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    Could size ceilings make the TBTF regime more effective?
    (Peter Lang AG, 2024) Kellermann, Kersten; Nuroğlu, Elif
    This chapter examines the use of size ceilings for banks as a regulatory tool to enhance the effectiveness of the too big to fail (TBTF) regime. It introduces the concept of systemically important banks (SIBs) and explores the essential features of TBTF regime. The chapter argues that the optimal size of a bank from a business perspective may differ from its socially optimal size. Furthermore, it is argued that due to the challenge posed by a potential bailout, there is a legitimate public interest in the home country of a SIB to prevent the bank from growing beyond a socially acceptable and sustainable size. The chapter also provides a brief discussion of recent events in Switzerland related to the Credit Suisse crisis, where the effectiveness of the TBTF legislation was called into question. © 2023 Peter Lang Group AG, Lausanne. All rights reserved.
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    Could size ceilings make the TBTF regime more effective?
    (Peter Lang, 2023) Nuroğlu, Elif; Kellermann, Kersten
    The world is undergoing a global transformation that affects every individual as well as businesses and economies. Climate change, rising poverty and inequality, scarcity of resources, global warming and corporate governance failures have raised awareness of more sustainable systems and made sustainability a major concern in today’s world. Sustainable finance, which requires the integration of environmental, social and governance (ESG) factors into financial decision-making processes, is just one of these concerns. While activities in the traditional view of finance have been profit-driven, this new approach does not only aim at financial success, but seeks to align financial markets with the broader goals of society by acting responsibly for the environment. Moreover, it is crucial to take into account not only the environment and climate, but also social, ethical and governance dimensions to transforming the entire financial system into a more sustainable one, especially to attract more investments in sustainable industries, companies or start-ups, thus diverting attention from destructive areas. This book aims to explore the challenges, opportunities and future prospects of sustainable finance by highlighting the role of key players in financial systems such as financial intermediaries, investors and governments in shaping the future of finance, as well as the importance of sustainable financial products such as ESG-oriented instruments and green bonds/loans. With this book, we hope to contribute to and shed light on the ongoing discussions on building a more sustainable global financial system.
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    Öğe
    Introduction: Gender and the economy
    (Peter Lang AG, 2019) Kellermann, Kersten
    [No abstract available]
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    Mind the Gap: Why Germany Should Invest More in Its Future
    (Verlag Peter Lang AG, 2022) Kellermann, Kersten
    The issue of insufficient public investment has drawn attention since Aschauer (1989) published his landmark paper about the effects of public investments on productivity. However, to assess the level of public investment, it is necessary to consider not only aspects of productivity but also aspects of efficiency. This paper therefore uses an intertemporal welfare model to deduce an applicable public investment rule that can indicate suboptimal public investment levels. The rule states that a welfare-maximizing government invests up to the point where the net marginal productivity of public capital equals the marginal social discount rate. The social discount rate is approximated using the long-term interest rate. The marginal productivity of public capital is therefore expected to move with the interest rate. However, the data shows that over the past three decades, the gap between the net marginal productivity of public capital and the interest rate has widened significantly. In Germany, it reached 19 percentage points in 2017. © Peter Lang GmbH.