Doris Neuberger

Doris Neuberger
University of Rostock · Institut für Volkswirtschaftslehre

Prof. Dr.

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76
Publications
19,220
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1,186
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January 1991 - December 2011
Universität Rostock

Publications

Publications (76)
Article
Economic developments are often accompanied by narratives, which correspond to popular or generally understandable as well as easily reproducible descriptions, images and interpretations. In debates about European integration, the sovereign debt crisis, and solutions to the Corona crisis – the latter of which has rekindled concerns about the public...
Research
Ökonomische Entwicklungen werden oft durch Narrative, d. h. populäre bzw. allgemein verständliche und leicht wiedergebbare Erzählungen, Bilder sowie Interpretationen, beeinflusst. In Debatten über europäische Integration, Staatsschuldenkrise und Lösungen zur Bewältigung der Coronakrise – letztere hat die Sorge um die öffentlichen Finanzen sparsamer...
Article
The paper assesses whether Special Drawing Rights (SDR), namely international reserve assets and claims on freely useable currencies of its members created and allocated by the International Monetary Fund (IMF), are inflationary. This question has been already raised in the economic literature, but the paper does so by specifically analyzing its mo...
Preprint
Full-text available
In macroeconomics, an emerging discussion of alternative monetary systems addresses the dimensions of systemic risk in advanced financial systems. Monetary regime changes with the aim of achieving a more sustainable financial system have already been discussed in several European parliaments and were the subject of a referendum in Switzerland. Howe...
Research
By "hostility to cash" we refer to the recent trend of incentivizing individuals towards a (privately managed) digital payment system driven by banking and financial sectors and supported by Governments. COVID-19 has on the one hand boosted this movement, with false messages about banknotes spreading the virus as a new instrument of convincement. O...
Article
Staatlich geförderte Bürgschaften zielen darauf ab, die durch fehlende Sicherheiten und eine hohe Informationsasymmetrie verursachte Lücke in der Finanzierung von Kleinunternehmen oder Start-ups zu schließen. Der vorliegende Beitrag quantifiziert den gesamtwirtschaftlichen Netto-Nutzen von Bürgschaftsbanken in den Neuen Bundesländern, in denen die...
Article
Usury is a frequent occurrence in consumer credit markets and particularly affects low-income households. Although the term usury conjures images of a greedy individual consciously acting to exploit the weak bargaining position of another by deceitful and even fraudulent means, we consider it as a systemic issue: as a problem of social discriminati...
Article
Full-text available
State-backed credit guarantee schemes aim to close the gap in the financing of small enterprises or start-ups caused by lacking collateral and high information asymmetry. The present study discusses the effectiveness of German guarantee banks compared to credit guarantee schemes in other countries and quantifies their economic and fiscal net benefi...
Article
This paper investigates which socio-economic and demographic factors influence the demand for digital access to financial services. For this purpose, customer data from all public savings banks in Germany are linked with socio-economic and demographic data at regional level. As a result, attributes can be identified that promote a so-called informa...
Chapter
Der ökonomische Mainstream steht seit Ausbruch der Finanzkrise 2007/2008 vermehrt unter Kritik, hatten doch nur wenige Fachwissenschaftler die Krise vorhergesehen. In der entstandenen Debatte über Ausrichtung und Methoden in der Volkswirtschaftslehre wird auch eine Rückbesinnung auf nationalökonomische Klassiker gefordert, die der Mainstream aus de...
Book
Um die heutige Welt zu begreifen, sollten wir uns nach Präsident Macron mit dem Werk „Das Kapital“ von Marx beschäftigen. Tatsächlich stellt sich nach der Finanzkrise 2007/2008 und nach Karl Marx' 200. Geburtstag im Jahr 2018 die Frage, wie aktuell sein Werk auch oder vielleicht gerade heute noch ist. In diesem Fachbuch werden deshalb verschiedene...
Article
Full-text available
Zusammenfassung: Die globale Finanzkrise (GFC: 2008–2009) und die Euro-Staatsschuldenkrise (ESC: 2010–2012) scheinen ein Prozess der kreativen Zerstörung für die Europäische Union (EU) zu sein. Den enormen Schäden, die durch die GFC und ESC verursacht wurden, folgten in der Tat wichtige institutionelle Aufbauschritte wie die Bankenunion (BU) und di...
Chapter
The German economy faces the challenge of a rising pension gap due to above average population ageing. Although the government tries to close this gap by subsidising personal pension schemes for the accumulation of both financial assets and owner-occupied real estate property for retirement (Riester and Rürup pension plans), these incentive program...
Article
This paper explores the physical and digital accessibility of financial services at public savings banks and cooperative banks in Germany to assess whether the reduced regional presence due to branch closures can be compensated by digital offerings. To measure physical accessibility at the business area level we use variables of topography, settlem...
Book
Full-text available
This report and its Annex present the results of the research project “Promoting the contribution of private savings to pension adequacy: Integrating residential property with private pensions in the EU” led by iff, institute for financial services, Hamburg. Financial support by the European Commission, DG Employment, Social Affairs and Inclusion i...
Book
Full-text available
This Annex together with the final report present the results of the research project “Promoting the contribution of private savings to pension adequacy: Integrating residential property with private pensions in the EU” led by iff, institute for financial services, Hamburg. Financial support by the European Commission, DG Employment, Social Affairs...
Article
This paper empirically examines reliance on collateral in different credit market segments—formal, semiformal and informal lending—of a developing rural financial market. Determinants of collateralization indicate that all three types of lenders price risk conventionally. Controlled for standard risk factors, however, formal lenders rely on collate...
Technical Report
Full-text available
Variable remuneration in credit institutions and investment firms can encourage excessive risk-taking behaviour. The present research investigates the impact of the Capital Requirement Directive and Regulation (CRD IV package) on this type of behaviour. The research shows that the Directive has had a significant effect on risk management. Deferral...
Chapter
Full-text available
We claim that we currently live in a banking regulatory bubble. We review how: i) banking intermediation theory hinges on dealing with borrower-lender asymmetry of information; ii) instead, the presence of complete information is the keystone of the finance theory. Next, we document how finance theory prevailed over banking intermediation theory in...
Article
Demographic change influences the structure of the entrepreneurially active population, which may affect credit risk and financing conditions of small firms. Using bank internal data of small business loans in Germany, we find that the lending relationship plays a larger role for loan prices than demographics. Loan rates decrease with soft informat...
Article
Germany’s bank-based financial system provides a high level of financial inclusion, measured by bank outreach and use of financial services. However, the most vulnerable individuals and small enterprises in Germany tend to be excluded or credit constrained. The quality of financial inclusion is impaired by a low level of financial literacy, which i...
Article
Full-text available
We claim that we currently live in a banking regulatory bubble. We review how: i) banking intermediation theory hinges on dealing with borrower-lender asymmetry of information; ii) instead, the presence of complete information is the keystone of the finance theory. Next, we document how finance theory prevailed over banking intermediation theory in...
Article
This paper examines the composition of supervisory boards of 41 large German banks in 1999-2010. We find that the supervisory board structure reflects both outside control by major shareholders and inside control by other stakeholders. The largest group among non-employee board members is made up of bank managers. The high proportion of former exec...
Article
Using internal data of a leasing company in Germany, we examine the determinants of the probability and use of leasing by small firms. We find that small and young firms are likely to be constrained on the leasing market but use leasing to increase their debt capacity. Beyond contract- and firm-specific characteristics, demographic and socio-econom...
Article
The macroprudential regulatory framework of Basel III imposes the same capital and liquidity requirements on all banks around the world to ensure global competitiveness of banks. Using an agent-based model of the financial system, we find that this is not a robust framework to achieve (inter)national financial stability, because efficient regulatio...
Article
Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from Northeast Thailand that indeed most loans do not include any tangible assets as collateral. Instead, lenders enf...
Technical Report
Full-text available
The three main pillars of the new regulatory framework for banks are: capital, leverage and liquidity requirements. The assessment of the CRD IV measures shows that there is a sound chance of increasing stability of the banking sector resulting in net benefits for the overall economy. Nevertheless, these findings are surrounded by a high degree of...
Article
Full-text available
This is the first attempt to test hypotheses about financial constraints of ethnic minority owned businesses in Germany. Using data from a survey among 3,000 ethnic and native entrepreneurs, we examine differences in the financing patterns between both demographic groups. We find that entrepreneurs with a migration background are more likely to be...
Article
Full-text available
This paper examines the role of collateral in the rural credit market of an emerging country. Due to opaque information and weak enforcement, the need for collateral is expected to be high. However, rural households usually lack adequate assets to pledge as collateral. How is this puzzle solved? Using data from Thailand, we find that indeed most lo...
Article
Full-text available
While it is conventional wisdom that small and medium-sized firms tend to hold multiple banking relationships, evidence about the financial behavior of micro firms is scarce. The present paper focuses on professionals as a special group of microenterprises. It explains their characteristics and financial relationships, using data from a survey cond...
Article
Full-text available
This paper examines the composition of supervisory boards of German banks for a sample of 41 large banks in the period 1999-2006. We find that the supervisory board structure reflects both outside control by shareholders and inside control by stakeholders. Most of the non-employee board members are representatives of other banks and industrial comp...
Article
Full-text available
This paper examines the influence of environmental factors on technical, cost, scale and revenue efficiency of German savings banks in 2001-2005. Taking into account growing regional disparities in economic wealth and population size, it differentiates between declining and growing regions. Regional and demographic factors explain part of the varia...
Article
Full-text available
Recent studies argue that the spread-adjusted Taylor rule (STR), which includes a response to the credit spread, replicates monetary policy in the United State. We show (1) STR is a theoretically optimal monetary policy under heterogeneous loan interest rate contracts in both discretionay and commitment monetary policies, (2) however, the optimal r...
Article
Full-text available
Reichen die auf dem G-20-Gipfel beschlossenen Maßnahmen aus, die Finanzmärkte zu regulieren und die Wahrscheinlichkeit zukünftiger Krisen zu senken? Für Rolf J. Langhammer, Institut für Weltwirtschaft, Kiel, dienten die Beschlüsse des G-20-Gipfels der Krisenüberwindung und dem Versuch, ein abgestimmtes Verhalten von nationalen Regulierungsbehörden...
Article
Die Strukturen der Unternehmensfinanzierung und -kontrolle haben sich weltweit grundlegend verändert, gekennzeichnet durch neue Kapitalmarktinstrumente, verstärktes Auftreten von Nichtbank-Finanzintermediären sowie zunehmende Arbeitsteilung zwischen den Marktteilnehmern. Der vorliegende Beitrag beschäftigt sich mit der Frage, ob dadurch Beziehungsf...
Article
Full-text available
This paper investigates the performance of Germany’s three-pillar banking system in providing financial services nationwide, regarding different outreach indicators. At the federal state level, bank outreach shows South-North and West-East gaps. Combining regional and bank data at the district level for 2005, we examine the determinants of geograph...
Article
Switzerland is one of the countries with the highest concentration of bank-customer relationships. The present paper seeks to find out whether this can be explained by the structure of Swiss firms or by the organization of the Swiss banking market. Using survey data from small and medium-sized enterprises in 1996 and 2002, we examine the influence...
Article
Full-text available
Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate comovement in the absence of TFP shocks. Intertemporal...
Article
Full-text available
Staatliche Bürgschaften und Bürgschaftsbanken sind wichtige Instrumente, um Kreditrationierung aufgrund von Informationsasymmetrien zu reduzieren und somit die Finanzierung kleiner und mittelständischer Unternehmen zu erleichtern. Der vorliegende Beitrag untersucht die Wirksamkeit dieser Fördermaßnahmen in dem strukturschwachen Land Mecklenburg-Vor...
Article
Since 1994, the German banking market is confronted with an entry wave of direct banks. This banking innovation may be explained by developments on the supply side as well as on the demand side. It is pushed by developments in telecommunication technologies during a period of rising cost competition and pulled by a change in demand for selling effo...
Article
By drawing on results derived in financial and industrial economics, this paper seeks to clarify whether shareholding by banks in business firms has anticompetitive effects in the non-bank sector. Rather than being primarily in the banks' interest, industrial ownership by banks is shown to be desired by owners of industrial firms who wish to establ...
Article
The financing of small and medium-sized enterprises (SMEs) plays a key role for the catching-up process of the East German economy after German reunification. German banks are often claimed to be too restrictive in their lending practices towards these firms. The present paper examines whether an East-West gap in lending to SMEs really exists and b...
Article
This paper investigates changes in the number of bank relationships of small and medium-sized enterprises in Switzerland from 1996 to 2002. It differentiates between overall bank relationships and lending relationships and disaggregates the loan market with respect to firm sizes, industries and banking groups. On average, bank lending declined, and...
Article
This paper examines the role and determinants of collateral in emerging markets compared to mature ones. Analyzing a data set of 560 credit files of Thai commercial banks, we find that both the incidence and degree of collateralization are higher there than in developed markets. Thai banks use collateral primarily to reduce the higher credit risks...
Article
Full-text available
This paper calculates indices of central bank autonomy (CBA) for 163 central banks as of end-2003, and comparable indices for a subgroup of 68 central banks as of the end of the 1980s. The results confirm strong improvements in both economic and political CBA over the past couple of decades, although more progress is needed to boost political auton...
Article
In continental Europe, banks are more and more replaced by non-bank institutional investors in the financing and control of firms, which may imply a shift from relationship finance with insider control to arm’s length finance with outsider control. However, non-bank institutional investors may develop relationships with firms similar to the traditi...
Article
Full-text available
An overview of previous evidence about relationship banking to SMEs shows that multiple banking relationships prevail even at small firms, but there is hardly evidence on the number of banking relationships held by micro firms. To close this gap, we use data from a survey conducted among professionals in Germany in 2002. Being self-employed persons...
Article
The present paper investigates the number of bank relationships of small and medium-sized enterprises in Switzerland using survey data from 1996 and 2002. We differentiate between overall bank relationships and lending relationships and disaggregate the loan market with respect to firm sizes, industries and banking groups. On average, bank lending...
Article
Full-text available
Der vorliegende Beitrag fasst die Ergebnisse einer im Jahr 1997 get�tigten schriftlichen Befragung deutscher Banken zu ihrer Kreditvergabe an kleine und mittelst�ndische Unternehmen zusammen. Befragt wurden 1200 Firmenkundenbetreuer privater Gro�banken, Sparkassen und Genossenschaftsbanken zu dem von ihnen jeweils zuletzt bearbeiteten Kreditantrag....
Article
Emphasising the scope for further growth in institutional investment, in Europe in particular, this paper focuses on the impact of institutional investment on the efficiency and stability of financial systems. The paper stresses the scope for efficiency gains arising from an increasing role of institutional investors, reflecting - inter alia - thei...
Article
Full-text available
In continental Europe, banks are more and more replaced by non-bank institutional investors in the financing and control of firms. This must not imply a shift to arm's length finance, if these institutional investors develop relationships with firms similar to the traditional longterm bank-firm relationship. The present paper differentiates between...
Article
Full-text available
The financing of small and medium-sized firms is important for the catching-up of the East German to the West German economy since reunification. We explore whether it is restricted by unfavorable bank loan terms, using bank-survey data on lending decisions to small and medium- sized firms. A comparison of the terms of lending between the former Ea...
Article
Full-text available
Als Intermedi�re zwischen Kapitalgebern und -nehmern sind Finanzinstitute nicht nur mit vielf�ltigen einzel-, sondern auch gesamtwirtschaftlichen Anspr�chen konfrontiert. Sie bezie- hen sich auf die gemeinsame Erf�llung �konomischer, sozialer und �kologischer Ziele im Sinne nachhaltigen Handelns, wobei insbesondere die Banken gefordert sind, auch a...
Article
Full-text available
I modify the uniform-price auction rules in allowing the seller to ration bidders. This allows me to provide a strategic foundation for underpricing when the seller has an interest in ownership dispersion. Moreover, many of the so-called "collusive-seeming" equilibria disappear.
Article
Strong lending relationships between banks and small and medium-sized enterprises (SMEs) play a key role in the bank-based financial system of Germany. So far, they have been mainly described by the notion of a housebank and transactional features of long-term bank–customer relationships. In contrast, the present paper also considers interactional...
Article
Full-text available
Strong lending relationships between banks and small and medium-sized enterprises (SMEs) play a key role in the bank-based financial system of Germany. So far, they have been mainly described by the notion of a housebank and transactional features of long-term bank–customer relationships. In contrast, the present paper also considers interactional...
Chapter
Financial systems evolve as different mixes of markets and intermediaries to provide financial services and risk sharing opportunities to households and firms, supplemented with regulations to protect them against systemic risk. The present paper reviews the research on comparative financial systems to discuss their determinants, stability properti...
Article
Within the international competition of financial systems, Europe faces the question of whether to harmonize regulations towards a bank-oriented or a market-oriented financial system. Except the United Kingdom, all European countries have bank-based financial systems, however with large differences. In order to derive policy recommendations, we rev...
Article
Full-text available
The financing of small and medium-sized enterprises (SMEs) plays a key role for the catching-up process of the East German economy after German reunification. German banks are often claimed to be too restrictive in their lending practices towards these firms. To examine how their lending decisions depend on regional credit risks, we have to resort...
Chapter
Manfred Neumann stimulated thinking about “banking and antitrust”. By combining results of financial and industrial economics, he discussed whether shareholding by banks in business firms has anticompetitive effects in the non-bank industry (Neuberger and Neumann 1991). The present paper, too, will be on “banking and antitrust”, focusing on antitru...
Article
Full-text available
Empirical research about structure, conduct and performance in banking markets has developed mostly independently from the microeconomic theory of banking. The present paper reviews the literature by focusing on the links between theoretical and empirical research. It considers basic conditions, variables of market structure, conduct and performanc...
Article
Full-text available
Strong lending relationships between banks and small and medium-sized enterprises (SMEs) play a key role in the bank-based financial system of Germany. So far, they have been mainly described by the notion of an housebank and transactional features of long-term bank-customer relationships. The present paper takes a new look by considering also inte...
Article
Full-text available
Since 1994, the German banking market is confronted with an entry wave of direct banks. This banking innovation may be explained by developments on the supply side as well as on the demand side. It is pushed by developments in telecommunication technologies during a period of rising cost competition and pulled by a change in the demand for selling...
Article
Full-text available
Empirical research about structure, conduct and performance in banking markets has developed mostly independently from the microeconomic theory of banking. The present paper reviews the literature by focusing on the links between theoretical and empirical research. It considers basic conditions, variables of market structure, conduct and performanc...
Article
Full-text available
Johann Heinrich von Thünen förderte die Kreditvermittlung, indem er zum Sparen auf seinem Gut anregte und eine Theorie über die Einführung eines Kreditvereins in Mecklenburg entwickelte. Im Jahr 1817 beschrieb er, daß ein Finanzintermediär nur dann vorteilhaft ist, wenn der dadurch bewirkte Abbau von Ungewißheit, Transaktionskosten und Informations...
Article
Adopting a continuous-time portfolio framework with endogenous financial intermediation, this paper analyzes diversification in bank lending. First, an increase in the number of independent credits in a loan portfolio is shown to enhance intermediation activities. This supports the hypothesis of financial deepening in a growing economy. Second, div...
Article
This paper shows the risk taking role of banks within a continuous-time portfolio model. Banks are considered as risk-averse utility maximizers which differ from private investors and firms only by their degree of risk aversion. Since bankruptcy risk, described by a Poisson jump-process, restrains the capability of firms to mobilize funds from priv...

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