Die Entwicklung der Corporate Governance deutscher Banken seit 1950
R. H. Schmidt, Felix Noth
Bankhistorisches Archiv,
No. 2,
2011
Abstract
The present paper gives an overview of the development of Corporate Governance of German banks since the 1950s. The focus will be on economic analysis. The most striking changes in Corporate Governance occurred with the ownership structure of commercial banks, in particular with the major joint-stock banks. In addition to that, the capital market has become a core element of Corporate Governance in all major German banks, which have replaced their prior concentration on the interests of a broadly defined circle of stakeholders by a one-sided concentration on shareholders’ interests. In contrast, with savings banks and cooperative cooperative banks, Corporate Governance has remained unchanged for the most part. Exceptions to this are the regional state banks: in their case, after they had turned away from traditional business models and in particular following the discontinuation of the guarantee obligation, the problems of their Corporate Governance, which were already discernible beforehand, became quite obvious. If you include the financial crisis, beginning in 2007, in the analysis, it becomes evident that it was precisely a Corporate Governance unilaterally geared to shareholders’ interest and the efficiency of the capital market that materially contributed to the evolution and widening of the crisis.
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Finance and Growth in a Bank-Based Economy: Is It Quantity or Quality that Matters?
Michael Koetter, Michael Wedow
Journal of International Money and Finance,
No. 8,
2010
Abstract
Most finance–growth studies approximate the size of financial systems rather than the quality of intermediation to explain economic growth differentials. Furthermore, the neglect of systematic differences in cross-country studies could drive the result that finance matters. We suggest a measure of bank’s intermediation quality using bank-specific efficiency estimates and focus on the regions of one economy only: Germany. This quality measure has a significantly positive effect on growth. This result is robust to the exclusion of banks operating in multiple regions, controlling for the proximity of financial markets, when distinguishing different banking sectors active in Germany, and when excluding the structurally weaker East from the sample.
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Corporate Governance in the Multinational Enterprise: A Financial Contracting Perspective
Diemo Dietrich, Björn Jindra
International Business Review,
2010
Abstract
The aim of this paper is to bring economics-based finance research more into the focus of international business theory. On the basis of an analytical model that introduces financial constraints into incomplete contracting in an international vertical trade relationship, we propose an integrated framework that facilitates the study of the interdependencies between internalisation decisions, firm-internal allocations of control rights, and the debt capacity of firms. We argue that the financial constraint of an MNE and/or its supplier should be considered as an important determinant of internal governance structures, complementary to, and interacting with, institutional factors and proprietary knowledge.
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Stages of the 2007/2008 Global Financial Crisis: Is there a Wandering Asset-Price Bubble?
Lucjan T. Orlowski
Einzelveröffentlichungen,
No. 3,
2008
Abstract
This study argues that the severity of the current global financial crisis is strongly influenced by changeable allocations of the global savings. This process is named a “wandering asset bubble”. Since its original outbreak induced by the demise of the subprime mortgage market and the mortgage-backed securities in the U.S., this crisis has reverberated across other credit areas, structured financial products and global financial institutions. Four distinctive stages of the crisis are identified: the meltdown of the subprime mortgage market, spillovers into broader credit market, the liquidity crisis epitomized by the fallout of Bear Sterns with some contagion effects on other financial institutions, and the commodity price bubble. Monetary policy responses aimed at stabilizing financial markets are proposed.
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The Determinants of Bank Capital Structure
Reint E. Gropp, Florian Heider
Review of Finance,
No. 4,
2010
Abstract
The paper shows that mispriced deposit insurance and capital regulation were of second-order importance in determining the capital structure of large U.S. and European banks during 1991 to 2004. Instead, standard cross-sectional determinants of non-financial firms’ leverage carry over to banks, except for banks whose capital ratio is close to the regulatory minimum. Consistent with a reduced role of deposit insurance, we document a shift in banks’ liability structure away from deposits towards non-deposit liabilities. We find that unobserved time-invariant bank fixed-effects are ultimately the most important determinant of banks’ capital structures and that banks’ leverage converges to bank specific, time-invariant targets.
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“Gleichwertigkeit der Lebensverhältnisse“ zwischen Politik und Marktmechanismus: Zusammenfassende Bewertung der Befunde und Schlussfolgerungen für regionale Entwicklungsstrategien
Martin T. W. Rosenfeld
M. T. W. Rosenfeld, D. Weiß (Hrsg.), Gleichwertigkeit der Lebensverhältnisse zwischen Politik und Marktmechanismus. Empirische Befunde aus den Ländern Sachsen. Sachsen-Anhalt und Thüringen,
2010
Abstract
Der Grundsatz der „Gleichwertigkeit der Lebensverhältnisse“ wird heute in Deutschland allgemein akzeptiert. Allerdings wird über die „richtige“ Interpretation des Grundsatzes und über die „richtigen“ Mittel zu seiner Realisierung vielfach diskutiert und gestritten. Vor dem Hintergrund und auf der Basis einer Auswertung verschiedener Detailstudien zu dieser Thematik gelangt der Beitrag zu dem Ergebnis, dass das Ziel „Gleichwertiger Lebensverhältnisse“ heute bereits vielfach besser erreicht wird, als sich dies erwarten ließe, wenn man ausschließlich vorliegende Indikatoren auf der Grundlage der amtlichen Statistik zur Ausstattung deutscher Städte und Regionen mit Infrastruktur betrachtet. In vielen Fällen kommt es über marktwirtschaftliche Prozesse zu ausgleichenden Tendenzen.
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Money and Inflation: The Role of Persistent Velocity Movements
Makram El-Shagi, Sebastian Giesen
Abstract
While the long run relation between money and inflation is well established, empirical evidence on the adjustment to the long run equilibrium is very heterogeneous. In the present paper we use a multivariate state space framework, that substantially expands the traditional vector error correction approach, to analyze the short run impact of money on prices. We contribute to the literature in three ways: First, we distinguish changes in velocity of money that are due to institutional developments and thus do not induce inflationary pressure, and changes that reflect transitory movements in money demand. This is achieved with a newly developed multivariate unobserved components decomposition. Second, we analyze whether the high volatility of the transmission from monetary pressure to inflation follows some structure, i.e., if the parameter regime can assumed to be constant. Finally, we use our model to illustrate the consequences of the monetary policy of the Fed that has been employed to mitigate the impact of the financial crisis, simulating different exit strategy scenarios.
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Organization and Financing of Innovation, and the Choice between Corporate and Independent Venture Capital
Paolo Fulghieri, Merih Sevilir
Journal of Financial and Quantitative Analysis,
No. 6,
2009
Abstract
This paper examines the impact of competition on the optimal organization and financing structures in innovation-intensive industries. We show that as an optimal response to competition, firms may choose external organization structures established in collaboration with specialized start-ups where they provide start-up financing from their own resources. As the intensity of the competition to innovate increases, firms move from internal to external organization of projects to increase the speed of product innovation and to obtain a competitive advantage with respect to rival firms in their industry. We also show that as the level of competition increases, firms provide a higher level of financing for externally organized projects in the form of corporate venture capital (CVC). Our results help explain the emergence of organization and financing arrangements such as CVC and strategic alliances, where large established firms organize their projects in collaboration with external specialized firms and provide financing for externally organized projects from their own internal resources.
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Regional Growth and Finance in Europe: Is there a Quality Effect of Bank Efficiency?
Iftekhar Hasan, Michael Koetter, Michael Wedow
Journal of Banking and Finance,
No. 8,
2009
Abstract
In this study, we test whether regional growth in 11 European countries depends on financial development and suggest the use of cost- and profit-efficiency estimates as quality measures of financial institutions. Contrary to the usual quantitative proxies of financial development, the quality of financial institutions is measured in this study as the relative ability of banks to intermediate funds. An improvement in bank efficiency spurs five times more regional growth then an identical increase in credit does. More credit provided by efficient banks exerts an independent growth effect in addition to direct quantity and quality channel effects.
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Global Financial Crisis Seriously Hits Russian Economy Because of Structural Imbalances
Martina Kämpfe
Wirtschaft im Wandel,
No. 6,
2009
Abstract
Bis in das Jahr 2008 hinein hat sich die einsetzende Verringerung der Liquidität im Bankensektor auf die Realwirtschaft nicht spürbar ausgewirkt. Mit dem Nachfrageeinbruch an den Rohstoffmärkten, dem rapiden Absturz des Ölpreises und der Zuspitzung der internationalen Finanzkrise im vorigen Sommer haben sich fallende Exporteinnahmen und massive Kapitalabflüsse jedoch unmittelbar ausgewirkt. Der Rubel geriet unter Druck, und mit dem Einbruch am russischen Finanzmarkt setzte auch ein wirtschaftlicher Abschwung ein, der sich zu Beginn dieses Jahres verstärkte. Das Ausmaß des wirtschaftlichen Einbruchs und des Vertrauensverlustes in die Währung ließ Vergleiche mit der Krise von 1998 aufkommen.
Die russische Regierung hat mit massiven Interventionen den Finanzmarkt und den Wechselkurs zu stabilisieren versucht. In Reaktion auf die Verschlechterung der Wirtschaftslage wurde zusätzlich ein Paket von konjunkturstimulierenden Maßnahmen verabschiedet, das zu Beginn dieses Jahres in Kraft trat. Es sieht neben Steuervergünstigungen für Unternehmen Kreditgarantien des Staates sowie Maßnahmen zur sozialen Abfederung der Krisenfolgen vor. Dank enormer Mittel, die in den letzten Jahren im Stabilisierungsfonds aufgrund der hohen Rohstoffpreise akkumuliert worden sind, kann die Regierung zunächst eine stabilisierende Finanzpolitik betreiben. Die Aussichten für die wirtschaftliche Entwicklung sind insgesamt jedoch durch die hohe Abhängigkeit der Wirtschaft vom Ölpreis mit großen Risiken behaftet. Vor diesem Hintergrund wird das Bruttoinlandsprodukt in diesem Jahr deutlich zurückgehen und sich dann 2010 leicht erholen.
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