Finn Marten Körner

Uniper SE · Corporate Finance

Purpose A credit rating, as a single indicator on one consistent scale, is designed as an objective and comparable measure within a credit rating agency (CRA). While research focuses mainly on the comparability of ratings between agencies, this paper additionally questions empirically how CRAs meet their promise of providing a consistent assessment...

Purpose – The purpose of this paper is to study the information content of about 3,300 global bank rating changes before and after the Lehman bankruptcy in September 2008 to assess if differences in stock market reactions for small and big banks emerge. Design/methodology/approach – The analysis of the stock market reactions of rating changes (upg...

Purpose – The purpose of this paper is to test the hypothesis that major credit rating agencies (CRAs) have been inconsistent in assessing the implications of monetary union membership for sovereign risks. It is frequently argued that CRAs have acted procyclically in their rating of sovereign debt in the European Monetary Union (EMU), underestimati...

It is a matter of debate in how far credit ratings contribute to allocative efficiency or to excessive volatility of asset prices and cross-border capital flows. Yet it is generally taken for granted that ratings play a significant role in the transnationalization of financial relations. This paper tests that hypothesis with data on sovereign credi...

Die Frage nach der Entstehung und Beherrschung globaler Ungleichgewichte hat angesichts der globalen Finanzkrise und der europäischen Schuldenkrise in den letzten Jahren an wirtschaftspolitischer Brisanz gewonnen. Von der langfristigen Betrachtung der Ungleichgewichte ist der Fokus von Politik, Öffentlichkeit und Finanzmärkten auf die kurzfristige...

Das chinesische Wirtschaftswunder der vergangenen 30 Jahre wird in der Welt mit Bewunderung beobachtet. Das Wachstum der letzten Jahrzehnte führte dazu, dass die chinesischen Wirtschaft gemessen in US-Dollar zur Spitze der Wirtschaftsnationen aufgeschlossen hat. Diesen Platz hatte das Reich der Mitte für Jahrhunderte inne, bevor es ihn mit der indu...

Globale Ungleichgewichte werden zumeist als ein Ungleichgewichtsphänomen angesehen. Im wirtschaftshistorischen Teil dieser Arbeit zeigte sich allerdings, dass ungleichgewichtige Leistungsbilanzen wie die Deutschlands und Chinas langfristig Bestand haben können. In der Theorie wird jedoch in der intertemporalen Optimierung eine Tendenz zum Gleichgew...

McKinnon (2009) zeichnet ein positives Bild einer temporären Währungskopplung als Entwicklungsmodell. Inflation und Finanzinstabilität könnten dabei gegen Währungsstabilität und Entwicklungsperspektiven eingetauscht werden. Betrachtet man Deutschland und China in den ersten drei Jahrzehnten ihrer Exportwunder, so drängt sich der Eindruck auf, dass...

In einem historischen Abriss wird im Folgenden analysiert, wie Wechselkurse als Instrument der Wirtschaftspolitik in Deutschland und China angewandt wurden. Grundlage dieser Betrachtung ist die Analyse Deutschlands in Kapitel 2 in der Zeit des Bretton-Woods-Systems bis zu dessen Zusammenbruch Anfang der 1970er Jahre und der Folgen der damaligen Wah...

Adam Smith beginnt sein bekanntestes Werk nicht mit einer Erörterung des Wohlstands der Nationen oder obigem Zitat über die Funktionen des Geldes, sondern einem Kapitel über die Arbeitsteilung. Der überraschende Schwerpunkt zeigt die Bedeutung, die Smith dieser so wesentlichen nationalökonomischen Erkenntnis beimaß. Die logische Fortsetzung der lok...

It is a matter of debate in how far credit ratings contribute to allocative efficiency or to excessive volatility of asset prices and cross-border capital flows. Yet it is generally taken for granted that ratings play a significant role in the transnationalization of financial relations. This paper tests the hypothesis with regard to data on sovere...

Germany's net exports and macroeconomic policy stance are controversial issues in current debates about the Eurozone debt crisis. This paper shows that both are characteristics of what has been de-scribed in a variety of political economy literatures as the German socio-economic model. We argue that the model has evolved in three stages, from the e...

Purpose – The purpose of this paper is to test the hypothesis that major credit rating agencies (CRAs) have been inconsistent in assessing the implications of monetary union membership for sovereign risks. It is frequently argued that CRAs have acted procyclically in their rating of sovereign debt in the European Monetary Union (EMU), underestimati...

Das ”Gleichgewichtsmodell globaler Ungleichgewichte“ wurde in Kapitel 6 um die gemeinsame Modellierung von Wechselkursen und ausländischen Direktinvestitionen ergänzt. Das kombinierte Modell erlaubt damit realistischere Simulationen als die von Caballero et al. (2008) simulierten Modellvarianten. Die Simulationen sind komplexer als im Ausgangsmodel...

We study the information content of about 3,300 global bank rating changes before and after the Lehman shock in September 2008 from an equity investor's perspective. Based on a multi-­‐model event study approach, we find that while upgrades are not associated with significant abnormal bank stock returns, downgrades have a significantly negative eff...

Rating agencies strive to assign reliable, objective and comparable credit ratings as an indicator on one consistent scale. We test empirically how rating agencies meet their promise of providing objec-tive and comparable assessments of credit risk of an issuer and thus creditworthiness. Logistic re-gressions of ratings across agencies and market s...

It is a matter of debate in how far credit ratings contribute to allocative efficiency or to excessive volatility of asset prices and cross-border capital flows. Yet it is generally taken for granted that rat- ings play a significant role in the transnationalization of financial relations. That hypothesis is tested in this paper with regard to data...

Chinese monetary policy constitutes a marked example of a clash between theory and practice. In theory, a fixed exchange rate regime with capital mobility turns the money supply into an endogenous variable while expansionary pressure can be alleviated by the central bank by foreign currency transactions. For China, this standard view is contended b...

In this paper we study the intra-euro area imbalances based on a dynamic general equilibrium model. We show that European financial integration and the introduction of the euro might have contributed to the development of imbalances. Interest rate convergence following EMU accession led to net foreign debt positions, which prove difficult to revers...

In this paper we study the intra-euro area imbalances based on a ynamic general equilibrium model. We show that European financial integration and the introduction of the euro might have contributed to the development of imbalances. Interest rate convergence following EMU accession led to net foreign debt positions, which prove difficult to reverse...

Global imbalances are almost universally regarded as a disequilibrium phenomenon. Caballero, Farhi, and Gourinchas (2008) challenge this notion with their dynamic general equilibrium model of global imbalances. The authors conclude that current account deficit nations need not worry about long-lasting deficits as long as the model is in equilibrium...

Die Mechanik der globalen Leistungsbilanzungleichgewichte beschreiben und untersuchen Dirk H. Ehnts und Finn Marten Körner. In ihrem Beitrag nehmen sie eingangs die klassische Aussage von Eugen von Böhm-Bawerk auf, derzufolge die Kapitalbilanz die Leistungsbilanz bestimmt. Demgegenüber vertreten Ehnts/Körner die Auffassung, dass unter der heutigen...

This study proposes a link between economic development and the shipping markets which can be exploited for forecasting. Market participants anticipate the future and take actions accordingly. The resulting effects are absorbed in structural autoregressive distributed lag models and in factor models. Characteristic linkages between past and present...

The integration of China into the world economy has done its part to in-crease global imbalances. Relying on export-led growth, the country's quasi-fixed exchange rate against the US dollar has led to much debate. While a lot of discussion focussed on the question of sustainability, few paid attention to the consequences of the Chinese strategy for...