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Germany's Three-Pillar Banking System; Cross-Country Perspectives in Europe


  • International Monetary Fund


German banks tend to be less profitable than their foreign counterparts. This paper estimates the likely effect of the phaseout of state guarantees for public sector banks, reviews the various ways in which public policy could contribute to their restructuring, and discusses the various arguments for and against public involvement in banking.

Suggested Citation

  • International Monetary Fund, 2004. "Germany's Three-Pillar Banking System; Cross-Country Perspectives in Europe," IMF Occasional Papers 233, International Monetary Fund.
  • Handle: RePEc:imf:imfocp:233

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    References listed on IDEAS

    1. Maurice Obstfeld, 2001. "International Macroeconomics: Beyond the Mundell-Fleming Model," NBER Working Papers 8369, National Bureau of Economic Research, Inc.
    2. Smets, Frank & Wouters, Raf, 2002. "An estimated stochastic dynamic general equilibrium model of the euro area," Working Paper Series 0171, European Central Bank.
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