Sustainable Architecture for Finance in Europe (SAFE)
Refine
Year of publication
Document Type
- Working Paper (809)
- Part of Periodical (502)
- Report (62)
- Article (32)
- Contribution to a Periodical (2)
- Conference Proceeding (1)
- Review (1)
Has Fulltext
- yes (1409) (remove)
Is part of the Bibliography
- no (1409)
Keywords
- Financial Institutions (90)
- Capital Markets Union (67)
- ECB (62)
- Financial Markets (58)
- Banking Union (52)
- Banking Regulation (51)
- Household Finance (43)
- Banking Supervision (40)
- Macro Finance (40)
- Monetary Policy (35)
Institute
- Sustainable Architecture for Finance in Europe (SAFE) (1409)
- Wirtschaftswissenschaften (1357)
- Center for Financial Studies (CFS) (783)
- House of Finance (HoF) (688)
- Institute for Monetary and Financial Stability (IMFS) (125)
- Rechtswissenschaft (63)
- Foundation of Law and Finance (48)
- Institute for Law and Finance (ILF) (7)
- Gesellschaftswissenschaften (6)
- Frankfurt MathFinance Institute (FMFI) (3)
Cryptocurrencies have received growing attention from individuals, the media, and regulators. However, little is known about the investors whom these financial instruments attract. Using administrative data, we describe the investment behavior of individuals who invest in cryptocurrencies with structured retail products. We find that cryptocurrency investors are active traders, prone to investment biases, and hold risky portfolios. In line with attention effects and anticipatory utility, we find that the average cryptocurrency investor substantially increases log-in and trading activity after his or her first cryptocurrency purchase. Our results document which investors are more likely to adopt new financial products and help inform regulators about investors' vulnerability to cryptocurrency investments.
We show that FED policy announcements lead to a significant increase in international comovements in the cross-section of equity and in particular sovereign CDS markets. The relaxation of unconventionary monetary policies is felt strongly by emerging markets, and by countries that are open to the trading of goods and flows, even in the presence of floating exchange rates. It also impacts closed economies whose currencies are pegged to the dollar. This evidence is consistent with recent theories of a global financial cycle and the pricing of a FED’s put. In contrast, ECB announcements hardly affect comovements, even in the Eurozone.
Das Working Paper bietet die zusammenfassende Stellungnahme von Prof. Volker Wieland zum Ankaufprogramm der Europäischen Zentralbank für Anleihen des öffentlichen Sektors (Public Sector Purchase Programme, PSPP) am Bundesverfassungsgericht am 30.07.2019. Dabei liegt der Schwerpunkt auf der Frage der Einordnung des PSPP als monetäre, geldpolitische Maßnahme und der Verhältnismäßigkeit des Programms und seiner Umsetzung. Ebenfalls wird kurz auf die weiteren Fragen zur Umsetzung, insbesondere Ankündigung, Begrenzung und Abstand zum Primärmarkt für Staatsanleihen eingegangen.
The European Commission is trying to reboot the CMU project: The High-Level Forum on Capital Markets Union – a group of 28 selected experts from industry, academia and civil society – is expected to submit policy recommendations by the end of May 2020 which will feed into the Commission’s new CMU agenda. This contribution is largely based on a letter to the High-Level Forum that gives feedback on the Interim Report published in February. There, we introduce a comprehensive approach to distinguish, from a functional finance perspective, between the ‘game changers’ and what is nice to have. We highlight the importance of common and consistent supervisory practices across Member States and recommend building up a European Securities and Exchange Commission (E-SEC) according to the American model.
We study how the Eurosystem Collateral Framework for corporate bonds helps the European Central Bank (ECB) fulfill its policy mandate. Using the ECBs eligibility list, we identify the first inclusion date of both bonds and issuers. We find that due to the increased supply and demand for pledgeable collateral following eligibility, (i) securities lending market trading activity increases, (ii) eligible bonds have lower yields, and (iii) the liquidity of newly-issued bonds declines, whereas the liquidity of older bonds is unaffected/improves. Corporate bond lending relaxes the constraint of limited collateral supply, thereby making the market more cohesive and complete. Following eligibility, bond-issuing firms reduce bank debt and expand corporate bond issuance, thus increasing overall debt size and extending maturity.
This Policy Letter presents a proposal for designing a program of government assistance for firms hurt by the Coronavirus crisis in the European Union (EU). In our recent Policy Letter 81, we introduced a new, equity-type instrument, a cash-against-tax surcharge scheme, bundled across firms and countries in a European Pandemic Equity Fund (EPEF). The present Policy Letter 84 focuses on the principles and conditions relevant for the operationalization of a EPEF. Our proposal has several desirable features. It: a) offers better risk sharing opportunities, augmenting the resilience of businesses and EU economies; b) is need-based, thereby contributing to an effective use of resources; c) builds on conditions and credible controls, addressing adverse selection and moral hazard; d) is accessible to smaller and medium-sized firms, the backbone of Europe’s economy; e) applies Europe-wide uniform eligibility criteria, strengthening support among member states; f) is a scheme of limited duration, reducing (perceived) government interference in businesses; g) creates a template for a growth-oriented public policy, aligning public and private sector interests; and h) builds on the existing institutional infrastructure and requires minimal legislative adjustments.
Use banks the right way
(2020)
"A groundbreaking decision"
(2018)
Andreas Hackethal: Better than a pension guarantee would be to allow citizens finally more insights.
A plea against "black zero"
(2019)
German proposal for a common European deposit insurance, new rules for investment firms and covered bonds, and new EU legal framework on Sustainable Finance: a selection of financial regulatory developments from this month.
Alexander Ludwig: The discussion about lower delayed retirement credits in the German public pension system misses the point. Instead, it would be more important to increase both, delayed retirement credits and early retirement penalties, and to link them to the longer life expectancy of the working population.
Discriminating inflation
(2018)
Alexander Ludwig: An expert commission makes sense – but why expert opinion only after 2025 and clientele policy before?