TY  - UNPD
A1  - Bannier, Christina E.
A1  - Fecht, Falko
A1  - Tyrell, Marcel
T1  - Open-end real estate funds in Germany : genesis and crisis
T2  - Deutsche Bundesbank: [Discussion paper / 2] Discussion paper : Ser. 2, Banking and financial studies ; No. 2007,04
N2  - Open-end real estate funds are of particular importance in the German bank-dominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to openend real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendations that have been raised.
KW  - Open-End Funds
KW  - Liquidity Transformation
KW  - Liquidity Crisis
KW  - Risk Sharing
Y1  - 2007
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/35062
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-350627
UR  - http://www.bundesbank.de
SN  - 978-3-86558-268-3
SN  - 978-3-86558-269-0
PB  - Deutsche Bundesbank
CY  - Frankfurt am Main
ER  -