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The lack of a European Deposit Insurance Scheme (EDIS) – often referred to as the ‘third pillar’ of Banking Union – has been criticized since the inception of the EU Banking Union. The Crisis Management and Deposit Insurance (CMDI) framework needs to rely heavily on banks’ internal loss absorbing capacity and provides little flexibility in terms of industry resolution funding. This design has, among others, led to the rare application of the CMDI, particularly in the case of small and medium sized retail banks. This reluctance of resolution authorities weakens any positive impact the CMDI may have on market discipline and ultimately financial stability. After several national governments pushed back against the establishment of an EDIS, the Commission recently took a different approach and tried to reform the CMDI comprehensively, without seeking to erect a ‘third pillar’. The overarching rationale of the CMDI Proposal is to make resolution funding more flexible. To this end, the proposal seeks to facilitate contributions from (national) deposit guarantee schemes (DGS). At the same time, the CMDI Proposal tries to broaden the scope of resolution to include smaller and medium sized banks. This paper provides an assessment of the CMDI Proposal. It argues that the CMDI Proposal is a step in the right direction but cannot overcome fundamental deficiencies in the design of the Banking Union.
The lack of a European Deposit Insurance Scheme (EDIS) – often referred to as the ‘third pillar’ of Banking Union – has been criticized since the inception of the EU Banking Union. The Crisis Management and Deposit Insurance (CMDI) framework needs to rely heavily on banks’ internal loss absorbing capacity and provides little flexibility in terms of industry resolution funding. This design has, among others, led to the rare application of the CMDI, particularly in the case of small and medium sized retail banks. This reluctance of resolution authorities weakens any positive impact the CMDI may have on market discipline and ultimately financial stability. After several national governments pushed back against the establishment of an EDIS, the Commission recently took a different approach and tried to reform the CMDI comprehensively, without seeking to erect a ‘third pillar’. The overarching rationale of the CMDI Proposal is to make resolution funding more flexible. To this end, the proposal seeks to facilitate contributions from (national) deposit guarantee schemes (DGS). At the same time, the CMDI Proposal tries to broaden the scope of resolution to include smaller and medium sized banks. This paper provides an assessment of the CMDI Proposal. It argues that the CMDI Proposal is a step in the right direction but cannot overcome fundamental deficiencies in the design of the Banking Union.
The Born cross sections are measured for the first time for the processes e+e−→D∗+sD∗s0(2317)−+c.c. and e+e−→D∗+sDs1(2460)−+c.c. at the center-of-mass energy s√= 4.600~GeV, 4.612~GeV, 4.626~GeV, 4.640~GeV, 4.660~GeV, 4.68~GeV, and 4.700~GeV, and for e+e−→D∗+sDs1(2536)−+c.c. at s√= 4.660~GeV, 4.680~GeV, and 4.700~GeV, using data samples collected with the BESIII detector at the BEPCII collider. No structures are observed in cross-section distributions for any of the processes.
By analyzing an e+e− annihilation data sample corresponding to an integrated luminosity of 2.93 fb−1 collected at a center-of-mass energy of 3.773 GeV with the BESIII detector, we measure the branching fraction of the D0→ρ−μ+νμ decay for the first time. We obtain BD0→ρ−μ+νμ=(1.35±0.09stat±0.09syst)×10−3. Using the world average of BD0→ρ−e+νe, we find a branching fraction ratio of BD0→ρ−μ+νμ/BD0→ρ−e+νe=0.90±0.11, which agrees with the theoretical expectation of lepton flavor universality within the uncertainty. Combining the world average of BD+→ρ0μ+νμ and the lifetimes of D0(+), we obtain a partial decay width ratio of ΓD0→ρ−μ+νμ/(2ΓD+→ρ0μ+νμ)=0.71±0.14, which is consistent with the isospin symmetry expectation of one within 2.1σ. For the reported values of BD0→ρ−μ+νμ/BD0→ρ−e+νe and ΓD0→ρ−μ+νμ/2ΓD+→ρ0μ+νμ, the uncertainty is the quadratic sum of the statistical and systematic uncertainties.
By analyzing an e+e− annihilation data sample corresponding to an integrated luminosity of 2.93 fb−1 collected at a center-of-mass energy of 3.773 GeV with the BESIII detector, we measure the branching fraction of the D0→ρ−μ+νμ decay for the first time. We obtain BD0→ρ−μ+νμ=(1.35±0.09stat±0.09syst)×10−3. Using the world average of BD0→ρ−e+νe, we find a branching fraction ratio of BD0→ρ−μ+νμ/BD0→ρ−e+νe=0.90±0.11, which agrees with the theoretical expectation of lepton flavor universality within the uncertainty. Combining the world average of BD+→ρ0μ+νμ and the lifetimes of D0(+), we obtain a partial decay width ratio of ΓD0→ρ−μ+νμ/(2ΓD+→ρ0μ+νμ)=0.71±0.14, which is consistent with the isospin symmetry expectation of one within 2.1σ. For the reported values of BD0→ρ−μ+νμ/BD0→ρ−e+νe and ΓD0→ρ−μ+νμ/2ΓD+→ρ0μ+νμ, the uncertainty is the quadratic sum of the statistical and systematic uncertainties.
By analyzing an e+e− annihilation data sample corresponding to an integrated luminosity of 2.93 fb−1 collected at a center-of-mass energy of 3.773 GeV with the BESIII detector, we measure the branching fraction of the D0→ρ−μ+νμ decay for the first time. We obtain BD0→ρ−μ+νμ=(1.35±0.09stat±0.09syst)×10−3. Combining with theoretical predictions, we extract the CKM matrix element |Vcd|=0.204±0.007stat±0.007syst±0.014theory. Using the world average of BD0→ρ−e+νe, we find a branching fraction ratio of BD0→ρ−μ+νμ/BD0→ρ−e+νe=0.90±0.11, which agrees with the theoretical expectation of lepton flavor universality within the uncertainty. Combining the world average of BD+→ρ0μ+νμ and the lifetimes of D0(+), we obtain a partial decay width ratio of ΓD0→ρ−μ+νμ/(2ΓD+→ρ0μ+νμ)=0.71±0.14, which is consistent with the isospin symmetry expectation of one within 2.1σ. For the reported values of BD0→ρ−μ+νμ/BD0→ρ−e+νe and ΓD0→ρ−μ+νμ/2ΓD+→ρ0μ+νμ, the uncertainty is the quadratic sum of the statistical and systematic uncertainties.