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  <title>EconStor Collection:</title>
  <link rel="alternate" href="https://hdl.handle.net/10419/119475" />
  <subtitle />
  <id>https://hdl.handle.net/10419/119475</id>
  <updated>2026-04-30T01:44:48Z</updated>
  <dc:date>2026-04-30T01:44:48Z</dc:date>
  <entry>
    <title>Banks in Space: Does Distance Really Affect Cross-Border Banking?</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/37276" />
    <author>
      <name>Neugebauer, Katja</name>
    </author>
    <id>https://hdl.handle.net/10419/37276</id>
    <updated>2023-11-22T02:06:54Z</updated>
    <published>2010-01-01T00:00:00Z</published>
    <summary type="text">Title: Banks in Space: Does Distance Really Affect Cross-Border Banking?
Authors: Neugebauer, Katja
Abstract: During the last years, gravity equations have leapt from the trade literature over into the literature on financial markets. Martin and Rey (2004) were the first to provide a theoretical model for cross-border asset trade, yielding a structural gravity equation that could be tested empirically. In this paper, I use a gravity model to evaluate factors that affect cross-border banking. Furthermore, I extend the baseline model to allow for third-country effects, which have been shown to matter for international trade, using spatial econometric techniques. I try to answer the following question: First, is there a spatial dimension in cross-border banking? Second, if so, has it changed over time and third, what happens if this spatial dimension is ignored? I use bilateral data on cross-border banking assets for 15 countries over the time period 1995-2005, and I estimate crosssection regressions for each year. I find strong evidence for a spatial dimension in cross-border banking. Furthermore, the direct effect of distance vanishes when applying spatial econometric techniques.</summary>
    <dc:date>2010-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>Unemployment and Portfolio Choice: Does Persistence Matter?</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/119499" />
    <author>
      <name>Kuzin, Vladimir</name>
    </author>
    <author>
      <name>Bremus, Franziska</name>
    </author>
    <id>https://hdl.handle.net/10419/119499</id>
    <updated>2023-12-30T02:32:48Z</updated>
    <published>2010-01-01T00:00:00Z</published>
    <summary type="text">Title: Unemployment and Portfolio Choice: Does Persistence Matter?
Authors: Kuzin, Vladimir; Bremus, Franziska
Abstract: We use a life-cycle model of consumption and portfolio choice to study the effects of social security on the investment decisions of households for the European case. Our model is mainly based on the one developed by Cocco, Gomes, and Maenhout (2005). We extend it by unemployment risk using Markov chains to model the transition between different employment states. In contrast to most models in the life-cycle literature, our model allows for three different states, namely employment, short-term as well as long-term unemployment. This allows us to examine the effects of persistence in the unemployment process on portfolio choice. Our main findings are, first, that in case of short-term unemployment only, social security systems as those established in the EU are able to offset the negative impact of unemployment risk on the portfolio-share invested in risky assets. Second, the simulation results reveal that when allowing for long-term unemployment the equity-share is suppressed, especially for young investors. We show that this negative effect of unemployment is mainly driven by its persistence.</summary>
    <dc:date>2010-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>Bank-Specific Shocks and the Real Economy</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/119487" />
    <author>
      <name>Buch, Claudia M.</name>
    </author>
    <author>
      <name>Neugebauer, Katja</name>
    </author>
    <id>https://hdl.handle.net/10419/119487</id>
    <updated>2023-12-10T02:48:32Z</updated>
    <published>2010-01-01T00:00:00Z</published>
    <summary type="text">Title: Bank-Specific Shocks and the Real Economy
Authors: Buch, Claudia M.; Neugebauer, Katja
Abstract: Government interventions into the financial system in the form of bail out operations or liquidity assistance are often justified with the systemic importance of large banks for the real economy. In this paper, we test whether idiosyncratic shocks to loan growth at large banks have effects on real GDP growth. We employ a measure of idiosyncratic shocks which follows Gabaix (2009). He shows that idiosyncratic shocks at large firms have an impact on GDP growth in the US. We apply this idea to the banking sector. We find evidence that changes in lending by large banks have a significant impact on GDP growth. This effect is mostly driven by episodes of negative loan growth rates and by the Eastern European countries in our sample.</summary>
    <dc:date>2010-01-01T00:00:00Z</dc:date>
  </entry>
  <entry>
    <title>Foreign Bank Presence and Its Effect on Firm Entry and Exit in Transition Economies</title>
    <link rel="alternate" href="https://hdl.handle.net/10419/119500" />
    <author>
      <name>Havrylchyk, Olena</name>
    </author>
    <id>https://hdl.handle.net/10419/119500</id>
    <updated>2023-12-17T02:50:22Z</updated>
    <published>2010-01-01T00:00:00Z</published>
    <summary type="text">Title: Foreign Bank Presence and Its Effect on Firm Entry and Exit in Transition Economies
Authors: Havrylchyk, Olena
Abstract: This study investigates the impact of foreign bank penetration in Central and Eastern Europe on firm entry. We demonstrate that the acquisition of domestic banks by foreign investors has led to reduced firm creation, smaller average size of entrants and increased firm exit in opaque industries compared to transparent ones. At the same time, the entry of greenfield foreign banks spurred firm creation and exit. Unlike previous studies, which use interchangeably the notions of opacity and size, we define opacity in terms of technological process and show that economic significance of foreign bank entry is larger for opaque industries than for industries with large shares of small firms. Our findings can be interpreted as evidence of increased credit constraints and are consistent with theories that argue that foreign bank presence exacerbates informational asymmetries.</summary>
    <dc:date>2010-01-01T00:00:00Z</dc:date>
  </entry>
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