Doktorarbeit: Die Auswirkungen der Finanzkrisen auf Repurchase Agreements

Die Auswirkungen der Finanzkrisen auf Repurchase Agreements

Theoretische Modifikationen und praktische Anwendung im Interbankenverkehr

Finanzmanagement, Band 114

Hamburg 2016, 218 Seiten
ISBN 978-3-8300-8530-0 (Print), ISBN 978-3-339-08530-6 (eBook)

Besichertes Kreditgeschäft, Elektronische Handelsplattform, Eurokrise, Europäische Zentralbank, Federal Reserve System, Finanzkrise, Finanzkrisen, Finanzmarktkrise, Geldmärkte, Geldmengensteuerung, Interbankenverkehr, Liquiditätsbeschaffung, Pensionsgeschäfte, Repo, Repogeschäfte, Repomarkt, Repurchase Agreements, Spreads

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Repurchase agreements are a central tool in daily business at central banks and commercial banks, and they supported the financial stability of the Eurosystem during the most recent financial crisis. The use of repurchase agreements differs depending on the purpose. They are an elementary tool for commercial banks to obtain short-term liquidity. But central banks also use repurchase agreements to control the money supply, directly and indirectly influencing the financial management of companies. If there is a change in the conditions for obtaining liquidity on money markets, commercial banks will adjust their lending, and companies will adjust their investment behaviour.

The study shows the influence that financial crises can have on repurchase agreements. In comparison to past global financial crises, the most recent financial crisis had the largest impact on repurchase agreements. But some parallels can also be drawn to previous financial crises. Selected parameters and indicators have been used for the study and synthesised through the descriptive method. For future financial crises, these parameters and indicators can be used as models for an analysis of the effects that a financial crisis will have on repurchase agreements. The empirical results also allow for the formulation of the first repo theory, which attempts to establish correlations between financial crises and all the significant parts of a liquidity-induced repurchase agreement. Repo theory refers to not only past, but also all future financial crises that will have a significant impact on money markets. This forms the basis for the definition of an approach on the ideal repurchase market.

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