Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/19763 
Year of Publication: 
2007
Series/Report no.: 
Discussion Paper Series 2 No. 2007,04
Publisher: 
Deutsche Bundesbank, Frankfurt a. M.
Abstract: 
Open-end real estate funds are of particular importance in the German bank- dominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to openend real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendations that have been raised.
Subjects: 
Open-End Funds
Liquidity Transformation
Liquidity Crisis
Risk Sharing
JEL: 
G28
G23
Document Type: 
Working Paper

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