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Springer International Publishing
The German Financial System and the Financial and Economic Crisis

The German Financial System and the Financial and Economic Crisis

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This book provides an up-to-date overview of the development of the German financial system, with a particular focus on financialization and the financial crisis, topics that have increasingly gained attention since the crisis and the discussion on the secular stagnation started. The authors of the book—economists who have conducted extensive research in this area—offer a perspective on the financial system in the context of its importance for the overall economic system. The book not only provides detailed insights into Germany’s financial system; it also takes a broader perspective on finance and connects it with current macroeconomic developments in Germany.

Product Details

ISBN-13: 9783319860046
Publisher: Springer International Publishing
Publication date: 08/02/2018
Series: Financial and Monetary Policy Studies , #45
Edition description: Softcover reprint of the original 1st ed. 2017
Pages: 313
Product dimensions: 6.10(w) x 9.25(h) x (d)

Table of Contents

I. Development and structure of the German financial system
1. The historical development of the German financial system
1.1. Introduction
1.2. German industrialisation
1.3. The inter-war period
1.4. The post-war period in West Germany
2. The growth in finance and its role in the decades of financialisation
2.1. Introduction
2.2. Financial assets in the German economy
2.3. Size and activity of banking and financial markets in an international comparison
2.4. Increased financial activity in the German economy
2.5. Financial activities of non-financial corporations
2.6. Changes in household behaviour and balance sheets
2.7. The rise of institutional investors
2.8. Conclusion
3. The structure of the German financial system
3.1. Introduction
3.2. Banks
3.3. Securities markets
3.4. Shadow banks
3.5. Conclusion
4. Germany’s integration into international financial markets
4.1. Introduction
4.2. Current account developments and net capital flows
4.3. Capital outflows and capital inflows
4.4. International investment position
4.5. International indebtedness
4.6. International bank lending
4.7. Conclusion
5. European financial integration
5.1. Introduction
5.2. Key steps towards financial integration in Europe
5.3. The growth of bank lending in Europe
5.4. Bank lending to Euro Area countries
5.5. Target 2 balances
5.6. Conclusion
6. Regulatory framework: financial market regulation in Germany
6.1. Introduction
6.2. History of German financial market regulation
6.3. Movement towards a more market-based and deregulated financial system
6.4. Conclusion
II. Competition, profitability and efficiency
7. The nature and degree of competition
7.1. Introduction
7.2. Concentration on the national level and international comparison
7.3. Retail banking and regional markets
7.4. Interest rate spreads in Germany and in international comparison
7.5. Competition in investment banking
7.6. Conclusion
8. Profitability of the financial sector and sub-sectors
8.1. Introduction
8.2. Profitability of the German banking sector in international comparison
8.3. Internal comparison of the profitability of the German banking sector
8.4. Comparison of the profitability of the financial corporate sector with the non-financial corporate sector
8.5. Conclusion
9. Efficiency of the financial sector
9.1. Introduction
9.2. Approaches towards efficiency
9.3. Efficiency of the German banking sector in international comparison
9.4. Efficiency of different segments of the German banking sector
9.5. The effect of mergers on efficiency of the banking sector
9.6. Conclusion
III. Finance and the non-financial sector
10. The changing roles of availability and sources of funds<10.1. Introduction
10.2. Financial balances of different sectors
10.3. Portfolio decisions of private households
10.4. Ownership of the German corporate sector
10.5. Conclusion
11. Sources of funds for business investments: non-financial corporate sector and small and medium-sized enterprises (SMEs)
11.1. Introduction
11.2. Sectoral composition, profit shares and real investment
11.3. Sources and uses of profits of non-financial corporations
11.4. Real investment finance of non-financial corporations
11.5. Real investment finance of small and medium-sized enterprises (SMEs)
11.6. Conclusion
12. The involvement of the financial sector in the restructuring of the economy
12.1. Introduction
12.2. Changes in German corporate governance since the 1990s
12.3. Empirical development of M&A activity in Germany
12.4. The character of M&A in Germany
12.5. Involvement of financial institutions in corporate restructuring
12.6. Conclusion
13. Privatisation and the financial sector
13.1. Introduction
13.2. Privatisations in the German banking sector
13.3. Privatisation programmes in Germany: relation to the financial sector
13.4. Financial institutions and the government during the financial crisis
13.5. Conclusion
14. The financial sector and private households - culture and norms of the financial system
14.1. Introduction
14.2. The development of income distribution and the components of private household sector income
14.3. Consumption and saving of private households
14.4. Household wealth and indebtedness
14.5. Conclusion
15. The real estate sector and its relation to the financial sector
15.1. Introduction
15.2. Historical background and institutional framework
15.3. Size and composition of the German real estate sk
15.4. Relevance of the real estate sector for German economic activity
15.5. Investment in real estate
15.6. Real estate prices and rents
15.7. The relation of the real estate sector with the financial sector
15.8. Institutional investors in the real estate sector
15.9. Conclusion
IV. Finance, distribution and crisis
16. Inequality and the financial system in Germany
16.1. Introduction
16.2. Functional income distribution
16.3. Personal income distribution
16.4. Effects of financialisation on income distribution in Germany
16.5. Conclusion
17. Crisis and macroeconomic policies
17.1. Introduction
17.2. The German macroeconomic policy regime in the era of finance-dominated capitalism
17.3. The crisis 2008/09 and economic policy responses
17.4. Conclusion

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