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Open-End Real Estate Funds in Germany – Genesis and Crisis

  • Christina E. Bannier

    (Commerzbank Professor of Corporate Finance/SME Finance, Frankfurt School of Finance and Management, Sonnemannstraße 9-11, D-60314, Frankfurt/M)

  • Falko Fecht

    (Deutsche Bundesbank Research Department, Wilhelm Epstein-Straße 14, D-60431 Frankfurt/M.)

  • Marcel Tyrell

    (European Business School, Endowed Chair of Economics of Financial Institutions, Schloß Reichartshausen, D-65375 Oestrich-Winkel)

Open-end real estate funds are of particular importance in the German bankdominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to open-end real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendation that have been raised.

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Article provided by Credit and Capital Markets in its journal Kredit und Kapital.

Volume (Year): 41 (2008)
Issue (Month): 1 ()
Pages: 9–36

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Handle: RePEc:kuk:journl:v:41:y:2008:i:1:p:9-36
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