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  • 1
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    Bonn: Bundesministerium für Ernährung, Landwirtschaft und Verbraucherschutz (BMELV)
    Publication Date: 2016-08-25
    Description: Studie zu Dispozinsen / Ratenkrediten Aktenzeichen: 514-06.01-2810HS034 Laufzeit 8/2011 – 5/2012 - Zusammenfassung – In Deutschland verfügen etwa 80 Prozent der Haushalte über einen Dispositionskredit. Bei beträchtlicher Variation liegt der eingeräumte Kreditrahmen bei knapp dem 3-fachen des Nettoeinkommens. Arbeitslose, Alleinerziehende, Paare mit Kindern und Selbständige nutzen den Dispositionskredit häufiger. Einer Stichprobe unter Banken zufolge wurde bei 29 Prozent der Konten mit Dispositionsrahmen der Kredit zum Befragungstag in Anspruch genommen. Insgesamt werden die Zinssätze für Überziehungskredite von Experten der Verbraucherorganisationen als zu hoch angesehen. Die im Vergleich zu Ratenkrediten höheren Zinsen für Dispositionskredite erscheinen nicht durch höhere Ausfallquoten gerechtfertigt. Das Fortbestehen hoher Zinsen wird dadurch begünstigt, dass Konsumenten ihre Kontenwahl nur in geringem Maße von den Preisen der Dispokredite abhängig machen. Raten- und Abrufkredite sind nach Meinung von Experten der Verbraucherorganisationen und Schuldnerberatung selten als Alternative für einen kurzfristigen Liquiditätsausgleich geeignet. Anders sei dies bei dauerhafter Nutzung des Dispositionskredits als Ersatz für einen Ratenkredit zu beurteilen. Teilweise werden dadurch die Schutzvorschriften des Verzugs ausgehebelt. Die Studie diskutiert die Vor- und Nachteile verschiedener rechtlicher Regelungen, die darauf abzielen, die Höhe der Dispozinsen zu begrenzen und Fehlnutzungen zu vermeiden: hierzu gehören eine klare Wucher- bzw. Preisobergrenze und eine hervorgehobene Preisangabe in der Werbung, Hinweisschreiben bei exzessiver Nutzung, die Begrenzung preistreibender Faktoren und eine jährlichen Berichtspflicht. Erfahrungen im Ausland und in anderen Rechtsgebieten zeigen, dass solche Mittel wirkungsvoll sein können. Je nach Stärke des Eingriffs besteht für die Politik hierbei ein Zielkonflikt zwischen der Versorgung mit Dispositionskrediten und günstigen Konditionen. Es ist möglich, dass klare Wucher- bzw. Preisobergrenzen zu einer Kostenverlagerung führen; dies kann anhand dieser Studie jedoch nicht abschließend beurteilt werden. Ein Ende der Quersubventionierung der Kontoführung durch Dispozinsen kann aus Verteilungs- und Preisgerechtigkeitsgründen politisch gewollt sein. Es würde die betroffenen Haushalte entlasten und zu mehr Preisgerechtigkeit führen. Aktuelle Beispiele aus der Praxis zeigen, dass günstigere Konditionen auf dem Niveau von Konsumentenkrediten und ein fairer Umgang mit dem Verbraucher bei Überziehungskrediten grundsätzlich möglich sind.
    Description: Study on Overdraft and Instalment Credit Reference No: 514-06.01-2810HS034 Duration 8/2011 – 5/2012 - Executive Summary - In Germany, about 80 per cent of private households dispose of a bank account with an overdraft facility. On average, the authorised credit limit on a facility amounts to a multiple of three times an individual’s net monthly income, a figure that is subject to large variation. Unemployed persons, lone parents, couples with children and the self-employed use the credit offered by the overdraft facility more frequently than the average household. From the research sample of banks covered by the study, approximately 29 per cent of all personal bank accounts with an authorised credit line were overdrawn at the time of the survey. Experts from consumer organisations consider interest rates charged for overdraft credit as too expensive. In comparison with instalment credit, the high interest rates do not appear to be justified by a high default rate. According to the same experts instalment credit and callable loans are only a better alternative to the use of the overdraft facility in cases when the funds from the overdraft are used exhaustively. The study discusses the advantages and disadvantages of different legal rules, among such possible regulations are clear usury ceilings, prominent price disclosure in advertisements, the obligation to inform the consumer in instances of excessive use of overdraft credit, rules to constrain other price determinant factors, and the duty of a governmental report on overdraft credit on an annual basis. Experiences from abroad and from other jurisdictions show the effectiveness such measures can have. Depending on the level of constraint exercised, policy may face a trade-off between the extent of consumer access to overdraft credit and reasonable prices. It is possible that usury ceilings or other limitations lead to cost transfers; however, a final assessment of such effects is beyond the scope of this study. Measures aimed at reducing the cross-subsidisation of the costs of current accounts by high interest on overdrafts may be desirable from a policy point of view to establish fair pricing and to grant relief to vulnerable households. Examples of better practice from credit markets show that more favourable pricing conditions for overdrafts (i.e. at a more similar level of interest rate to those observed for a consumer loan) and a fairer treatment of consumers are possible.
    Keywords: D12 ; D14 ; D18 ; D19 ; D40 ; D53 ; E39 ; E43 ; G21 ; K19 ; K12 ; L51 ; ddc:330 ; Dispokredit ; Ratenkredit ; Dispo ; Wucher ; SAVE ; Überziehung ; Konsumentenkredit ; Verbraucherschutz ; Zinsanpassung ; Girokonto ; Überziehungskredit ; Zins ; Informationspflichten ; overdraft ; consumer credit ; usury ; adjustment ; current account ; information obligation ; Kontokorrentkredit ; Verbraucherkredit ; Wucher ; Verbraucherschutz
    Language: German
    Type: doc-type:report
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  • 2
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    Vienna: SUERF - The European Money and Finance Forum
    Publication Date: 2018-02-01
    Description: On 5-6 September 2012 SUERF held its 30th Colloquium “States, Banks, and the Financing of the Economy” at the University of Zürich, Switzerland. The papers included in this SUERF Study are based on contributions to the Colloquium. All the papers in this publication discuss from different angles the complex interrelations between states and financial systems, which have developed in recent years with economic, financial and sovereign debt crises. The contributions look primarily on the monetary policy and financial regulation and supervision perspectives. In the preceding SUERF Study (2013/2), the focus of the contributions also delivered at the 30th SUERF Colloquium is on fiscal policy and sovereign debt perspectives.
    Keywords: E30 ; E43 ; E5 ; E52 ; B31 ; E52 ; E58 ; E63 ; N12 ; C32 ; D22 ; D50 ; G21 ; G28 ; G33 ; E5 ; E58 ; E5 ; E58 ; G21 ; G33 ; ddc:330 ; financial crisis ; procyclicality ; counter cyclical balances ; financial cycle ; liquidity ; repo markets ; money ; banking ; monetary union ; unusual monetary policy ; Marriner Eccles ; Central Banking ; Monetary Policy ; Fiscal Policy ; trade credit ; substitution hypothesis ; credit rationing ; bank resolution ; bailouts ; Central bank independence ; shadow banking ; regulation ; supervision ; macroprudential regulation ; Central bank policymaking ; crisis management ; bail-outs ; supervision ; financial management ; Bail-in ; bank resolution ; bridge banks ; capital allocation ; Pigovian tax ; resource allocation ; Geldpolitik ; Geldpolitische Transmission ; Zentralbankunabhängigkeit ; Bankenregulierung ; Welt
    Language: English
    Type: doc-type:conferenceObject
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  • 3
    Publication Date: 2017-08-01
    Description: On February 3-4, 2016 SUERF – The European Money and Finance Forum –, Deutsche Bundesbank and Stiftung Geld und Währung jointly organized a Colloquium/Conference in Frankfurt in order to evaluate the experience with the SSM – the Single Supervisory Mechanism – during the first year of its existence. The present issue of SUERF Conference Proceedings includes a selection of papers based on the authors’ contributions to the Frankfurt event.
    Keywords: E50 ; E52 ; E58 ; E65 ; F33 ; F36 ; F42 ; G21 ; G22 ; G28 ; G32 ; K33 ; O16 ; O17 ; O52 ; ddc:330
    Language: English
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  • 4
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    Manila: Asian Development Bank (ADB)
    Publication Date: 2018-06-21
    Description: Merger and acquisition (M&A) is a mechanism for promoting corporate governance suggesting that an improvement in overall corporate governance may have a negative effect on M&A activity. Since M&A foreign direct investment (FDI) is a cross-border variant of M&A, stronger corporate governance may also reduce M&A FDI. Hence, we use firm-level evidence from Japanese FDI into the United States to investigate the effect of US corporate governance on Japanese M&A FDI. Our results indicate that two landmark corporate governance regulations by the US Securities and Exchange Commission in 1992 contributed significantly to the sharp decline in Japanese M&A FDI in the US during the 1990s. Our evidence lends some support to the notion that corporate governance may affect not only domestic M&A activity but also cross-border M&A activity. Our study also sheds light on the puzzle of why Japanese FDI into the US fell during the 1990s despite the depreciation of the US dollar.
    Keywords: F21 ; F23 ; G21 ; ddc:330 ; Corporate governance ; Merger and acquisition ; FDI ; Corporate Governance ; Übernahme ; Auslandsinvestition ; Japanisch ; USA
    Language: English
    Type: doc-type:workingPaper
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  • 5
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2018-06-26
    Description: In the first part (in the previous issue of Economic Review) of this two-part study, the authors identified a number of possible benefits from combining banking and commerce, including portfolio diversification, the creation of internal capital markets, and economies of scale and scope. This second part of the study analyzes the one source of possible gainsportfolio diversificationthat can be estimated with existing data. Using methodologies from previous studies, the authors combine ten financial and nonfinancial industries into hypothetical portfolios using industry-level profitability data calculated from corporate tax returns filed with the Internal Revenue Service between 1994 and 2004. The analysis demonstrates that pairwise combinations of banks with construction firms or with retail firms would have produced substantially higher returns on equity with less risk during the sample period. Efficient portfolios combining banks with several other industries showed even higher levels of returns relative to risk, although banks were not necessarily a dominant part of some combinations. These findings suggest that portfolio diversification could be an important benefit from combining banks with some types of nonbank firms. The authors stress that bank management contemplating diversification into the commercial sector must be selective about which specific industries they choose, while corporate management interested in moving into banking might need to settle for somewhat lower returns to achieve a substantial reduction in risk.
    Keywords: G21 ; G34 ; G28 ; ddc:330 ; banking and commerce ; portfolio diversification ; Bank ; Handel ; Bankrecht ; Deregulierung ; Diversifikation ; Rentabilität ; USA
    Language: English
    Type: doc-type:article
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  • 6
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    Brussels: Economics and Econometrics Research Institute (EERI)
    Publication Date: 2018-01-19
    Description: In light of the recent financial and economic crisis the present paper analyzes the determinants of loan default. We employ a unique firm-level panel data of 700 bank loans given to small and medium sized enterprises in Slovakia between 2000 and 2005 to investigate three loan default hypothesis. Testing the Sector-Risk Hypothesis, we find that agro-food industry does not exhibit higher default rate than other sectors. Testing the Firm-Risk Hypothesis, we find that highly indebted firms are more likely to default on their loan than other firms. Testing the EU Subsidy Hypothesis we find that the newly introduced subsidy system, which is decoupled from production, provides a secure source of income and hence reduces the probability of loan default.
    Keywords: G33 ; G21 ; C25 ; Q14 ; ddc:330 ; Bank credit ; loan default ; credit constraints ; heterogeneous firms
    Language: English
    Type: doc-type:workingPaper
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  • 7
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    Ottawa: Bank of Canada
    Publication Date: 2020-01-14
    Description: We study the interplay between two channels of interconnectedness in the banking system. The first one is a direct interconnectedness, via a network of interbank loans, banks' loans to other corporate and retail clients, and securities holdings. The second channel is an indirect interconnectedness, via exposures to common asset classes. To this end, we analyze a unique supervisory data set collected by the European Central Bank that covers 26 large banks in the euro area. To assess the impact of contagion, we apply a structural valuation model NEVA (Barucca et al., 2016a), in which common shocks to banks' external assets are reflected in a consistent way in the market value of banks' mutual liabilities through the network of obligations. We identify a strongly non-linear relationship between diversification of exposures, shock size, and losses due to interbank contagion. Moreover, the most systemically important sectors tend to be the households and the financial sectors of larger countries because of their size and position in the financial network. Finally, we provide policy insights into the potential impact of more diversified versus more domestic portfolio allocation strategies on the propagation of contagion, which are relevant to the policy discussion on the European Capital Market Union.
    Keywords: C63 ; G15 ; G21 ; ddc:330 ; Financial stability
    Language: English
    Type: doc-type:workingPaper
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  • 8
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    Frankfurt a. M.: European Systemic Risk Board (ESRB), European System of Financial Supervision
    Publication Date: 2019-03-08
    Description: This paper provides a unique snapshot of the exposures of EU banks to shadow banking entities within the global financial system. Drawing on a rich and novel dataset, the paper documents the cross-sector and cross-border linkages and considers which are the most relevant for systemic risk monitoring. From a macroprudential perspective, the identification of potential feedback and contagion channels arising from the linkages of banks and shadow banking entities is particularly challenging when shadow banking entities are domiciled in different jurisdictions. The analysis shows that many of the EU banks' exposures are towards non-EU entities, particularly US-domiciled shadow banking entities. At the individual level, banks' exposures are diversified although this diversification leads to high overlap across different types of shadow banking entities.
    Keywords: F65 ; G21 ; G23 ; ddc:330 ; shadow banking ; interconnectedness ; financial stability ; macroprudential policy
    Language: English
    Type: doc-type:workingPaper
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  • 9
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2019-07-23
    Description: Although a number of steps have been taken to reduce the risk of financial stability, some significant weaknesses remain. This paper examines whether stricter regulation of incentive compensation is the missing piece needed to reduce risk to acceptable levels. Unfortunately, this review of the literatures on the relationship of risk to bank chief operating officer and bank employee compensation suggest both have some potential but that significant concerns remain in both cases. At this point, we cannot confidently say that compensation regulation is the missing piece.
    Keywords: G01 ; G21 ; G28 ; ddc:330 ; incentive compensation ; bank regulation
    Language: English
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  • 10
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    Atlanta, GA: Federal Reserve Bank of Atlanta
    Publication Date: 2019-07-23
    Description: Financial intermediation has changed dramatically over the past 30 years, due in large part to technological change. The paper first describes the role of the financial system in a modern economy and how technological change and financial innovation can affect social welfare. We then survey the empirical literatures relating to several specific financial innovations, broadly categorized as new production processes, new products or services, or new organizational forms. In each case, we also include examples of significant fintech innovations that are transforming various aspects of banking. Drawing on the literature on innovations from the 1990s and 2000s informs what we might expect from recent developments.
    Keywords: G21 ; G23 ; O33 ; ddc:330 ; financial innovation ; technological change ; banking ; fintech
    Language: English
    Type: doc-type:workingPaper
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