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  1. The leverage effect of bank disclosures
    Autor*in: König, Philipp Johann; Laux, Christian; Pothier, David
    Erschienen: [2021]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    The general view underlying bank regulation is that bank disclosures providemarket discipline and reduce banks’ risk-taking incentives. We show that bankdisclosures can increase bank leverage and bank risk. The reason stems from... 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

     

    The general view underlying bank regulation is that bank disclosures providemarket discipline and reduce banks’ risk-taking incentives. We show that bankdisclosures can increase bank leverage and bank risk. The reason stems from theinteraction between insured and uninsured debt. Bank disclosures reduce the agencyproblem between uninsured debt and equity, thereby lowering the cost of leverage forbanks. By issuing uninsured short-term debt that is repaid ahead of insured depositswhen economic conditions deteriorate, banks dilute insured deposits. Higher levelsof uninsured short-term debt increase the subsidy provided by deposit insurance,which increases banks’ risk-taking incentives. We identify conditions under whichthis negative leverage effect dominates the standard market discipline effect, so thatproviding market discipline through bank disclosures increases banks’ risk.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957298393
    Weitere Identifier:
    hdl: 10419/242955
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2021, 31
    Schlagworte: Bank Disclosures; Market Discipline; Bank Leverage
    Umfang: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  2. Optimal timing of policy interventions in troubled banks
    Autor*in: König, Philipp Johann; Mayer, Paul; Pothier, David
    Erschienen: [2022]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    We analyze the problem of a policy authority (PA) that must decide when to resolve a troubled bank whose underlying solvency is uncertain. Delaying resolution increases the chance that information arrives that reveals the bank's true solvency state.... 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

     

    We analyze the problem of a policy authority (PA) that must decide when to resolve a troubled bank whose underlying solvency is uncertain. Delaying resolution increases the chance that information arrives that reveals the bank's true solvency state. However, delaying resolution also gives uninsured creditors the opportunity to withdraw, which raises the cost of bailing out insured depositors. The optimal resolution date trades off these costs with the option value of making a more efficient resolution decision following the arrival of information. Providing the bank with liquidity support buys the PA time to wait for information, but increases the PA's losses if the bank is insolvent. The PA may therefore optimally choose to delay the provision of liquidity support in order to minimize its losses.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957298782
    Weitere Identifier:
    hdl: 10419/251607
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2022, 10
    Schlagworte: Bank Resolution; Lender of Last Resort; Banking Crises
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  3. Safe but fragile
    information acquisition, sponsor support and shadow bank runs
    Autor*in: König, Philipp Johann; Pothier, David
    Erschienen: [2018]
    Verlag:  Deutsche Bundesbank, Frankfurt am Main

    This paper proposes a theory of shadow bank runs in the presence of sponsor liquidity support. We show that liquidity lines designed to insulate shadow banks from market and funding liquidity risk can be destabilizing, as they provide them with... mehr

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

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 12 (2018,15)
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Osnabrück
    Fernleihe:
    keine Fernleihe

     

    This paper proposes a theory of shadow bank runs in the presence of sponsor liquidity support. We show that liquidity lines designed to insulate shadow banks from market and funding liquidity risk can be destabilizing, as they provide them with incentives to acquire private information about their assets' type. This can lead to inefficient market liquidity dry-ups caused by self-fulfilling fears of adverse selection. By lowering asset prices, information acquisition also reduces shadow banks' equity value and may spur inefficient investor runs. We compare different policies that can be used to boost market and funding liquidity. While debt purchases prevent inefficient dry-ups, liquidity injections may backfire by exacerbating adverse selection frictions.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783957294579
    Weitere Identifier:
    hdl: 10419/179509
    Schriftenreihe: Discussion paper / Deutsche Bundesbank ; no 2018, 15
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  4. Referral networks and the allocation of talent
    Autor*in: Pothier, David
    Erschienen: 2012
    Verlag:  Europ. Univ. Inst., Badia Fiesolana

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 38 (2012,18)
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 1814/22634
    Schriftenreihe: EUI working papers / ECO ; 2012/18
    Umfang: Online-Ressource (25 S.)
  5. Asymmetric information and roll-over risk
    Autor*in: König, Philipp Johann; Pothier, David
    Erschienen: 2014
    Verlag:  DIW, Berlin

    How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the... mehr

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

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 14 (1364)
    Fernleihe:
    keine Fernleihe

     

    How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the presence of public signals about firms' creditworthiness (credit ratings), firms choose to expose themselves to positive roll-over risk in order to minimize price distortions. Short-term financing is socially desirable when banks' capacity to repay short-term creditors depends on their credit rating, as it helps mitigate the underlying adverse selection problem. Notwithstanding these social benefits, the equilibrium maturity structure always exhibits inefficient short-termism. If banks receiving a credit downgrade face sufficiently high roll-over risk, the equilibrium maturity structure approaches the constrained efficient allocation.

     
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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/93069
    Schriftenreihe: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 1364
    Umfang: Online-Ressource (34 S.)
  6. Is globalization reducing the ability of central banks to control inflation?
    in-depth analysis
    Autor*in: Dreger, Christian; Rieth, Malte; Pothier, David
    Erschienen: December 2015
    Verlag:  DIW Berlin, Deutsches Institut für Wirtschaftsforschung, Berlin

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

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 317 (106)
    Fernleihe:
    keine Fernleihe
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 3938762977; 9783938762974
    Weitere Identifier:
    hdl: 10419/129788
    Schriftenreihe: DIW Berlin: Politikberatung kompakt ; 106
    Umfang: 1 Online-Ressource (circa 21 Seiten)
  7. Information acquisition and liquidity dry-ups
    Autor*in: Koenig, Philipp; Pothier, David
    Erschienen: October 25, 2016
    Verlag:  SFB 649, Humboldt-Universität zu Berlin, Berlin

    We analyze a novel feedback mechanism between market and funding liquidity that causes self-fulfilling liquidity dry-ups. Financial firms facing funding withdrawals have an incentive to acquire information about their assets. Those with good assets... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 86 (2016,45)
    Fernleihe:
    keine Fernleihe

     

    We analyze a novel feedback mechanism between market and funding liquidity that causes self-fulfilling liquidity dry-ups. Financial firms facing funding withdrawals have an incentive to acquire information about their assets. Those with good assets gain by resorting to outside liquidity sources and withhold assets from secondary markets. This leads to adverse selectrion and lowers market prices. If prices fall by enough, funding withdrawals are amplified and market and funding illiquidity become mutually reinforcing. We compare different policy measures that can mitigate the risk of inefficient liquidity dry-ups. While outright debt purchases can implement the efficient allocation, liquidity injections may backfire and exacerbate adverse selection.

     
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    Sprache: Englisch
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    Format: Online
    Weitere Identifier:
    hdl: 10419/148881
    Schriftenreihe: SFB 649 discussion paper ; 2016-045
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  8. Demand composition and income distribution
    Autor*in: Pothier, David; Puy, Damien
    Erschienen: 2014
    Verlag:  IMF, Washington, DC

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 301 (2014,224)
    Fernleihe:
    keine Fernleihe
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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9781498323888
    Weitere Identifier:
    Schriftenreihe: IMF working paper ; 14/224
    Schlagworte: Gesamtwirtschaftliche Nachfrage; Einkommensverteilung; Einkommensverteilung; Faktorintensität; Mehrsektoren-Modell; Allgemeines Gleichgewicht
    Umfang: Online-Ressource (49 S.), graph. Darst.
  9. Structural reforms in the Eurozone
    timing matters
    Autor*in: Pothier, David
    Erschienen: 2014
    Verlag:  Deutsches Institut für Wirtschaftsforschung (DIW), Berlin

    Several leading policymakers - from ECB President Mario Draghi to EC President José Manual Barroso - have pushed Eurozone countries to adopt far-reaching structural reforms in labour and product markets in order to foster growth and employment. While... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 506 (15)
    Fernleihe:
    keine Fernleihe

     

    Several leading policymakers - from ECB President Mario Draghi to EC President José Manual Barroso - have pushed Eurozone countries to adopt far-reaching structural reforms in labour and product markets in order to foster growth and employment. While there is a broad consensus that structural reforms enhance countries' growth potential in the long-run, recent research shows that they may have harmful effects in the short-run when not accompanied by substantial monetary stimulus. Consequently, a heated debate has started among economists and policymakers about whether now is the right time for the Eurozone to implement structural reforms. This column offers a brief summary of this debate.

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/111790
    Schriftenreihe: DIW Roundup: Politik im Fokus ; 15
    Schlagworte: Wirtschaftsreform; Wirtschaftsstruktur; Eurozone; Diskurstheorie
    Umfang: Online-Ressource (4 S.), graph. Darst.
  10. The bank capital debate
    should fragility be reduced?
    Autor*in: König, Philipp Johann; Pothier, David
    Erschienen: 2014
    Verlag:  Deutsches Institut für Wirtschaftsforschung (DIW), Berlin

    The recent financial crisis has exposed the fragility of the banking sector to sudden withdrawals of wholesale funding, asset price declines and market dry-ups. Governments and central banks had to step in to prevent major banks from defaulting.... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 506 (17)
    Fernleihe:
    keine Fernleihe

     

    The recent financial crisis has exposed the fragility of the banking sector to sudden withdrawals of wholesale funding, asset price declines and market dry-ups. Governments and central banks had to step in to prevent major banks from defaulting. These events led to renewed interest in the question whether the fragility of banks should be tolerated as a necessary, even desirable feature of an efficient process of financial intermediation, or whether banks should be subject to stricter regulation ex ante. This Round-Up summarizes the key arguments on both sides of the debate.

     
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    Weitere Identifier:
    hdl: 10419/111792
    Schriftenreihe: DIW Roundup: Politik im Fokus ; 17
    Schlagworte: Bankrisiko; Bankenliquidität; Bankenregulierung; Diskurstheorie
    Umfang: Online-Ressource (5 S.), graph. Darst.
  11. A minimum wage for Germany
    what should we expect?
    Autor*in: Pothier, David
    Erschienen: 2014
    Verlag:  Deutsches Institut für Wirtschaftsforschung (DIW), Berlin

    A key component of the coalition agreement between the CDU/CSU and SPD signed on November 27 is the adoption of a minimum wage for Germany. Under the agreement, a statutory minimum wage of EUR8.50 per hour will be introduced across the country... mehr

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 506 (7)
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    A key component of the coalition agreement between the CDU/CSU and SPD signed on November 27 is the adoption of a minimum wage for Germany. Under the agreement, a statutory minimum wage of EUR8.50 per hour will be introduced across the country starting in 2017. Pushed as a make-or-break issue by the SPD during the negotiations, its introductionfollows months of heated debate about its desirability and potential consequences. Although economists have yet to reach a consensus on the issue, the recent experience of the UK provides some valuable insights about what we should expect from the introduction of a minimum wage in Germany.

     
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    Weitere Identifier:
    hdl: 10419/111781
    Schriftenreihe: DIW Roundup: Politik im Fokus ; 7
    Schlagworte: Mindestlohn; Beschäftigungseffekt; Verteilungswirkung; Vergleich; Deutschland; Großbritannien
    Umfang: Online-Ressource (5 S.), graph. Darst.
  12. Bubbles and monetary policy
    to burst or not to burst?
    Autor*in: König, Philipp Johann; Pothier, David
    Erschienen: 2015
    Verlag:  Deutsches Institut für Wirtschaftsforschung (DIW), Berlin

    The question of whether monetary policy should target asset prices remains a contentious issue. Prior to the 2007/08 financial crisis, central banks opted for a wait-and-see approach, remaining passive during the build-up of asset price bubbles but... mehr

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 506 (55)
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    The question of whether monetary policy should target asset prices remains a contentious issue. Prior to the 2007/08 financial crisis, central banks opted for a wait-and-see approach, remaining passive during the build-up of asset price bubbles but actively seeking to stabilize prices and output after they burst. The macroeconomic and financial turbulence that followed the subprime housing bubble has led to a renewed debate concerning monetary policy's role in maintaining financial stability. This Round-Up provides a brief overview of this topic.

     
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    Weitere Identifier:
    hdl: 10419/111837
    Schriftenreihe: DIW Roundup: Politik im Fokus ; 55
    Schlagworte: Geldpolitisches Ziel; Spekulationsblase
    Umfang: Online-Ressource (5 S.)