Open-end real estate funds in Germany : genesis and crisis

  • 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.

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Author:Christina E. BannierGND, Falko FechtORCiDGND, Marcel TyrellGND
Parent Title (German):Deutsche Bundesbank: [Discussion paper / 2] Discussion paper : Ser. 2, Banking and financial studies ; No. 2007,04
Publisher:Deutsche Bundesbank
Place of publication:Frankfurt am Main
Document Type:Working Paper
Year of Completion:2007
Year of first Publication:2007
Publishing Institution:Universit├Ątsbibliothek Johann Christian Senckenberg
Release Date:2014/09/23
Tag:Liquidity Crisis; Liquidity Transformation; Open-End Funds; Risk Sharing
Page Number:44
Institutes:Wirtschaftswissenschaften / Wirtschaftswissenschaften
Dewey Decimal Classification:3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft
Licence (German):License LogoDeutsches Urheberrecht