Suchergebnisse

'There was a world BC (Before Crisis) and there will be a world AD (After Deleveraging) the challenge is to create an effective, efficient yet stable and sustainable financial system for this "new world". This book provides the most comprehensive and thought-provoking basis for action I have seen so far.' (Paul Achleitner, Chair of Supervisory Board Deutsche Bank AG). ' The financial crisis demonstrated conclusively that for central bankers and other policymakers financial stability must always be of paramount concern, for without it the macroeconomy will perform badly and monetary policy will lose its effectiveness. This book underscores the importance of financial stability, laying out the key issues and what must be done to avoid such disasters in the future.' (William C. Dudley, President of the Federal Reserve Bank of New York, US). -- 'Since 2008, financial stability has moved to the center of the policy stage. This volume, combining contributions from leading policy makers and academics, is the essential introduction to the issues. Must reading.' (Barry Eichengreen, George C. Pardee and Helen N. Pardee Professor of Economics and Political Science, University of California, Berkeley, US). -- 'Financial stability is an overarching goal. In open and democratic societies, ensuring financial stability is a matter of interest not only to central bankers, academics and financial market players, but also to all well-informed citizens. This book provides an excellent basis for a wide-ranging and rewarding debate.' (Thomas J. Jordan, Chairman of the Governing Board of the Swiss National Bank). -- 'Financial stability is necessary. To achieve this common target an on-going dialogue is required between industry, policymakers, academia and other relevant stakeholders. This book provides a welcome and refreshing perspective from different standpoints on the issues at stake, and reminds us of the remaining work ahead.' (Axel Weber, Chair of Supervisory Board, UBS).

AbstractAre overheating housing markets and rising interest rate risks becoming a breeding ground for yet another banking crisis? We assess these risks for the German case. We find that they are indeed building up and may very well form the basis for a new banking crisis – unless prevented through responsible banking decisions, supervisory guidance, and policy adjustments.

Wie hat das US-Finanzsystem die schwere Krise von 2008 bewältigt? Was unterscheidet den amerikanischen Finanzmarkt vom europäischen, und warum divergieren kontinentaleuropäische und "angelsächsische" Lösungsansätze? Ein Gespräch über Regulierungsmodelle, systemische Risiken, einen nötigen Mentalitätswandel und die Zukunft des Dollar. (IP)

We analyze the impact of market liquidity on bank lending in the euro area for different segments over the period 2003 to 2016. Our results on the aggregate level show that market liquidity is positively related to loan volumes and negatively related to credit spreads. Particularly during the financial crisis of 2007-09 and the subsequent European debt crisis, lending was reduced and we observe that banks requested higher credit spreads. Of particular importance is that market liquidity has an asymmetric effect on bank lending: The negative impact of a reduction in liquidity is more significant than the positive impact of an increase in liquidity. This is particularly true for corporate loans where lending conditions would be restricted first in times of impaired market liquidity. The bank-level data confirm the strong impact of market liquidity on bank lending as well. More specifically, we show that non-listed banks, less profitable banks and banks which rely relatively more on net interest income, as well as banks with a high funding liquidity are particularly strongly exposed to market liquidity. Therefore, properly functioning and sufficiently liquid markets are necessary to avoid negative consequences of restrictions in bank lending which would eventually hamper the real economy. This is of the utmost importance against the background of the envisaged capital markets union in the European Union and the potential exit of the United Kingdom from the EU.

Frontmatter -- Table of Contents -- About the Contributors -- Introduction -- Capital Markets Union in Europe: an ambitious but essential objective -- Capital Markets Union: Process and Priorities – A financial industry perspective -- From Banking Union to Capital Markets Union -- What can capital markets deliver? – A central banker's view -- What can the capital markets deliver? A market participant's view -- From Capital Markets Confederation to Capital Markets Union -- Capital Markets Union – Who Will Invest? -- European Capital Markets Union: Strengthening Capital Markets to foster growth -- Banks set for pivotal role in new growth ecosystem -- A Vision for Capital Markets Union -- What has to change? -- The European Capital Markets Union: how viable a goal?