He is a director of the center for financial studies cfs and the research center safe. 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. Highlevel expert group on reforming the structure of the. A grand total of 1,364 submissions representing 51 countries were received, and at least 2. Collateral, default risk, and relationship lending. H the german financial system, oxford university press with jan pieter krahnen. Jan pieter krahnen, goethe university frankfurt loretta j. 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. Liquidity and crises, 2011, edited by franklin allen, elena carletti, jan pieter krahnen and marcel tyrell. His current research interests focus on the implications of the 2007 2010 financial turmoil for banking, systemic risk, and financial market regulation. May 18, 1999 abstract this paper provides further insights into the nature of relationship lending by analyzing the link between.
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. 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. The conference will take place on may 8 and 9, 2017, at the university of frankfurt. 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. Pennings, simone wies, what managers should do when shareholders file complaints. 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. We use creditfile data rather than industry survey data and, thus, focus the. Versuch eines gesamtkonzepts zur bankkrisenvermeidung. The testimony began with a general discussion on the elements considered necessary for a functioning internal market. Evidence from evidence from creditfile data in germany, journal of banking and finance 22, nos.
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. 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. Measuring core inflation in colombia, banca y finanzas, asobancaria, no. Section ii discusses modern banking business models and bank risk. Janpieter krahnen, however, argued that these measures fail to align the incentives of originators and investors. Session3 interplayofbusinessmodelsandregulaon inthe. Jan pieter krahnen last update may 2018 contact information university. 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. His current research interests focus on the implications of the 20072010 financial turmoil for banking, systemic risk, and financial market regulation. Pdf collateral, default risk, and relationship lending.
After eleven very successful conferences, capri 2004, shanghai 2006. Safe policy papers represent the authors personal opinions and do not necessarily reflect the views of the research center safe or its staff. Chair of corporate finance house of finance, campus westend goethe universitat frankfurt theodorw. 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. Professors otmar issing and jan pieter krahnen were called as expert witnesses. Reprinted in liquidity and crises, franklin allen, elena carletti, jan pieter krahnen, and marcel tyrell ed. A contribution to the economic theory of fertility, with marla ripoll, staff general research papers 33899, 2011, iowa state university, department of economics. Jan pieter krahnen, institution, research center safe and goethe. He is a director of the center for financial studies cfs and the leibniz institute safe. Jan pieter krahnen born 31 august 1954 is professor for corporate finance at the. 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.
Our 20022014 panel data set allows us to analyze the cross section and the dynamics of the observed interbank exposures. 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. This file is licensed under the creative commons attribution 2. Jan pieter krahnen, and his wonderful team, headed by ms. Hans degryse and jan pieter krahnen for their willingness to participate in my committee and for their insightful comments and suggestions. Center for financial studies cfs and the research center safe. 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. This document was requested by the european parliaments committee on economic and. Creditor participation in banking crisis in the eurozone.
Eine zukunftsorientierte alternative zu einer fusion. April 22, 2005 abstract this paper contributes to the economics of. Current information and listing of economic research for jan pieter krahnen with repec shortid pkr72. 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. In section iii, we present an overview of the different proposals for structural reforms in banking, including crisis narratives, separation approaches, and recent developments. 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. Coronavirus and the real economy since the turn of the year, covid19 a novel virus is spreading globally. Goethe university, frankfurt and cfs center for financial studies.
Documents in econstor may be saved and copied for your. Evidence from creditfile data in germany, journal of banking and finance 22, 1998, 128316 with jan pieter krahnen. Multiple banking is a common characteristic of the corporate lending, particularly of mediumsized and large firms. Tilburg university credit derivatives and loan pricing. Jan pieter krahnen krahnen is a professor of finance at goethe universitys house of finance. Jan pieter krahnen loriana pelizzon stephen schaefer marti subrahmanyam the coronavirus and financial stability safe policy letter no. The fear of direct systemic consequences through bailin could be overcome, if a holding ban were placed on. We rely on a unique panel data set that includes detailed creditfile information on distressed lending. 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. 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. Jan pieter krahnen is a professor of finance at goethe universitys house of finance. What links here related changes upload file special pages permanent link page information. Cepr mef conference on financial markets and macroeconomic.
Alex cukierman, itay goldstein and yossi spiegel, the choice of exchange rate regime and speculative attacks, journal of the european economic association, vol. Financial markets and macroeconomic performance may 08 and 09, 2017. Sabine kimmel, who have been responsible for making this years event such a success. 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. 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. Main factors for the subdued profitability of significant. 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. 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. New financial order recommendations by the issing committee.
Policy, jan pieter krahnen, christian wilde, the longterm viability of sovereign bondbacked securities. Pdf krahnenschmidt, the german financial system 2004. Universal banks and relationships with firms with r. Dear firs members, welcome to hong kong for the twelfth annual conference of the financial intermediation research society, firs. Elena carletti, jan pieter krahnen and marcel tyrell, 11721205. The structural reform projects currently being discussed or implemented in the us, the uk, and the eu differ substantially across at least two dimensions. 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. 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. Jan pieter krahnen, who is the director for frankfurts center for financial. He was the chairman of the jury of deutsche bank prize in financial economics 2005. 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. Conference on financial intermediation in emerging.
White papers are comprised of researchbased contributions to current policy debates. Here you will find information on the bank sort code file and on the bank sort code update service. Franklin allen, elena carletti, janpieter krahnen and marcell tyrell, eds. Janpieter krahnen university of frankfurt and safe, tom krebs university of mannheim.
Most companies in the sample 91 out of 95 have multiple bank relationships, with a median of 5, and a maximum of 17 banks. However, if the firms are facing distress, multiple lenders may have serious coordination problems, as has been argued in the theoretical literature. Main factors for the subdued profitability of significant banks in the. He is a director of the center for financial studies cfs and the. Contributions to the policy publications series are either published as white papers, policy letters or press articles. Mester, federal reserve bank of cleveland anjan thakor, washington university in st. 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. Pdf collateral, relationship lending and financial. 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.
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