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  1. The rise of bond financing in Europe
    Author: Darmouni, Olivier; Papoutsi, Melina
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond... more

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    DS 534
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    The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry of many smaller and riskier issuers. New issuers invest and grow, instead of simply repaying bank loans. Moreover, holdings of 'buy-and-hold' bond investors are large in aggregate but small for weaker issuers. Nevertheless, the bond investors' sell-off after March 2020 was largely directed at bonds of larger, safer issuers. This micro-evidence can shed light on the implications of corporate bonds market development for smaller firms and financial stability.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289951128
    Other identifier:
    hdl: 10419/264488
    Series: Working paper series / European Central Bank ; no 2663 (May 2022)
    Subjects: Corporate bond market; debt structure; disintermediation; financial fragility,ECB; monetary policy; quantitative easing; bond investors
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  2. A model for central bank digital currencies
    implications for bank funding and monetary policy
    Author: Groß, Jonas; Schiller, Jonathan
    Published: January 13, 2021
    Publisher:  Verein für Socialpolitik, [Köln]

    Central bankers express concerns that central bank digital currencies (CBDCs) might disintermediate commercial banks and facilitate bank runs. We analyze these concerns in a DSGE framework and provide a rationale for the disintermediation of the... more

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    Central bankers express concerns that central bank digital currencies (CBDCs) might disintermediate commercial banks and facilitate bank runs. We analyze these concerns in a DSGE framework and provide a rationale for the disintermediation of the banking sector. Our focus is on the central bank's options to counteract the adverse effects of losses in bank funding depending on different CBDC designs. We find that the central bank can stabilize the financial sector by acting as a lender of last resort or by actively governing demand for CBDC.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/242350
    Series: Jahrestagung 2021 / Verein für Socialpolitik ; 32
    Subjects: CBDC; financial stability; monetary policy; disintermediation; DSGE
    Scope: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  3. Design rules, volume 2: how technology shapes organizations
    chapter 16 capturing value by controlling bottlenecks in open platform systems
    Author: Baldwin, Carliss Y.
    Published: [2019]
    Publisher:  Harvard Business School, [Boston, MA]

    The purpose of this chapter is to investigate the means by which firms capture value in open platform systems. I begin by arguing that the surplus value created by complementarities within a technical system will be split among the owners of the... more

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    The purpose of this chapter is to investigate the means by which firms capture value in open platform systems. I begin by arguing that the surplus value created by complementarities within a technical system will be split among the owners of the unique and essential components—the strategic bottlenecks in the system. However, most platforms must also execute a series of steps which are subject to “flow production” bottlenecks. Finding and fixing these flow bottlenecks is another way to capture value.In addition, two types of platform improvements provide further opportunities for value capture. “Accelerators” speed up the processing of options, while “subsidiary” platforms increase the range of options available to users. Finally, members of a platform system or new entrants may seek to supplant the owner of a strategic bottleneck by “disintermediating” platform components. I describe four generic methods of disintermediation: substitution; reverse engineering; platform independent complements; and platform envelopment

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working paper / Harvard Business School ; 20, 054
    Harvard Business School, Harvard Business School Research Paper Series # 20-054
    Subjects: open platforms; bottlenecks; flow production; Value Capture; disintermediation; Production; Management
    Scope: 1 Online-Ressource (circa 25 Seiten)
  4. Design rules, volume 2: how technology shapes organizations
    chapter 17 the wintel standards-based platform
    Author: Baldwin, Carliss Y.
    Published: [2019]
    Publisher:  Harvard Business School, [Boston, MA]

    The purpose of this chapter is to use the theory of bottlenecks laid out in previous chapters to better understand the dynamics of an open standards-based platform. I describe how the Wintel platform evolved from 1990 through 2000 under joint... more

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    The purpose of this chapter is to use the theory of bottlenecks laid out in previous chapters to better understand the dynamics of an open standards-based platform. I describe how the Wintel platform evolved from 1990 through 2000 under joint sponsorship of Intel and Microsoft. I first describe a series of technical bottlenecks that arose in the early 1990s concerning the “bus architecture” of IBM-compatible PCs.Intel's management of buses demonstrates how, under conditions of distributed supermodular complementarity, a platform sponsor can reconfigure the modular structure of a technical system, property rights within the system, and its own zone of authority to increase system-wide throughput, while protecting its own strategic bottleneck from disintermediation.I go on to describe how Microsoft used platform envelopment to establish a second strategic bottleneck in productivity software and later to respond to the threat of disintermediation from platform-independent Internet browsers. I end the chapter by discussing the conditions under which shared platform sponsorship can be a long-term dynamic equilibrium

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working paper / Harvard Business School ; 20, 055
    Harvard Business School, Harvard Business School Research Paper Series # 20-055
    Subjects: open platforms; bottlenecks; Wintel platform; disintermediation; Hardware; Software; Business History; Computer Industry
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  5. Should central banks issue digital currency?
    Author: Sanches, Daniel; Keister, Todd
    Published: [2021]
    Publisher:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    Series: Working papers / Research Department, Federal Reserve Bank of Philadelphia ; 21, 37 (November 2021)
    Subjects: Monetary policy; public vs. private money; electronic payments; liquidity premium; disintermediation
    Scope: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  6. The future of banking in Europe
    Author: Schmidt, Reinhard H.
    Published: 2001
    Publisher:  Univ., Fachbereich Wirtschaftswiss., Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    DDC Categories: 330; 380; 650; 670
    Edition: Version March 2001
    Series: Working paper series / Johann Wolfgang Goethe-Universität Frankfurt, Fachbereich Wirtschaftswissenschaften : [...], Finance & accounting ; No. 72
    Subjects: Kreditwesen; Institutionalismus; Bank; Management; Internationaler Wettbewerb; Lieferant; Universalbank; Europa; Bank; Zukunft
    Other subjects: (stw)Finanzsystem; (stw)Institutioneller Wandel; (stw)Bankmanagement; (stw)Internationaler Wettbewerb; (stw)Lieferantenmanagement; (stw)Universalbank; (stw)Europa; Banking in Europe; financial systems; bank strategies; competition in banking; universal banking; non-profit banking; disintermediation; Hausbank; Arbeitspapier; Graue Literatur
    Scope: 24 S., graph. Darst., 30 cm
    Notes:

    Literaturverz. S. 22 - 24
  7. The future of banking in Europe
    Author: Schmidt, Reinhard H.
    Published: 2005
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    DDC Categories: 330; 380; 650; 670
    Series: Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 72
    Subjects: Kreditwesen; Institutionalismus; Bank; Management; Internationaler Wettbewerb; Lieferant; Universalbank; Europa; Bank; Zukunft
    Other subjects: (stw)Finanzsystem; (stw)Institutioneller Wandel; (stw)Bankmanagement; (stw)Internationaler Wettbewerb; (stw)Lieferantenmanagement; (stw)Universalbank; (stw)Europa; Banking in Europe; financial systems; bank strategies; competition in banking; universal banking; non-profit banking; disintermediation; Hausbank; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  8. German banks - a declining industry?
    Author: Hackethal, Andreas
    Published: 2003
    Publisher:  Univ.-Bibliothek Frankfurt am Main, Frankfurt am Main

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    RVK Categories: QB 910
    DDC Categories: 330; 380; 650; 670
    Series: Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2003,27
    Subjects: Bank; Sektoraler Strukturwandel; Kreditwesen; :z Geschichte 1971-2000; Kreditwesen; Deutschland; Bank
    Other subjects: (stw)1971-2000; (stw)Bank; (stw)Branchenentwicklung; (stw)Finanzsystem; (stw)Deutschland; Commercial banking; Germany; disintermediation; financial system; Disintermediation; Arbeitspapier; Graue Literatur
    Scope: Online-Ressource
  9. Trust and disintermediation
    evidence from an online freelance marketplace
    Author: Gu, Yuan; Zhu, Feng
    Published: [2018]
    Publisher:  Harvard Business School, [Boston, MA]

    As an intermediary improves trust between two sides of its market to facilitate matching and transactions, it faces an increased risk of disintermediation: with sufficient trust, the two sides may circumvent the intermediary to avoid the... more

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    As an intermediary improves trust between two sides of its market to facilitate matching and transactions, it faces an increased risk of disintermediation: with sufficient trust, the two sides may circumvent the intermediary to avoid the intermediary's fees. We investigate the relationship between increased trust and disintermediation by leveraging a randomized control trial on a major online freelance marketplace. Our results show that enhanced trust increases the chance for high-quality freelancers to be hired. When the trust level is sufficiently high, however, it also increases disintermediation, which offsets the revenue gains from the increase in the hiring of high-quality freelancers. We also identify heterogeneity across clients and freelancers in their tendencies to disintermediate

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: Working paper / Harvard Business School ; 18, 103
    Harvard Business School Technology & Operations Mgt. Unit Working Paper ; No. 18-103
    Subjects: disintermediation; intermediaries; online marketplace; Trust; Marketplace Matching
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  10. German banks
    a declining industry?
    Author: Hackethal, Andreas
    Published: 2003
    Publisher:  Center for Financial Studies, Frankfurt, Main

    This paper is a draft for the chapter German banks and banking structure of the forthcoming book The German financial system edited by J.P. Krahnen and R.H. Schmidt (Oxford University Press). As such, the paper starts out with a description of past... more

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    This paper is a draft for the chapter German banks and banking structure of the forthcoming book The German financial system edited by J.P. Krahnen and R.H. Schmidt (Oxford University Press). As such, the paper starts out with a description of past and present structural features of the German banking industry. Given the presented empirical evidence it then ar-gues that great care has to be taken when generalising structural trends from one financial system to another. Whilst conventional commercial banking is clearly in decline in the US, it is far from clear whether the dominance of banks in the German financial system has been significantly eroded over the last decades. We interpret the immense stability in intermediation ratios and financing patterns of firms between 1970 and 2000 as strong evidence for our view that the way in which and the extent to which German banks fulfil the central functions for the financial system are still consistent with the overall logic of the German financial system. In spite of the current dire business environment for financial intermediaries we do not expect the German financial system and its banking industry as an integral part of this system to converge to the institutional arrangements typical for a market-oriented financial system.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/72643
    Series: CFS Working Paper ; 2003/27
    Subjects: commercial banking; Germany; disintermediation; financial system
    Scope: Online-Ressource (39 S.), graph. Darst.