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

  • Christina E. Bannier

    ()

  • Falko Fecht
  • Marcel Tyrell

Open-end real estate funds are of particular importance in the German bank-dominated 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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Paper provided by Department of Finance, Goethe University Frankfurt am Main in its series Working Paper Series: Finance and Accounting with number 165.

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Date of creation: 2008
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Handle: RePEc:fra:franaf:165
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