Sustainable Architecture for Finance in Europe (SAFE)
Refine
Year of publication
Document Type
- Working Paper (792)
- Part of Periodical (484)
- Report (62)
- Article (30)
- Contribution to a Periodical (2)
- Periodical (2)
- Conference Proceeding (1)
- Review (1)
Is part of the Bibliography
- no (1374)
Keywords
- Financial Institutions (88)
- Capital Markets Union (64)
- ECB (60)
- Financial Markets (58)
- Banking Union (50)
- Banking Regulation (47)
- Household Finance (41)
- Banking Supervision (40)
- Macro Finance (40)
- Monetary Policy (34)
- Financial Stability (28)
- Banking Resolution (24)
- Systemic Risk (24)
- BRRD (22)
- Bail-in (20)
- ESMA (19)
- Regulation (19)
- SSM (19)
- monetary policy (19)
- Social System (17)
- Sustainable Finance (17)
- EBA (16)
- Coronavirus (15)
- Pension Insurance (15)
- financial stability (15)
- regulation (15)
- Demography (14)
- Financial Literacy (14)
- Inflation (14)
- Pension (13)
- Solvency II (13)
- coronavirus (13)
- Bitcoin (12)
- Clearing (12)
- Climate Change (12)
- Comments disabled (12)
- Covid-19 (12)
- Cryptocurrency (12)
- MiFID II (12)
- Private Investment (12)
- Quantitative Easing (12)
- Bank Lending (11)
- EIOPA (11)
- Euro (11)
- Life Insurance (11)
- Low Interest Rates (11)
- TLAC (11)
- systemic risk (11)
- COVID-19 (10)
- ESG (10)
- Geldpolitik (10)
- Investor Protection (10)
- Saving (10)
- Corporate Finance (9)
- Derivatives (9)
- Federal Reserve (9)
- Fintech (9)
- Insurance (9)
- MREL (9)
- Tax (9)
- bail-in (9)
- climate change (9)
- household finance (9)
- Bank Restructuring (8)
- Bankenunion (8)
- Liquidity (8)
- MiFIR (8)
- Regulierung (8)
- TARGET (8)
- corporate governance (8)
- public debt (8)
- regulatory arbitrage (8)
- ABS (7)
- Corporate Governance (7)
- European Central Bank (7)
- Financial Crisis (7)
- Fiscal Policy (7)
- Monetary Union (7)
- asset pricing (7)
- banking (7)
- banks (7)
- financial markets (7)
- market discipline (7)
- welfare (7)
- Artificial Intelligence (6)
- Consumers (6)
- Contagion (6)
- DSGE (6)
- Dodd-Frank Act (6)
- EZB (6)
- European Union (6)
- Europäische Währungsunion (6)
- Germany (6)
- Interest Rates (6)
- SRM (6)
- Trading (6)
- ambiguity (6)
- banking regulation (6)
- financial crisis (6)
- inequality (6)
- inflation (6)
- liquidity (6)
- shadow banking (6)
- Asset Pricing (5)
- Corporate Social Responsibility (5)
- Deposit Insurance (5)
- Disclosure (5)
- ESM (5)
- General Equilibrium (5)
- Lebensversicherung (5)
- Numerical accuracy (5)
- Policy Center (5)
- Portfolio choice (5)
- Solution methods (5)
- Systemic risk (5)
- competition (5)
- corporate finance (5)
- financial literacy (5)
- financial regulation (5)
- peer effects (5)
- systemisches Risiko (5)
- Adverse Selection (4)
- Asset Allocation (4)
- Bank Resolution (4)
- Bayesian inference (4)
- Business Cycle (4)
- Corporate Bonds (4)
- Credit Risk (4)
- DSGE models (4)
- Digital Finance (4)
- Entrepreneurship (4)
- Financial Crises (4)
- Financial Decisions (4)
- Financial stability (4)
- Finanzkrise (4)
- German Banking System (4)
- Household Crisis Barometer (4)
- Household income (4)
- Interest Rate Risk (4)
- Investments (4)
- Labor income risk (4)
- National Competent Authorities (4)
- OTC markets (4)
- Savings Banks (4)
- Screening (4)
- Sustainability (4)
- Sustainable Investments (4)
- Transparenz (4)
- Venture Capital (4)
- Versicherungen (4)
- Wirecard (4)
- Währungsunion (4)
- central bank independence (4)
- consumption (4)
- consumption-portfolio choice (4)
- fiscal policy (4)
- forward guidance (4)
- growth (4)
- human capital (4)
- incomplete markets (4)
- institutional investors (4)
- insurance (4)
- non-bank financial intermediation (4)
- political economy (4)
- private equity (4)
- prudential supervision (4)
- quantitative easing (4)
- risk-taking (4)
- social security (4)
- 401(k) plan (3)
- Algorithmic Discrimination (3)
- Annuities (3)
- Arbeitsproduktivität (3)
- Asset pricing (3)
- Bankenaufsicht (3)
- Banks (3)
- Basel III (3)
- Board of Directors (3)
- Brexit (3)
- Central Clearing (3)
- China (3)
- Climate change (3)
- Corona Bonds (3)
- Counterparty Risk (3)
- Cryptocurrencies (3)
- Dark Pools (3)
- Digitalisierung (3)
- Digitalization (3)
- EDIS (3)
- EGC (3)
- Economic and Monetary Union (3)
- Education (3)
- European Monetary Union (3)
- Europäische Union (3)
- Eurosystem (3)
- FinTech (3)
- Financial Regulation (3)
- Finanzstabilität (3)
- Fire Sales (3)
- Granger Causality (3)
- Greece (3)
- Green Finance (3)
- Hamiltonian Monte Carlo (3)
- Health shocks (3)
- Heterogeneous Agents (3)
- High-Frequency Trading (3)
- Homeownership (3)
- Household finance (3)
- IFRS 9 (3)
- Idiosyncratic Risk (3)
- Innovation (3)
- Inside Debt (3)
- Interconnectedness (3)
- Internal Controls (3)
- Liikanen Commission (3)
- Liikanen-Kommission (3)
- Liquidity Provision (3)
- Liquidity Risk (3)
- Loss Sharing (3)
- Machine Learning (3)
- Machine learning (3)
- Price Efficiency (3)
- Privacy (3)
- Real Effects (3)
- Retail investors (3)
- Single Supervisory Mechanism (3)
- Solvency (3)
- Stress Test (3)
- Systematic Risk (3)
- Systemisches Risiko (3)
- Transparency (3)
- Unconventional Monetary Policy (3)
- Zero Lower Bound (3)
- aggregate risk (3)
- annuity (3)
- bailout (3)
- bank regulation (3)
- bank resolution (3)
- banking separation proposals (3)
- banking supervision (3)
- banking union (3)
- bubbles (3)
- capital markets (3)
- capital regulation (3)
- capital requirements (3)
- cooperation (3)
- credit risk (3)
- credit supply (3)
- crises (3)
- discrimination (3)
- euro area (3)
- euro crisis (3)
- financial distress (3)
- fintech (3)
- heterogeneous agents (3)
- idiosyncratic risk (3)
- incentives (3)
- institutions (3)
- interest rate risk (3)
- interest rates (3)
- intergenerational persistence (3)
- investment decisions (3)
- laboratory experiments (3)
- law and finance (3)
- makroprudenzielle Regulierung (3)
- model comparison (3)
- model uncertainty (3)
- money (3)
- pension (3)
- policy rules (3)
- portfolio choice (3)
- price stability (3)
- retirement age (3)
- retirement income (3)
- saving (3)
- school closures (3)
- social interactions (3)
- social norms (3)
- social preferences (3)
- stochastic volatility (3)
- structural reforms (3)
- sustainability (3)
- taxes (3)
- uncertainty (3)
- unconventional monetary policy (3)
- unemployment (3)
- volatility (3)
- zero lower bound (3)
- 2019 (2)
- AI borrower classification (2)
- AI enabled credit scoring (2)
- Algorithmic Feedback Loops (2)
- Anlegerschutz (2)
- Antitrust (2)
- Asset Quality Review (2)
- Aufsichtsratsvergütung (2)
- Bailout (2)
- Bank Capitalization (2)
- Banken (2)
- Bankenabwicklung (2)
- Bankensektor (2)
- Banking (2)
- Banking Separation (2)
- Banking Stability (2)
- Banking stability (2)
- Basel regulation (2)
- Bayesian Analysis (2)
- Bayesian Estimation (2)
- Bayesian estimation (2)
- Beliefs (2)
- Big Data (2)
- Big Five (2)
- Bond Markets (2)
- Broker Crossing Networks (2)
- Building Societies (2)
- Bundesbank (2)
- Business Cycles (2)
- CDS (2)
- CMDI (2)
- COVID-19 news (2)
- Car Loans (2)
- Central Counterparties (2)
- Central banks (2)
- Choquet expected utility (2)
- Circuit Breaker (2)
- Co-residence (2)
- Coco bonds (2)
- Collateral (2)
- Commerzbank (2)
- Commodities (2)
- Compensation Structure (2)
- Competition (2)
- Consumer Welfare (2)
- Consumption (2)
- Credit Spread (2)
- Crowdfunding (2)
- Culture (2)
- DSGE Estimation (2)
- Dark Trading (2)
- Demographic Change (2)
- Deutsche Bank (2)
- Deutscher Corporate Governance Kodex (2)
- Digital currency (2)
- Disposition Effect (2)
- Drei-Säulen-System (2)
- E-Mobility (2)
- EMIR (2)
- ESG Rating Agencies (2)
- ETFs (2)
- EU economic and financial services legislation (2)
- Economic Governance (2)
- Economic Reforms (2)
- Economics (2)
- Einlagensicherung (2)
- Eligibility premium (2)
- Empowering Private Investors (2)
- Endogenous Growth (2)
- Endogenous growth (2)
- Energy prices (2)
- Enforcement (2)
- Environmental policy (2)
- Equity Premium (2)
- Europarecht (2)
- European Banking Union (2)
- European Commission (2)
- European Fiscal Pact (2)
- European Market Infrastructure Regulation (EMIR) (2)
- European Stability Mechanism (2)
- European Supervisory Architecture (2)
- Europäische Zentralbank (2)
- Eurozone (2)
- Expectations (2)
- Expected credit losses (2)
- Experiment (2)
- FBSDE (2)
- Financial Distress (2)
- Financial Frictions (2)
- Financial Resilience (2)
- Financial Sector (2)
- Financial distress (2)
- Financial literacy (2)
- Finanztransaktionssteuer (2)
- Fiscal Union (2)
- Fiskalunion (2)
- Forbearance (2)
- Fragmentation (2)
- Freibetrag (2)
- Fund Flows (2)
- Fusion (2)
- G-SIB (2)
- German banks (2)
- German financial system (2)
- German reunification (2)
- Griechenland (2)
- Growth (2)
- Grunderwerbsteuer (2)
- Guidelines (2)
- Hawkes processes (2)
- Heterogeneous innovation (2)
- High-Frequency Traders (HFTs) (2)
- Income and Wealth Inequality (2)
- Incomplete Markets (2)
- India (2)
- Inequality (2)
- Inflationsmessung (2)
- Insurance Activities (2)
- Insurance Companies (2)
- Insurance Markets (2)
- Interest Rate Guarantees (2)
- International Economics (2)
- International Finance (2)
- Jumps (2)
- Learning (2)
- Life Insurance Surrender (2)
- Life Insurers (2)
- Life insurance companies (2)
- Life-Cycle Model (2)
- Liquidity provision (2)
- Liquiditätsrisiko (2)
- Long-run Risk (2)
- Margin (2)
- Market Fragmentation (2)
- Market Liquidity (2)
- Market Microstructure (2)
- Marktdisziplin (2)
- Merger (2)
- Mortality risk (2)
- Nachhaltigkeit (2)
- Non-performing Loans (2)
- Notverkäufe (2)
- OMT (2)
- Open Banking Platform Germany (2)
- Optimal policy (2)
- Overlapping Generations (2)
- Overlapping generations (2)
- P2P lending (2)
- Parameter Elicitation (2)
- Persistence (2)
- Political Union (2)
- Politische Union (2)
- Portfolio optimization (2)
- Precautionary Saving (2)
- Price Discovery (2)
- Principle of Proportionality (2)
- Private Information (2)
- Private equity (2)
- Product Market Competition (2)
- Prüfungsausschuss (2)
- Public Private Partnership (2)
- R&D (2)
- Rating Agencies (2)
- Ratingagenturen (2)
- Reallocation (2)
- Recursive Preferences (2)
- Reformvorschläge (2)
- Resolution (2)
- Retail Investor (2)
- Risk Assessment (2)
- Risk Attitudes (2)
- Risk Management (2)
- Risk Preferences (2)
- Risk-Taking (2)
- Russia (2)
- SWIFT (2)
- Sanctions (2)
- Schuldenbremse (2)
- Schuldenkrise (2)
- Self-control (2)
- Share Deals (2)
- Single Resolution Mechanism (2)
- Social Conditioning (2)
- Social Networks (2)
- Social Security (2)
- Social media (2)
- Sovereign Risk (2)
- Sovereign debt (2)
- Sovereign default (2)
- Staatsschuldenkrise (2)
- Steuergestaltung (2)
- Stochastic mortality risk (2)
- Supply Chain (2)
- Systematic Internalizer (2)
- Systemically Important Financial Institutions (2)
- Tail Risk (2)
- Tail risk (2)
- Tax Havens (2)
- Taxation of Capital (2)
- Taxonomy (2)
- Taylor rule (2)
- Term Structure of Interest Rates (2)
- Term life insurance (2)
- Textual Analysis (2)
- Three-Pillar-System (2)
- Time Inconsistency (2)
- Time Preferences (2)
- Tontines (2)
- Top Income Taxation (2)
- Transfer Learning (2)
- Transition risk (2)
- Trennbanken (2)
- Trust (2)
- Twitter (2)
- Ukraine (2)
- Unternehmensanleihen (2)
- Unternehmensfinanzierung (2)
- Volatility Interruption (2)
- Year (2)
- Zentralbanken (2)
- Zentralbankpolitik (2)
- Zinsen (2)
- Zinssätze (2)
- asset-backed securities (2)
- austerity (2)
- bailouts (2)
- banking separation (2)
- banknotes (2)
- beliefs (2)
- blockchain (2)
- borrowing constraints (2)
- brown-spinning (2)
- capital structure (2)
- central bank communication (2)
- central banking (2)
- central banks (2)
- compensation design (2)
- confidence (2)
- consumer protection (2)
- consumption hump (2)
- contagion (2)
- counterfactual analysis (2)
- credit funds (2)
- credit scoring (2)
- credit scoring methodology (2)
- credit scoring regulation (2)
- crowdfunding (2)
- crowding out (2)
- crowdinvesting (2)
- cryptocurrencies (2)
- debt restructuring (2)
- debt sustainability (2)
- delayed retirement (2)
- democracy (2)
- derivatives (2)
- discretion (2)
- discretionary decisions (2)
- dynamic portfolio choice (2)
- early retirement (2)
- economic and monetary union (2)
- education (2)
- elections (2)
- emergency liquidity assistance (ELA) (2)
- entrepreneurship (2)
- equity premium (2)
- eurozone (2)
- executive compensation (2)
- expectation formation (2)
- finance (2)
- financial advice (2)
- financial frictions (2)
- financial privacy (2)
- financing decisions (2)
- fiscal union (2)
- forecasting (2)
- general equilibrium (2)
- global banks (2)
- government bonds (2)
- green finance (2)
- household debt (2)
- household income (2)
- housing (2)
- implied volatility (2)
- individual investor (2)
- individual investors (2)
- innovation (2)
- interbank networks (2)
- internal ratings (2)
- investment (2)
- investments (2)
- laboratory experiment (2)
- leverage (2)
- leveraged buyouts (2)
- life insurance (2)
- lifetime income (2)
- liquidity premium (2)
- liquidity provision (2)
- longevity risk (2)
- macro-prudential supervision (2)
- matching (2)
- monetary policy strategy (2)
- monetary transmission mechanism (2)
- money in the utility function (2)
- money market funds (2)
- monitoring (2)
- mortgages (2)
- nachrangiges Fremdkapital (2)
- natural experiment (2)
- net zero transition (2)
- newly founded firms (2)
- overlapping generations (2)
- panel VAR (2)
- pension reform (2)
- pensions (2)
- persistence (2)
- politische Union (2)
- population aging (2)
- principal-agent models (2)
- principles-based regulation (2)
- private companies (2)
- probability of default (2)
- professional networks (2)
- prohibition of proprietary trading (2)
- proprietary trading (2)
- real estate lending (2)
- real-time data (2)
- reale Auswirkungen (2)
- recapitalization (2)
- recursive utility (2)
- refugees (2)
- repeated games (2)
- responsible lending (2)
- retirement (2)
- return predictability (2)
- securities regulation (2)
- shareholder activism (2)
- shareholder recovery (2)
- short-sales (2)
- small and medium enterprises (2)
- social media (2)
- sovereign debt (2)
- spillover effects (2)
- state-owned enterprises (2)
- statistical discrimination (2)
- stochastic control (2)
- stochastic differential utility (2)
- stock demand (2)
- stock market (2)
- stock returns (2)
- stockholding (2)
- structured finance (2)
- supervisory arbitrage (2)
- supervisory board (2)
- survey (2)
- sustainable finance (2)
- syndicated loans (2)
- taxation (2)
- too big to fail (2)
- total loss absorbing capacity (TLAC) (2)
- trading behavior (2)
- transmission (2)
- transparency (2)
- wealth inequality (2)
- "Event Study" (1)
- 13F filings (1)
- 2-Sector Model (1)
- ARMA (1)
- Abwicklungsinstrumente (1)
- Accounting (1)
- Acquisitions (1)
- Activism (1)
- Activist Hedge Fund (1)
- Age (1)
- Aggregate outcomes (1)
- Aging Society (1)
- Algorithmic transparency (1)
- Allocative Effciency (1)
- Altersversorgung (1)
- Alterungsgesellschaft (1)
- Amplification (1)
- AnaCredit (1)
- Anchoring (1)
- Angel (1)
- Anlageentscheidung (1)
- Anleihemärkte (1)
- Annual General Meeting (1)
- Annuity (1)
- Anonymity (1)
- Ansteckungsperiode (1)
- Anticipated Inflation (1)
- Apache Spark (1)
- Appraisal rights (1)
- Artificial Intelligence, (1)
- Assault (1)
- Asset Allocation, Contagion (1)
- Asset Concentration Risk (1)
- Asset Liquidation (1)
- Asset Management Companies (1)
- Asset Price Bubbles (1)
- Asset Prices (1)
- Asymmetric Information (1)
- Asymmetric Tax Regimes (1)
- Auctions (1)
- Auditing (1)
- Aufsicht (1)
- Auftrittsverbot (1)
- Austerity Measures (1)
- BCBS (1)
- BVerfG (1)
- BaFin (1)
- Backward error (1)
- Bafin (1)
- Bail-in Anleihen (1)
- Bailin (1)
- Bank Accounting (1)
- Bank Acquisition (1)
- Bank Bailout (1)
- Bank Capital (1)
- Bank Corporate Governance (1)
- Bank Credit (1)
- Bank Defaults (1)
- Bank Recapitalization (1)
- Bank Recovery and Resolution Directive (BRRD) (1)
- Bank Supervision (1)
- Bank affiliation (1)
- Bank of Japan (1)
- Bank regulation (1)
- Bank's Balance Sheets (1)
- Bankberatung (1)
- Bankenabgabe (1)
- Bankenhospital (1)
- Bankeninsolvenz (1)
- Banking Crisis (1)
- Banking Supervision, (1)
- Banking union (1)
- Bargaining (1)
- Basisdemokratie (1)
- Batch Learning (1)
- Bayesian analysis (1)
- Bayesian learning (1)
- Bayesian time-varying parameter estimation (1)
- Behandlungskapazität (1)
- Behavioral Finance (1)
- Behavioral Measurement (1)
- Behavioral finance (1)
- Beitragsgarantien (1)
- Belief up-dating (1)
- Beliefs and Choice (1)
- Bewertungsreserven, (1)
- Bezüge im Bankensektor (1)
- Biased Beliefs (1)
- Big Five Personality (1)
- Big Techs (1)
- Big Three (1)
- Big data (1)
- Biodiversity (1)
- Blue Chip (1)
- Board Appointments (1)
- Bond risk premia (1)
- Briefkastenfirmen (1)
- Broker (1)
- Bubbles (1)
- Burglary (1)
- Business Subsidies (1)
- Business lending (1)
- C corporations (1)
- CAPM (1)
- CBDC (1)
- CCP (1)
- CECL (1)
- CETA (1)
- CMU (1)
- COVID-19 Pandemic (1)
- CSR (1)
- Capital Purchase Program (1)
- Capital allocation (1)
- Carbon Taxation (1)
- Carbon abatement (1)
- Cash (1)
- Caste (1)
- Causal Machine Learning (1)
- Central Bank (1)
- Central Bank Communication (1)
- Central Bank Losses (1)
- Central Banking (1)
- Central Banks (1)
- Central Counterparty Clearing House (CCP) (1)
- Central counterparty clearing house (CCP) (1)
- Centrality (1)
- Choice under Risk (1)
- Choquet (1)
- Citation Network Analysis (1)
- Classification (1)
- Climate change economics (1)
- Climate finance (1)
- Clustering (1)
- CoCo Bond (1)
- CoCo bonds (1)
- CoVaR (1)
- Cognition (1)
- Cointegration (1)
- Collateral Constraint (1)
- Collateral Policy (1)
- Collateral policy (1)
- Colocation (1)
- Comovements (1)
- Complex Financial Instruments (1)
- Complexity (1)
- Comprehensive Assessment (1)
- Computational Methods (1)
- Concentration (1)
- Condition number (1)
- Conditionality (1)
- Confirmatory Bias (1)
- Connectivity (1)
- Consulting (1)
- Consumer credit (1)
- Consumer financial protection (1)
- Consumption-portfolio choice (1)
- Contagion Period (1)
- Container Trade (1)
- Contingent Convertible Capital (1)
- Contract terms (1)
- Contractarian Model of Corporate Law (1)
- Corona (1)
- Corona Constitutional (1)
- Corona-Krise (1)
- Corona-Steuerhilfegesetz (1)
- Corporate Debt Structure (1)
- Corporate Distress (1)
- Corporate Groups (1)
- Corporate Investment (1)
- Corporate Name Change (1)
- Corporate bonds (1)
- Corporate concentration (1)
- Corporate financing (1)
- Corporate governance (1)
- Corporate law (1)
- Covid-19-Crisis (1)
- Creative destruction (1)
- Credit Default Swap (CDS) (1)
- Credit default swap (CDS) (1)
- Credit lines (1)
- Creditor Protection (1)
- Creditor Rights (1)
- Crisis Management (1)
- Cross-Section of Returns (1)
- Cross-section of expected returns (1)
- Cultural Economics (1)
- Cultural Finance (1)
- Cultural Influences on Economic Behavior (1)
- Cultural Norms (1)
- Cumulative prospect theory (1)
- Customer data sharing (1)
- Cyclical Income Risk (1)
- D49 (1)
- DCC-GARCH (1)
- DMA (1)
- DSA (1)
- DSGE model (1)
- Data access (1)
- Data portability (1)
- Database linking (1)
- Decision under risk (1)
- Decomposition methods (1)
- Default (1)
- Defizitregeln (1)
- Deflation (1)
- Delaunay Interpolation (1)
- Delphic forward guidance (1)
- Democratic Legitimacy (1)
- Demographischer Wandel (1)
- Depreciation (1)
- Derivate (1)
- Derivatehandel (1)
- Designated Market Makers (DMMs) Market Making (1)
- Determinacy (1)
- Deutsches Rentensystem (1)
- Development (1)
- DiD (1)
- Dictionary (1)
- Different Beliefs (1)
- Digital (1)
- Digital footprints (1)
- Digitalized Markets (1)
- Disclosure Framework (1)
- Discount Functions (1)
- Discount Rates (1)
- Discourse (1)
- Discrimination (1)
- Disinflation (1)
- Disintegration (1)
- Distributed Computing (1)
- Dividend Payments (1)
- Dividend Policy (1)
- Dividends (1)
- Double Volume Caps (1)
- Drag-along rights (1)
- Dunkelziffer (1)
- Durable consumption (1)
- Duration of Civil Proceedings (1)
- Dynamic Inconsistency (1)
- Dynamic Models (1)
- Dynamic Networks (1)
- Dynamic and Reliable Regulation (1)
- Dynamic inconsistency (1)
- Dynamic stochastic general equilibrium model (1)
- E.U. Corporate Law (1)
- ECJ (1)
- EDIC (1)
- EFSF (1)
- EMU (1)
- ESG Investing (1)
- ESG rating agencies (1)
- ESG ratings (1)
- EU Parliament (1)
- EU Recovery Funds (1)
- EU banks (1)
- EU countries (1)
- EU industrial production (1)
- EU market regulation (1)
- Econometrics (1)
- Economic research (1)
- Economics of Information (1)
- Education Subsidy (1)
- Effective Lower Bound (1)
- Effektivinflation (1)
- Efficiency Wages (1)
- Eigene Risiko- und Solvenzbewertung (1)
- Einlagensicherungsfonds (1)
- Einlageverträge (1)
- Emissions (1)
- Empirical Asset Pricing (1)
- Empirical Contract Theory (1)
- Endogenous Asset Market Participation (1)
- Endogenous gridpoints Method (1)
- Energiewende (1)
- Energy Efficiency (1)
- Energy Embargo (1)
- Energy Performance Certificate (1)
- Energy efficiency (1)
- Enriched Digital Footprint (1)
- Enterprise Risk Management (1)
- Entity matching (1)
- Entity resolution (1)
- Entrepreneurial Finance (1)
- Entry and exit (1)
- Environmental, social, and governance factors (ESG) (1)
- Epidemiologic model (1)
- Epidemiologisches Modell (1)
- Epstein-Weil-Zin Preferences (1)
- Epstein-Zin preferences (1)
- Equilibrium Thinking (1)
- Equity fund (1)
- Equity options (1)
- Erbschaftsteuer (1)
- Ernennungspraxis von Zentralbankern (1)
- Erneuerbare-Energien-Gesetz (1)
- Estimation (1)
- Ethics (1)
- Euro Area (1)
- Euro-zone Government Bonds (1)
- Eurobonds (1)
- Europe (1)
- European Banking Authority (1)
- European Banking Authority, Single Supervisory Mechanism (1)
- European Capital Markets Union (1)
- European Central Bank (ECB) (1)
- European Central Bankor (1)
- European Commision (1)
- European Insurance Union (1)
- European Insurance and Occupational Pensions Authority (1)
- European Investment Bank (1)
- European Monetary Fund (1)
- European Parliament (1)
- European Supervisory Authorities (1)
- European Systemic Risk Board (1)
- European banks (1)
- European debt crisis (1)
- European integration (1)
- European market fragmentation (1)
- European unemployment insurance (1)
- Europäische Währungsunion, Strukturanpassungen, Europäische Integration (1)
- Eurosystem collateral eligibility (1)
- Excess sensitivity (1)
- Exchange rate regime (1)
- Execution Cost (1)
- Executive Compensation (1)
- Executive Remuneration (1)
- Expectation Error (1)
- Expectation Formation (1)
- Expectation formation (1)
- Expectation–Maximisation (1)
- Expected Returns (1)
- Expected Utility Preferences (1)
- Experience (1)
- Experiences (1)
- Experimental Asset Markets (1)
- Experimental Economics (1)
- Experimental Finance (1)
- Explainable machine learning (1)
- Externalities (1)
- Extracurricular Activities (1)
- Extrapolation (1)
- FOMC (1)
- Fair value (1)
- Fair value accounting (1)
- Family dynamics (1)
- Feedback (1)
- Fiduciary Duties (1)
- Fin Tech (1)
- FinTech and Textual Analysis (1)
- Finance and Employment (1)
- Financial Advice (1)
- Financial Assistance (1)
- Financial Constraints (1)
- Financial Education (1)
- Financial Expert (1)
- Financial Integration (1)
- Financial Market Cycles (1)
- Financial Networks (1)
- Financial Regulation and Banking (1)
- Financial Reporting (1)
- Financial Supervision (1)
- Financial crisis (1)
- Financial education (1)
- Financial frictions (1)
- Financing Conditions (1)
- Financing Constraints (1)
- Financing Costs (1)
- Finanzbildung (1)
- Finanzfachkenntnis (1)
- Finanzinnovationen (1)
- Finanzmärkte (1)
- Finanzspekulation (1)
- Finanzstabilitätsgesetz (1)
- Finanzsystem (1)
- Firm Investment (1)
- Firm-bank relationship (1)
- Firms (1)
- Fiscal Capacity (1)
- Fiscal Compact (1)
- Fiscal Consolidation (1)
- Fiscal Crisis (1)
- Fiscal Policies (1)
- Fiscal Solidarity (1)
- Fiscal Stabilization (1)
- Fiscal Stimulus Program (1)
- Fiscal policy (1)
- Fiscal stress (1)
- Fiscal theory of the price level (1)
- Fiskalpolitik (1)
- Fixed Income (1)
- Fixed-Income (1)
- Flash Crash (1)
- Flash crash (1)
- Flight-to-safety (1)
- Fokker-Planck equation (1)
- Forecasting (1)
- Formalism (1)
- Formative experiences (1)
- Forward Guidance (1)
- Forward error (1)
- Forward-looking models (1)
- Framing e↵ects (1)
- Fraud (1)
- Freiheit (1)
- Frequency Domain (1)
- Frictions (1)
- Fronsperger, Leonhard (1)
- G21 (1)
- G24 (1)
- GDP growth (1)
- GFSY (1)
- GMM Estimation (1)
- Gambling (1)
- Game Theory (1)
- Gegenwartspreise (1)
- Gemeinwohl (1)
- Gender Differences (1)
- Gender Gap (1)
- Gender gap (1)
- Gender gaps (1)
- General Equilibrium Asset Pricing (1)
- Generationenrente (1)
- Generations (1)
- German Reunification (1)
- German cooperative banks (1)
- German corporate governance (1)
- German retirement system (1)
- German savings banks (1)
- Germany Inc. (1)
- Gewerbesteuer (1)
- Gig-economy (1)
- Gini (1)
- Global Optimization (1)
- Global Temperature (1)
- Globalization (1)
- Governance (1)
- Government (1)
- Government debt (1)
- Government spending multiplier (1)
- Granger causality (1)
- Great Recession (1)
- Greek economic crisis (1)
- Green Nudging (1)
- Green Quantitative Easing (1)
- Greenwashing (1)
- Grexit (1)
- Group Interesterest (1)
- Group Think (1)
- Grundsatz der Verhältnismäßigkeit (1)
- Grüne Transformation (1)
- Habit-formation (1)
- Hamilton filter (1)
- Hauptkomponentenanalyse (1)
- Haushaltskrisenbarometer (1)
- Haushaltspolitik (1)
- Hayek (1)
- Hazard estimation (1)
- Health expenses (1)
- Health jumps (1)
- Helicoptergeld (1)
- Herdenimmunität (1)
- Heterogeneous Firms (1)
- Heterogeneous Preferences (1)
- Heterogeneous agents (1)
- Hierarchies (1)
- High Frequency Data (1)
- High Frequency Trading (1)
- High-Frequency Trading (HFT) (1)
- High-Level-Forum (1)
- High-frequency event study (1)
- Higher Moments of Return (1)
- History & Finance (1)
- Hochfrequenzhandel (1)
- Home (1)
- Homestead exemptions (1)
- Homophily (1)
- Hong test (1)
- Horizontal sex segregation (1)
- House prices (1)
- Household Consumption (1)
- Household Portfolios (1)
- Household Wealth (1)
- Household saving (1)
- Hybrid Markets (1)
- Hypothekarkredite (1)
- IPS (1)
- IV approach (1)
- Identification (1)
- Idiosyncratic Income Risk (1)
- Idiosyncratic volatility puzzle (1)
- Imbalances (1)
- Immediacy (1)
- Impairments (1)
- Implicit Guarantees (1)
- Implied volatility (1)
- Impulse-response (1)
- Incentives (1)
- Inclusive Finance (1)
- Incomplete Contracts (1)
- Incomplete markets (1)
- Incubator (1)
- Incurred loss model (1)
- Index Funds (1)
- Individual Investors (1)
- Individual investors (1)
- Individualisierung (1)
- Industry Classification (1)
- Infektionsdynamik (1)
- Inflation Beliefs (1)
- Information Acquisition (1)
- Information Frictions (1)
- Information Production (1)
- Information Treatment (1)
- Information processing (1)
- Infrastructure (1)
- Institution formation (1)
- Institutional Investor (1)
- Institutional Investors (1)
- Institutional Investors’ Ownership (1)
- Insurance Supervision (1)
- Insurance companies (1)
- Insurer Default Risk (1)
- Integrated Assessment Model (1)
- Integration (1)
- Integrität (1)
- Inter-ethnic Conflict (1)
- Interbank Market (1)
- Interbank Markets (1)
- Interdealer Brokerage (1)
- Interim Report (1)
- Intermediated work (1)
- International Monetary Fund (1)
- International finance (1)
- International relationships (1)
- Interne Kontrollen (1)
- Invasion (1)
- Investment Styles (1)
- Investment attitudes (1)
- Investment funds (1)
- Investment-Specific Shocks (1)
- Investmentfonds (1)
- Investor behavior (1)
- Investor sentiment (1)
- Investors Heterogeneity (1)
- Job Match Quality (1)
- Kalman Filter (1)
- Kapitalallokation (1)
- Kapitalismus (1)
- Kapitalmarktunion (1)
- Kapitalrenditen (1)
- Kaufkraft des Geldes (1)
- Kinderbonus (1)
- Klimawandel (1)
- Konjunkturpolitik (1)
- Kontrahentenrisiko (1)
- Kreditinstitute (1)
- Kreditrisiko (1)
- Kryptowährungen (1)
- Kultur (1)
- Künstliche Intelligenz (KI) (1)
- LBO spillovers (1)
- LBOs (1)
- LSTM neural networks (1)
- Labor (1)
- Labor Hoarding (1)
- Labor Income Risk (1)
- Labor Markets (1)
- Labor cost adjustments (1)
- Landeskreditbank Baden-Württemberg (1)
- Lapse Risk (1)
- Law Enforcement (1)
- Law and Finance (1)
- Law and economics (1)
- Law and finance (1)
- Leading indicator (1)
- Lebenskostenindex (1)
- Lebensversicherung Rückkauf (1)
- Lebensversicherungen (1)
- Lebensversicherungen verlangen (1)
- Lebensversicherungszinsrisiko (1)
- Lebenszeitverlust (1)
- Leitungsentscheidungen (1)
- Lender of Last Resort (1)
- Lending (1)
- Leverage (1)
- Leveraged buyouts (1)
- Libra (1)
- Life Events (1)
- Life course transitions (1)
- Life-cycle hypothesis (1)
- LifeCycle Model (1)
- Limits to Arbitrage (1)
- Liquidation Preferences (1)
- Liquidity Coinsurance (1)
- Liquidity Facilities (1)
- Liquidity Shock (1)
- Liquidity premium (1)
- Liquidity provider incentives (1)
- Liquidity risk (1)
- Liquiditätseffekte der Zinspolitik (1)
- Living Wills (1)
- Loan loss accounting (1)
- Loan losses (1)
- Loans (1)
- Lobbying (1)
- Local projection (1)
- Locus of control (1)
- Long-Run Risk (1)
- Long-run risk (1)
- Longevity Risk (1)
- Loss-aversion (1)
- Lottery stocks (1)
- Low-emission vehicles (1)
- MTS Bond Market (1)
- Macroeconomics (1)
- Management (1)
- Mandatory Law (1)
- Marginal Propensity to Consume (1)
- Mark-to-market accounting (1)
- Market (in)completeness (1)
- Market Design (1)
- Market Discipline (1)
- Market Efficiency (1)
- Market Fragility (1)
- Market Integrity (1)
- Market Oversight (1)
- Market Power (1)
- Market Quality (1)
- Market efficiency (1)
- Market fragility (1)
- Market fragmentation (1)
- Marketplace lending (1)
- Markov-switching DSGE (1)
- Marktmacht (1)
- Maximum Likelihood (1)
- Mehrwertsteuersenkung (1)
- Meme stocks (1)
- Mensch und Maschine (1)
- Mental models (1)
- Meritocracy (1)
- MiCA (1)
- MiFID (1)
- Microfinance (1)
- Microprudential Insurance Regulation (1)
- Migration (1)
- Mikroprudenzielle Versicherungsregulierung (1)
- Minimum Reserves (1)
- Minimum Return Guarantees (1)
- Minority Shareholder Protection (1)
- Mis-selling (1)
- Mitbewohner (1)
- Mitigation (1)
- Mixed-frequency data (1)
- Model Selection (1)
- Model evaluation (1)
- Model uncertainty (1)
- Model-based regulation (1)
- Monetary Policy Surprises (1)
- Monetary policy (1)
- Monetary policy rules (1)
- Monetary policy strategy (1)
- Monetary policy transmission (1)
- Monetary-fiscal interaction (1)
- Money Market (1)
- Money Market Funds (1)
- Monte Carlo Methods (1)
- Monte Carlo simulations (1)
- Monte-Carlo-Simulation (1)
- Moral Hazar (1)
- Moral Hazard (1)
- Morality (1)
- Mortgage supply (1)
- Mortgages (1)
- Motherhood penalty (1)
- Multi-Layer Network (1)
- Multi-level marketing (1)
- Multilayer networks (1)
- Multitasking (1)
- Mundellian trilemma (1)
- Mutual Funds (1)
- Mutual funds (1)
- Mutually Exciting Processes (1)
- Mutually exciting processes (1)
- NCAs (1)
- NLP (1)
- Narrative Approach (1)
- Narrative Identification (1)
- Natural Language Processing (1)
- Negativzinsen (1)
- Net-zero transition (1)
- Network Combination (1)
- Network Communities (1)
- Network theory (1)
- Networks (1)
- Neural Network (1)
- Neural Networks (1)
- New Keynesian DSGE (1)
- New Keynesian Models (1)
- New Keynesian macro-epidemic models (1)
- Niedrigzinsen (1)
- Niedrigzinsphase (1)
- Niedrigzinsumfeld (1)
- Nominal Rigidities (1)
- Non-Compete Agreements (1)
- Non-bank lead arrangers (1)
- Non-governmental Organizations (1)
- Nonlinear Bayesian Estimation (1)
- Nonlinear solution methods (1)
- Numerical Solution (1)
- ORSA (1)
- OTC Markets (1)
- OTC derivatives (1)
- OTC-Märkte (1)
- Obfuscation (1)
- Occasionally Binding Constraints (1)
- Offenlegungspflichten (1)
- Oil market (1)
- On-the-Job Search (1)
- Online Poker (1)
- Open banking (1)
- Opening Auction (1)
- Opening Call Auction (1)
- Optimal Regulation (1)
- Optimal monetary policy (1)
- Optimism (1)
- Ordnungspolitik (1)
- Organizational Economics (1)
- Output Gap (1)
- Outright Monetary Transactions (1)
- Over-Confidence (1)
- Own Risk and Solvency Assessment (1)
- Own Self Risk Assessment (1)
- PEPP (1)
- PPEP (1)
- Panama Papers (1)
- Pandemic (1)
- Parameter Uncertainty (1)
- Patents (1)
- Paycheck Protection Program (1)
- Paycheck Sensitivity (1)
- Pecuniary Externalities (1)
- Pecuniary Externality (1)
- Peer effects (1)
- Peers (1)
- Pension system (1)
- Pensions Dashboard (1)
- Perceptions (1)
- Persistent and Transitory Income Shocks (1)
- Personal Finance (1)
- Personal bankruptcy (1)
- Personality traits (1)
- Personnel Economics (1)
- Phillips Curve (1)
- Pivotality (1)
- Plaintiff Lawyers (1)
- Planning (1)
- Policy Analysis (1)
- Policy Effects (1)
- Policy measures in the EU (1)
- Political Economy (1)
- Pollution (1)
- Portfolio Management (1)
- Portfolio Rebalancing (1)
- Portfolio allocation (1)
- Portfolio selection (1)
- Portfoliooptimierung (1)
- Potential Output (1)
- Pre-Opening (1)
- Preference Stability (1)
- Preference for early resolution of uncertainty (1)
- Preference survey module (1)
- Price Competition (1)
- Price Pressures (1)
- Price Uncertainty (1)
- Principal Component Analysis (1)
- Private Altersvorsorge (1)
- Private Equity (1)
- Private Public Partnership (PPP) (1)
- Private ordering (1)
- Probability Weighting Function (1)
- Product returns (1)
- Production (1)
- Production Economy (1)
- Production-based asset pricing (1)
- Productivity and Growth (1)
- Productivity growth (1)
- Produktivitätsunterschiede (1)
- Professionalisierung der Aufsichtsratstätigkeit (1)
- Program Evaluation (1)
- Progressive Taxation (1)
- Proprietary Trading (1)
- Prosociality (1)
- Prospect Theory (1)
- Prudential filter (1)
- Prudential oversight (1)
- Public Finance (1)
- Public Goods (1)
- Public financial news (1)
- Public-Private Partnerships (1)
- QE (1)
- Quantile Causality (1)
- Quantitative Lockerung (1)
- Quantitative easing (1)
- Quid-pro-quo Mechanism (1)
- R&D Investment (1)
- RCT (1)
- Rational Inattention (1)
- Real Estate (1)
- Real-Time Data (1)
- Realization Utility (1)
- Recep Tayyip Erdoğan (1)
- Rechtsdurchsetzung (1)
- Rechtsnormen (1)
- Record resolution (1)
- Redemptions (1)
- Referral to the ECJ (1)
- Referrals (1)
- Reform (1)
- Reformation (1)
- Regime switching (1)
- Regulation Capital Requirements (1)
- Regulations (1)
- Regulatory Capture (1)
- Related Party Transactions (1)
- Religion (1)
- Rendite (1)
- Rente (1)
- Renten (1)
- Rentenalter (1)
- Rententransparenz (1)
- Repeated Games (1)
- Repeated Principal-Agent Model (1)
- Replication (1)
- Repo Markets (1)
- Repo Specialness (1)
- Reporting Standards (1)
- Reproduktionszahlen (1)
- Reputation (1)
- Resolution Planning (1)
- Responsible investment (1)
- Restructuring (1)
- Restrukturierung (1)
- Restrukturierungsgesetz (1)
- Retail Banking (1)
- Retail Challenge (1)
- Retirement (1)
- Retirement Welfare (1)
- Return predictability (1)
- Reversible Jump Markov Chain Monte Carlo (1)
- Revisions (1)
- Riester-Rente (1)
- Risikoaggregation (1)
- Risikobegrenzung (1)
- Risikobereitschaft (1)
- Risikokapitalallokation (1)
- Risikokommunikation (1)
- Risikomanagement (1)
- Risikomaße (1)
- Risikomessung (1)
- Risk (1)
- Risk Aversion (1)
- Risk Pooling (1)
- Risk Premium (1)
- Risk aggregation (1)
- Risk capital allocation (1)
- Risk communication (1)
- Risk limiting (1)
- Risk measurement (1)
- Risk sharing (1)
- Risk taking (1)
- Robo-Advising (1)
- Rubin Causal Model (1)
- Ruhestand (1)
- Rule of Law (1)
- Russian Economy (1)
- Russian Sanction (1)
- S corporations (1)
- S&P 500 (1)
- SFDR (1)
- SIFI (1)
- SME Trading (1)
- SRB (1)
- SRF (1)
- STS (simple, transparent, and standardized securitizations) (1)
- Saving puzzles (1)
- Say on Pay (1)
- Scenario analysis (1)
- Schadensindex (1)
- Schenkungsteuer (1)
- Schock <Wirtschaft> (1)
- Search Frictions (1)
- Secondary Loan Markets (1)
- Sectoral Asset Diversification (1)
- Securities Market Regulation (1)
- Securitisation (1)
- Securitization (1)
- Segmentation (1)
- Self-Control (1)
- Selling Behavior (1)
- Sensitivität (1)
- Sentiment Analysis (1)
- Sentiment analysis (1)
- Shadow Banking (1)
- Shareholder Letters (1)
- Shareholder Rights Directive (1)
- Short-run Risk (1)
- Sicherheitenmarge (1)
- Sign Restrictions (1)
- Signaling (1)
- Similarity (1)
- Similarity encoding (1)
- Sin Stocks (1)
- Single Banking Market (1)
- Single Resolution Mechanism (SRM) (1)
- Single Supervisy Mechanism (1)
- Skewness (1)
- Slow-Moving Capital (1)
- Slow-moving capital (1)
- Small Business (1)
- SoFFin (1)
- Social Capital (1)
- Social Learning (1)
- Social Security claiming (1)
- Social Security claiming age (1)
- Social Security solvency (1)
- Social networks (1)
- Social trading (1)
- Socially responsible investing (1)
- Socially responsible investments (1)
- Sociology of Finance (1)
- Soft Information (1)
- Solvabilitätsrichtlinien (1)
- Solvency regulation (1)
- Souveränität (1)
- Sovereign (1)
- Sovereign Bonds (1)
- Sovereign CDS (1)
- Sovereign Debt (1)
- Sovereign credit risk (1)
- Sovereign risk (1)
- Soziale Marktwirtschaft (1)
- Sparsity (1)
- Spatial autoregressive model (1)
- Speculation (1)
- Spezifität (1)
- Spike–and–Slab prior (1)
- Spillover Effects (1)
- Spillover-Effekte (1)
- Staatsverschuldung (1)
- Stability and Growth Pact (1)
- Stabilitäts- und Wachstumspakt (1)
- Stages (1)
- Start-ups (1)
- States (1)
- Stay-Home (1)
- Steuergelder (1)
- Steuerhinterziehung (1)
- Steueroasen (1)
- Steuerpolitik (1)
- Steuervermeidung (1)
- Sticky Information (1)
- Stochastic Search Variable Selection (1)
- Stochastic volatility (1)
- Stock Market (1)
- Stock Market Participation (1)
- Stock Markets (1)
- Stock market (1)
- Stock market wealth (1)
- Stock markets (1)
- Stockholding (1)
- Stornorisiko (1)
- Structural Bank Reform (1)
- Structural change (1)
- Structural policies (1)
- Structured retail products (1)
- Strukturanpassungen (1)
- Subjective Survival Beliefs (1)
- Subjective expectations (1)
- Such-Matching- Sortierung (1)
- Supervision (1)
- Supervisory Achitecture (1)
- Supervisory Relief Measures (1)
- Surrender (1)
- Surrender Options (1)
- Survey Data (1)
- Sustainabilty (1)
- Swiss Army Knife (1)
- Systematisches Risiko (1)
- Systemic events (1)
- Szenarioanalyse (1)
- TARGET balances (1)
- TARGET-Salden (1)
- TARGET2 (1)
- TARP (1)
- TIPS (1)
- TIPS–Treasury puzzle (1)
- TLTRO (1)
- Target 2 (1)
- Tax Cuts and Jobs Act (1)
- Tax Multiplier (1)
- Taxonomie (1)
- Taylor Rule (1)
- Technology Adoption (1)
- Technology Park (1)
- Technology spillover (1)
- Temperature variability (1)
- Temporal aggregation (1)
- The Community Reinvestment Act (1)
- Theft (1)
- Time-varying networks (1)
- Tobin tax (1)
- Too-Big-To-Fail (1)
- Toxic Emissions (1)
- Trade sales (1)
- Trading volume (1)
- Trados (1)
- Transaction Data (1)
- Transaction costs (1)
- Transferzahlungen (1)
- Transitional Dynamics (1)
- Transparency Aversion (1)
- Transparenz Aversion (1)
- Tree-based models (1)
- Trust Game (1)
- Tunneling (1)
- Turning points (1)
- UK (1)
- US top-wealth shares (1)
- USA (1)
- Unabhängigkeit (1)
- Uncertainty (1)
- Unconventional Monetary policy (1)
- Unemployment (1)
- Ungleichheit (1)
- Utility Functions (1)
- Utility Theory (1)
- Utilization (1)
- VAR estimation (1)
- Value-at-risk (1)
- Variance Risk Premium (1)
- Venture capital (1)
- Venue Choice (1)
- Verdopplungszeit (1)
- Vereinigtes Königreich (1)
- Verlustbeteiligung (1)
- Verlustrücktrag (1)
- Vermögensaufteilung (1)
- Vermögenskonzentrationsrisiko (1)
- Vermögenspreise (1)
- Versammlungsfreiheit (1)
- Vertrag über die Arbeitsweise der EU (AEUV) (1)
- Volatility (1)
- Vorstand (1)
- WHO alerts (1)
- Wage Rigidity (1)
- Wage rigidity (1)
- Weak Instruments (1)
- Wealth shocks (1)
- Welfare (1)
- Welfare Costs (1)
- Wertpapierberatung (1)
- Wertpapiere (1)
- Wertpapiermärkte (1)
- Wettbewerb (1)
- Wettbewerbsrecht (1)
- Wirtschaftsverfassung (1)
- Wohlfahrt (1)
- Wohneigentum (1)
- Wohnungsfinanzierung (1)
- Word Embedding (1)
- WpHG (1)
- Währungsrecht (1)
- Währungswettbewerb (1)
- XAI (1)
- Zentralbank (1)
- Zentralbankensystem (1)
- Zentrales Clearing (1)
- Zentralnbank (1)
- Zero lower bound (1)
- Zinsrisiko (1)
- Zinsrisiko der Lebensversicherung (1)
- Zombie Lending (1)
- accountability (1)
- active shareholders (1)
- adaptation (1)
- adverse selection (1)
- age (1)
- age limits (1)
- agency (1)
- agglomeration (1)
- aggregate uncertainty (1)
- aging (1)
- allocation bias (1)
- ambiguity premium (1)
- angel finance (1)
- anomalies (1)
- asset markets (1)
- asset prices (1)
- asset purchases (1)
- asset-pricing models (1)
- assetbacked securities (1)
- asymmetric and private information (1)
- asymmetric shocks (1)
- attitudes towards inequality (1)
- auction format (1)
- audit quality, (1)
- average treatment effect (1)
- balance of payments (1)
- balance sheet adjustment (1)
- balance sheet risk (1)
- bank (1)
- bank and non-bank financial intermediation (1)
- bank bonds (1)
- bank capital (1)
- bank capital ratios (1)
- bank integration (1)
- bank lending (1)
- bank performance (1)
- bank resolution regimes (1)
- bank risk (1)
- bank runs (1)
- bank sanctions (1)
- bank stability (1)
- banking and treasury functions (1)
- banking networks (1)
- banking resolution (1)
- banking supervision, (1)
- banking systems (1)
- behavioral economics (1)
- behavioral inattention (1)
- belief effect (1)
- belief estimation (1)
- belief formation (1)
- belief updates (1)
- belief updating (1)
- benchmarks (1)
- betrayal aversion (1)
- betting (1)
- biased beliefs (1)
- bid-ask spread (1)
- bidder surplus (1)
- big data (1)
- bilateral investment treaties (1)
- biometric risks (1)
- bitcoin (1)
- bond market liquidity (1)
- bond markets (1)
- booms (1)
- borrowing (1)
- bounded rationality (1)
- bureaucrats' incentives (1)
- business cycle (1)
- call auctions (1)
- capacity utilization (1)
- capital (1)
- capital injection to banks (1)
- capital liquidations (1)
- capital maintenance (1)
- capital ratios (1)
- capital re-cycling (1)
- capital taxation (1)
- capital taxes (1)
- caps (1)
- capture (1)
- career concerns (1)
- cartel damages (1)
- cash (1)
- cash equity markets (1)
- cash flow effects of interest rate policy (1)
- cash-in-advance (1)
- catastrophe bond (1)
- catastrophic events (1)
- catastrophic risk (1)
- central bank (1)
- central bank accountability (1)
- central bank governance (1)
- central bank governor (1)
- central bank policy (1)
- central counter parties (1)
- central counterparties (1)
- centralisation (1)
- centrality metrics (1)
- cheating (1)
- client involvement (1)
- cliff effect (1)
- climate (1)
- climate behavior (1)
- climate policies (1)
- climate risk (1)
- climate-economy models (1)
- climate-related disclosures (1)
- co-residence (1)
- cognitive load (1)
- cognitive sophistication (1)
- coinvestment (1)
- collateral (1)
- collateral reuse (1)
- collective action (1)
- collective action clauses (1)
- commercial banks (1)
- common ownership (1)
- compensation (1)
- competitive equilibrium (1)
- competitiveness (1)
- compliance behavior (1)
- comprehensive assessment (1)
- conditionality (1)
- confirmatory biases (1)
- conflict of laws (1)
- connected industries (1)
- construction procurement (1)
- consumer credit (1)
- consumer education (1)
- consumption commitments (1)
- consumption expenditure (1)
- consumption smoothing (1)
- consumption-based models (1)
- consumption-portfolio decisions (1)
- content analysis (1)
- contest (1)
- contingent capital (1)
- continuous limit order book (1)
- contract law (1)
- control by Court of Auditors (1)
- conventional monetary policy (1)
- coordination (1)
- corona bonds (1)
- corona crisis (1)
- corporate bonds (1)
- corporate debt (1)
- corporate deposits (1)
- corporate governance codes (1)
- corporate income tax (1)
- corporate restructuring (1)
- corporate savings (1)
- corporate taxation (1)
- corporate taxes (1)
- counterfactual decompositions (1)
- counterfactual thinking (1)
- credence goods (1)
- credit channel (1)
- credit constraints (1)
- credit default swap (1)
- credit losses (1)
- credit rationing (1)
- credit risk transfer (1)
- creditors runs (1)
- crisis (1)
- cross-border insolvency (1)
- cross-border institutions (1)
- cross-border political access (1)
- cross-regional mobility (1)
- cross-section of expected stock returns (1)
- cross-section of stock return (1)
- cross-section of stock returns (1)
- crowdlending (1)
- crowdsponsoring (1)
- cryptocurrency (1)
- culture (1)
- currency board (1)
- current account (1)
- cycle flows (1)
- cyclical liabilities (1)
- dash-for-cash (1)
- debt consolidation (1)
- debt cost (1)
- debt relief to households (1)
- decentralization theorem (1)
- default (1)
- default premium (1)
- delayed claiming (1)
- deleveraging (1)
- demographic change (1)
- demographic trends (1)
- demographischer Wandel (1)
- deposit guarantee scheme (1)
- deposit insurance (1)
- deposits (1)
- deregulation (1)
- designated market makers (1)
- die game milk (1)
- differences of opinion (1)
- diffusion of norms (1)
- digital planning tool (1)
- digitalization (1)
- directors (1)
- disagreement (1)
- disaster risk (1)
- discourse analysis (1)
- distress (1)
- distributed ledger technology (1)
- distributional consequences of monetary policy (1)
- diversity (1)
- divestments (1)
- dollar funding (1)
- doubling time (1)
- duration of civil proceedings (1)
- duration of pay (1)
- dynamic correlation (1)
- dynamic factor models (1)
- dynamic inconsistency (1)
- earnings management (1)
- economic governance (1)
- economic policy (1)
- economic preferences (1)
- economic rationality (1)
- economic reforms (1)
- economies of scale (1)
- electricity (1)
- electronic trading (1)
- emergency loans (1)
- emissions trading system (ETS) (1)
- employees (1)
- employer-employee level dataset (1)
- employment (1)
- endogenous growth (1)
- endogenous information acquisition (1)
- endogenous risk (1)
- energy (1)
- energy crisis (1)
- entrepreneurial spawning (1)
- equilibrium (1)
- equilibrium interest rate (1)
- equity (1)
- equity cost (1)
- equity market integration (1)
- equity options (1)
- equity trading (1)
- erm structure of interest rates (1)
- estimation risk (1)
- ethische Normen (1)
- euro (1)
- europäischer Zahlungsverkehr (1)
- event study (1)
- executive labor market (1)
- exit (1)
- exit strategies (1)
- expectation gap (1)
- experiences (1)
- experimental asset markets (1)
- experimental economics (1)
- externalities (1)
- factor timing (1)
- fairness (1)
- familiarity (1)
- federal transfers (1)
- federalism (1)
- fiduciary (1)
- field study (1)
- filtering (1)
- finance and development (1)
- finance and employment (1)
- finance wage premium (1)
- financial constraints (1)
- financial contracts (1)
- financial cycles (1)
- financial decision-making (1)
- financial disasters (1)
- financial fragility (1)
- financial innovation (1)
- financial innovations (1)
- financial institutions (1)
- financial literacy determinants (1)
- financial market (1)
- financial market data (1)
- financial market regulation (1)
- financial market supervision (1)
- financial markets regulation (1)
- financial models (1)
- financial reporting quality (1)
- financial resilience (1)
- financial retrenchment (1)
- financial risk-taking (1)
- financial services (1)
- financial solidarity (1)
- financial spillover (1)
- financial stablity (1)
- financial supervision (1)
- financial system (1)
- financial transaction data (1)
- financial transaction tax (1)
- financing (1)
- financing constraint (1)
- financing policy (1)
- fire sales (1)
- firm growth (1)
- firm value (1)
- first-price auctions (1)
- fiscal adjustment (1)
- fiscal austerity (1)
- fiscal crisis (1)
- fiscal decentralization (1)
- fiscal federalism (1)
- fiscal financial vulnerabilities (1)
- fiscal multipliers (1)
- fiscal policy transmission (1)
- fiscal reaction function (1)
- fiscal responsibility (1)
- fiscal solidarity (1)
- fiscal stimulus (1)
- fiscal stress (1)
- fiscal transfers (1)
- fiscal variables (1)
- fixed point approach (1)
- flash crashes (1)
- flexible-hour contracts (1)
- floating net asset value (FNAV) (1)
- floors (1)
- forecasts (1)
- foreign direct investment (1)
- foreign portfolio investment (1)
- fragmentation (1)
- free trade agreement (1)
- frequency domain (1)
- frequent batch auctions (1)
- front loading Effekte (1)
- front loading effects (1)
- functional finance approach (1)
- funding dry-ups (1)
- furlough (1)
- gender wage gap (1)
- geo-economics (1)
- geographic expansion (1)
- geopolitical risk (1)
- german banking system (1)
- german banks (1)
- german pension system (1)
- global co-movement (1)
- global preference survey (1)
- globalization (1)
- goal orientation (1)
- government (1)
- government debt (1)
- government finance (1)
- greek crisis (1)
- green central bank policy (1)
- green financing (1)
- group identity (1)
- group law (1)
- group size (1)
- habit (1)
- habit formation (1)
- haircut (1)
- health (1)
- hedging (1)
- hedging errors (1)
- herd immunity (1)
- heterogeneity (1)
- heterogeneous beliefs (1)
- heterogeneous expectations (1)
- heterogeneous monetary policy response (1)
- heterogeneous wage rigidity (1)
- high consumption volatility (1)
- high-frequency data (1)
- high-frequency traders (HFTs) (1)
- high-frequency trading (1)
- holdout litigation (1)
- homeownership (1)
- honesty (1)
- hours per capita measurement (1)
- household liquidity (1)
- household savings (1)
- household finance (1)
- households (1)
- housing debt crisis (1)
- housing expenditure share (1)
- housing investments (1)
- ideational shift (1)
- identification (1)
- idiosynkratisches Risiko (1)
- idle time (1)
- impulse analysis (1)
- incentive pay (1)
- incentives for investment (1)
- incidence (1)
- income dependent inflation (1)
- income distribution (1)
- incomplete information (1)
- independent private values (1)
- index funds (1)
- index of lost lifetime (1)
- individual retirement account (1)
- individuelle Altersvorsorge (1)
- industrial organization (1)
- infection dynamics (1)
- inference (1)
- inflation expectations (1)
- inflation forecasting (1)
- inflation swaps (1)
- inflation target (1)
- informal markets (1)
- information (1)
- information demand (1)
- information flow (1)
- information networks (1)
- information processing (1)
- informational externalities (1)
- informativeness principle (1)
- infrastructural power (1)
- institutional design (1)
- insurance demand (1)
- insurance guarantee schemes (1)
- insurance industry (1)
- insurance market (1)
- insurance supervision (1)
- interbank market (1)
- interbank network (1)
- interconnections (1)
- interdependent preferences (1)
- interest-rate channel (1)
- internal capital markets (1)
- internal rating models (1)
- international diversification (1)
- international diversification benefits (1)
- international taxation (1)
- interregionale Mobilitätsinkongruenz (1)
- inverse probability weighting (1)
- investment behavior (1)
- investment biases (1)
- investment forum (1)
- investment guarantee (1)
- investment mistakes (1)
- investor behavior (1)
- investor coalitions (1)
- investor preferences (1)
- investor protection (1)
- investor segmentation (1)
- investor sentiment (1)
- isk premiums (1)
- jump risk (1)
- jumps (1)
- jumps in aggregate consumption (1)
- jumps in the longrun growth rate (1)
- kapitalgedeckte Alterssicherung (1)
- labelling (1)
- labels (1)
- labor demand (1)
- labor hoarding (1)
- labor income taxes (1)
- labor market (1)
- labor mobility (1)
- labor supply (1)
- labour economics (1)
- labour market policies (1)
- large language models (1)
- latency arbitrage (1)
- law (1)
- law enforcement (1)
- learning strategy (1)
- leasing (1)
- legal transplants (1)
- leisure (1)
- lender of last resort (1)
- lending (1)
- level and slope of implied volatility smile (1)
- level playing field (1)
- life cycle model (1)
- life cycle saving (1)
- life expectancy (1)
- life insurance demand (1)
- life-cycle (1)
- life-cycle behavior (1)
- life-cycle household decisions (1)
- life-cycle hypothesis (1)
- life-cycle models (1)
- lifecycle (1)
- liftoff (1)
- likelihood insensitivity (1)
- limited arbitrage (1)
- liquid assets (1)
- liquidity risk (1)
- liquidity runs (1)
- loan officer (1)
- loan origination (1)
- local projection (1)
- local projections (1)
- locally non-diversifiable risk (1)
- location decisions (1)
- lockdown costs (1)
- long-run growth (1)
- long-run risk (1)
- longevity (1)
- loss index (1)
- loss sharing (1)
- losses (1)
- lottery-type assets (1)
- low frequency trends (1)
- low interest rate environment (1)
- lump sum (1)
- machine learning (1)
- macro-finance (1)
- macro-financial models (1)
- macro-prudential policy (1)
- macroeconomic conditions (1)
- macroeconomic experiences (1)
- macroeconomic models (1)
- macrofinancial linkages (1)
- macroprudential franework (1)
- macroprudential policy transmission (1)
- macroprudential regulation (1)
- macroprudential supervision (1)
- makroökonomische Konjunkturforschung (1)
- management compensation (1)
- managerial incentives (1)
- mandatory disclosure (1)
- marginal propensity to consume (1)
- market design (1)
- market enforcement (1)
- market fragmentation (1)
- market infrastructure (1)
- market making (1)
- market microstructure (1)
- market price (1)
- market quality (1)
- market supervision (1)
- market-based (1)
- market-based financial intermediation (1)
- market-making (1)
- maturity (1)
- measure of ambiguity (1)
- media polarization (1)
- mergers and acquisitions (1)
- micro data transparency (1)
- microdata (1)
- microfoundations (1)
- microprudential supervision (1)
- mismatch (1)
- misperception (1)
- mnimum distribution requirements (1)
- moderne Notenbanker (1)
- monetary financing (1)
- monetary institutions (1)
- monetary law (1)
- monetary penalties (1)
- monetary policy rule (1)
- monetary policy rules (1)
- monetary policy surprise (1)
- monetary policy surprise shocks (1)
- monetary policy transmission (1)
- monetary transmission (1)
- monetäre Makroökonomik (1)
- moral hazard (1)
- moral values (1)
- mortgage loans (1)
- motivated beliefs (1)
- motivated reasoning (1)
- motivation for honesty (1)
- multi-unit auctions (1)
- multinational firms (1)
- multiple equilibria (1)
- multiple point of entry (1)
- multiplex networks (1)
- national interest (1)
- natural disasters (1)
- natural gas (1)
- natural rate (1)
- negative interest rates (1)
- negativer Zins (1)
- neoinstitutionalism (1)
- net-zero arbitrage (1)
- net-zero plans and targets (1)
- net-zero transition (1)
- network (1)
- network analysis (1)
- network model (1)
- new fiscal compact (1)
- nominal rigidity (1)
- non-Bayesian updates (1)
- non-linear VAR (1)
- non-performing assets (1)
- nonlinearity (1)
- numerical solution method (1)
- omt (1)
- online borrowing (1)
- online experiments (1)
- open economy (1)
- operational performance (1)
- opinion (1)
- opportunity (1)
- optimal investment (1)
- optimal stopping (1)
- optimum currency area (1)
- option prices (1)
- otc derivatives markets (1)
- outgroup derogation (1)
- output fluctuations (1)
- output gap (1)
- output gap estimates (1)
- output hysteresis (1)
- ownership disclosure (1)
- pandemic economics (1)
- pandemic insurance (1)
- pandemics (1)
- panel data (1)
- panel vector autoregression (1)
- parameter uncertainty (1)
- pari passu clauses (1)
- passive investors (1)
- patents (1)
- paycheck frequency (1)
- payment system (1)
- payment systems (1)
- peer to peer payment systems (1)
- perceived wealth (1)
- personality traits (1)
- pessimism (1)
- pharmaceutical industry (1)
- placebo technique (1)
- polarization (1)
- policy (1)
- policy evaluation (1)
- policy measures in the EU (1)
- policy normalization (1)
- policy reform (1)
- policy robustness (1)
- political polarization (1)
- pooling equilibrium (1)
- portfolio allocation (1)
- portfolio management (1)
- potential output (1)
- precautionary insurance (1)
- precautionary recapitalization (1)
- predictability (1)
- present bias (1)
- pricing (1)
- principal components (1)
- pringle (1)
- private Vermögensbildung (1)
- private benefits of control (1)
- private business (1)
- private markets (1)
- private sector involvement (1)
- productivity differentials (1)
- productivity growth (1)
- profit weights (1)
- propagation of inequality (1)
- propensity score (1)
- property rights (1)
- proportionality (1)
- proprietary trading ban (1)
- protected values (1)
- provisioning rules (1)
- prudence (1)
- prudential regulation (1)
- public finance (1)
- public markets (1)
- public private partnership (1)
- public-private relations (1)
- racial inequality (1)
- randomized controlled trial (1)
- rank feedback (1)
- recent economic crisis (1)
- recession (1)
- recursive preferences (1)
- redistribution (1)
- reform (1)
- regression adjustment (1)
- regression discontinuity design (1)
- rehypothecation (1)
- related party transactions (1)
- relative performance evaluation (1)
- relative performance feedback (1)
- renting vs. owning home (1)
- replication (1)
- repo market (1)
- reporting (1)
- reproduction number (1)
- resiliency (1)
- responsibility (1)
- restatements (1)
- retained earnings (1)
- retention (1)
- retirement expectations (1)
- retirement planning (1)
- return expectations (1)
- reverse mortgage (1)
- risk management (1)
- risk preference (1)
- risk premia (1)
- risk sharing (1)
- risk taking (1)
- risk-shifting (1)
- risk-taking channel of monetary policy (1)
- robust monetary policy (1)
- rules vs discretion (1)
- safe assets (1)
- saving behavior (1)
- saving puzzles (1)
- savings accounts (1)
- savings banks (1)
- say-on-pay (1)
- screening (1)
- search and matching (1)
- search-matching (1)
- secrecy (1)
- secular stagnation (1)
- securities lending (1)
- securities markets (1)
- sektorale Vermögensdiversifizierung (1)
- self-control (1)
- sensitivity (1)
- sentiment (1)
- separating equilibrium (1)
- severance pay caps (1)
- severity (1)
- shareholder wealth (1)
- shareholderism (1)
- shocks (1)
- short-sale constraints (1)
- simple rules (1)
- single point of entry (1)
- skewness (1)
- skill-biased technological change (1)
- slumps (1)
- sniping (1)
- social (1)
- social centralization (1)
- social dilemma (1)
- social dilemmas (1)
- social identity (1)
- social impact bonds (1)
- social networks (1)
- social relations (1)
- social security claiming (1)
- socialist education (1)
- socially responsible consumers (1)
- soft law (1)
- solution methods (1)
- solvency shocks (1)
- sorting (1)
- source dependence (1)
- sovereign bonds (1)
- sovereign credit rating (1)
- sovereign debt crisis (1)
- sovereign debt litigation (1)
- sovereign debt restructuring (1)
- sovereign debt standstill (1)
- sovereign risk (1)
- soziale Marktwirtschaft (1)
- specificity (1)
- speculative trading (1)
- spending cuts (1)
- spillovers (1)
- spread premium (1)
- sset pricing (1)
- staatliche Sozialversicherung (1)
- stabilization (1)
- stable convergence (1)
- stakeholder (1)
- stakeholders (1)
- staleness (1)
- state (1)
- state dependency (1)
- statistical risk measurement (1)
- statistical testing (1)
- statistics (1)
- stewardship codes (1)
- stock market crisis (1)
- stock market investment (1)
- stock market participation (1)
- stock market reaction (1)
- stock market volatility (1)
- strategic interaction of regulators (1)
- strategies (1)
- strategy review (1)
- stress test (1)
- structural power (1)
- strukturelle Reformen (1)
- subjective expectations (1)
- subordinated debt (1)
- supervision (1)
- survey experiments (1)
- survey forecasts (1)
- sustainability disclosures (1)
- sustainable investments (1)
- synchronization (1)
- systematic risk (1)
- systematisches Risiko (1)
- systemic importance (1)
- systemic risk analysis (1)
- säkulare Stagnation (1)
- tax (1)
- tax competition (1)
- tax cut (1)
- tax haven (1)
- tax havens (1)
- tax information exchange (1)
- tax information exchange agreements (1)
- tax intervention (1)
- tax policy (1)
- tax reform (1)
- taxing rights (1)
- taxonomies (1)
- technological growth (1)
- technology diffusion (1)
- temperature shocks (1)
- term premia (1)
- threshold vector auto-regressive models (1)
- time dependency (1)
- time inconsistency (1)
- time series momentum (1)
- time-varying parameter (1)
- time-varying risk premia (1)
- too-big-to-fail (1)
- topic modelling (1)
- trading (1)
- trading activity (1)
- trading strategies (1)
- transactions (1)
- transition risk (1)
- treasury auctions (1)
- treatment capacity (1)
- trend chasing (1)
- trend inflation (1)
- trend-cycle decomposition (1)
- trend-extrapolation (1)
- trust games (1)
- tunneling (1)
- two-pillar system (1)
- unconfirmed cases (1)
- updating (1)
- utility functions (1)
- validation (1)
- valuation discount (1)
- valuation ratios (1)
- value-at-risk (1)
- values (1)
- variable annuity (1)
- vektorautoregressive Modelle (1)
- venture capital (1)
- vertical fiscal imbalances (1)
- volatility of volatility (1)
- vulture creditors (1)
- wage hump (1)
- war (1)
- waterbed effect (1)
- wealth (1)
- wealth distribution (1)
- wealth effects (1)
- welfare costs (1)
- welfare loss (1)
- wholesale shocks (1)
- worker-firm panels (1)
- workforce (1)
- working hours (1)
- yield curve (1)
- yield spreads (1)
- yields (1)
- z-Transform (1)
- zero returns (1)
- fiscal multipliers (1)
- fiscal policy (1)
- Überschneidung von Generationen (1)
- “Macro-regions” (1)
- financial literacy (1)
Institute
- Sustainable Architecture for Finance in Europe (SAFE) (1374)
- Wirtschaftswissenschaften (1323)
- Center for Financial Studies (CFS) (766)
- House of Finance (HoF) (677)
- Institute for Monetary and Financial Stability (IMFS) (119)
- Rechtswissenschaft (62)
- Foundation of Law and Finance (47)
- Institute for Law and Finance (ILF) (7)
- Gesellschaftswissenschaften (6)
- Frankfurt MathFinance Institute (FMFI) (3)
This study analyses potential consequences of exiting the Targeted Long-Term Refinancing Operations (TLTRO) of the European Central Bank (ECB). Thanks to its asset purchase programs, the Eurosystem still holds plenty of reserves even with a full exit from the TLTROs. This explains why voluntary and mandatory repayments of TLTRO III borrowing went smoothly. Nevertheless, the more liquidity is drained from the banking system, the more important becomes interbank market borrowing and lending, ideally between euro area member states. Right now, the usual fault lines of the euro area show up. The German banking system has plenty of reserves while there are first signs of aggregate scarcity in the Italian banking system. This does not need to be a source of concern if the interbank market can be sufficiently reactivated. Moreover, the ECB has several tools to address possible future liquidity shortages.
This document was provided/prepared by the Economic Governance and EMU scrutiny Unit at the request of the ECON Committee.
Homeownership rates differ widely across European countries. We document that part of this variation is driven by differences in the fraction of adults co-residing with their parents. Comparing Germany and Italy, we show that in contrast to homeownership rates per household, homeownership rates per individual are very similar during the first part of the life cycle. To understand these patterns, we build an overlapping-generations model where individuals face uninsurable income risk and make consumption-saving and housing tenure decisions. We embed an explicit intergenerational link between children and parents to capture the three-way trade-off between owning, renting, and co-residing. Calibrating the model to Germany we explore the role of income profiles, housing policies, and the taste for independence and show that a combination of these factors goes a long way in explaining the differential life-cycle patterns of living arrangements between the two countries.
We extend the canonical income process with persistent and transitory risk to cyclical shock distributions with left-skewness and excess kurtosis. We estimate our income process by GMM for US household data. We find countercyclical variance and procyclical skewness of persistent shocks. All shock distributions are highly leptokurtic. The tax and transfer system reduces dispersion and left-skewness. We then show that in a standard incomplete-markets life-cycle model, first, higherorder risk has sizable welfare implications, which depend on risk attitudes; second, it matters quantitatively for the welfare costs of cyclical idiosyncratic risk; third, it has non-trivial implications for self-insurance against shocks.
A stochastic forward-looking model to assess the profitability and solvency of European insurers
(2016)
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country level data to make it representative of the major euro area insurance markets. Then, we project this representative balance sheet forward under stochastic capital markets, stochastic mortality developments and stochastic claims. The model highlights the potential threats to insurers solvency and profitability stemming from a sustained period of low interest rates particularly in those markets which are largely exposed to reinvestment risks due to the relatively high guarantees and generous profit participation schemes. The model also proves how the resilience of insurers to adverse financial developments heavily depends on the diversification of their business mix. Finally, the model identifies potential negative spillovers between life and non-life business thorugh the redistribution of capital within groups.
This paper studies whether Eurosystem collateral eligibility played a role in the portfolio choices of euro area asset managers during the “dash-for-cash” episode of 2020. We find that asset managers reduced their allocation to ECB-eligible corporate bonds, selling them in order to finance redemptions, while simultaneously increasing their cash holdings. These findings add nuance to previous studies of liquidity strains and price dislocations in the corporate bond market during the onset of the Covid-19 pandemic, indicating a greater willingness of dealers to increase their inventories of corporate bonds pledgeable with the ECB. Analysing the price impact of these portfolio choices, we also find evidence pointing to price pressure for both ECB-eligible and ineligible corporate bonds. Bonds that were held to a larger extent by investment funds in our sample experienced higher price pressure, although the impact was lower for ECB-eligible bonds. We also discuss broader implications for the related policy debate about how central banks could mitigate similar types of liquidity shocks.
We consider an additively time-separable life-cycle model for the family of power period utility functions u such that u0(c) = c−θ for resistance to inter-temporal substitution of θ > 0. The utility maximization problem over life-time consumption is dynamically inconsistent for almost all specifications of effective discount factors. Pollak (1968) shows that the savings behavior of a sophisticated agent and her naive counterpart is always identical for a logarithmic utility function (i.e., for θ = 1). As an extension of Pollak’s result we show that the sophisticated agent saves a greater (smaller) fraction of her wealth in every period than her naive counterpart whenever θ > 1 (θ < 1) irrespective of the specification of discount factors. We further show that this finding extends to an environment with risky returns and dynamically inconsistent Epstein-Zin-Weil preferences.
Using a structural life-cycle model and data on school visits from Safegraph and school closures from Burbio, we quantify the heterogeneous impact of school closures during the Corona crisis on children affected at different ages and coming from households with different parental characteristics. Our data suggests that secondary schools were closed for in-person learning for longer periods than elementary schools (implying that younger children experienced less school closures than older children), and that private schools experienced shorter closures than public schools, and schools in poorer U.S. counties experienced shorter school closures. We then extend the structural life cycle model of private and public schooling investments studied in Fuchs-Schündeln, Krueger, Ludwig, and Popova (2021) to include the choice of parents whether to send their children to private schools, empirically discipline it with data on parental investments from the PSID, and then feed into the model the school closure measures from our empirical analysis to quantify the long-run consequences of the Covid-19 school closures on the cohorts of children currently in school. Future earnings- and welfare losses are largest for children that started public secondary schools at the onset of the Covid-19 crisis. Comparing children from the topto children from the bottom quartile of the income distribution, welfare losses are ca. 0.8 percentage points larger for the poorer children if school closures were unrelated to income. Accounting for the longer school closures in richer counties reduces this gap by about 1/3. A policy intervention that extends schools by 3 months (6 weeks in the next two summers) generates significant welfare gains for the children and raises future tax revenues approximately sufficient to pay for the cost of this schooling expansion.
Using a structural life-cycle model, we quantify the heterogeneous impact of school closures during the Corona crisis on children affected at different ages and coming from households with different parental characteristics. In the model, public investment through schooling is combined with parental time and resource investments in the production of child human capital at different stages in the children’s development process. We quantitatively characterize the long-term consequences from a Covid-19 induced loss of schooling, and find average losses in the present discounted value of lifetime earnings of the affected children of close to 1%, as well as welfare losses equivalent to about 0.6% of permanent consumption. Due to self-productivity in the human capital production function, skill attainment at a younger stage of the life cycle raises skill attainment at later stages, and thus younger children are hurt more by the school closures than older children. We find that parental reactions reduce the negative impact of the school closures, but do not fully offset it. The negative impact of the crisis on children’s welfare is especially severe for those with parents with low educational attainment and low assets. The school closures themselves are primarily responsible for the negative impact of the Covid-19 shock on the long-run welfare of the children, with the pandemic-induced income shock to parents playing a secondary role.
We characterize the optimal linear tax on capital in an Overlapping Generations model with two period lived households facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium effects of private precautionary saving on factor prices and taxes capital unless the weight on future generations in the social welfare function is sufficiently high. For logarithmic utility a complete analytical solution of the Ramsey problem exhibits an optimal aggregate saving rate that is independent of income risk, whereas the optimal time-invariant tax on capital implementing this saving rate is increasing in income risk. The optimal saving rate is constant along the transition and its sign depends on the magnitude of risk and on the Pareto weight of future generations. If the Ramsey tax rate that maximizes steady state utility is positive, then implementing this tax rate permanently induces a Pareto-improving transition even if the initial equilibrium capital stock is below the golden rule.
Households buy life insurance as part of their liquidity management. The option to surrender such a policy can serve as a buffer when a household faces a liquidity need. In this study, we investigate empirically which individual and household specific sociodemographic factors influence the surrender behavior of life insurance policyholders. Based on the Socio-Economic Panel (SOEP), an ongoing wide-ranging representative longitudinal study of around 11,000 private households in Germany, we construct a proxy to identify life insurance surrender in the data. We use this proxy to conduct fixed effect regressions and support the results with survival analyses. We find that life events that possibly impose a liquidity shock to the household, such as birth of a child and divorce increase the likelihood to surrender an existing life insurance policy for an average household in the panel. The acquisition of a dwelling and unemployment are further aspects that can foster life insurance surrender. Our results are robust with respect to different models and hold conditioning on region specific trends; they vary however for different age groups. Our analyses contribute to the existing literature supporting the emergency fund hypothesis. The findings obtained in this study can help life insurers and regulators to detect and understand industry specific challenges of the demographic change.
Telemonitoring devices can be used to screen consumer characteristics and mitigate information asymmetries that lead to adverse selection in insurance markets. Nevertheless, some consumers value their privacy and dislike sharing private information with insurers. In a secondbest efficient Miyazaki-Wilson-Spence (MWS) framework, we allow consumers to reveal their risk type for an individual subjective cost and show analytically how this affects insurance market equilibria as well as social welfare. We find that information disclosure can substitute deductibles for consumers whose transparency aversion is sufficiently low. This can lead to a Pareto improvement of social welfare. Yet, if all consumers are offered cross-subsidizing contracts, the introduction of a screening contract decreases or even eliminates cross-subsidies. Given the prior existence of a cross-subsidizing MWS equilibrium, utility is shifted from individuals who do not reveal their private information to those who choose to reveal. Our analysis informs the discussion on consumer protection in the context of digitalization. It shows that new technologies challenge cross-subsidization in insurance markets, and it stresses the negative externalities that digitalization has on consumers who are unwilling to take part in this
development
We delve into the EU's regulatory changes aimed at boosting transparency in sustainable investments. By examining disparities among ESG rating agencies, we assess how these differences challenge standardization and consensus. Our analysis underscores the critical need for clearer ESG assessments to guide the sustainable investment landscape.
Wir untersuchen die regulatorischen Änderungen in der EU, die die Transparenz bei nachhaltigen Investitionen erhöhen sollen. Durch eine Untersuchung der Unterschiede zwischen ESG-Ratingagenturen bewerten wir Herausforderungen für Standardisierung und Konsens von Ratings. Unsere Analyse unterstreicht die Dringlichkeit klarerer ESG-Ratings für eine nachhaltige Invesitionslandschaft.
What are the aggregate and distributional consequences of the relationship be-tween an individual’s social network and financial decisions? Motivated by several well-documented facts about the influence of social connections on financial decisions, we build and calibrate a model of stock market participation with a social network that emphasizes the interplay between connectivity and network structure. Since connections to informed agents help spread information, there is a pivotal role for factors that determine sorting among agents. An increase in the average number of connections raises the average participation rate, mostly due to richer agents. A higher degree of sorting benefits richer agents by creating clusters where information spreads more efficiently. We show empirical evidence consistent with the importance of connectivity and sorting. We discuss several new avenues for future research into the aggregate impact of peer effects in finance.
Telemonitoring devices can be used to screen consumer characteristics and mitigate information asymmetries that lead to adverse selection in insurance markets. Nevertheless, some consumers value their privacy and dislike sharing private information with insurers. In a secondbest efficient Miyazaki-Wilson-Spence (MWS) framework, we allow consumers to reveal their risk type for an individual subjective cost and show analytically how this affects insurance market equilibria as well as social welfare. We find that information disclosure can substitute deductibles for consumers whose transparency aversion is sufficiently low. This can lead to a Pareto improvement of social welfare. Yet, if all consumers are offered cross-subsidizing contracts, the introduction of a screening contract decreases or even eliminates cross-subsidies. Given the prior existence of a cross-subsidizing MWS equilibrium, utility is shifted from individuals who do not reveal their private information to those who choose to reveal. Our analysis informs the discussion on consumer protection in the context of digitalization. It shows that new technologies challenge cross-subsidization in insurance markets, and it stresses the negative externalities that digitalization has on consumers who are unwilling to take part in this development.
This paper uses laboratory experiments to provide a systematic analysis of how di↵erent presentation formats a↵ect individuals’ investment decisions. The results indicate that the type of presentation as well as personal characteristics influence both, the consistency of decisions and the riskiness of investment choices. However, while personal characteristics have a larger impact on consistency, the chosen risk level is determined more by framing e↵ects. On the level of personal characteristics, participants’ decisions show that better financial literacy and a better understanding of the presentation format enhance consistency and thus decision quality. Moreover, female participants on average make less consistent decisions and tend to prefer less risky alternatives. On the level of framing dimensions, subjects choose riskier investments when possible outcomes are shown in absolute values rather than rates of return and when the loss potential is less obvious. In particular, reducing the emphasis on downside risk and upside potential simultaneously leads to a substantial increase in risk taking.
In this paper I assess the effect of interest rate risk and longevity risk on the solvency position of a life insurer selling policies with minimum guaranteed rate of return, profit participation and annuitization option at maturity. The life insurer is assumed to be based in Germany and therefore subject to German regulation as well as to Solvency II regulation. The model features an existing back book of policies and an existing asset allocation calibrated on observed data, which are then projected forward under stochastic financial markets and stochastic mortality developments. Different scenarios are proposed, with particular focus on a prolonged period of low interest rates and strong reduction in mortality rates. Results suggest that interest rate risk is by far the greatest threat for life insurers, whereas longevity risk can be more easily mitigated and thereby is less detrimental. Introducing a dynamic demand for new policies, i.e. assuming that lower offered guarantees are less attractive to savers, show that a decreasing demand may even be beneficial for the insurer in a protracted period of low interest rates. Introducing stochastic annuitization rates, i.e. allowing for deviations from the expected annuitization rate, the solvency position of the life insurer worsen substantially. Also profitability strongly declines over time, casting doubts on the sustainability of traditional life business going forward with the low interest rate environment. In general, in the proposed framework it is possible to study the evolution over time of an existing book of policies when underlying financial market conditions and mortality developments drastically change. This feature could be of particular interest for regulatory and supervisory authorities within their financial stability mandate, who could better evaluate micro- and macro-prudential policy interventions in light of the persistent low interest rate environment.
Socially responsible investing (SRI) continues to gain momentum in the financial market space for various reasons, starting with the looming effect of climate change and the drive toward a net-zero economy. Existing SRI approaches have included environmental, social, and governance (ESG) criteria as a further dimension to portfolio selection, but these approaches focus on classical investors and do not account for specific aspects of insurance companies. In this paper, we consider the stock selection problem of life insurance companies. In addition to stock risk, our model set-up includes other important market risk categories of insurers, namely interest rate risk and credit risk. In line with common standards in insurance solvency regulation, such as Solvency II, we measure risk using the solvency ratio, i.e. the ratio of the insurer’s market-based equity capital to the Value-at-Risk of all modeled risk categories. As a consequence, we employ a modification of Markowitz’s Portfolio Selection Theory by choosing the “solvency ratio” as a downside risk measure to obtain a feasible set of optimal portfolios in a three-dimensional (risk, return, and ESG) capital allocation plane. We find that for a given solvency ratio, stock portfolios with a moderate ESG level can lead to a higher expected return than those with a low ESG level. A highly ambitious ESG level, however, reduces the expected return. Because of the specific nature of a life insurer’s business model, the impact of the ESG level on the expected return of life insurers can substantially differ from the corresponding impact for classical investors.