der Gemeinden gelenkt. Dieser Sachverhalt wird auch mit dem Schlagwort "Glokalisierung" umschrieben. Eröffnen sich dadurch den Kommunen wirklich neue Perspektiven? Und: Werden sie ihre Stellung im Zeitalter der Generalisierung politischer Probleme behaupten können? Auf der anderen Seite ist das deutsche Wissenschaftssystem in Bewegung geraten. Unser Thema "Globalisierung plus Lokalisierung gleich Glokalisierung" ist deshalb aktuell und spannend zugleich. Zunächst befassen wir uns mit dem Begriff Globalisierung, mit den Chancen und Risiken der Veränderungen, im weiteren zeigen wir Konsequenzen und Perspektiven für eine Universitätsreform auf, nachdem das Kunstwort "Glokalisierung" als Verbindung der Globalisierung mit der Lokalisierung geklärt ist. Es geht uns mehr darum, dass die Glokalisierung neue Perspektiven eröffnet und dass die Reform, die wir jetzt angehen müssen, eine Herausforderung und Aufgabe ersten Ranges ist. (KB)