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  1. Interactions between bank levies and corporate taxes
    how is bank leverage affected?
    Autor*in: Bremus, Franziska; Schmidt, Kirsten; Tonzer, Lena
    Erschienen: [2020]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on... mehr

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    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

     

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction of bank levies leads to lower leverage as liabilities become more expensive. This effect is weaker the more elevated corporate income taxes are. In countries charging very high corporate income taxes, the incentives of bank levies to reduce leverage turn insignificant. Thus, bank levies can counteract the debt bias of taxation only partially.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957297501
    Weitere Identifier:
    hdl: 10419/222662
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2020, 43
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  2. A note of caution on quantifying banks' recapitalization effects
    Autor*in: Schmidt, Kirsten; Noth, Felix; Tonzer, Lena
    Erschienen: [2021]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    Unconventional monetary policy measures like asset purchase programs aim to reduce certain securities' yield and alter financial institutions' investment behavior. These measures increase the institutions' market value of securities and add to their... mehr

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    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

     

    Unconventional monetary policy measures like asset purchase programs aim to reduce certain securities' yield and alter financial institutions' investment behavior. These measures increase the institutions' market value of securities and add to their equity positions. We show that the extent of this recapitalization effect crucially depends on the securities' accounting and valuation methods, country-level regulation, and maturity structure. We argue that future research needs to consider these factors when quantifying banks' recapitalization effects and consequent changes in banks' lending decisions to the real sector.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957298102
    Weitere Identifier:
    hdl: 10419/229655
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2021, 02
    Schlagworte: Unconventional monetary policy; security valuation; capital regulation
    Umfang: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  3. Do conventional monetary policy instruments matter in unconventional times?
    Autor*in: Buchholz, Manuel; Schmidt, Kirsten; Tonzer, Lena
    Erschienen: [2019]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    This paper investigates how declines in the deposit facility rate set by the ECB affect euro area banks' incentives to hold reserves at the central bank. We find that, in the face of lower deposit rates, banks with a more interest-sensitive business... mehr

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Osnabrück
    Fernleihe:
    keine Fernleihe

     

    This paper investigates how declines in the deposit facility rate set by the ECB affect euro area banks' incentives to hold reserves at the central bank. We find that, in the face of lower deposit rates, banks with a more interest-sensitive business model are more likely to reduce reserve holdings and allocate freed-up liquidity to loans. The result is driven by wellcapitalized banks in the non-GIIPS countries of the euro area. This reveals that conventional monetary policy instruments have limited effects in restoring monetary policy transmission during times of crisis.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957296085
    Weitere Identifier:
    hdl: 10419/201715
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2019, 27
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  4. Does liquidity regulation impede the liquidity profile of collateral?
    Autor*in: Schmidt, Kirsten
    Erschienen: [2019]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We analyze the pledging behavior of Euro area banks during the introduction of the liquidity coverage ratio (LCR). The LCR considers only a subset of central bank eligible assets and thereby offers banks an arbitrage opportunity to improve their... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
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    We analyze the pledging behavior of Euro area banks during the introduction of the liquidity coverage ratio (LCR). The LCR considers only a subset of central bank eligible assets and thereby offers banks an arbitrage opportunity to improve their regulatory ratio by altering their collateral pledging with the European Central Bank. We use the existence of national liquidity requirements to proxy for banks' incentives to exploit this differential treatment of central bank eligible assets. Using security-level information on collateral pledged with the central bank, we find that banks without a preceding national liquidity requirement pledge more and less liquid collateral than banks with a preceding national liquidity requirement after the LCR introduction. We attribute the difference across banks to a preparation effect of the liquidity regulation on the national level.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289935180
    Weitere Identifier:
    hdl: 10419/208290
    Schriftenreihe: Working paper series / European Central Bank ; no 2256 (March 2019)
    Umfang: 1 Online-Ressource (circa 52 Seiten), Illustrationen
  5. Interactions between bank levies and corporate taxes
    how is the bank leverage affected?
    Autor*in: Bremus, Franziska; Schmidt, Kirsten; Tonzer, Lena
    Erschienen: [2019]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on... mehr

    Zugang:
    Resolving-System (kostenfrei)
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 611
    Fernleihe:
    keine Fernleihe

     

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction of bank levies leads to lower leverage as liabilities become more expensive. This effect is weaker the more elevated corporate income taxes are. In countries charging very high corporate income taxes, the incentives of bank levies to reduce leverage turn ineffective. Thus, bank levies can counteract the debt bias of taxation only partially.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789294721174
    Weitere Identifier:
    hdl: 10419/210878
    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 103 (November 2019)
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  6. Interactions between regulatory and corporate taxes
    how is bank leverage affected?
    Autor*in: Bremus, Franziska; Schmidt, Kirsten; Tonzer, Lena
    Erschienen: 2018
    Verlag:  DIW Berlin, German Institute for Economic Research, Berlin

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 14 (1757)
    Fernleihe:
    keine Fernleihe

     

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction of bank levies leads to lower leverage as liabilities become more expensive. This effect is weaker the more elevated corporate income taxes are. In countries charging very high corporate income taxes, the incentives of bank levies to reduce leverage turn ineffective. Thus, bank levies can counteract the debt bias of taxation only partially.

     
    Export in Literaturverwaltung   RIS-Format
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    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/182228
    Auflage/Ausgabe: This version: September 11, 2018
    Schriftenreihe: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 1757
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  7. Interactions between regulatory and corporate taxes
    how is bank leverage affected?
    Autor*in: Bremus, Franziska; Schmidt, Kirsten; Tonzer, Lena
    Erschienen: [24. September 2018]
    Verlag:  Halle Institute for Economic Research (IWH) - Member of the Leibniz Association, Halle (Saale)

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on... mehr

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Signatur:
    eBook
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 13 (2018,16)
    Fernleihe:
    keine Fernleihe

     

    Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction of bank levies leads to lower leverage as liabilities become more expensive. This effect is weaker the more elevated corporate income taxes are. In countries charging very high corporate income taxes, the incentives of bank levies to reduce leverage turn ineffective. Thus, bank levies can counteract the debt bias of taxation only partially.

     
    Export in Literaturverwaltung   RIS-Format
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    Volltext (kostenfrei)
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/182445
    Schriftenreihe: IWH discussion papers ; 2018, no. 16 (September 2018)
    Umfang: 1 Online-Ressource (III, 32 Seiten, 0,92 MB), Diagramme
  8. Do conventional monetary policy instruments matter in unconventional times?
    Autor*in: Buchholz, Manuel; Schmidt, Kirsten; Tonzer, Lena
    Erschienen: May 2017
    Verlag:  Halle Institute for Economic Research (IWH), Halle (Saale), Germany

    This paper investigates how declines in the deposit facility rate set by the European Central Bank (ECB) affect bank behavior. The ECB aims to reduce banks’ incentives to hold reserves at the central bank and thus to encourage loan supply. However,... mehr

    Standort:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitäts- und Landesbibliothek Sachsen-Anhalt / Zentrale
    Signatur:
    eBook
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 13 (2017,12)
    Fernleihe:
    keine Fernleihe

     

    This paper investigates how declines in the deposit facility rate set by the European Central Bank (ECB) affect bank behavior. The ECB aims to reduce banks’ incentives to hold reserves at the central bank and thus to encourage loan supply. However, given depressed margins in a low interest environment, banks might reallocate their liquidity toward more profitable liquid assets other than traditional loans. Our analysis is based on a sample of euro area banks for the period from 2009 to 2014. Three key findings arise. First, banks reduce their reserve holdings following declines in the deposit facility rate. Second, this effect is heterogeneous across banks depending on their business model. Banks with a more interest-sensitive business model are more responsive to changes in the deposit facility rate. Third, there is evidence of a reallocation of liquidity toward loans but not toward other liquid assets. This result is most pronounced for non-GIIPS countries of the euro area.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/157705
    Schriftenreihe: IWH discussion papers ; 2017, no. 12
    Umfang: 1 Online-Ressource (III, 49 Seiten, 1,58 MB), Diagramme
  9. Was sind Gene nicht?
    über die Grenzen des biologischen Essentialismus
    Autor*in: Schmidt, Kirsten
    Erschienen: 2013
    Verlag:  transcript, Bielfeld

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    http://d-nb.info/1044040971/04 (Inhaltsverzeichnis)
    Quelle: Leibniz-Zentrum für Literatur- und Kulturforschung
    Sprache: Deutsch
    Medientyp: Buch (Monographie)
    ISBN: 978-3-8376-2583-7
    Schriftenreihe: ScienceStudies
    Schlagworte: Gen; Essentialismus
    Umfang: 344 S.