The response of major central banks to the global financial crisis has revived the debate
around the interactions between monetary policy (MP) and bank stability. This technical …

This paper first highlights the structural features of shadow banking in the euro area,
focusing on investment funds. It then discusses the potential systemic risks that the recent …

We study the impact of a liquidity shock affecting investment funds on the financing
conditions of firms. The abrupt liquidity needs of investment funds, triggered by the outbreak …

Open-ended funds that invest in long-term assets face constant liquidity transformation risk,
which can lead to financial instability. German lawmakers have responded to the liquidity …

Purpose This article seeks to offer an answer. It explores the criteria on which commercial
property market participants can develop strategies in hugely challenging circumstances …

Flows of funds run by banks or by firms that belong to the same financial group as a bank
are less volatile and less sensitive to bad past performance. This enables bank-affiliated …

This paper examines the discount to NAV in the context of distressed German open-end real
estate funds. This is a unique setting to study NAV discounts because distressed real estate …

In this article we analyze the Hungarian shadow banking system. We point out that the
Hungarian shadow banking system is not only much less developed than that of the EU's …

In this study, we analyze illiquidity premia and their effect on the expected returns of German
real estate securities. To this end, we use a unique data set that includes real estate stocks …

We use a unique security-level data set to analyze correlations in bond trading of banks,
their respective retail customers and their affiliated mutual funds. Matching banks' …