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    <title>EconStor Community: Deutsche Bundesbank, Forschungszentrum</title>
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      <title>Cross-border bank lending, risk aversion and the financial crisis</title>
      <link>http://hdl.handle.net/10419/54986</link>
      <description>Title: Cross-border bank lending, risk aversion and the financial crisis
&lt;br/&gt;
&lt;br/&gt;Authors: Düwel, Cornelia; Frey, Rainer; Lipponer, Alexander
&lt;br/&gt;
&lt;br/&gt;Abstract: This study investigates the determinants of adjustments in the provision of cross-border loans by internationally active banks. For the period from 2002 to 2010, we look at quarterly transaction data (excluding valuation effects) on long-term loans issued by the largest 69 German banking groups to the private sector of 66 countries. We show that the parent bank's lending adjustment is based almost exclusively on supply-side determinants, in particular on bank-specific factors. However, foreign countries' demand and risk characteristics become more relevant when loans are distributed by banks' affiliates located abroad. Focusing on risk measures such as the parent bank's ratio of Tier I capital to risk-weighted assets, we find that rising risk aversion among banks curbed cross-border lending during the financial crisis, especially at a later stage following the collapse of Lehman Brothers. However, we find a threshold at around 11% of the Tier I capital ratio above which an increase in the ratio does not curb lending anymore.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
    </item>
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      <title>Optimal savings for retirement: The role of individual accounts and disaster expectations</title>
      <link>http://hdl.handle.net/10419/54985</link>
      <description>Title: Optimal savings for retirement: The role of individual accounts and disaster expectations
&lt;br/&gt;
&lt;br/&gt;Authors: Le Blanc, Julia; Scholl, Almuth
&lt;br/&gt;
&lt;br/&gt;Abstract: We employ a life-cycle model with income risk to analyze how tax-deferred individual accounts affect households' savings for retirement. We consider voluntary accounts as opposed to mandatory accounts with minimum contribution rates. We contrast add-on accounts with carve-out accounts that partly replace social security contributions. Quantitative results suggest that making add-on accounts mandatory has adverse welfare effects across income groups. Carve-out accounts generate welfare gains for high and middle income earners but welfare losses for low income earners. In the presence of rare stock market disasters, individual accounts with default portfolio allocation crowd out direct stockholding and substantially reduce welfare.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
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      <title>The use of tax havens in exemption regimes</title>
      <link>http://hdl.handle.net/10419/54984</link>
      <description>Title: The use of tax havens in exemption regimes
&lt;br/&gt;
&lt;br/&gt;Authors: Gumpert, Anna; Hines, James R.; Schnitzer, Monika
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper analyzes the tax haven investment behavior of multinational firms from a country that exempts foreign income from taxation. High foreign tax rates generally encourage firms to invest in tax havens, though significant costs of reallocating taxable income dampen these incentives. The behavior of German manufacturing firms from 2002-2008 is consistent with this prediction: at the mean, one percentage point higher foreign tax rates are associated with three percentage point greater likelihoods of owning tax haven affiliates. This contrasts with earlier evidence for U.S. firms subject to home country taxation, which are more likely to invest in tax havens if they face lower foreign tax rates. Foreign tax rates appear to be unrelated to tax haven investments of German firms in service industries, possibly reflecting the difficulty they face in reallocating taxable income.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
    </item>
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      <title>Bank-related loan supply factors during the crisis: An analysis based on the German bank lending survey</title>
      <link>http://hdl.handle.net/10419/54983</link>
      <description>Title: Bank-related loan supply factors during the crisis: An analysis based on the German bank lending survey
&lt;br/&gt;
&lt;br/&gt;Authors: Blaes, Barno
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper analyses the role of bank-related constraints in explaining the sharp slowdown in bank lending to non-financial corporations in Germany during the recent financial crisis. We use a panel approach based on a unique data set which matches the individual responses of the banks participating in the Eurosystem's Bank Lending Survey with the corresponding micro data on loan quantities and prices. Our main finding is that bank-related supply and demand-side indicators were both important in explaining the slowdown of bank lending during the crisis years. The results suggest that the dampening impact of the bank-related restrictions was strongest from the third quarter of 2009 to the first quarter of 2010. Over this short period, more than one-third of the explained negative loan development was due to the restrictive adjustments of purely bank-related factors, such as the costs related to the bank's capital, market financing conditions and the bank's liquidity position.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
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