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  • 1.
    Badunenko, Oleg
    et al.
    Köln University.
    Barasinska, Nathalia
    Deutsche Bundesbank.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Investments: women are more cautious than men because they have less financial resources at their disposal2010Ingår i: DIW Berlin, Weekly Report, ISSN 1860-3343, Vol. 6, nr 1, s. 1-4Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [en]

    Experts on investments and financial products assume that women are less amenable to risks and therefore put their money into secure investment products. A current study conducted by the DIW Berlin (German Institute for Economic Research) challenges this view. The study demonstrates that men and women are equally likely to take a chance on risky investments – assuming that they have the same financial resources at their disposal. A general cliché may not longer be true: that sex is a determinant factor in investment decisions and that the difference in attitudes toward investment between men and women is a result of gender-based investment attitudes. Women are likely to have cautious investment habits because – as a rule – they have only half the investment resources available that men have at their disposal.

  • 2.
    Barasinska, Nataliya
    et al.
    Deutsche Bundesbank, Frankfurt, Germany.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. German Institute for Economic Research DIW Berlin, Berlin, Germany.
    Gender role asymmetry and stock market participation – evidence from four European household surveys2018Ingår i: European Journal of Finance, ISSN 1351-847X, E-ISSN 1466-4364, Vol. 24, nr 12, s. 1026-1046Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    This study investigates the importance of social norms for shaping women's and men's decision to participate in the stock market, aiming to disentangle the different channels playing a role in this decision. Gender role asymmetry is indicated by the country's rank in the gender equality index of the World Economic Forum. Using data from four national household surveys, we find that in Italy – the country with highly asymmetric gender role prescriptions – women's risk-taking behavior responds to this non-supportive environment. Consistent with the theory of social identity, Italian women refrain from stock market participation more than their self-reported risk tolerance levels would suggest. In contrast, in the three countries with a lower asymmetry in gender role prescriptions, no exaggerated female backing off from investing in stocks is observable. The result is robust to separately analyzing sub-samples of singles and couples. However, women who self-select into stock market participation invest the same portfolio share in stocks as do their male peers – independent of the society's degree of gender role divergence. 

  • 3.
    Barasinska, Nataliya
    et al.
    Deutsche Bundesbank.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics. DIW Berlin .
    Is Crowdfunding Different? Evidence on the Relation between Gender and Funding Success from a German Peer-to-Peer Lending Platform2014Ingår i: The German Economic Review, ISSN 1465-6485, E-ISSN 1468-0475, Vol. 15, nr 4, s. 436-452Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    According to the literature on traditional banking, lenders often discriminate against female borrowers. However, studies of Peer-to-Peer lending in the United States find that female borrowers have better chances of obtaining funds than do males. We provide evidence on the success of female borrowers at a large German peer-to-peer lending platform. Our results show that there is no effect of gender on the individual borrower's chance to receive funds on this platform, ceteris paribus. Several robustness checks confirm this finding. Hence, female discrimination seems to be eased by the wisdom of the lending crowd'.

  • 4.
    Barasinska, Nataliya
    et al.
    Deutsche Bundesbank.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    Is the Willingness to Take Financial Risk a Sex-Linked Trait?: Evidence from National Surveys of Household Finance2013Rapport (Övrigt vetenskapligt)
    Abstract [en]

    We investigate whether the willingness to take investment risk is a sex-linked trait and link the results to the country’s gender equality regime. Our empirical analysis involves household data on financial asset holdings as well as on self-reported risk tolerance for Austria, Italy, the Netherlands and Spain. Of those countries, Italy is by far the country with the greatest degree of gender inequality according to the 2009 Global Gender Gap Report. Two stages of building a portfolio of financial assets are analyzed. For the first-stage decision of whether to invest in risky assets in the first place, gender is found to have no effect in Austria, the Netherlands and Spain but does have an impact in Italy. However, even for Italy, it seems to be irrelevant in the second-stage decision about the share of wealth invested in the risky assets. We infer from these findings that, for countries with a high degree of gender equality, it is inappropriate to base financial advice primarily on gender.

  • 5.
    Barasinska, Nataliya
    et al.
    DIW Berlin and Freie Universität Berlin, Germany.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO).
    Individual risk attitudes and the composition of financial portfolios: Evidence from German household portfolios2012Ingår i: Quarterly Review of Economics and Finance, ISSN 1062-9769, E-ISSN 1878-4259, Vol. 52, nr 1, s. 1-14Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    This paper explores the relationship between the self-declared risk aversion of private investors and theirpropensity to hold incomplete portfolios of financial assets. The analysis is based on household surveydata from the German Socioeconomic Panel (SOEP) that provides a reliable measure of individual attitudestoward financial risk. Our findings suggest that more risk averse households tend to hold incompleteportfolios consisting mainly of a few risk-free assets. We also find that the propensity to acquire additionalassets is highly dependent on whether liquidity and safety needs are met.

  • 6.
    Baum, Christoffer
    et al.
    Department of Economics, Boston College, 140 Commonwealth Avenue, Chestnut Hill MA 02135 USA.
    Karpava, Margarita
    MediaCom London.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO).
    Credit rating agency downgrades and the Eurozone sovereign debt crises2014Rapport (Övrigt vetenskapligt)
  • 7.
    Baum, Christopher F.
    et al.
    Boston College.
    Karpava, Margarita
    MediaCom London.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO).
    Credit rating agency announcements and the Eurozone sovereign debt crisis2013Rapport (Övrigt vetenskapligt)
    Abstract [en]

    This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011-2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond's yields, although Germany's rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states' debt into more stable borrowers' securities.

  • 8.
    Baum, Christopher F.
    et al.
    Boston College.
    Karpava, Margarita
    MediaCom London.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. DIW Berlin.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    Credit Rating Agency Downgrades and the Eurozone Sovereign Debt Crises2014Rapport (Övrigt vetenskapligt)
    Abstract [en]

    This paper studies the impact of credit rating agency (CRA) announcements on the value of the Euro and the yields of French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011–2012. The employed GARCH models show that CRA downgrade announcements negatively affected the value of the Euro currency and also increased its volatility. Downgrading increased the yields of French, Italian and Spanish bonds but lowered the German bond’s yields, although Germany’s rating status was never touched by CRA. There is no evidence for Granger causality from bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries, out of ailing states’ debt into more stable borrowers’ securities.

  • 9.
    Baum, Christopher F.
    et al.
    Boston College.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Talavera, Oleksandr
    The University of Sheffield.
    The impact of the financial system's structure on firms' financial constraints2011Ingår i: Journal of International Money and Finance, ISSN 0261-5606, E-ISSN 1873-0639, Vol. 30, nr 4, s. 678-691Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    We estimate firms’ cash flow sensitivity of cash to empirically test how the financial system’s structure and level of development influence their financial constraints. For this purpose we merge Almeida et al.’s work, a path-breaking design for evaluating a firm’s financial constraints, with that of Levine, who paved the way for comparative analysis of financial systems around the world. We conjecture that a country’s financial system, both in terms of its structure and its level of development, should influence the cash flow sensitivity of cash of constrained firms but leave unconstrained firms unaffected. We test our hypothesis with a large international sample of 30,000 firm-years from 1989 to 2006. Our findings reveal that both the structure of the financial system and its level of development matter. Bank-based financial systems provide constrained firms with easier access to external financing.

  • 10.
    Baum, Christopher
    et al.
    Department of Economics, Boston College, USA.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO).
    Credit rating agency downgrades and the Eurozone sovereign debt crises2016Ingår i: Journal of Financial Stability, ISSN 1572-3089, E-ISSN 1878-0962, Vol. 24, s. 117-131Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    This paper studies the reaction of the Euro's value againstmajor currencies to sovereign rating announcements from Moody's, S&P and Fitch CRAs during the Eurozone debt crisis in 2010--2012 based on eventstudy methodology combined with GARCH models. We also analyze how theyields of French, Italian, German and Spanish government long-term bondswere affected by CRA announcements. Our results reveal that CRA downgrades, watchlist and outlook announcements had no impact on the value of the Euro currency but increased exchange rate volatility. At the same time, downgrades as well as negative outlook announcements increased the yields of French, Italian, and Spanish bonds and evenaffected the German bond's yields. This shows that the monetary union hasled to a breakdown of the consequences of the rating shocks between currency value and sovereign bond yields. The reason is that part of the rating shock is absorbed by an internal repricing of sovereign bonds.

  • 11.
    Bernoth, Kerstin
    et al.
    German Institute for Economic Research DIW Berlin, Germany.
    Gebauer, Stefan
    German Institute for Economic Research DIW Berlin, Germany.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. German Institute for Economic Research DIW Berlin, Germany.
    Monetary policy implications of financial innovation: In-depth analysis2017Rapport (Övrigt vetenskapligt)
    Abstract [en]

    In this policy brief, we argue that the financial innovations triggered by the FinTech industry have the potential to affect the transmission of monetary policy as well as the informational content of important monetary indicators. The growing FinTech industry could contribute substantially to the emergence of nonbank finance as a substitute for traditional commercial bank finance. While the overall effect of nonbank finance on monetary policy transmission is not yet clear, we argue that regulators and policy makers need to closely monitor the potential effects of FinTech on monetary policy transmission and to adequately adjust financial sector regulation.

  • 12.
    Hirschhausen, Christian von
    et al.
    DIW Berlin.
    Gerbaulet, Clemens
    DIW Berlin.
    Kemfert, Claudia
    DIW Berlin.
    Reitz, Felix
    DIW Berlin.
    Schäfer, Dorothea
    DIW Berlin.
    Ziehm, Cornelia
    DIW Berlin.
    Rückbau und Entsorgung in der deutschen Atomwirtschaft: öffentlich-rechtlicher Atomfonds erforderlich2015Ingår i: DIW Wochenbericht, ISSN 0012-1304, nr 45, s. 1072-1082Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [de]

    Fragen der Finanzierung des Rückbaus von Atomkraftwerken und der Entsorgung radioaktiver Abfälle stehen im Mittelpunkt der gegenwärtigen Diskussion um die weitere Ausgestaltung des Atomausstiegs. Es besteht die Gefahr, dass sich die Atomkraftwerksbetreiber ihrer finanziellen Verantwortung langfristig zumindest teilweise entziehen. Die bisherigen Erfahrungen zeigen, dass es beim Rückbau von Atomkraftwerken und bei der Entsorgung radioaktiver Abfälle oft zu erheblichen Verzögerungen sowie Kostensteigerungen kommt. Bisher fehlt nach wie vor ein Endlager für hochradioaktive Abfälle, während beim derzeit im Bau befindlichen Endlager Konrad für schwach- bis mittelradioaktive Abfälle die genehmigten Kapazitäten absehbar zu knapp bemessen sind. Zur langfristigen Sicherung der Finanzierung des Kraftwerksrückbaus und der Entsorgung radioaktiver Abfälle werden derzeit die Bildung von unternehmensinternen Fonds, die Schaffung eines öffentlich-rechtlichen Fonds sowie Mischformen dieser Konzepte diskutiert. Aufgrund der Interdependenzen zwischen Rückbau und Entsorgung sowie des langen abzudeckenden Zeitraums erscheint die Einrichtung eines öffentlich-rechtlichen Fonds am besten geeignet, um die Finanzierung dauerhaft zu sichern, das Verursacherprinzip zu wahren und die finanziellen Risiken für die Gesellschaft zu mindern. Die Bundesregierung sollte deshalb einen öffentlich-rechtlichen Fonds einrichten, der sowohl der Finanzierung des Rückbaus der Atomkraftwerke als auch der Entsorgung radioaktiver Abfälle dient. Die Zuführung der notwendigen Mittel zum Fonds sollte zeitlich gestreckt werden, um den Unternehmen die Anpassung zu erleichtern.

  • 13.
    Kemfert, Claudia
    et al.
    DIW Berlin.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Financing the Energy Transition in Times of Financial Market Instability2012Ingår i: DIW Economic Bulletin, ISSN 2192-7219, Vol. 2, nr 9, s. 3-13Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [en]

    One of the most pressing public priorities in Germany at present is how to organize the energy transition. However, the cost of stabilizing the financial sector as well as the fiscal pact and the debt brake mean that the government has limited financial resources. Consequently, the availability of private capital, whether in the form of equity or debt, is becoming a decisive factor in the success of the German energy transition. Recently, there have been increasing indications that banks are very reluctant to provide loans and are focusing on the potential risks of financing the switch to renewable energy. At the same time, however, the financial sector is also wrestling with political decision-makers about the capital requirements of the loans concerned. Yet, reducing the capital base in the banking sector is out of the question. Instead, the government should also call for appropriate involvement of the major banks in financing the energy transition in return for implicit guarantees for those banks, just as financial aid from the government was linked to loans being granted to SMEs in 2008. At the same time, the risks have to be spread more widely. Know-how and financial strength of private equity funds may be of help here.

  • 14.
    Klaus, Benjamin
    et al.
    European Central Bank.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Implicit State Guarantees Exacerbate Problem: Separated Banking System Alone Not a Solution2013Ingår i: DIW Economic Bulletin, ISSN 2192-7219, Vol. 6, nr 3, s. 3-14Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [en]

    Many banks are now too big, complex, and closely interconnected to be liquidated. When they run into difficulties, they threaten the entire financial system of their economic area. Five years of financial crisis have not alleviated but exacerbated this problem. The cost of stabilizing banks is enormous, posing serious challenges to the states affected. In addition, such state guarantees create dangerously false incentives: they encourage managers and investors to engage into high risk-taking, and favor the further expansion of banks. At present, solutions are being sought in the introduction of a separated banking system, with the aim of creating smaller, less complex financial institutions that would be easier to unwind and of protecting the deposit and loan-granting part more effectively from the risks of proprietary trading. In February 2013, the German federal government presented its plans to break up German universal banks into retail and trading institutions.1 However, this article shows that under various scenarios for such a separation, many financial institutions would still exceed the size at which a bank has ever been liquidated successfully - that is, without disastrous consequences for the economy as a whole. The government proposals also envisage the deposit bank and the "residual bank" remaining united within a holding structure; it is questionable whether this would suffice to ensure "unbundling" and thus the feasibility of liquidation. The authors are therefore not convinced that the proposed legislation can achieve its declared objective of enabling the liquidation of large banks and avoiding the associated state guarantees that aggravate the problem.

  • 15.
    Kokert, Marius
    et al.
    DIW Berlin.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics. DIW Berlin.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    Low Base Interest Rates: An Opportunity in the Euro Debt Crisis2014Ingår i: DIW Economic Bulletin, ISSN 2192-7219, Vol. 4, nr 5, s. 1-13Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [en]

    Member states of the euro area have been struggling with the lega-cies of the severe financial and economic crisis for four years now. But debt ratios are still rising. The crisis countries of the euro area were able to “buy time” with bailout packages and low interest rates. But as long as the other influencing factors are not developing more positively, it remains uncertain whether the current stabilization of the euro debt crisis is sustainable. The ECB’s low interest rate policy undoubtedly offers some relief in this situation. First, the interest burden for most countries in the euro area has declined in recent years. This effect has tended to stifle increases in the debt ratio. Se-cond, low interest rates strengthen the economy. In turn, this increa-ses government tax revenue and improves the primary balance. Low interest rates also played an important role in driving down the debt ratio in the US. Between 1946 and 1953, the US was able to almost halve its debt with no haircuts. However, negative primary balances, low growth, and low inflation do not allow for a recovery similar to the one in the US after World War II. For this reason, low interest rates currently appear to be the only lever in the euro area which could be used to make euro area countries’ debt more sustainable. What is essential now is that they seize this opportunity.

  • 16.
    Kokert, Marius
    et al.
    DIW Berlin.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO).
    Niedriger Leitzins: eine Chance in der Euro-Schuldenkrise2014Ingår i: DIW Wochenbericht, Vol. 81, nr 7, s. 115-126Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [de]

    Seit vier Jahren kämpfen die Staaten des Euroraums gegen die Hinterlassenschaften der schweren Finanz- und Wirtschafts-krise an. Aber noch immer steigen die Schuldenquoten. Für die Krisenstaaten des Euroraums wurde zwar mit Rettungspaketen und Niedrigzinsen „Zeit erkauft“. Aber solange sich die anderen Einflussgrößen nicht positiver entwickeln, bleibt es ungewiss, ob die momentane Beruhigung der Euro-Verschuldungskrise nachhaltig ist. Zweifelsfrei stellt in dieser Situation die Niedrigzinspolitik der EZB eine Erleichterung dar. Zum einen ist die Zinslast für die meisten Eurostaaten in den letzten Jahren zurückgegangen. Dieser Effekt dämpft tendenziell das Wachstum der Schuldenquote. Zum anderen stärken die niedrigen Zinsen die Wirtschaft. Dies wiederum erhöht die Steuereinnahmen des Staates und verbessert den Primärsaldo. Niedrigzinsen haben auch bei der Rückführung der Schuldenquote in den USA eine große Rolle gespielt. Zwischen 1946 und 1953 konnten die USA ihren Schuldenstand ohne Schuldenschnitt fast halbieren. Negative Primärsalden, niedrige Wachstumsraten und die niedrige Inflationsrate lassen dies in der Euro-Schuldenkrise jedoch nicht zu. Deshalb scheinen Niedrigzinsen im Moment der einzige Hebel zu sein, mit dem die Schulden trag-fähiger gemacht werden können. Nun kommt es darauf an, dass die Eurostaaten die Chance auch ergreifen.

  • 17.
    Kotz, Hans-Helmut
    et al.
    SAFE Policy Center, Goethe-Universität, Frankfurt, Germany.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. German Institute for Economic Research DIW Berlin, Germany.
    EU Capital Markets Union: an alluring opportunity or a blind alley? Concept and micro-perspectives of CMUs2017Ingår i: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 86, nr 1, s. 5-8Artikel i tidskrift (Övrigt vetenskapligt)
  • 18.
    Kotz, Hans-Helmut
    et al.
    SAFE Policy Center, Goethe-Universität, Frankfurt, Germany.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. German Institute for Economic Research DIW Berlin, Germany.
    EU Capital Markets Union: an alluring opportunity or a blind alley? The macro-perspective: CMU and risk-sharing2017Ingår i: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 86, nr 2, s. 5-7Artikel i tidskrift (Övrigt vetenskapligt)
  • 19.
    Kotz, Hans-Helmut
    et al.
    Goethe Universität.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. DIW Berlin.
    Rating-Agenturen: Fehlbar und überfordert2013Ingår i: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 82, nr 4, s. 135-162Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [de]

    Seit der zweiten Hälfte der 1990er gab es drei gravierende Finanzkrisen, jeweils mit einer erheblichen Beteiligung der Rating-Agenturen (RAs). Im Lichte der erzielten Ergebnisse entsprechen RAs nicht ihren Leistungsversprechen. Sie erweisen sich als fehlbar und überfordert. Das ist angesichts der Aufgabe, der sie sich widmen (Kreditwürdigkeitsprüfung), unvermeidlich. Es gilt allerdings auch für ihre Substitute. Dennoch kam es über die Jahrzehnte zu einem erheblichen Bedeutungszuwachs der RAs. Ein zentraler Grund dafür ist deren „administrierte Zwangsnutzung“, die durch die Verankerung von Ratingurteilen in Gesetzen und Regulierungen etabliert wurde. Dabei sind Rating-Märkte systematisch imperfekt oder unvollständig. Es kann nur eine stark begrenzte Zahl von Rating-Anbietern geben. Die RA-Märkte weisen Öffentliche-GutsKennzeichen auf: Ihre Nutzung ist nicht-ausschließbar und auch nichtrivalisierend; es gibt Losgrößenvorteile und Netzwerkexternalitäten. Eine solche Marktstruktur legt bindende öffentliche Rahmenvorgaben sowie eine (ergänzende) Selbsterstellung durch öffentliche Institutionen und/oder regulierten Wettbewerb um Ratingmandate (verpflichtenden Fremdbezug) nahe. Die umfängliche Referenz auf RA-Urteile in öffentlichen Vorgaben ist nicht begründbar. Sie sollte weitestgehend reduziert werden.

  • 20. Meyland, Dominik
    et al.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics. German Institute for Economic Research DIW Berlin, Berlin, Germany.
    Risk weighting for government bonds: Challenge for Italian banks2017Ingår i: DIW Economic Bulletin, ISSN 2192-7219, nr 28/29, s. 283-290Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [en]

    Although banks are required to document their equity capital for loans, corporate bonds, and other receivables, they are currently exempted from the procedure when investing in government bonds: they enjoy an “equity capital privilege.” As part of the Basel III regulatory framework redraft, the privilege may be eliminated in order to disentangle the default risks between sovereigns and banks. The present study examines how much additional equity capital the banks of the euro area’s major nations would require if the equity capital privilege were eliminated. At nine billion euros, the estimates show the highest capital requirement for Italian banks. In comparison, French banks would only require additional capital of three billion euros and German banks would need just under two billion euros. Since eliminating the equity capital privilege would make the Italian state’s consolidation efforts more difficult, it is advisable to risk weight newly purchased government bonds only or allow for long transition phases.

  • 21.
    Moro, Russ A.
    et al.
    Department of Economics and Finance, Brunel University London, Uxbridge, United Kingdom.
    Härdle, Wolfgang K.
    Center for Applied Statistics and Economics, Humboldt-Universität zu Berlin, Berlin, Germany.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. German Institute for Economic Research, Berlin, Germany.
    Company rating with support vector machines2017Ingår i: Statistics and Risk Modeling, ISSN 2193-1402, Vol. 34, nr 1-2, s. 55-67Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    This paper proposes a rating methodology that is based on a non-linear classification method, a support vector machine, and a non-parametric isotonic regression for mapping rating scores into probabilities of default. We also propose a four data set model validation and training procedure that is more appropriate for credit rating data commonly characterised with cyclicality and panel features. Tests on representative data covering fifteen years of quarterly accounts and default events for 10,000 US listed companies confirm superiority of non-linear PD estimation. Our methodology demonstrates the ability to identify companies of diverse credit quality from Aaa to Caa-C. 

  • 22.
    Mutarindwa, Samuel
    et al.
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Företagsekonomi.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO).
    The impact of institutions and supervisory guidance on bank governance and stability: Evidence from African countriesManuskript (preprint) (Övrigt vetenskapligt)
    Abstract [en]

    This paper sheds new light on how African countries’ legal systems and institutions influence central banks’ provision of supervisory guidance on corporate governance, and via this channel, affect governance and stability of local banks. Specifically, we exploit the fact that there is considerable cross-country heterogeneity in providing supervisory guidance. Our recursive two-equation system is equivalent to an endogenous treatment effect model in which the treatment is the provision of supervisory guidance. We find that institutional factors, in particular the legal family of origin, political stability, contract enforcement and strength of investor protection promote provision of supervisory guidance. If a central bank has published supervisory guidance local banks show better internal governance and higher stability.

  • 23.
    Mutarindwa, Samuel
    et al.
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan. DIW Berlin, Germany and CERBE, Italy.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO). Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
    The Impact of Institutions on Bank Governance and Stability: Evidence from African Countries2018Rapport (Övrigt vetenskapligt)
    Abstract [en]

    This paper sheds new light on how African countries’ legal systems and institutions influence the governance and stability of their banks. We find that institutional factors, in particular the legal family of origin, political stability, contract enforcement and strength of investor protection promote central corporate governance reforms. Using a difference-in-difference approach, we also reveal that those reforms mediate the impact of institutions on banks. If countries have a corporate governance reform in place their banks show better internal governance and higher stability.

  • 24.
    Mutarindwa, Samuel
    et al.
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Företagsekonomi.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO).
    The impact of liquidity and capital requirements on lending and stability of African banksManuskript (preprint) (Övrigt vetenskapligt)
    Abstract [en]

    We assess whether compliance with Basel III’s main requirements, the Net Stable Funding Ratio (NSFR) and the risk-weighted Total Capital Ratio (TCR), matters for lending and stability of African banks. Banks with an NSFR or a TCR of at least the required minimum are defined as treatment group in the endogenous treatment estimations. Our results reveal that African banks complying with the liquidity threshold NSFR lend more than banks from the less liquid control group. However, complying with the capital threshold improves the Z-score-stability only for those banks with a stability level above the median. The likelihood of African banks to comply with the Basel III thresholds is overall strongly dependent on the strengths of regulatory institutions in the home country and, in case of the capital ratio, also on the legal origin.

  • 25.
    Nauhaus, Steffen
    et al.
    DIW Berlin.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. DIW Berlin.
    Nur beschränkt nachvollziehbar: Länderratings während der Krise im Euroraum2015Ingår i: Wirtschaftsdienst, ISSN 0043-6275, E-ISSN 1613-978X, Vol. 95, nr 10, s. 678-683Artikel i tidskrift (Refereegranskat)
    Abstract [de]

    Alle drei großen Ratingagenturen Standard & Poor’s, Moody’s und Fitch haben Griechenland, Irland, Portugal und Spanien während der europäischen Finanzmarkt- und Staatsschuldenkrise signifikant benachteiligt. Dies lässt sich nur zu einem geringen Teil auf objektive Fundamentaldaten zurückführen. Das Reformziel der Ratingverordnung der Europäischen Union und auch des Ratinggesetzes der Großen Koalition, den Einfl uss der Bonitätsbewertungen stark zu reduzieren, muss daher konsequent weiter verfolgt werden.

  • 26.
    Oei, Pao-Yu
    et al.
    German Institute for Economic Research DIW Berlin, Berlin, Germany.
    Brauers, Hanna
    German Institute for Economic Research DIW Berlin, Berlin, Germany.
    Kemfert, Claudia
    German Institute for Economic Research DIW Berlin, Berlin, Germany.
    von Hirschhausen, Christian
    German Institute for Economic Research DIW Berlin, Berlin, Germany.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Economics, Finance and Statistics. German Institute for Economic Research DIW Berlin, Berlin, Germany.
    Schmalz, Sophie
    German Institute for Economic Research DIW Berlin, Berlin, Germany.
    Climate protection and a new operator: the eastern German lignite industry is changing2017Ingår i: DIW Economic Bulletin, ISSN 2192-7219, nr 6/7, s. 63-73Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [en]

    According to the German federal government’s climate protection targets, there will be a continuous reduction of lignite-based electricity well before 2030. Simulations show that the currently authorized lignite mines in eastern Germany would not be fully depleted if the climate protection targets for 2030 were complied with. This makes planning for new mines or the expansion of existing ones superfluous. For the planning security of all the actors involved, policy makers should bindingly exclude permits for additional surface mines. In terms of the follow-up costs of lignite mining, the issue is whether or not the companies’ provisions are high enough and insolvency-proof. In this context, the new ownership structures in the eastern German lignite industry, after Vattenfall’s sale of its lignite division to Czech Energeticky a Prumyslovy Holding (EPH), have become a matter of importance. Simulations show that only under optimistic assumptions, the current provisions of 1.5 billion euros for the Lusatian lignite region are sufficient to cover recultivation costs. However, alternative scenarios show significant shortfalls. For this reason, policy makers should work toward independent, transparent cost estimates. Additional measures should be considered as required, such as the creation of a public sector fund to permanently protect the general public against being forced to take on the costs of recultivation. This is also animportant theme for the government’s new Commission on Growth, Structural Change, and Regional Development (Kommission Wachstum, Strukturwandel und Regionalentwicklung). Individual federal states also have key roles to play in the creation of a dependable roadmap for a coal phase-out. For example, the government of Brandenburg is now in the process of revising its energy strategy for 2030 (Energiestrategie 2030).

  • 27.
    Reifner, Udo
    et al.
    Institut für Finanzdienstleistungen.
    Neuberger, Doris
    Institut für Finanzdienstleistungen.
    Clerc-Renaud, Sebastien
    Institut für Finanzdienstleistungen.
    Zakaria, Idlan
    University of Birmingham.
    Schwizer, Paola
    University of Parma.
    Nastansky, Andreas
    Ratio Institute.
    Stephan, Andreas
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO). Ratio Institute.
    Soana, Maria Gaia
    University of Parma.
    Ferri, Giovanni
    LUMSA.
    Schwartz, Saul
    Carleton University.
    Forbes, William
    Waterford Institute of Technology.
    Riefa, Christine
    Brunel University.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    Rissi, Roger
    Lucerne University.
    Study on the remuneration provisions applicable to credit institutions and investment firms: Final Report2016Rapport (Övrigt vetenskapligt)
    Abstract [en]

    Variable remuneration in credit institutions and investment firms can encourage excessive risk-taking behaviour. The present research investigates the impact of the Capital Requirement Directive and Regulation (CRD IV package) on this type of behaviour. The research shows that the Directive has had a significant effect on risk management. Deferral of variable pay, malus arrangements and a maximum ratio for the variable pay of risk-taking personnel are seen to be effective incentives even at this early stage. Competitive disadvantages with regard to attracting and retaining staff from unregulated sectors could not be verified. Problems have been found with regard to clawback clauses in the context of national employment law. Other problems concern the need for rules that are better adapted to the business scale. The rules work well in the case of big and significant institutions. For small and non-complex institutions, which are less engaged in risky activities and which pay out low amounts of variable remuneration, the relatively high implementation cost of deferral and pay-out in instrument are of concern. Member States have made wide use of exclusions. Regulating the extent, process and identification of such exclusions at the EU-level would further harmonise remuneration policies in the member states.

  • 28.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Deutsches Institut für Wirtschaftsforschung, Berlin, Deutschland.
    10 Jahre Große Finanzkrise: Weiterhin Krisenmodus oder nachhaltige Stabilität?2017Ingår i: Wirtschaftspolitische Blätter, ISSN 0043-6291, nr 4, s. 489-503Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [de]

    Gute Regulierung muss gewährleisten, dass Finanzmärkte von selbst wieder zur Stabilität zurückkehren können. Wurde das erreicht? Sind die Finanzmärkte zehn Jahre nach Beginn der Großen Finanzkrise robust und nachhaltig?In dem vorliegenden Beitrag werden die wichtigsten Lehren rekapituliert und die bis dato aufgesetzten Regulierungen bewertet. Die Bestandsaufnahme verdeutlicht, dass in den vergangenen Jahren zwar einige Fortschritte erzielt wurden, aber weiterhin starke Zweifel an der Robustheit der Finanzmärkte bestehen.Das nach der Lehman-Insolvenz 2008 ausgegebene Ziel der lückenlosen Regulierung aller Finanzmärkte, Produkte und Akteure steht nicht mehr an vorderer Stelle in der politischen Agenda. Die Regulierung ist in zentralen Bereichen, wie zum Beispiel den Eigenkapitalanforderungen, den Schattenbanken, dem Trennbankengesetz und der Finanztransaktionssteuer lückenhaft geblieben oder ist nicht zielgerecht.

  • 29.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Banking Supervision in the Eurozone2013Ingår i: Intereconomics. Review of European Economic Policy, ISSN 0020-5346, E-ISSN 1613-964X, Vol. 48, nr 1, s. 2-3Artikel i tidskrift (Övrigt vetenskapligt)
  • 30.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. DIW Berlin, Germany and CERBE, Italy.
    Distributional Effects of Taxing Financial Transactions and the Low Interest Rate Environment2016Rapport (Övrigt vetenskapligt)
    Abstract [en]

    The study aims to assess the distributional effects of taxing financial transactions including a focus on gender. It specifically investigates the impact of the low interest rate environment on tax revenues and distribution. The first part of the study is explorative, aiming to develop a concept for the assessment. This is because the role of low or even negative interest rates is not yet specifically considered in the context of FTT. In the second part, the challenge is to find appropriate data for European countries in order to assess distributional effects. The study also highlights the existing data gaps that prevent a long-term evaluation of FTT with regard to tax revenues, impact, and distributional consequences.

  • 31.
    Schäfer, Dorothea
    DIW Berlin.
    Eine Europäische Einlagensicherung ist zurzeit nicht sinnvoll2015Ingår i: Sächsische Zeitung, nr 1201, s. 20-Artikel i tidskrift (Övrigt vetenskapligt)
  • 32.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Redovisning och finansiering. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
    Eine öffentliche europäische Rating-Agentur - wir brauchen sie jetzt2009Ingår i: DIW Wochenbericht, Vol. 76, nr 38, s. 654-Artikel i tidskrift (Övrigt vetenskapligt)
  • 33.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. DIW Berlin.
    EU-Einlagensicherung: Vorhandene Elemente verbessern2015Ingår i: Wirtschaftsdienst, ISSN 0043-6275, E-ISSN 1613-978X, Vol. 95, nr 12, s. 804-Artikel i tidskrift (Övrigt vetenskapligt)
  • 34.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan.
    EU-Finanztransaktionssteuer und ihre Auswirkung auf Einkommens- und Vermögensverteilung2013Ingår i: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 82, nr 1, s. 177-190Artikel i tidskrift (Refereegranskat)
    Abstract [de]

    Die Europäische Kommission hat 2013 einen Richtlinienentwurf vorgestellt, der die Einführung der Finanztransaktionssteuer für elf Mitgliedsstaaten vorsieht. Die Steuer zielt auf Finanzinstitute, zwischen denen 85 Prozent des Handels mit Finanzinstrumenten stattfindet. Privathaushalte sind nur insofern direkt von der Steuer betroffen, als sie steuerrelevante Wertpapiere besitzen (Aktien, Anleihen und Fondsanteile) und diese handeln. Um die Steuerlast für die Privathaushalte der unterschiedlichen Vermögens- und Einkommensklassen exakt bestimmen zu können, sind Daten zu deren Partizipationsraten an den steuerrelevanten Wertpapieren sowie zur jeweiligen Umschlagshäufigkeiten notwendig. Solche Daten existieren nicht. Geeignete Indikatoren erlauben es jedoch, die Betroffenheit der Haushalte in den einzelnen Einkommens- und Vermögensklassen durch die Finanztransaktionssteuer abzuschätzen. Die Befunde lassen auf einen überproportional hohen steuerrelevanten Wertpapierbesitz in den oberen Einkommens- und Vermögensschichten schließen. Die Steuer wirkt somit progressiv insofern, als sie die oberen Einkommens- und Vermögensklassen überdurchschnittlich belastet. Damit trägt sie zur sozialen Nachhaltigkeit im Sinne einer fairen und verteilungsgerechten Gesellschaft bei.

  • 35.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Redovisning och finansiering. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
    Finanzmärkte im Umbruch – Krise und Neugestaltung2009Samlingsverk (redaktörskap) (Övrigt vetenskapligt)
  • 36.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi.
    Finanzmärkte: Kommt 2016 der nächste Crash?2016Ingår i: DIW Wochenbericht, ISSN 0012-1304, nr 1, s. 28-28Artikel i tidskrift (Övrigt vetenskapligt)
  • 37.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. DIW Berlin.
    Fiscal and economic impacts of a limited financial transaction tax: Final report2015Rapport (Övrigt vetenskapligt)
    Abstract [en]

    The present study examines the effects of the introduction of a financial transaction tax along with enhanced cooperation across 11 European Union member states. In particular, based on the tax concept of the European Commission, the tax revenues for four participating countries, Germany, France, Italy, and Austria, are estimated.

  • 38.
    Schäfer, Dorothea
    DIW Berlin.
    Hoffnung Finanztransaktionssteuer2015Ingår i: DIW Wochenbericht, ISSN 0012-1304, nr 39, s. 884-Artikel i tidskrift (Övrigt vetenskapligt)
  • 39.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan. DIW Berlin, Germany.
    Nachhaltige Finanzmärkte - eine Bestandsaufnahme nach fünf Jahren Finanzkrise: Begleitpapier zur internen Anhörung der Projektgruppe Nachhaltig gestaltende Ordnungspolitik der Enquete-Kommission Wachstum Wohlsstand Lebensqualität2012Rapport (Övrigt vetenskapligt)
  • 40.
    Schäfer, Dorothea
    DIW Berlin.
    »New Capital Requirements for EU Government Bonds Would Lead to Problems for Greece«2015Ingår i: DIW Economic Bulletin, ISSN 2192-7219, nr 20, s. 280-Artikel i tidskrift (Övrigt vetenskapligt)
  • 41.
    Schäfer, Dorothea
    DIW Berlin.
    Niedrigzinsen – Ursachen, Wirkungen, Ausstiegsoptionen2016Ingår i: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 85, nr 1, s. 5-10Artikel i tidskrift (Övrigt vetenskapligt)
  • 42.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. German Institute for Economic Research DIW Berlin, Germany.
    Niedrigzinsen – Ursachen, Wirkungen, Ausstiegsoptionen2016Ingår i: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 85, nr 1, s. 5-10Artikel i tidskrift (Övrigt vetenskapligt)
  • 43.
    Schäfer, Dorothea
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Deutsches Institut für Wirtschaftsforschung.
    Regulierung der EU-Finanzmärkte2016Ingår i: Wirtschaftsdienst, ISSN 0043-6275, E-ISSN 1613-978X, Vol. 96, nr 8, s. 563-570Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    In the course of the recent financial, economic and debt crisis significant regulatory efforts have been taken to make financial markets more resilient. Not all of these regulations are effective. For example, it is hard to imagine that the Single Resolution Mechanism (SRM) and the Bank Recovery and Resolution Directive (BRRD) are applicable to the largest of European banks, because the required minimum coverage of losses by shareholders and debtors would most likely trigger a systemic crisis. Furthermore, the many roles of the ECB may lead to severe confl icts of interest. It should be also reconsidered whether the planned Capital Market Union’s focus on the securitisation of loans and the promotion of direct investments by savers in the capital market makes sense.

  • 44.
    Schäfer, Dorothea
    DIW Berlin.
    Schütt-aus-Hol-Zurück funktioniert nicht bei Sparkassen (und anderen Banken)2015Ingår i: DIW Wochenbericht, ISSN 0012-1304, nr 36, s. 800-Artikel i tidskrift (Övrigt vetenskapligt)
  • 45. Schäfer, Dorothea
    Sustainable Financial Markets: Financial Transaction Tax and High Capital Buffers Indispensable2013Ingår i: DIW Economic Bulletin, ISSN 2192-7219, Vol. 3, nr 4, s. 3-9Artikel i tidskrift (Övrigt vetenskapligt)
    Abstract [en]

    The sustainability of the financial markets is a requirement that has only appeared on the economic policy agenda very recently, whereas a stable financial system has been a declared goal for decades. The relationship between sustainability and stability is, however, still unclear. The two terms are often used synonymously but stability is only one part of sustainability. The following outlines the requirements for sustainable financial markets based on the current general principles of environmental sustainability. Financial stability is considered a public good. The prerequisites for the sustainability of financial markets include internalizing costs of use, financial institutions forming adequate buffers in order to restore stability autonomously and without the help of the taxpayer, diversity, a longterm outlook, and credibility. Financial transaction tax and a higher leverage ratio meet the requirements for sustainability of financial markets; both are cornerstones of the planned restructuring of the financial markets.

  • 46.
    Schäfer, Dorothea
    DIW Berlin.
    TTIP und Finanzmarktregulierung: Organisiertes Wettrennen um den niedrigsten Standard?2015Ingår i: DIW Wochenbericht, ISSN 0012-1304, nr 9, s. 192-Artikel i tidskrift (Övrigt vetenskapligt)
  • 47.
    Schäfer, Dorothea
    et al.
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Deutsches Institut für Wirtschaftsforschung, Berlin, Deutschland.
    Schrooten, Mechthild
    Hochschule Bremen, Deutschland.
    Geld und die Welt2018Ingår i: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 87, nr 3, s. 5-8Artikel i tidskrift (Övrigt vetenskapligt)
  • 48.
    Schäfer, Dorothea
    et al.
    Högskolan i Jönköping, Internationella Handelshögskolan.
    Schulmeister, Stephan
    Vella, John
    Masciandaro, Donato
    Passarelli, Francesco
    Buckley, Ross P.
    The financial transaction tax: Boon or bane?2012Ingår i: Intereconomics. Review of European Economic Policy, ISSN 0020-5346, E-ISSN 1613-964X, Vol. 47, nr 2, s. 76-103Artikel i tidskrift (Refereegranskat)
    Abstract [en]

    Against the backdrop of the debate over the introduction of a financial transaction tax (FTT) in the European Union, this Forum is dedicated to the discussion of issues concerning the implementation and impact of such a tax on the financial sectors of the member states. Dorothea Schäfer regards as the main policy goal of an FTT to be the prospect of slowing down the mutually reinforcing and growing trends of an increasing number of derivative products and shorter holding periods. The FTT can therefore make an important contribution to preventing the decoupling of financial markets from the real economy. The paper by Stephan Schulmeister discusses the essential features of a general FTT that will ensure that the more short-term oriented and riskier a transaction is, the greater the effect of the FTT on transaction costs. John Vella identifies some commonly made claims about an FTT which are of questionable foundation and compares the FTT with some alternative taxes on the financial sector. Donato Masciandaro and Francesco Passarelli focus on how an FTT measure aimed at reducing financial systemic risk can cause political distortions, leading to inefficient and ineffective policies. Finally, the paper by Ross Buckley analyses common myths, inaccuracies and untruths about the EU’s proposed FTT.

  • 49.
    Schäfer, Dorothea
    et al.
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. DIW Berlin.
    Semmler, Willi
    New School for Social Research, New York.
    Young, Brigitte
    Universität Münster.
    Nachhaltige europäische Konsolidierungspolitik - Chancen und Herausforderungen2013Ingår i: Vierteljahrshefte zur Wirtschaftsforschung, ISSN 0340-1707, Vol. 82, nr 4, s. 5-13Artikel i tidskrift (Övrigt vetenskapligt)
  • 50.
    Schäfer, Dorothea
    et al.
    Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Nationalekonomi. Högskolan i Jönköping, Internationella Handelshögskolan, IHH, Center for Family Enterprise and Ownership (CeFEO). DIW Berlin.
    Steiner, Susan
    Leibniz University Hannover.
    Financial Development and Employment: Evidence from Transition Countries2014Rapport (Övrigt vetenskapligt)
    Abstract [en]

    This paper studies the association between a country’s level of financial development and firms’ employment growth. We employ an incomplete contract model for evaluating this association. The model proposes that a high level of financial development affects the employment of firms with low managerial capital negatively, while firms with high managerial capital benefit from a more developed financial system. We test this proposition with data from the Business Environment and Enterprise Performance Survey covering transition countries in Eastern Europe and Central Asia. We use firm size as a proxy for managerial capital. Our findings confirm a non-linear effect of financial development on firm employment. Specifically, the smallest firms’ edge in employment growth over large firms is dampened when the level of financial development is higher, especially in countries at medium levels of financial development.

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