New financial order recommendations by the issing committee preparing g20 washington, november 15, 2008 otmar issing chairman jorg asmussen jan pieter krahnen klaus regling jens weidmann new financial architecture short version 1. Pdf krahnenschmidt, the german financial system 2004. In this note, a new concept for a european deposit guarantee scheme is proposed, which takes account of the strong political reservations against a mutualization of. H the german financial system, oxford university press with jan pieter krahnen. We thank martin brown, paul glasserman, ruediger fahlenbrach, martin hellwig, bryan kelly, janpieter krahnen, david lesmond, christian leuz, marco pagano, helene rey, phil strahan and participants in the 12th annual fdic jfsr conference, 2012 c. Marcel bluhmy copierre georgz jan pieter krahnenx may 16, 2016 abstract this paper explores the economics of interbank lending and borrowing using bankbalance sheet data for germany, the largest european economy. However, if the firms are facing distress, multiple lenders may have serious coordination problems, as has been argued in the theoretical literature. New financial order recommendations by the issing committee. April 22, 2005 abstract this paper contributes to the economics of.
Reprinted in liquidity and crises, franklin allen, elena carletti, jan pieter krahnen, and marcel tyrell ed. White papers are comprised of researchbased contributions to current policy debates. Collateral, default risk, and relationship lending. May 18, 1999 abstract this paper provides further insights into the nature of relationship lending by analyzing the link between.
Dear firs members, welcome to hong kong for the twelfth annual conference of the financial intermediation research society, firs. Most companies in the sample 91 out of 95 have multiple bank relationships, with a median of 5, and a maximum of 17 banks. Pennings, simone wies, what managers should do when shareholders file complaints. He is a director of the center for financial studies cfs and the. Safe policy papers represent the authors personal opinions and do not necessarily reflect the views of the research center safe or its staff. Jan pieter krahnen is a professor of finance at goethe universitys house of finance. Pdf on jan 1, 2005, david donald and others published krahnenschmidt, the. The paper sketches a theoretical explanation for why tranching, or nonproportional risk sharing, which is at the heart of securitization transactions, may allow commercial banks to maximize their. Policy, jan pieter krahnen, christian wilde, the longterm viability of sovereign bondbacked securities. This paper makes an attempt to present the economics of credit securitization in a nontechnical way, starting from the description and the analysis of a typical securitization transaction. Heinzwerner rapp feri ag artikel reform des stiftungsrechts mehr flexibilitat fur kapitalanlagen oliver haupt, marcel ruhlmann roever broenner susat mazars usmunicipalbonds als diversifizierte festzinsanlage henning busch, gregory ortman capital group.
Jan pieter krahnen, and his wonderful team, headed by ms. We rely on a unique panel data set that includes detailed creditfile information on distressed lending. This file is licensed under the creative commons attribution 2. We use creditfile data rather than industry survey data and, thus, focus the. This document was requested by the european parliaments committee on economic and. Jan pieter krahnen last update may 2018 contact information university. Pdf collateral, relationship lending and financial.
Hans degryse and jan pieter krahnen for their willingness to participate in my committee and for their insightful comments and suggestions. Jan krahnen argues that the credibility of bailin, in the case of systemically important financial institutions, hinges crucially on the design of tlac and the requirements that will be placed on loss absorbing bailinable debt. A grand total of 1,364 submissions representing 51 countries were received, and at least 2. Janpieter krahnen, however, argued that these measures fail to align the incentives of originators and investors. Universal banks and relationships with firms 2004, chapter prepared for krahnen, j. Jan pieter krahnen born 31 august 1954 is professor for corporate finance at the. What links here related changes upload file special pages permanent link page information. The empirical analysis relies on a unique data set that was collected from credit files of. The empirical analysis relies on a unique data set that was collected from credit files of five major universal banks in germany, the prime example for a bankbased.
Professors otmar issing and jan pieter krahnen were called as expert witnesses. A common assumption in the academic literature and in the actual supervision of banking systems worldwide is that franchise value pl ays a key role in limiting bank risktaking. Tilburg university credit derivatives and loan pricing. The structural reform projects currently being discussed or implemented in the us, the uk, and the eu differ substantially across at least two dimensions. Documents in econstor may be saved and copied for your. The fear of direct systemic consequences through bailin could be overcome, if a holding ban were placed on. Interbank intermediationwe would like to thank christoph. Conference on financial intermediation in emerging. You may do so in any reasonable manner, but not in any way that. A contribution to the economic theory of fertility, with marla ripoll, staff general research papers. For helpful comments and discussions we thank jonathan brogaard, peter gomber, jan pieter krahnen, katya malinova, albert menkveld, andreas park, talis putnins, ioanid rosu, erik theissen, and vincent van kervel, conference participants at the 2014 market microstructure. Do economic union and monetary union require a fiscal union or even a.
In section iii, we present an overview of the different proposals for structural reforms in banking, including crisis narratives, separation approaches, and recent developments. Centre for central banking studies bank of england. Nov 15, 2008 new financial order recommendations by the issing committee preparing g20 washington, november 15, 2008 otmar issing chairman jorg asmussen jan pieter krahnen klaus regling jens weidmann new financial architecture short version 1. Pdf collateral, default risk, and relationship lending.
Jan pieter krahnen krahnen is a professor of finance at goethe universitys house of finance. We used a unique data set based on the examination of credit files of five leading german banks, thus relying on information actually used in the process of bank credit decision. Measuring core inflation in colombia, banca y finanzas, asobancaria, no. A contribution to the economic theory of fertility, with marla ripoll, staff general research papers 33899, 2011, iowa state university, department of economics. Creditor participation in banking crisis in the eurozone. Our 20022014 panel data set allows us to analyze the cross section and the dynamics of the observed interbank exposures.
Jan pieter krahnen loriana pelizzon stephen schaefer marti subrahmanyam the coronavirus and financial stability safe policy letter no. Here you will find information on the bank sort code file and on the bank sort code update service. Main factors for the subdued profitability of significant banks in the banking union banking union scrutiny economic governance support unit egov directorategeneral for internal policies. Contributions to the policy publications series are either published as white papers, policy letters or press articles. Jan pieter krahnen, goethe university frankfurt loretta j. Krahnen is a professor of finance at frankfurt university and director of the center for financial studies since 1995. Tilburg university essays on banking tumeralkan, g.
Applying the theory of structured finance to the regulation of assetbacked securities abs, he constructed a new riskretention metric that measures the level of an issuers skininthegame. We used a unique data set based on the examination of credit files of five leading german banks, thus relying on information actually used in the process of bank credit decisionmaking and. For helpful comments and discussions we thank jonathan brogaard, peter gomber, janpieter krahnen, katya malinova, albert menkveld, andreas park, talis putnins, ioanid rosu, erik theissen, and vincent van kervel, conference participants at the 2014 market microstructure. Jan pieter krahnen the paper sketches a theoretic however, the analysis makes also clear that the conditions under which credit securitization enhances welfare, are fairly restrictive, and require not only an active role of the banking supervisiory authorities, but also a price tag on the implicit insurance currently provided by the lender of. Alex cukierman, itay goldstein and yossi spiegel, the choice of exchange rate regime and speculative attacks, journal of the european economic association, vol.
Applying the theory of structured finance to the regulation of assetbacked securities abs, he constructed a new riskretention metric that measures the level of an issuers skinin. This paper provides further insights into the nature of relationship lending by analyzing the link between relationship lending, borrower quality and collateral as a key variable in loan contract design. Section ii discusses modern banking business models and bank risk. Liquidity and crises, 2011, edited by franklin allen, elena carletti, jan pieter krahnen and marcel tyrell. Versuch eines gesamtkonzepts zur bankkrisenvermeidung. Eine zukunftsorientierte alternative zu einer fusion. Chair of corporate finance house of finance, campus westend goethe universitat frankfurt theodorw. Financial markets and macroeconomic performance may 08 and 09, 2017.
Additional thanks for parallel financing into the subject of this study goes to jan pieter krahnen of the center for financial studies at the university of frankfurt. Main factors for the subdued profitability of significant banks in the. Forthcoming 2016 ccbs london events date subject 31 may 3 june analytical tools for financial supervision and risk management 6 8 june joint ccbsfrbny policy forum on the current state. Cepr mef conference on financial markets and macroeconomic performance may 08 and 09, 2017 joint with dfg and safe the global financial and economic crisis in 20082009 has revealed the critical role played by. Proposal for a threestage deposit guarantee scheme with limited european liability. The testimony began with a general discussion on the elements considered necessary for a functioning internal market. Multiple banking is a common characteristic of the corporate lending, particularly of mediumsized and large firms. He was the chairman of the jury of deutsche bank prize in financial economics 2005. Evidence from creditfile data in germany, journal of banking and finance 22, 1998, 128316 with jan pieter krahnen. He is a director of the center for financial studies cfs and the leibniz institute safe. Universal banks and relationships with firms with r. Highlevel expert group on reforming the structure of the. Center for financial studies cfs and the research center safe. Elena carletti, jan pieter krahnen and marcel tyrell, 11721205.
Main factors for the subdued profitability of significant. The conference will take place on may 8 and 9, 2017, at the university of frankfurt. Banking panics and the origin of central banking, with gary gorton, chapter 5, evolution and procedures of central banking, david altig and bruce smith, eds. Evidence from evidence from creditfile data in germany, journal of banking and finance 22, nos. Session3 interplayofbusinessmodelsandregulaon inthe. February 29, 2000 abstract this paper provides new insights into the nature of relationship lending by analyzing the role of collateral and its real effects with respect to workout activities. Sabine kimmel, who have been responsible for making this years event such a success. Goethe university, frankfurt and cfs center for financial studies.
Janpieter krahnen university of frankfurt and safe, tom krebs university of mannheim. Current information and listing of economic research for jan pieter krahnen with repec shortid pkr72. His current research interests focus on the implications of the 20072010 financial turmoil for banking, systemic risk, and financial market regulation. Jan pieter krahnen, goethe university frankfurt and safe loriana pelizzon, goethe university frankfurt and safe marti subrahmanyam, nyu stern business school march 2020 in this safe policy letter on the implications of the coronavirus for financial stability in europe, we address. Mester, federal reserve bank of cleveland anjan thakor, washington university in st. After eleven very successful conferences, capri 2004, shanghai 2006. Franklin allen, elena carletti, janpieter krahnen and marcell tyrell, eds. Jan pieter krahnen, who is the director for frankfurts center for financial.
His current research interests focus on the implications of the 2007 2010 financial turmoil for banking, systemic risk, and financial market regulation. Jan pieter krahnen, institution, research center safe and goethe. He is a director of the center for financial studies cfs and the research center safe. Cepr mef conference on financial markets and macroeconomic. During the time at the center for financial studies, elena carletti and jan pieter krahnen. Coronavirus and the real economy since the turn of the year, covid19 a novel virus is spreading globally.