Hans-Helmut Kotz - Profile on Academia.edu (original) (raw)

Papers by Hans-Helmut Kotz

IIMB Management Review, 2014

Revue d'économie financière

Contact : kotzsfas.harvard.edu. Cet article présente le point de vue des auteurs et n'engage pas ... more Contact : kotzsfas.harvard.edu. Cet article présente le point de vue des auteurs et n'engage pas les institutions dont ils font partie.

À Francfort : quoi de neuf à la Buba ?

Revue d'économie financière, 1991

Kotz Hans-Helmut. À Francfort : quoi de neuf à la Buba ?. In: Revue d'économie financière, n°... more Kotz Hans-Helmut. À Francfort : quoi de neuf à la Buba ?. In: Revue d'économie financière, n°17, 1991. L’impact des innovations financières sur l’épargne et l’investissement , sous la direction de Michel Aglietta. pp. 202-206

Considérations politiques à l'égard des devises convoitées et des devises boudées

Revue d'économie financière, 1995

Kotz Hans-Helmut. Considérations politiques à l'égard des devises convoitées et des devises b... more Kotz Hans-Helmut. Considérations politiques à l'égard des devises convoitées et des devises boudées. In: Revue d'économie financière, n°32, 1995. Les technologies bancaires et financières. pp. 295-305

Global Divergence in Trade, Money and Policy

Edward Elgar Publishing eBooks, Sep 27, 2006

Although the globalization of markets and the rapid growth in worldwide information technologies ... more Although the globalization of markets and the rapid growth in worldwide information technologies supports harmonization and integration between countries, substantial differences still exist throughout the world. Global Divergence in Trade, Money and Policy explores the disparities between a range of countries, arguing that their differences are a major factor in international tensions, and will remain a substantial problem for many decades to come.

Les capitales financières : la place de Francfort et ses perspectives

Revue d'économie financière, 2007

ABSTRACT Financial locations : Frankfurt’s place and perspectives The introduction of a common cu... more ABSTRACT Financial locations : Frankfurt’s place and perspectives The introduction of a common currency as well as the harmonization of rules and regulations in Europe has significantly reduced distance in all its guises. With reduced costs of overcoming space, this emphasizes centripetal forces and it should foster consolidation of financial activity. In a national context, as a rule, this led to the emergence of one financial center. Hence, Europeanization of financial and monetary affairs could foretell the relegation of some European financial hubs such as Frankfurt and Paris to third-rank status. Frankfurt’s financial history is interesting insofar as it has lost (in the 1870s) and regained (mainly in the 1980s) its preeminent place in the German context. Because Europe is still characterized by local pockets of information-sensitive assets as well as a demand for variety the national analogy probably does not hold. There is room in Europe for a number of financial hubs of an international dimension, including Frankfurt. JEL classification : F15, F36, G1, G2, N20, R12

Comment on "Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs

RePEc: Research Papers in Economics, 2010

Geld- und Wirtschaftspolitik in gesellschaftlicher Verantwortung : Gedächtnisschrift für Karl-Heinz Ketterer

Duncker & Humblot eBooks, 2004

The European Monetary System: The Geography of Economics Versus the Politics Of Money?

Economic and Monetary Union

Data, programs and instructions to replicate “Price gaps at the border: evidence from multi-country household scanner data” (2020)

Data, programs and instructions to replicate "Price gaps at the border: evidence from multi-... more Data, programs and instructions to replicate "Price gaps at the border: evidence from multi-country household scanner data" (2020) by Guenter W. Beck, Hans-Helmut Kotz and Natalia Zabelina.

Studies in Nonlinear Dynamics & Econometrics, 2018

This paper investigates the effect of financial fragmentation on the monetary transmission mechan... more This paper investigates the effect of financial fragmentation on the monetary transmission mechanism in different Euro area economies, categorized into two groups: countries considered as “core” economies and countries characterized as “peripheral” economies. We analyze the effects of financial fragmentation on the monetary transmission mechanism through the traditional interest rate channel. To gauge the impact of changes in policy rates on the behavior of real variables such as aggregate output and employment we use a Smooth Transition VAR (VSTAR) model. Employing a nonlinear multivariate time series approach helps us capture the regime-dependent dynamics of the variables under study. The results obtained show that money market rates targeted by the central bank do not completely pass through to banks’ lending rates to firms, particularly in a financially fragmented environment. This finding supports the hypothesis of an impairment of the monetary transmission mechanism as a resul...

Les activités deshadow bankingdans un contexte de bas taux d’intérêt : une perspective de flux financiers

Revue d'économie financière, 2016

Very low policy rates as well as the substantial redesign of rules and supervisory institutions h... more Very low policy rates as well as the substantial redesign of rules and supervisory institutions have changed background conditions for the Euro Area?s financial intermediary sector substantially. Both policy initiatives have been targeted at improving societal welfare. And their potential side effects have been discussed intensively, in academic as well as policy circles. Very low policy rates and correspondingly low market rates are likely to whet investors? risk taking incentives. Concurrently, the tightened regulatory framework, in particular for banks, increases the comparative attractiveness of the less regulated, so-called shadow banking sector. Employing flow-of-funds data for the Euro Area?s non-bank banking sector we take stock of recent developments in this part of the financial sector. In addition, we examine to which extent low interest rates have had an impact on investment behavior. Our results reveal a declining role of banks and, simultaneously, an increase in non-bank banking. Overall intermediation activity, hence, has remained roughly at the same level. Moreover, our findings also suggest that non-bank banks have tended to take positions in riskier assets, particularly in equities. In line with this observation, balance-sheet based risk measures indicate a rise in sector-specific risks in the non-bank banking sector when narrowly defined. Classification JEL: E43, G11, G21, G23.

Les capitales financières : la place de Francfort et ses perspectives

Revue d'économie financière, 2007

ABSTRACT Financial locations : Frankfurt’s place and perspectives The introduction of a common cu... more ABSTRACT Financial locations : Frankfurt’s place and perspectives The introduction of a common currency as well as the harmonization of rules and regulations in Europe has significantly reduced distance in all its guises. With reduced costs of overcoming space, this emphasizes centripetal forces and it should foster consolidation of financial activity. In a national context, as a rule, this led to the emergence of one financial center. Hence, Europeanization of financial and monetary affairs could foretell the relegation of some European financial hubs such as Frankfurt and Paris to third-rank status. Frankfurt’s financial history is interesting insofar as it has lost (in the 1870s) and regained (mainly in the 1980s) its preeminent place in the German context. Because Europe is still characterized by local pockets of information-sensitive assets as well as a demand for variety the national analogy probably does not hold. There is room in Europe for a number of financial hubs of an international dimension, including Frankfurt. JEL classification : F15, F36, G1, G2, N20, R12

À Francfort : vers un assèchement des réserves d'épargne mondiale ?

Revue d'économie financière, 1990

Kotz Hans-Helmut. À Francfort : vers un assèchement des réserves d'épargne mondiale ?. In: Re... more Kotz Hans-Helmut. À Francfort : vers un assèchement des réserves d'épargne mondiale ?. In: Revue d'économie financière, n°15, 1990. Le financement de l’économie mondiale : les perspectives, sous la direction de Patrick Artus, Anton Brender et Jean-Marie Thiveaud. pp. 227-231

Perspectives du secteur bancaire : déconstruction et reconfiguration

Revue d'économie financière, 2005

[fre] Pour les investisseurs individuels, les banques sont des organismes de placement qui propos... more [fre] Pour les investisseurs individuels, les banques sont des organismes de placement qui proposent accessoirement des services supplementaires. Pour les emprunteurs potentiels, les banques constituent une source de financement parmi d’autres, du moins pour les plus importants d’entre eux. A ce titre, les banques offrent des produits fortement integres dont les caracteristiques economiques sous-jacentes tendent vers la desintegration. Cependant, il n’y a pas de logique inexorable conduisant a la mort des banques. Pour les situations difficiles a evaluer ainsi que pour les besoins des particuliers representatifs, la commodite et la confiance sont essentielles. Toutefois, compte tenu de l’evolution du contexte reglementaire et technologique, les structures institutionnelles existantes risquent d’etre mises a mal. C’est particulierement vrai en Europe, ou, en raison du marche et de la monnaie uniques, les obstacles a la realisation d’operations intra-europeennes tendent a disparaitre. . Classification JEL : F36, G21 [eng] Perspectives on banking : a future of de-construction and re-configuring . From a retail investor’s perspective, banks are essentially mutual funds, with some additional services (in particular : payments facilities) on the side. As concerns prospective borrowers, banks provide a funding source - amongst others, at least for larger debtors. In this light, banks offer highly bundled - or joint - products, the underlying economics of which strives towards dis-integration. Nevertheless, there is no inexorable logic leading ultimately to the demise of banks. For positions difficult to judge as well as for the typical/representative retail client’s needs, convenience and trust are of the essence. With regulatory and technological background conditions however changing, existing or prevailing institutional set-ups are vulnerable to be overthrown. This holds true in particular in the European case, where, as an upshot of the single market as well as the common currency, impediments to doing business in a cross-European dimension are ever more vanishing. . JEL classification : F36, G21

À Francfort : questions épineuses et écarts conceptuels

Revue d'économie financière, 1993

Pendant l'unification consensuelle. coordination un moment, en En interne ajournant un l'... more Pendant l'unification consensuelle. coordination un moment, en En interne ajournant un l'Allemagne mot, a eu la la politique des charge. a pris effets fiscale conge En secondaires outre de a releve son P echec orientation le pervers defi de de la consensuelle. En un mot, la politique fiscale a releve le defi de l'unification en ajournant la charge. En outre P echec de la coordinat on nter e a eu des effets secondaires pervers desarconnants pour nos partenaires du SME. Hors d'Allemagne, les taux d'interet reels ont augmente face a un ecart de production croissant et aux problemes d'emploi subsequents. Pour ce qui concerne le processus de Maastricht d'integration monetaire europeenne, nous sommes nonobstant les discours et les attitudes publiques revenus a la case depart. Sur cet arriere-plan, la partie occidentale de l'Allemagne connait aujourd'hui une recession glacante et pourtant publiquement reconnue. Reduite d'environ 1,25 % sur 1991, la production etait deja faible l'annee passee. Pourtant, commencee au printemps, le ralentissement a pris de l'elan. La production a dramatiquement diminue, en meme temps que s'amoindrissaient les recettes. Durant le premier trimestre 1993, le secteur industriel va montrer un declin annuel d'approximativement 12 °/p. Les coups les plus durs se portent sur le capital et les biens de premiere necessite. Cela reflete, pour commencer, les coupes dans les depenses en capital dues au retrecissement du marche de l'exportation en Europe. Dans 277

À Francfort : la consolidation fiscale

Revue d'économie financière, 1989

Kotz Hans-Helmut. À Francfort : la consolidation fiscale. In: Revue d'économie financière, n°... more Kotz Hans-Helmut. À Francfort : la consolidation fiscale. In: Revue d'économie financière, n°10, 1989. Articles divers, Finance et Révolution : Dossier . pp. 174-177

À Francfort: Krach ! Quel krach?

Revue d'économie financière, 1988

Helmut Kotz Hans. À Francfort: Krach ! Quel krach?. In: Revue d'économie financière, n°5-6, 1... more Helmut Kotz Hans. À Francfort: Krach ! Quel krach?. In: Revue d'économie financière, n°5-6, 1988. À propos de la crise financière : les relations entre finance et économie, sous la direction de Christian de Boissieu et Yves Ullmo. pp. 296-300

IIMB Management Review, 2014

Revue d'économie financière

Contact : kotzsfas.harvard.edu. Cet article présente le point de vue des auteurs et n'engage pas ... more Contact : kotzsfas.harvard.edu. Cet article présente le point de vue des auteurs et n'engage pas les institutions dont ils font partie.

À Francfort : quoi de neuf à la Buba ?

Revue d'économie financière, 1991

Kotz Hans-Helmut. À Francfort : quoi de neuf à la Buba ?. In: Revue d'économie financière, n°... more Kotz Hans-Helmut. À Francfort : quoi de neuf à la Buba ?. In: Revue d'économie financière, n°17, 1991. L’impact des innovations financières sur l’épargne et l’investissement , sous la direction de Michel Aglietta. pp. 202-206

Considérations politiques à l'égard des devises convoitées et des devises boudées

Revue d'économie financière, 1995

Kotz Hans-Helmut. Considérations politiques à l'égard des devises convoitées et des devises b... more Kotz Hans-Helmut. Considérations politiques à l'égard des devises convoitées et des devises boudées. In: Revue d'économie financière, n°32, 1995. Les technologies bancaires et financières. pp. 295-305

Global Divergence in Trade, Money and Policy

Edward Elgar Publishing eBooks, Sep 27, 2006

Although the globalization of markets and the rapid growth in worldwide information technologies ... more Although the globalization of markets and the rapid growth in worldwide information technologies supports harmonization and integration between countries, substantial differences still exist throughout the world. Global Divergence in Trade, Money and Policy explores the disparities between a range of countries, arguing that their differences are a major factor in international tensions, and will remain a substantial problem for many decades to come.

Les capitales financières : la place de Francfort et ses perspectives

Revue d'économie financière, 2007

ABSTRACT Financial locations : Frankfurt’s place and perspectives The introduction of a common cu... more ABSTRACT Financial locations : Frankfurt’s place and perspectives The introduction of a common currency as well as the harmonization of rules and regulations in Europe has significantly reduced distance in all its guises. With reduced costs of overcoming space, this emphasizes centripetal forces and it should foster consolidation of financial activity. In a national context, as a rule, this led to the emergence of one financial center. Hence, Europeanization of financial and monetary affairs could foretell the relegation of some European financial hubs such as Frankfurt and Paris to third-rank status. Frankfurt’s financial history is interesting insofar as it has lost (in the 1870s) and regained (mainly in the 1980s) its preeminent place in the German context. Because Europe is still characterized by local pockets of information-sensitive assets as well as a demand for variety the national analogy probably does not hold. There is room in Europe for a number of financial hubs of an international dimension, including Frankfurt. JEL classification : F15, F36, G1, G2, N20, R12

Comment on "Asymmetric Shocks in a Currency Union with Monetary and Fiscal Handcuffs

RePEc: Research Papers in Economics, 2010

Geld- und Wirtschaftspolitik in gesellschaftlicher Verantwortung : Gedächtnisschrift für Karl-Heinz Ketterer

Duncker & Humblot eBooks, 2004

The European Monetary System: The Geography of Economics Versus the Politics Of Money?

Economic and Monetary Union

Data, programs and instructions to replicate “Price gaps at the border: evidence from multi-country household scanner data” (2020)

Data, programs and instructions to replicate "Price gaps at the border: evidence from multi-... more Data, programs and instructions to replicate "Price gaps at the border: evidence from multi-country household scanner data" (2020) by Guenter W. Beck, Hans-Helmut Kotz and Natalia Zabelina.

Studies in Nonlinear Dynamics & Econometrics, 2018

This paper investigates the effect of financial fragmentation on the monetary transmission mechan... more This paper investigates the effect of financial fragmentation on the monetary transmission mechanism in different Euro area economies, categorized into two groups: countries considered as “core” economies and countries characterized as “peripheral” economies. We analyze the effects of financial fragmentation on the monetary transmission mechanism through the traditional interest rate channel. To gauge the impact of changes in policy rates on the behavior of real variables such as aggregate output and employment we use a Smooth Transition VAR (VSTAR) model. Employing a nonlinear multivariate time series approach helps us capture the regime-dependent dynamics of the variables under study. The results obtained show that money market rates targeted by the central bank do not completely pass through to banks’ lending rates to firms, particularly in a financially fragmented environment. This finding supports the hypothesis of an impairment of the monetary transmission mechanism as a resul...

Les activités deshadow bankingdans un contexte de bas taux d’intérêt : une perspective de flux financiers

Revue d'économie financière, 2016

Very low policy rates as well as the substantial redesign of rules and supervisory institutions h... more Very low policy rates as well as the substantial redesign of rules and supervisory institutions have changed background conditions for the Euro Area?s financial intermediary sector substantially. Both policy initiatives have been targeted at improving societal welfare. And their potential side effects have been discussed intensively, in academic as well as policy circles. Very low policy rates and correspondingly low market rates are likely to whet investors? risk taking incentives. Concurrently, the tightened regulatory framework, in particular for banks, increases the comparative attractiveness of the less regulated, so-called shadow banking sector. Employing flow-of-funds data for the Euro Area?s non-bank banking sector we take stock of recent developments in this part of the financial sector. In addition, we examine to which extent low interest rates have had an impact on investment behavior. Our results reveal a declining role of banks and, simultaneously, an increase in non-bank banking. Overall intermediation activity, hence, has remained roughly at the same level. Moreover, our findings also suggest that non-bank banks have tended to take positions in riskier assets, particularly in equities. In line with this observation, balance-sheet based risk measures indicate a rise in sector-specific risks in the non-bank banking sector when narrowly defined. Classification JEL: E43, G11, G21, G23.

Les capitales financières : la place de Francfort et ses perspectives

Revue d'économie financière, 2007

ABSTRACT Financial locations : Frankfurt’s place and perspectives The introduction of a common cu... more ABSTRACT Financial locations : Frankfurt’s place and perspectives The introduction of a common currency as well as the harmonization of rules and regulations in Europe has significantly reduced distance in all its guises. With reduced costs of overcoming space, this emphasizes centripetal forces and it should foster consolidation of financial activity. In a national context, as a rule, this led to the emergence of one financial center. Hence, Europeanization of financial and monetary affairs could foretell the relegation of some European financial hubs such as Frankfurt and Paris to third-rank status. Frankfurt’s financial history is interesting insofar as it has lost (in the 1870s) and regained (mainly in the 1980s) its preeminent place in the German context. Because Europe is still characterized by local pockets of information-sensitive assets as well as a demand for variety the national analogy probably does not hold. There is room in Europe for a number of financial hubs of an international dimension, including Frankfurt. JEL classification : F15, F36, G1, G2, N20, R12

À Francfort : vers un assèchement des réserves d'épargne mondiale ?

Revue d'économie financière, 1990

Kotz Hans-Helmut. À Francfort : vers un assèchement des réserves d'épargne mondiale ?. In: Re... more Kotz Hans-Helmut. À Francfort : vers un assèchement des réserves d'épargne mondiale ?. In: Revue d'économie financière, n°15, 1990. Le financement de l’économie mondiale : les perspectives, sous la direction de Patrick Artus, Anton Brender et Jean-Marie Thiveaud. pp. 227-231

Perspectives du secteur bancaire : déconstruction et reconfiguration

Revue d'économie financière, 2005

[fre] Pour les investisseurs individuels, les banques sont des organismes de placement qui propos... more [fre] Pour les investisseurs individuels, les banques sont des organismes de placement qui proposent accessoirement des services supplementaires. Pour les emprunteurs potentiels, les banques constituent une source de financement parmi d’autres, du moins pour les plus importants d’entre eux. A ce titre, les banques offrent des produits fortement integres dont les caracteristiques economiques sous-jacentes tendent vers la desintegration. Cependant, il n’y a pas de logique inexorable conduisant a la mort des banques. Pour les situations difficiles a evaluer ainsi que pour les besoins des particuliers representatifs, la commodite et la confiance sont essentielles. Toutefois, compte tenu de l’evolution du contexte reglementaire et technologique, les structures institutionnelles existantes risquent d’etre mises a mal. C’est particulierement vrai en Europe, ou, en raison du marche et de la monnaie uniques, les obstacles a la realisation d’operations intra-europeennes tendent a disparaitre. . Classification JEL : F36, G21 [eng] Perspectives on banking : a future of de-construction and re-configuring . From a retail investor’s perspective, banks are essentially mutual funds, with some additional services (in particular : payments facilities) on the side. As concerns prospective borrowers, banks provide a funding source - amongst others, at least for larger debtors. In this light, banks offer highly bundled - or joint - products, the underlying economics of which strives towards dis-integration. Nevertheless, there is no inexorable logic leading ultimately to the demise of banks. For positions difficult to judge as well as for the typical/representative retail client’s needs, convenience and trust are of the essence. With regulatory and technological background conditions however changing, existing or prevailing institutional set-ups are vulnerable to be overthrown. This holds true in particular in the European case, where, as an upshot of the single market as well as the common currency, impediments to doing business in a cross-European dimension are ever more vanishing. . JEL classification : F36, G21

À Francfort : questions épineuses et écarts conceptuels

Revue d'économie financière, 1993

Pendant l'unification consensuelle. coordination un moment, en En interne ajournant un l'... more Pendant l'unification consensuelle. coordination un moment, en En interne ajournant un l'Allemagne mot, a eu la la politique des charge. a pris effets fiscale conge En secondaires outre de a releve son P echec orientation le pervers defi de de la consensuelle. En un mot, la politique fiscale a releve le defi de l'unification en ajournant la charge. En outre P echec de la coordinat on nter e a eu des effets secondaires pervers desarconnants pour nos partenaires du SME. Hors d'Allemagne, les taux d'interet reels ont augmente face a un ecart de production croissant et aux problemes d'emploi subsequents. Pour ce qui concerne le processus de Maastricht d'integration monetaire europeenne, nous sommes nonobstant les discours et les attitudes publiques revenus a la case depart. Sur cet arriere-plan, la partie occidentale de l'Allemagne connait aujourd'hui une recession glacante et pourtant publiquement reconnue. Reduite d'environ 1,25 % sur 1991, la production etait deja faible l'annee passee. Pourtant, commencee au printemps, le ralentissement a pris de l'elan. La production a dramatiquement diminue, en meme temps que s'amoindrissaient les recettes. Durant le premier trimestre 1993, le secteur industriel va montrer un declin annuel d'approximativement 12 °/p. Les coups les plus durs se portent sur le capital et les biens de premiere necessite. Cela reflete, pour commencer, les coupes dans les depenses en capital dues au retrecissement du marche de l'exportation en Europe. Dans 277

À Francfort : la consolidation fiscale

Revue d'économie financière, 1989

Kotz Hans-Helmut. À Francfort : la consolidation fiscale. In: Revue d'économie financière, n°... more Kotz Hans-Helmut. À Francfort : la consolidation fiscale. In: Revue d'économie financière, n°10, 1989. Articles divers, Finance et Révolution : Dossier . pp. 174-177

À Francfort: Krach ! Quel krach?

Revue d'économie financière, 1988

Helmut Kotz Hans. À Francfort: Krach ! Quel krach?. In: Revue d'économie financière, n°5-6, 1... more Helmut Kotz Hans. À Francfort: Krach ! Quel krach?. In: Revue d'économie financière, n°5-6, 1988. À propos de la crise financière : les relations entre finance et économie, sous la direction de Christian de Boissieu et Yves Ullmo. pp. 296-300