Universitätspublikationen
Refine
Year of publication
- 2017 (118) (remove)
Document Type
- Working Paper (118) (remove)
Has Fulltext
- yes (118)
Is part of the Bibliography
- no (118) (remove)
Keywords
- asset pricing (4)
- bail-in (4)
- financial stability (4)
- EIOPA (3)
- MREL (3)
- TLAC (3)
- Asset pricing (2)
- Banking Union (2)
- Corporate Governance (2)
- Culture (2)
- Digitalisierung (2)
- ECB (2)
- Endogenous growth (2)
- Financial Stability (2)
- G-SIB (2)
- Guidelines (2)
- Heterogeneous innovation (2)
- Insurance (2)
- Internal Controls (2)
- Kabelweitersendung (2)
- Lebensversicherung (2)
- Life Insurance (2)
- Monetary Policy (2)
- Principle of Proportionality (2)
- Regulation (2)
- Risk Management (2)
- Solvency (2)
- Systemic Risk (2)
- Urheberrecht (2)
- bank resolution (2)
- banking regulation (2)
- banking supervision (2)
- financial crisis (2)
- global banks (2)
- investor protection (2)
- liquidity (2)
- market discipline (2)
- model uncertainty (2)
- monetary policy (2)
- pension (2)
- portfolio choice (2)
- systemic risk (2)
- transmission (2)
- volatility (2)
- "magnet effect" (1)
- 401(k) plan (1)
- ABS (1)
- AKM (1)
- Adverse Selection (1)
- Alpha equivalence (1)
- Annual General Meeting (1)
- Annuities (1)
- Arbeitnehmerstatus von GmbH-Geschäftsführern (1)
- Asset Prices (1)
- Asset Purchase Programme (1)
- Asymmetric Tax Regimes (1)
- BRRD (1)
- BVerfG (1)
- Balkaya (1)
- Bank Lending (1)
- Bewässerung (1)
- Bike and Ride / Fahrrad-Abstellanlagen (1)
- Board of Directors (1)
- Brexit (1)
- CAPM (1)
- CDS (1)
- CEO Speeches (1)
- Central Bank Communication (1)
- Collective Redress Recommendation (1)
- Counterparty Credit Limits (1)
- Counterparty Risk (1)
- Creative destruction (1)
- Danosa (1)
- Datengrundlagen (1)
- Democratic Legitimacy (1)
- Deutsches Arbeitsrecht (1)
- Digitalization (1)
- Dodd-Frank Act (1)
- Dokumentarische Methode (1)
- Dynamic Stochastic General Equilibrium Model (1)
- ECJ (1)
- EGC (1)
- EU banks (1)
- EU economic and financial services legislation (1)
- Economic and Monetary Union (1)
- Economics of Information (1)
- Epstein-Zin preferences (1)
- European Central Bank (1)
- European Insurance Union (1)
- European Insurance and Occupational Pensions Authority (1)
- European Supervisory Authorities (1)
- Europäischer Arbeitnehmerbegriff (1)
- Expectation Error (1)
- Expectation Formation (1)
- Experience (1)
- Extrapolation (1)
- Fahren ohne (gültigen) Fahrschein (1)
- Fahrradmitnahme (1)
- Fahrradverleihsysteme (1)
- Financial Crises (1)
- Financial Institutions (1)
- Financial stability (1)
- Firm Investment (1)
- Fiscal policy (1)
- Fokker-Planck equation (1)
- Forward Guidance (1)
- Freibetrag (1)
- Freiheit (1)
- Futures Market (1)
- GIS (1)
- Geld (1)
- Gender Differences (1)
- Georg Simmel (1)
- German cooperative banks (1)
- German retirement system (1)
- German savings banks (1)
- Global Irrigation Model (GIM) (1)
- Global Map of Irrigation Areas (GMIA) (1)
- Global Temperature (1)
- Globales Bewässerungsmodell (1)
- Government (1)
- Granger Causality (1)
- Great Transformation (1)
- Grunderwerbsteuer (1)
- Grundsatz der Verhältnismäßigkeit (1)
- High Frequency Trading (1)
- High-Frequency Traders (HFTs) (1)
- Historical Irrigation Data set (HID) (1)
- IFRS 9 (1)
- IPBES (1)
- IPTV (1)
- Immersion (1)
- Inclusive Finance (1)
- Insurance Companies (1)
- Insurance Supervision (1)
- Interest Rate Risk (1)
- Intermodalität (1)
- International finance (1)
- Interne Kontrollen (1)
- Internet Protocol Television (1)
- Internet-TV (1)
- Irrigation (1)
- Irrigation consumptive use (1)
- Irrigation efficiency (1)
- Justice (1)
- Justification (1)
- Kalman Filter (1)
- Karl Marx (1)
- Kommodifizierung (1)
- Konsumtiver Bewässerungsbedarf (1)
- Kultur (1)
- LASSO (1)
- Labor Hoarding (1)
- Landeskreditbank Baden-Württemberg (1)
- Lapse Risk (1)
- Law (1)
- Learning (1)
- Lebensversicherung Rückkauf (1)
- Life Insurance Surrender (1)
- Liquidity Provision (1)
- Liquidity premium (1)
- MIRCA2000 (1)
- Markenrecht (1)
- Market Design (1)
- Market Efficiency (1)
- Market Making (1)
- Microfinance (1)
- Mobilität in Deutschland (1)
- Motive (1)
- Multi-Layer Network (1)
- NCAs (1)
- Net irrigation water requirement (1)
- Network Combination (1)
- New Keynesian DSGE (1)
- News Releases (1)
- Normative Orders (1)
- OMT (1)
- ORSA (1)
- Oil (1)
- Opening Auction (1)
- Own Self Risk Assessment (1)
- Parameter Uncertainty (1)
- Persistence (1)
- Petroleum-based Economies (1)
- Plagiat (1)
- Polanyi (1)
- Prediction (1)
- Price Discovery (1)
- Price Formation (1)
- Price Uncertainty (1)
- Privacy (1)
- Programmiersprachen (1)
- Proprietary Trading (1)
- Qualitative Sozialforschung (1)
- Quantile Causality (1)
- Quantitative Easing (1)
- R&D (1)
- R&D Investment (1)
- Real Effects (1)
- Reduktionssystem (1)
- Reformvorschläge (1)
- Regulierung (1)
- Retirement saving (1)
- Rhein-Main-Verkehrsverbund (1)
- Rights (1)
- Risikomanagement (1)
- Risk Measurement (1)
- SRM (1)
- SSM (1)
- STS (simple, transparent, and standardized securitizations) (1)
- Screening (1)
- Semantik (1)
- Share Deals (1)
- Single Supervisory Mechanism (1)
- Social Networks (1)
- Social Security claiming age (1)
- Solvabilitätsrichtlinien (1)
- Sprachkompetenz (1)
- Steuergestaltung (1)
- Stochastic Volatility (1)
- Stornorisiko (1)
- TIPS (1)
- TIPS–Treasury puzzle (1)
- Technology Adoption (1)
- Technology spillover (1)
- Terrmersetzungssystem (1)
- Textual Analysis (1)
- Textual Sentiment (1)
- Time Inconsistency (1)
- Tontines (1)
- Transparency Aversion (1)
- Transparenz Aversion (1)
- Trust Game (1)
- Typologie (1)
- US top-wealth shares (1)
- Umbenennung (1)
- Unconventional Monetary Policy (1)
- VaR (1)
- Versicherungen (1)
- Vorstand (1)
- Wage Rigidity (1)
- Wassernutzung (1)
- Water use (1)
- WaterGAP (Water Global Analysis and Prognosis) (1)
- Welfare Costs (1)
- Wissenschaftliche Redlichkeit (1)
- Wissenschaftliches Fehlverhalten (1)
- Zinsrisiko (1)
- Zürs.net (1)
- adaptation (1)
- alpha renaming (1)
- annuity (1)
- art market (1)
- asset prices (1)
- auction (1)
- bailout (1)
- bank deposits (1)
- bank integration (1)
- bank performance (1)
- bank sanctions (1)
- bank stability (1)
- banking and treasury functions (1)
- banking resolution (1)
- banking separation (1)
- banks (1)
- biodiversity research (1)
- biographical research (1)
- bond returns (1)
- capital (1)
- capital injection to banks (1)
- capital regulation (1)
- capital taxation (1)
- childcare (1)
- choice overload (1)
- civil servants (1)
- collective action (1)
- commercial banks (1)
- consumption-portfolio choice (1)
- contrarian trading (1)
- cooperation (1)
- corporate governance (1)
- credit constraints (1)
- cross-border insolvency (1)
- crowdfunding (1)
- crowdinvesting (1)
- debt relief to households (1)
- default investment (1)
- delayed retirement (1)
- disaster risk (1)
- duration of civil proceedings (1)
- dynamic portfolio choice (1)
- early retirement (1)
- ecosystem services (1)
- equity-risk premium (1)
- fertility (1)
- finance and employment (1)
- financial constraints (1)
- financial frictions (1)
- financial institutions (1)
- financial markets regulation (1)
- financial resilience (1)
- financing constraint (1)
- financing decisions (1)
- fintech (1)
- firm heterogeneity (1)
- fiscal policy transmission (1)
- forecasting (1)
- fremdsprachliche Kompetenz (1)
- general equilibrium (1)
- geoblocking (1)
- geotargeting (1)
- german banking system (1)
- german banks (1)
- growth (1)
- heterogeneous agents (1)
- heterogeneous expectations (1)
- high frequency data (1)
- housing debt crisis (1)
- implied volatility skew (1)
- indirect inference estimation (1)
- inflation swaps (1)
- insurance (1)
- interconnections (1)
- interdependent preferences (1)
- internal capital markets (1)
- internet (1)
- investment decisions (1)
- jump risk (1)
- jurisdiction (1)
- knowledge (1)
- labor supply (1)
- law enforcement (1)
- level and slope of implied volatility smile (1)
- leverage (1)
- lifetime income (1)
- liquidity risk (1)
- loanable funds (1)
- long-run growth (1)
- longrun risk (1)
- macrofinancial linkages (1)
- macroprudential franework (1)
- macroprudential policy transmission (1)
- market infrastructure (1)
- market microstructure noise (1)
- matching (1)
- meta languages (1)
- migration (1)
- mnimum distribution requirements (1)
- model comparison (1)
- momentum trading (1)
- monetary penalties (1)
- monetary policy transmission (1)
- money creation (1)
- money in the utility function (1)
- motivation (1)
- natural disasters (1)
- network (1)
- network centrality (1)
- network visualization (1)
- neues Publikum (1)
- newly founded firms (1)
- non-performing assets (1)
- nonlinearity (1)
- optimal inflation rate (1)
- overreaction (1)
- pairwise connectedness (1)
- pensions (1)
- portfolio allocation (1)
- precautionary recapitalization (1)
- predictability (1)
- price discovery (1)
- price reversal (1)
- price-dividend ratio (1)
- pricing estimates (1)
- private sector involvement (1)
- program transformation (1)
- prohibition of proprietary trading (1)
- provisioning rules (1)
- public policy (1)
- public sector wages (1)
- regularization (1)
- regulation (1)
- repeat sale (1)
- repeated games (1)
- retention (1)
- retirement income (1)
- reversals (1)
- rewriting (1)
- robust monetary policy (1)
- saving (1)
- sentiment (1)
- settlement procedures (1)
- shocks (1)
- social centralization (1)
- social dilemmas (1)
- social network analysis (1)
- social security (1)
- social security claiming (1)
- solvency shocks (1)
- sticky prices (1)
- stochastic control (1)
- stochastic volatility (1)
- stock demand (1)
- structured finance (1)
- systematic risk (1)
- tax (1)
- teachers (1)
- temperature shocks (1)
- test cases (1)
- total connectedness (1)
- total directional connect- edness (1)
- trademarks (1)
- trading pause (1)
- transaction costs (1)
- transdisciplinarity (1)
- transnational social protection (1)
- trend inflation (1)
- unemployment (1)
- variance decomposition (1)
- vector autoregression (1)
- verification (1)
- vignette survey method (1)
- volatility estimation (1)
- wage gap (1)
- wealth inequality (1)
- welfare costs (1)
- wholesale shocks (1)
- winner's curse (1)
- zero lower bound (1)
- ΔCoVaR (1)
Institute
- Wirtschaftswissenschaften (91)
- Center for Financial Studies (CFS) (79)
- Sustainable Architecture for Finance in Europe (SAFE) (65)
- House of Finance (HoF) (46)
- Institute for Monetary and Financial Stability (IMFS) (12)
- Rechtswissenschaft (8)
- Informatik (5)
- Gesellschaftswissenschaften (3)
- Cornelia Goethe Centrum für Frauenstudien und die Erforschung der Geschlechterverhältnisse (CGC) (2)
- Exzellenzcluster Die Herausbildung normativer Ordnungen (2)
Given rising life expectations around the world, it seems that old-age pension benefits will need to be cut and pension contributions boosted in many nations. Yet our research on old-age system reforms does not require raising mandatory retirement ages or contributions. Instead, we offer ways to enhance incentives for people to work longer and delay retirement. There are good reasons to incentivize older people to work longer and delay retirement. These include rising longevity, the shrinking workforce, and emerging evidence indicating that working longer can be associated with better mental and physical health for many people. Nevertheless, old age Social Security systems in many nations find that people tend to claim benefits early, usually leading to reduced benefits.In the United States, for instance, a majority of Americans claim their Social Security benefits at the earlier feasible age, namely 62, even though their monthly benefits would be 75% higher if they waited until age 70. To test whether this is the result of people underweighting the economic value of higher lifetime benefit streams, we examine whether people would claim later and work longer if they were rewarded with a lump sum instead of a higher lifetime benefit stream for deferring. Two arguments have been offered to explain early claiming. One is that workers claim early to avoid potentially “forfeiting” their deferred benefits should they die too soon (Brown et al., 2016). A second explanation is that many people underweight the economic value of lifetime benefit streams (Brown et al., 2017). This latter rationale motivates the present study.
The Judgement of the EGC in the Case T-122/15 – Landeskreditbank Baden-Württemberg - Förderbank v European Central Bank is the first statement of the European judiciary on the sub-stantive law of the Banking Union. Beyond its specific holding, the decision is of great importance, because it hints at the methodological approach the EGC will take in interpreting prudential banking regulation in the appeals against supervisory measures that fall in its jurisdiction under TFEU, arts. 256(1) subpara 1 and 263(4). Specifically, the case pertained to the scope of direct ECB oversight of significant banks in the euro area and the reassignment of this competence to national competent authorities (NCAs) in individual circumstances (Single Supervisory Mechanism (SSM) Regulation, art. 6(4) subpara 2; SSM Framework Regulation, arts. 70, 71).
Der europäische Arbeitnehmerbegriff ist aus der arbeitsrechtlichen Praxis inzwischen nicht mehr wegzudenken. Das Ausmaß des Einflusses des Europarechts auf das nationale Arbeitsrecht ist insbesondere seit den Entscheidungen des EuGH in den Rechtssachen Danosa (EuGH, 11.11.2010 - C-232/09) und Balkaya (EuGH, 9.7.2015 - C-229/14) zum Arbeitnehmerstatus des Geschäftsführers einer Kapitalgesellschaft erheblich. Dieser Beitrag beleuchtet die Auswirkungen dieser Rechtsprechung auf den nationalen Arbeitnehmerbegriff.
This paper examines the relationship between oil movements and systemic risk of financial institution in major petroleum-based economies. We estimate ΔCoVaR for those institutions and observe the presence of elevated increases in its levels corresponding to the subprime and global financial crises. The results provide evidence in favor of risk measurement improvements by accounting for oil returns in the risk functions. The spread between the standard CoVaR and the CoVaR that includes oil absorbs in a time range longer than the duration of the oil shock. This indicates that the drop in the oil price has a longer effect on risk and requires more time to be discounted by the financial institutions. To support the analysis, we consider also the other major market-based systemic risk measures.
Motivated by tools for automaed deduction on functional programming languages and programs, we propose a formalism to symbolically represent $\alpha$-renamings for meta-expressions. The formalism is an extension of usual higher-order meta-syntax which allows to $\alpha$-rename all valid ground instances of a meta-expression to fulfill the distinct variable convention. The renaming mechanism may be helpful for several reasoning tasks in deduction systems. We present our approach for a meta-language which uses higher-order abstract syntax and a meta-notation for recursive let-bindings, contexts, and environments. It is used in the LRSX Tool -- a tool to reason on the correctness of program transformations in higher-order program calculi with respect to their operational semantics. Besides introducing a formalism to represent symbolic $\alpha$-renamings, we present and analyze algorithms for simplification of $\alpha$-renamings, matching, rewriting, and checking $\alpha$-equivalence of symbolically $\alpha$-renamed meta-expressions.
We introduce rewriting of meta-expressions which stem from a meta-language that uses higher-order abstract syntax augmented by meta-notation for recursive let, contexts, sets of bindings, and chain variables. Additionally, three kinds of constraints can be added to meta-expressions to express usual constraints on evaluation rules and program transformations. Rewriting of meta-expressions is required for automated reasoning on programs and their properties. A concrete application is a procedure to automatically prove correctness of program transformations in higher-order program calculi which may permit recursive let-bindings as they occur in functional programming languages. Rewriting on meta-expressions can be performed by solving the so-called letrec matching problem which we introduce. We provide a matching algorithm to solve it. We show that the letrec matching problem is NP-complete, that our matching algorithm is sound and complete, and that it runs in non-deterministic polynomial time.
For some time now, structural macroeconomic models used at central banks have been predominantly New Keynesian DSGE models featuring nominal rigidities and forwardlooking decision-making. While these features are widely deemed crucial for policy evaluation exercises, most central banks have added more detailed characterizations of the financial sector to these models following the Great Recession in order to improve their fit to the data and their forecasting performance. We employ a comparative approach to investigate the characteristics of this new generation of New Keynesian DSGE models and document an elevated degree of model uncertainty relative to earlier model generations. Policy transmission is highly heterogeneous across types of financial frictions and monetary policy causes larger effects, on average. The New Keynesian DSGE models we analyze suggest that a simple policy rule robust to model uncertainty involves a weaker response to inflation and the output gap in the presence of financial frictions as compared to earlier generations of such models. Leaning-against-the-wind policies in models of this class estimated for the Euro Area do not lead to substantial gains. With regard to forecasting performance, the inclusion of financial frictions can generate improvements, if conditioned on appropriate data. Looking forward, we argue that model-averaging and embracing alternative modelling paradigms is likely to yield a more robust framework for the conduct of monetary policy.
We study the general equilibrium implications of different fiscal policies on macroeconomic quantities, asset prices, and welfare by utilizing two endogenous growth models. The expanding variety model features only homogeneous innovations by entrants. The Schumpeterian growth model features heterogeneous innovations: "incremental" innovations by incumbents and "radical" innovations by entrants. The government levies taxes on labor income and corporate profits and supplies subsidies to consumption, capital investment, and investments in research and development by entrants and, if applicable, incumbents. With these models at hand, we provide new insights on the interplay of innovation dynamics and fiscal policy.
Exploiting NASDAQ order book data and difference-in-differences methodology, we identify the distinct effects of trading pause mechanisms introduced on U.S. stock exchanges after May 2010. We show that the mere existence of such a regulation constitutes a safeguard which makes market participants behave differently in anticipation of a pause. Pauses tend to break local price trends, make liquidity suppliers revise positions, and enhance price discovery. In contrast, pauses do not have a “cool off” effect on markets, but rather accelerate volatility and bid-ask spreads. This implies a regulatory trade-off between the protective role of trading pauses and their adverse effects on market quality.
Eine neuere Entscheidung des Bundesgerichtshofs zu den Anforderungen an die Mitteilung nach § 20 AktG über die Mitteilung eines Beteiligungserwerbs2 gibt Anlass zu Überlegungen zu den Rechtsfolgen einer Verletzung von Mitteilungspflichten durch mittelbar beteiligte Gesellschafter.
Der Bundesgerichthof hat, ohne auf abweichende Ansichten einzugehen, die h.M.3 bestätigt, nach der bei Verletzungen einer Mitteilungspflicht durch ein herrschendes Unternehmen die Rechtsfolge des Rechtsverlustes das unmittelbar beteiligte Tochterunternehmen selbst dann trifft, wenn dieses seine eigene Mitteilungspflicht ordnungsgemäß erfüllt hat.4 Im Hinblick auf den (zeitweiligen) Verlust von Dividendenansprüchen, um die es in dem vom BGH entschiedenen Fall ging, dürfte die in der Sache entscheidende Erwägung sein, dass anderenfalls dem herrschenden Unternehmen die mittelbaren Folgen der Gewinnausschüttung auch dann erhalten blieben, wenn es den eigenen Verstoß gegen die Mitteilungspflicht und den daraus folgenden temporären Wegfall des Gewinnbezugsrechts kannte oder kennen musste.
During the 1970s, industrial countries, including the US and continental Europa, experienced a combination of slow productivity growth and high unemplyoment. Subsequent research has shown that the standard model of unemployment actually gives counterfactual predictions. Motivated by the observation that the 1970s were also characterized by high and rising inflation, Tesfaselassie and Wolters examine the effect of growth on unemployment in the presence of nominal price rigidity.
The authors demonstrate that the effect of growth on unemployment may be positive or negative. Faster growth leads to lower unemployment if the rate of inflation is high enough. There is a threshold level of inflation below which faster growth leads to higher unemployment and above which faster growth leads to lower unemployment. The threshold level in turn depends on labor market characteristics, such as hiring efficiency, the job destruction rate, workers' relative bargaining power and the opportunity cost of work.
To broaden the scope of monetary policy, cash abolishment is often suggested as a means of breaking through the zero lower bound. However, practically nothing is said about the welfare costs of such a proposal. Rösl, Seitz and Tödter argue that the welfare costs of bypassing the zero lower bound can be analyzed analytically and empirically by assuming negative interest rates on cash holdings. They gauge the welfare effects of abolishing cash, both, for the euro area and for Germany.
Their findings suggest that the welfare losses of negative interest rates incurred by money holders are large, notably if implemented in the current low interest rate environment. Imposing a negative interest rate of 3 percentage points on cash holdings and reducing the interest on all assets included in M3 creates a deadweight loss of € 62bn for the euro area and of €18bn for Germany. Therefore, the authors argue that cash abolishment or negative interest rates on cash to break through the zero lower bound at any price can hardly be a meaningful policy goal.
The currrent debate on monetary and fiscal policy is heavily influenced by estimates of the equilibrium real interest rate. Beyer and Wieland re-estimate the U.S. equilibrium rate with the methodology of Laubach and Williams and further modifications. They provide new estimates for the United States, the euro area and Germany and subject them to sensitivity tests. Beyer and Wieland conclude that due to the great uncertainty and sensitivity, the observed decline in the estimates is not a reliable indicator of a need for expansionary monetary and fiscal policy. Yet, if those estimates are employed to determine the appropriate monetary policy stance, such estimates are better used together with the consistent estimate of the level of potential output.
I propose a dynamic stochastic general equilibrium model in which the leverage of borrowers as well as banks and housing finance play a crucial role in the model dynamics. The model is used to evaluate the relative effectiveness of a policy to inject capital into banks versus a policy to relieve households of mortgage debt. In normal times, when the economy is near the steady state and policy rates are set according to a Taylor-type rule, capital injections to banks are more effective in stimulating the economy in the long-run. However, in the middle of a housing debt crisis, when households are highly leveraged, the short-run output effects of the debt relief are more substantial. When the zero lower bound (ZLB) is additionally considered, the debt relief policy can be much more powerful in boosting the economy both in the short-run and in the longrun. Moreover, the output effects of the debt relief become increasingly larger, the longer the ZLB is binding.
On average young people \undersave" whereas old people \oversave" with respect to the rational expectations model of life-cycle consumption and savings. According to numerous studies on subjective survival beliefs, young people also \underestimate" whereas old people \overestimate" their objective survival chances on average. We take a structural behavioral economics approach to jointly address both empirical phenomena by embedding subjective survival beliefs that are consistent with these biases into a rank-dependent utility (RDU) model over life-cycle consumption. The resulting consumption behavior is dynamically inconsistent. Considering both naive and sophisticated RDU agents we show that within this framework underestimation of young age and overestimation of old age survival probabilities may (but need not) give rise to the joint occurrence of undersaving and oversaving. In contrast to this RDU model, the familiar quasi-hyperbolic discounting (QHD), which is nested as a special case, cannot generate oversaving.
We test two hypotheses, based on sexual selection theory, about gender differences in costly social interactions. Differential selectivity states that women invest less than men in interactions with new individuals. Differential opportunism states that women’s investment in social interactions is less responsive to information about the interaction’s payoffs. The hypotheses imply that women’s social networks are more stable and path dependent and composed of a greater proportion of strong relative to weak links. During their introductory week, we let new university students play an experimental trust game, first with one anonymous partner, then with the same and a new partner. Consistent with our hypotheses, we find that women invest less than men in new partners and that their investments are only half as responsive to information about the likely returns to the investment. Moreover, subsequent formation of students’ real social networks is consistent with the experimental results: being randomly assigned to the same introductory group has a much larger positive effect on women’s likelihood of reporting a subsequent friendship.
Bank regulators have the discretion to discipline banks by executing enforcement actions to ensure that banks correct deficiencies regarding safe and sound banking principles. We
highlight the trade-offs regarding the execution of enforcement actions for financial stability. Following this we provide an overview of the differences in the legal framework governing supervisors’ execution of enforcement actions in the Banking Union and the United States. After discussing work on the effect of enforcement action on bank behaviour and the real economy, we present data on the evolution of enforcement actions
and monetary penalties by U.S. regulators. We conclude by noting the importance of supervisors to levy efficient monetary penalties and stressing that a division of competences among different regulators should not lead to a loss of efficiency regarding
the execution of enforcement actions.
In this paper we propose a way forward towards increased financial resilience in times of growing disagreement concerning open borders, free trade and global regulatory standards. In light of these concerns, financial resilience remains a highly valued policy objective. We wish to contribute by suggesting an agenda of concrete, do-able steps supporting an enhanced level of resilience, combined with a deeper understanding of its relevance in the public domain.
First, remove inconsistencies across regulatory rules and territorial regimes, and ensure their credibility concerning implementation. Second, discourage the use of financial regulatory standards as means of international competition. Third, give more weight to pedagogically explaining the established regulatory standards in public, to strengthen their societal backing.