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http://hdl.handle.net/10419/27647
  

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dc.contributor.authorFecht, Falkoen_US
dc.contributor.authorGrüner, Hans Peteren_US
dc.contributor.authorHartmann, Philippen_US
dc.coverage.temporal1977-2005en_US
dc.date.accessioned2009-08-12T07:30:04Z-
dc.date.available2009-08-12T07:30:04Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/27647-
dc.description.abstractThis paper studies the implications of cross-border financial integration for financial stability when banks' loan portfolios adjust endogenously. Banks can be subject to sectoral and aggregate domestic shocks. After integration they can share these risks in a complete interbank market. When banks have a comparative advantage in providing credit to certain industries, they will exploit the enhanced risk sharing opportunities through more specialization in lending. The enhanced concentration in lending does not increase risk, because a well-functioning interbank market allows to achieve the necessary diversification. The greater need for risk sharing through it increases, however, the risk of cross-border contagion. Better risk sharing and greater risk of contagion tend to offset each other and financial integration improves welfare since specialization benefits are realized.en_US
dc.language.isoengen_US
dc.relation.ispartofseriesDiscussion paper Series 1 / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 2008,23en_US
dc.subject.jelG21en_US
dc.subject.jelD61en_US
dc.subject.jelE44en_US
dc.subject.ddc330en_US
dc.subject.keywordFinancial integrationen_US
dc.subject.keywordspecializationen_US
dc.subject.keywordinterbank marketen_US
dc.subject.keywordfinancial contagionen_US
dc.subject.stwInternationaler Finanzmarkten_US
dc.subject.stwMarktintegrationen_US
dc.subject.stwGeldmarkten_US
dc.subject.stwKreditgeschäften_US
dc.subject.stwArbeitsteilungen_US
dc.subject.stwAnsteckungseffekten_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwTheorieen_US
dc.subject.stwWelten_US
dc.subject.stwrisk sharingen_US
dc.titleFinancial integration, specialization and systemic risken_US
dc.typeWorking Paperen_US
dc.identifier.ppn58984878Xen_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
dc.identifier.repecRePEc:zbw:bubdp1:7562-
Appears in Collections:Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank

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