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The role of investment banking for the German economy: Final report for Deutsche Bank AG, Frankfurt/Main

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Author Info

  • Schröder, Michael
  • Borell, Mariela
  • Gropp, Reint
  • Iliewa, Zwetelina
  • Jaroszek, Lena
  • Lang, Gunnar
  • Schmidt, Sandra
  • Trela, Karl

Abstract

The aim of this study is to assess the contributions of investment banking to the economy with a particular focus on the German economy. To this end we analyse both the economic benefits and the costs stemming from investment banking. The study focuses on investment banks as this part of banking is particularly relevant for financing companies as well as the development and use of specific products to support the needs of private and professional clients. The assessment of benefits and costs of investment banking has been conducted from a European perspective. Nevertheless there is a focus on the German economy to allow a more detailed analysis of certain aspects as for example the use of derivatives by German companies, the success of M&As in Germany or the effect of securitization on loan supply and GDP in Germany. For comparison purposes other European countries and also the U.S. have been taken into account. The last financial crisis has shown the negative impacts of banks on the financial system and the whole economy. In a study on the contribution of investment banks to systemic risk we quantify the negative side of the investment banking business. In the last part of the study we assess how the effects of regulatory changes on investment banking. All important changes in banking and capital market regulation are taken into account such as Basel III, additional capital requirements for systemically important financial institutions, regulation of OTC derivatives and specific taxes. --

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Paper provided by ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research in its series ZEW Dokumentationen with number 12-01.

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Date of creation: 2012
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Handle: RePEc:zbw:zewdok:1201

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  1. Aghion, Philippe & Bacchetta, Philippe & Rancière, Romain & Rogoff, Kenneth, 2009. "Exchange rate volatility and productivity growth: The role of financial development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 56(4), pages 494-513, May.
  2. Thorsten Beck & Asli Demirguc-Kunt & Luc Laeven & Ross Levine, 2004. "Finance, Firm Size, and Growth," NBER Working Papers 10983, National Bureau of Economic Research, Inc.
  3. Bertrand, Marianne & Schoar, Antoinette S & Thesmar, David, 2004. "Banking Deregulation and Industry Structure: Evidence from the French Banking Reforms of 1985," CEPR Discussion Papers, C.E.P.R. Discussion Papers 4488, C.E.P.R. Discussion Papers.
  4. Harford, Jarrad, 2005. "What drives merger waves?," Journal of Financial Economics, Elsevier, Elsevier, vol. 77(3), pages 529-560, September.
  5. Nicola Cetorelli, 2001. "Banking Market Structure, Financial Dependence and Growth: International Evidence from Industry Data," Journal of Finance, American Finance Association, American Finance Association, vol. 56(2), pages 617-648, 04.
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Cited by:
  1. Lang, Gunnar & Schröder, Michael, 2013. "Do we need a separate banking system? An assessment," ZEW Discussion Papers, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research 13-011, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.

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