Sustainable Architecture for Finance in Europe (SAFE)
Refine
Year of publication
Document Type
- Working Paper (817)
- Part of Periodical (509)
- Report (62)
- Article (32)
- Contribution to a Periodical (2)
- Periodical (2)
- Conference Proceeding (1)
- Review (1)
Is part of the Bibliography
- no (1426)
Keywords
- Financial Institutions (92)
- Capital Markets Union (67)
- ECB (62)
- Financial Markets (60)
- Banking Union (55)
- Banking Regulation (51)
- Household Finance (43)
- Banking Supervision (40)
- Macro Finance (40)
- Monetary Policy (35)
- Financial Stability (30)
- Regulation (29)
- Banking Resolution (24)
- Systemic Risk (24)
- BRRD (22)
- Bail-in (20)
- ESMA (19)
- SSM (19)
- Sustainable Finance (19)
- monetary policy (19)
- Social System (17)
- EBA (16)
- Financial Literacy (16)
- Inflation (16)
- Coronavirus (15)
- Pension (15)
- Pension Insurance (15)
- financial stability (15)
- regulation (15)
- Demography (14)
- Private Investment (14)
- Climate Change (13)
- Solvency II (13)
- coronavirus (13)
- Bitcoin (12)
- Clearing (12)
- Comments disabled (12)
- Covid-19 (12)
- Cryptocurrency (12)
- ESG (12)
- MiFID II (12)
- Quantitative Easing (12)
- Bank Lending (11)
- EIOPA (11)
- Euro (11)
- Federal Reserve (11)
- Life Insurance (11)
- Low Interest Rates (11)
- MREL (11)
- TLAC (11)
- bail-in (11)
- systemic risk (11)
- COVID-19 (10)
- Geldpolitik (10)
- Investor Protection (10)
- Saving (10)
- Corporate Finance (9)
- Derivatives (9)
- Fintech (9)
- Insurance (9)
- Liquidity (9)
- Tax (9)
- climate change (9)
- household finance (9)
- Bank Restructuring (8)
- Bankenunion (8)
- European Central Bank (8)
- Interest Rates (8)
- MiFIR (8)
- Regulierung (8)
- TARGET (8)
- corporate governance (8)
- public debt (8)
- regulatory arbitrage (8)
- ABS (7)
- Artificial Intelligence (7)
- Corporate Governance (7)
- DSGE (7)
- Financial Crisis (7)
- Fiscal Policy (7)
- Monetary Union (7)
- Trading (7)
- asset pricing (7)
- banking (7)
- banks (7)
- financial markets (7)
- market discipline (7)
- welfare (7)
- CMDI (6)
- Consumers (6)
- Contagion (6)
- Dodd-Frank Act (6)
- EZB (6)
- European Union (6)
- Europäische Währungsunion (6)
- Germany (6)
- Green Finance (6)
- Household income (6)
- SRM (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)
- EDIS (5)
- ESM (5)
- General Equilibrium (5)
- Lebensversicherung (5)
- Machine Learning (5)
- Numerical accuracy (5)
- Policy Center (5)
- Portfolio choice (5)
- Solution methods (5)
- Systemic risk (5)
- bank resolution (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)
- High-Frequency Trading (4)
- Household Crisis Barometer (4)
- Interest Rate Risk (4)
- Investments (4)
- Labor income risk (4)
- National Competent Authorities (4)
- OTC markets (4)
- Price Efficiency (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)
- interest rates (4)
- money (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)
- Bayesian estimation (3)
- Board of Directors (3)
- Brexit (3)
- Bundesbank (3)
- Central Clearing (3)
- China (3)
- Climate change (3)
- Corona Bonds (3)
- Counterparty Risk (3)
- Cryptocurrencies (3)
- Dark Pools (3)
- Digitalisierung (3)
- Digitalization (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)
- Hamiltonian Monte Carlo (3)
- Health shocks (3)
- Heterogeneous Agents (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)
- Market Fragmentation (3)
- Neural Networks (3)
- Privacy (3)
- Real Effects (3)
- Retail investors (3)
- Single Supervisory Mechanism (3)
- Solvency (3)
- Stock Market (3)
- Stress Test (3)
- Systematic Risk (3)
- Systemisches Risiko (3)
- Taylor rule (3)
- Transparency (3)
- Unconventional Monetary Policy (3)
- Zentralbanken (3)
- Zero Lower Bound (3)
- aggregate risk (3)
- annuity (3)
- bailout (3)
- bank regulation (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)
- intergenerational persistence (3)
- investment decisions (3)
- laboratory experiments (3)
- law and finance (3)
- leverage (3)
- makroprudenzielle Regulierung (3)
- model comparison (3)
- model uncertainty (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)
- Beliefs (2)
- Big Data (2)
- Big Five (2)
- Biodiversity (2)
- Bond Markets (2)
- Broker Crossing Networks (2)
- Building Societies (2)
- Business Cycles (2)
- CDS (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)
- Dynamic inconsistency (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)
- Empirical Asset Pricing (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)
- European integration (2)
- Europäische Zentralbank (2)
- Eurozone (2)
- Expectation Formation (2)
- Expectations (2)
- Expected Returns (2)
- Expected credit losses (2)
- Experiment (2)
- Experiment Center (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 Liquidity (2)
- Market Microstructure (2)
- Marktdisziplin (2)
- Merger (2)
- Monetary policy (2)
- Mortality risk (2)
- Mortgage credit (2)
- Nachhaltigkeit (2)
- New Keynesian macro-epidemic models (2)
- Non-performing Loans (2)
- Notverkäufe (2)
- OMT (2)
- Open Banking (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)
- 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)
- Welfare (2)
- Year (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)
- 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)
- solution methods (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)
- transfer strategies (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)
- Amortization payments (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)
- Arbitrage (1)
- Artificial Intelligence, (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 Formation (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)
- Blue Chip (1)
- Board Appointments (1)
- Bond risk premia (1)
- Briefkastenfirmen (1)
- Broker (1)
- Bubbles (1)
- Bunching (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 Markets (1)
- Capital Purchase Program (1)
- Capital allocation (1)
- Capital markets (1)
- Carbon Taxation (1)
- Carbon abatement (1)
- Cash (1)
- Caste (1)
- Causal Machine Learning (1)
- Causal Reasoning (1)
- Central Bank (1)
- Central Bank Communication (1)
- Central Bank Losses (1)
- Central Banking (1)
- Central Banks (1)
- Central Banks and Their Policies (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 Behavior (1)
- Climate Policies (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)
- Communism (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 Finance (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)
- Crises Forecasting (1)
- Crisis Management (1)
- Cross-Predictability (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)
- Discount functions (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 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 Legal Order (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)
- Emotional tagging (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 crisis (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)
- Epstein-Zin-Weil 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 Integration (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 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–Maximisation (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)
- Field Experiment (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 Markets and the Macroeconomy (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)
- Financing Gap (1)
- Finanzbildung (1)
- Finanzfachkenntnis (1)
- Finanzinnovationen (1)
- Finanzmärkte (1)
- Finanzmärkte und Finanzinstitute (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)
- Forecast Comparison/ Competition (1)
- Forecasting (1)
- Forecasting and Simulation (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)
- Geopolitics (1)
- German Reunification (1)
- German cooperative banks (1)
- German corporate governance (1)
- German natural gas market (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 price dispersion (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)
- Income risk (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)
- Inflation Forecasting (1)
- Information Acquisition (1)
- Information Frictions (1)
- Information Production (1)
- Information Treatment (1)
- Information processing (1)
- Infrastructure (1)
- Institution formation (1)
- Institution-building (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)
- Interest Rate Forecasting (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 education (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)
- Komplexität (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)
- Latency (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)
- Legal framework (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)
- Life-cycle model (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 Repayment (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)
- Macroeconomic Forecasting (1)
- Macroeconomics (1)
- Macroprudential policy (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)
- Memory (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)
- Models and Applications (1)
- Monetary Policy Surprises (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 design (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)
- Narratives (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)
- New Keynesian DSGE (1)
- New Keynesian 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)
- Notenbankpolitik (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)
- Orphanides-Wieland rule (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 Communication (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 Choice (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)
- Preisstabilität (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, Saving, Consumption and Investment Forecasting (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)
- Promise Keeping (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 Arbitrage (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)
- Search frictions in housing markets (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 Distance (1)
- Social Learning (1)
- Social Norms (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)
- Spatial housing markets (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 Participation (1)
- Stock Markets (1)
- Stock market (1)
- Stock market wealth (1)
- Stock markets (1)
- Stock-market participation (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)
- Unsicherheit (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 Costs (1)
- Wertpapierberatung (1)
- Wertpapiere (1)
- Wertpapiermärkte (1)
- Wettbewerb (1)
- Wettbewerbsrecht (1)
- Wirtschaftspolitik (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)
- dictator game (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)
- dividends (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)
- dynamic model (1)
- earnings management (1)
- economic governance (1)
- economic policy (1)
- economic preferences (1)
- economic rationality (1)
- economic reforms (1)
- economies of scale (1)
- educational intervention (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 dividend fallacy (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)
- game perceptions (1)
- gender wage gap (1)
- general exogenous processes (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)
- narrative sign restrictions (1)
- national interest (1)
- natural disasters (1)
- natural gas (1)
- natural gas price (1)
- natural rate (1)
- negative interest rates (1)
- negativer Zins (1)
- neoinstitutionalism (1)
- net wealth (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)
- risk-taking incentives (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)
- seigniorage (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)
- 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)
- spectral methods (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)
- structural scenario analysis (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 game (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)
- vector-autoregression (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) (1426)
- Wirtschaftswissenschaften (1371)
- Center for Financial Studies (CFS) (791)
- House of Finance (HoF) (695)
- Institute for Monetary and Financial Stability (IMFS) (126)
- Rechtswissenschaft (63)
- Foundation of Law and Finance (48)
- Institute for Law and Finance (ILF) (7)
- Gesellschaftswissenschaften (6)
- Frankfurt MathFinance Institute (FMFI) (3)
Low interest rates are becoming a threat to the stability of the life insurance industry, especially in countries such as Germany, where products with relatively high guaranteed returns sold in the past still represent a prominent share of the total portfolio. This contribution aims to assess and quantify the effects of the current low interest rate phase on the balance sheet of a representative German life insurer, given the current asset allocation and the outstanding liabilities. To do so, we generate a stochastic term structure of interest rates as well as stock market returns to simulate investment returns of a stylized life insurance business portfolio in a multi-period setting. Based on empirically calibrated parameters, we can observe the evolution of the life insurers' balance sheet over time with a special focus on their solvency situation. To account for different scenarios and in order to check the robustness of our findings, we calibrate different capital market settings and different initial situations of capital endowment. Our results suggest that a prolonged period of low interest rates would markedly affect the solvency situation of life insurers, leading to relatively high cumulative probability of default for less capitalized companies.
This paper analyzes how on-the-job search (OJS) by an agent impacts the moral hazard problem in a repeated principal-agent relationship. OJS is found to constitute a source of agency costs because efficient search incentives require that the agent receives all gains from trade. Further, the optimal incentive contract with OJS matches the design of empirically observed compensation contracts more accurately than models that ignore OJS. In particular, the optimal contract entails excessive performance pay plus efficiency wages. Efficiency wages reduce the opportunity costs of work effort and hence serve as a complement to bonuses. Thus, the model offers a novel explanation for the use of efficiency wages. When allowing for renegotiation, the model generates wage and turnover dynamics that are consistent with empirical evidence. I argue that the model contributes to explaining the concomitant rise in the use of performance pay and in competition for high-skill workers during the last three decades.
We study consumption-portfolio and asset pricing frameworks with recursive preferences and unspanned risk. We show that in both cases, portfolio choice and asset pricing, the value function of the investor/ representative agent can be characterized by a specific semilinear partial differential equation. To date, the solution to this equation has mostly been approximated by Campbell-Shiller techniques, without addressing general issues of existence and uniqueness. We develop a novel approach that rigorously constructs the solution by a fixed point argument. We prove that under regularity conditions a solution exists and establish a fast and accurate numerical method to solve consumption-portfolio and asset pricing problems with recursive preferences and unspanned risk. Our setting is not restricted to affine asset price dynamics. Numerical examples illustrate our approach.
We build on previous work on operational performance evaluation of private equity portfolio companies as we are able to at least partially decrypt the black box consisting of restructuring tools these investors use and the corresponding impact on their portfolio companies. Beyond answering whether private equity improves operating efficiency we figure out which of the typical restructuring tools drive operating efficiency. Using a set of over 300 international leveraged buyout transactions in the last thirty years we find that while there is vast improvement in operational efficiency these gains vary considerably. Our top performing transactions are subject to strong equity incentives, frequent asset restructuring and tight control by the investor. Furthermore, investors experience has a positive and financial leverage a negative influence on operational performance.
Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios towards home equity. Using US household data from the Survey of Income and Program Participation for the period 1996-2006, we find that especially households with low net worth maintain a larger share of their wealth as home equity if a larger homestead exemption applies. This home equity bias is also more pronounced if the household head is in poor health, increasing the chance of bankruptcy on account of unpaid medical bills. The bias is further stronger for households with mortgage finance, shorter house tenures, and younger household heads, which taken together reflect households that face more financial uncertainty.
Using fiscal reaction functions for 3a panel of actual euro-area countries the paper investigates whether euro membership has reduced the responsiveness of countries to increases in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a loss in prudence, the results are not robust to changes in the specification, as for example an exclusion of Greece from the panel. This suggests that the current debt problems may result to a large extent from pre-existing debt levels prior to entry or from a larger need for fiscal prudence in a common currency, while an adverse change in the fiscal reaction functions for most countries does not apply.
Trust in policy makers fluctuates signi
cantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as an equilibrium phenomenon of a game-theoretic interaction between atomistic agents and the monetary authority. Trust affects agents' stochastic discount factors, namely the price of future risk, and through this it interacts with the monetary transmission mechanism. Using data from the Eurobarometer surveys, we analyze the link between trust and the transmission mechanism of macro and monetary shocks: Empirical results are in line with theoretical ones.
This paper presents a theory that explains why it is beneficial for banks to engage in circular lending activities on the interbank market. Using a simple network structure, it shows that if there is a non-zero bailout probability, banks can significantly increase the expected repayment of uninsured creditors by entering into cyclical liabilities on the interbank market before investing in loan portfolios. Therefore, banks are better able to attract funds from uninsured creditors. Our results show that implicit government guarantees incentivize banks to have large interbank exposures, to be highly interconnected, and to invest in highly correlated, risky portfolios. This can serve as an explanation for the observed high interconnectedness between banks and their investment behavior in the run-up to the subprime mortgage crisis.
We document and study international differences in both ownership and holdings of stocks, private businesses, homes, and mortgages among households aged fifty or more in thirteen countries, using new and comparable survey data. We employ counterfactual techniques to decompose observed differences across the Atlantic, within the US, and within Europe into those arising from differences in population characteristics and differences in economic environments. We then correlate the latter differences to country-level indicators. Ownership across the range of the assets considered tends to be more widespread among US households. We document that shortly prior to the current crisis, US households tended to invest larger amounts in stocks and smaller ones in homes, and to have larger mortgages in older age, even controlling for characteristics. This is consistent with the high prevalence of negative equity associated with the current crisis. More generally, we find that differences in household characteristics often play a small role, while differences in economic environments tend to explain most of the observed differences in ownership rates and in amounts held. The latter differences are much more pronounced among European countries than among US regions, suggesting further potential for harmonization of policies and institutions.
Regulation of investor access to financial products is often based on product familiarity indicated by previous use. The underlying premise that lack of familiarity with a product class causes unwarranted participation is difficult to test. This paper uses household-level data from the ‘experiment’ of German reunification that (exogenously) offered to East Germans access to capitalist products (exogenously) unfamiliar to them. We compare the evolution of post-unification participation of former East and West Germans in financial products, controlling for relevant household characteristics. We vary familiarity differentials by considering (i) both unfamiliar ‘capitalist’ products (stocks, bonds, and consumer credit) and ones available in the East (savings accounts and life insurance); and (ii) cohorts with different exposure to capitalism. We find that East Germans participated immediately in unfamiliar risky securities, at rates comparable to West Germans of similar characteristics. They phased out disproportionate participation in previously familiar assets as familiarity with capitalist products grew. They were more likely to use consumer debt, partly to catch up with richer new peers. We find no signs of abrupt participation drops that could suggest mistakes or regret related to lack of familiarity.
In this paper we investigate the implications of providing loan officers with a compensation structure that rewards loan volume and penalizes poor performance versus a fixed wage unrelated to performance. We study detailed transaction information for more than 45,000 loans issued by 240 loan officers of a large commercial bank in Europe. We examine the three main activities that loan officers perform: monitoring, originating, and screening. We find that when the performance of their portfolio deteriorates, loan officers increase their effort to monitor existing borrowers, reduce loan origination, and approve a higher fraction of loan applications. These loans, however, are of above-average quality. Consistent with the theoretical literature on multitasking in incomplete contracts, we show that loan officers neglect activities that are not directly rewarded under the contract, but are in the interest of the bank. In addition, while the response by loan officers constitutes a rational response to a time allocation problem, their reaction to incentives appears myopic in other dimensions.
Wir halten das bisher in Deutschland und anderen Ländern praktizierte Krisenmanagement für ordnungspolitisch inakzeptabel. Die aktuelle Notlage 2007 und 2008, verbunden mit einem enormen Überraschungsmoment, ließ möglicherweise keine andere Wahl, als die betroffenen Banken unbürokratisch zu retten - aber nun ist es Zeit, grundlegende Lehren aus den Rettungsaktionen zu ziehen.
In this study prepared for the ECON Committee of the European Parliament, Gellings, Jungbluth and Langenbucher present a graphic overview on core legislation in the area of economic and financial services in Europe. The mapping overview can serve as background for further deliberations. The study covers legislation in force, proposals and other relevant provisions in fourteen policy areas, i.e. banking, securities markets and investment firms, market infrastructure, insurance and occupational pensions, payment services, consumer protection in financial services, the European System of Financial Supervision, European Monetary Union, Euro bills and Coins and statistics, competition, taxation, commerce and company law, accounting and auditing.
This paper contributes to the ongoing debate on the relationship between austerity measures and economic growth. We propose a general equilibrium model where (i) agents have recursive preferences; (ii) economic growth is endogenously driven by investments in R&D; (iii) the government is committed to a zero-deficit policy and finances public expenditures by means of a combination of labor taxes and R&D taxes. We find that austerity measures that rely on reducing resources available to the R&D sector depress economic growth both in the short- and long-run. High debt EU members are currently implementing austerity measures based on higher taxes and/or lower investments in the R&D sector. This casts some doubts on the real ability of these countries to grow over the next years.
The implications of delegating fiscal decision making power to sub-national governments has become an area of significant interest over the past two decades, in the expectation that these reforms will lead to better and more efficient provision of public goods and services. The move towards decentralization has, however, not been homogeneously implemented on the revenue and expenditure side: decentralization has materialized more substantially on the latter than on the former, creating "vertical fiscal imbalances". These imbalances measure the extent to which sub-national governments’ expenditures are financed through their own revenues. This mismatch between own revenues and expenditures may have negative consequences for public finances performance, for example by softening the budget constraint of sub-national governments. Using a large sample of countries covering a long time period from the IMF’s Government Finance Statistics Yearbook, this paper is the first to examine the effects of vertical fiscal imbalances on fiscal performance through the accumulation of government debt. Our findings suggest that vertical fiscal imbalances are indeed relevant in explaining government debt accumulation, and call for a degree of caution when promoting fiscal decentralization.
We develop a model of managerial compensation structure and asset risk choice. The model provides predictions about how inside debt features affect the relation between credit spreads and compensation components. First, inside debt reduces credit spreads only if it is unsecured. Second, inside debt exerts important indirect effects on the role of equity incentives: When inside debt is large and unsecured, equity incentives increase credit spreads; When inside debt is small or secured, this effect is weakened or reversed. We test our model on a sample of U.S. public firms with traded CDS contracts, finding evidence supportive of our predictions. To alleviate endogeneity concerns, we also show that our results are robust to using an instrumental variable approach.
We develop a model of managerial compensation structure and asset risk choice. The model provides predictions about how inside debt features affect the relation between credit spreads and compensation components. First, inside debt reduces credit spreads only if it is unsecured. Second, inside debt exerts important indirect effects on the role of equity incentives: When inside debt is large and unsecured, equity incentives increase credit spreads; When inside debt is small or secured, this effect is weakened or reversed. We test our model on a sample of U.S. public firms with traded CDS contracts, finding evidence supportive of our predictions. To alleviate endogeneity concerns, we also show that our results are robust to using an instrumental variable approach.
The Eurozone fiscal crisis has created pressure for institutional harmonization, but skeptics argue that cultural predispositions can prevent convergence in behavior. Our paper derives a robust cultural classification of European countries and utilizes unique data on natives and immigrants to Sweden. Classification based on genetic distance or on Hofstede’s cultural dimensions fails to identify a single ‘southern’ culture but points to a ‘northern’ culture. Significant differences in financial behavior are found across cultural groups, controlling for household characteristics. Financial behavior tends to converge with longer exposure to common institutions, but is slowed down by longer exposure to original institutions.
This is a chapter for a forthcoming volume Oxford Handbook of Financial Regulation (Oxford University Press 2014) (eds. Eilís Ferran, Niamh Moloney, and Jennifer Payne). It provides an overview of EU financial regulation from the first banking directive up until its most recent developments in the aftermath of the financial crisis, focusing on the multiple layers of multi-level governance and their characteristic conceptual difficulties. Therefore the paper discusses the need to accommodate cross-border capital flows following from the EU internal market and the resulting regulatory strategies. This includes a brief overview of the principle of home country control and the ensuing Financial Services Action Plan. Dealing with the accommodation of cross-border capital flows and their regulation necessarily require an orchestration of the underlying supervisory structures, which is therefore also discussed. In the aftermath of the financial crisis of 2007-09 an additional aspect of necessary orchestration has emerged, that is the need to control systemic risk. Specific attention is paid to microprudential supervision by the newly established European Supervisory Authorities and macroprudential supervision in the European Banking Union, the latter’s underlying drivers and the accompanying Single Supervisory Mechanism, including the SSM’s institutional framework as well as the consideration of its rationales and the Single Resolution Mechanism closely linked to it.