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Safe Asset Shortage by Regulation
  • Markus Demary / Michael Voigtländer ·
  • IW-Kurzbericht ·
  • 3. Apr 2018

Safe Asset Shortage by Regulation

Banks have changed their asset allocation. While the number of loans to non-financial corporations on their balance sheets is slowly growing after a period of deleveraging, banks’ demand for Euro-area sovereign bonds is still accelerating. The high demand for safe and liquid assets is not only driven by risk aversion and liquidity preferences, it is also a side effect of financial regulation.

Strengthened competition in payment services
  • Markus Demary / Christian Rusche ·
  • IW-Kurzbericht ·
  • 8. Jan 2018

Strengthened competition in payment services

Starting on January 13, 2018, the Second Payment Services Directive (PSD2) will apply in the European Union. Among other things, the Directive’s aim is to adapt regulation to the innovations in payment services and to promote the Single Market for non-cash payments. However, PSD2 will only strengthen competition between payment services under a common standard for the access to banking accounts.

The Long-Term View Matters
  • Markus Demary ·
  • IW-Kurzbericht ·
  • 4. Aug 2017

Investing in the Stock Market: The Long-Term View Matters

After the internet bubble collapsed in 2000, German households have reduced their investments in the stock market. Losses at that time were not so much caused by market volatility, but the consequence of short-term speculation. However, putting savings into the stock market can be very profitable for households, when the investment horizon is sufficiently long.

ECB at the Crossroads
  • Markus Demary / Michael Hüther ·
  • IW-Kurzbericht ·
  • 27. Mär 2017

ECB at the Crossroads

The ECB has left its policy interest rates unchanged despite inflationary pressures stemming from a strengthened recovery and from rising oil prices. Although the ECB’s Governing Council did not discuss a renewal of the long-term refinancing operations, which will expire in 2020, its monetary policy stance is still too accommodative.

The European Derivatives Market after Brexit
  • Markus Demary ·
  • IW-Kurzbericht ·
  • 10. Mär 2017

The European Derivatives Market after Brexit

The Brexit will affect the stability of derivatives markets. These markets are huge and global, but they concentrate on the financial hub London. This article discusses post-Brexit scenarios for the financial supervision of these important markets and recommends to strengthen the supervision at the EU-level.

Is the US starting a regulatory competition with the EU?
  • Markus Demary ·
  • IW-Kurzbericht ·
  • 10. Mär 2017

Is the US starting a regulatory competition with the EU?

The US-President Donald Trump has signed an executive order which directs the US Treasury department to revise financial regulation, especially the Dodd-Frank Act. Critics are afraid that this will cause inconsistencies in global regulation and weaken the EU’s financial centres. This article gives a first assessment on the consequences of a revision of the Dodd-Frank Act for the EU.

The European Derivatives Market after Brexit
  • Markus Demary ·
  • IW-Kurzbericht ·
  • 10. Mär 2017

The European Derivatives Market after Brexit

The Brexit will affect the stability of derivatives markets. These markets are huge and global, but they concentrate on the financial hub London. This article discusses post-Brexit scenarios for the financial supervision of these important markets and recommends to strengthen the supervision at the EU-level.

Is the US starting a regulatory competition with the EU?
  • Markus Demary ·
  • IW-Kurzbericht ·
  • 10. Mär 2017

Is the US starting a regulatory competition with the EU?

The US-President Donald Trump has signed an executive order which directs the US Treasury department to revise financial regulation, especially the Dodd-Frank Act. Critics are afraid that this will cause inconsistencies in global regulation and weaken the EU’s financial centres. This article gives a first assessment on the consequences of a revision of the Dodd-Frank Act for the EU.

The End of Low Interest Rates?
  • Markus Demary ·
  • IW-Kurzbericht ·
  • 16. Feb 2017

The End of Low Interest Rates?

After the economic recovery has strengthened and inflation rates have increased, hopes for higher interest rates emerged among savers, while debtors began to fear higher financing costs. This article argues, that there is room for higher interest rates, but this room is small compared to historical interest rate levels.

ECB Might Overshoot the Inflation Target
  • Markus Demary / Michael Hüther ·
  • IW-Kurzbericht ·
  • 1. Feb 2017

ECB Might Overshoot the Inflation Target

The European Central Bank (ECB) has prolonged its large-scale asset purchase programs for public and private bonds in December 2016 until the end of 2017. Otherwise the programs would have expired in March 2017. Due to its strong focus on the inflation target of below, but close to 2 percent, the extension of the asset purchasing programs was expected in case of weak inflation dynamics. Inflation, however, recovered at the end of last year due to normalizing oil prices.

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