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Contributions published at International Trade and Finance (Mathias Hoffmann)

Contribution
Mathias Hoffmann, Toshihiro Okubo, 'By a Silken Thread': regional banking integration and credit reallocation during Japan’s Lost Decade, In: Working paper series / Department of Economics, No. 102, 2021. (Working Paper) A key benefit from banking integration is that it allows credit to be reallocated to regions with high credit demand. Using the natural experiment of Japan’s lost decade, we show that this reallocation channel mitigated the real effects from the bank liquidity shock in prefectures with many bank-dependent SMEs. To account for the potential endogeneity of banking integration, we exploit the fact that regional segmentation of banking markets in Japan goes back to the institutions set up for silk export finance in the late 19th century. Using silk as an instrument for modern-day regional banking integration, we illustrate how the bias of the OLS estimate can provide information about unobserved cross-regional heterogeneity in bank-firm matches when only aggregate regional data is available. Our results highlight that well-integrated banking markets are important and complementary to bond markets in limiting macroeconomic asymmetries in a monetary union, in particular during major financial crises.
Mathias Hoffmann, Egor Maslov, Bent E. Sørensen, Iryna Stewen, Channels of Risk Sharing in the Eurozone: What Can Banking and Capital Market Union Achieve?, IMF Economic Review, Vol. 67 (3), 2019. (Journal Article) We study channels of risk sharing in the EMU before and after 2008, when the Great Recession started. Empirically, higher cross-border equity holdings and more direct bank-to-nonbank lending are associated with more risk sharing while interbank integration is not. Equity market integration in the EMU remains limited while banking integration is dominated by interbank integration. Further, interbank integration proved to be highly procyclical, which contributed to a freeze in risk sharing after 2008. Based on this evidence, and results from simulations of a stylized DSGE model, we discuss implications for banking union. Our results show that direct banking integration and capital market integration are complements and that robust risk sharing in the EMU requires integration on both fronts.
Jennifer Langenegger, The Global Financial Cycle, Capital Controls, and Output-Inflation Trade-Off, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Master's Thesis) null
Irina Rikkinen, Privately issued currencies and their potential based on the example of Bitcoin, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Santiago Cepeda, Helicopter money - Pathway to hyperinflation or a plausible solution for rekindling economies in crisis?, University of Zurich, Faculty of Business, Economics and Informatics, 2017. (Bachelor's Thesis) null
Adrian Bosshard, Interstate Banking Deregulation: The Impact of Regional Crises, University of Zurich, Faculty of Business, Economics and Informatics, 2016. (Master's Thesis) null
Avdo Shabani, Säkulare Stagnation, University of Zurich, Faculty of Business, Economics and Informatics, 2016. (Bachelor's Thesis) null
Sascha Künzle, Inflation forecasting since the financial- and economic crisis, University of Zurich, Faculty of Business, Economics and Informatics, 2016. (Bachelor's Thesis) null
Robin Steiger, What is the fair value of the Swiss Franc?, University of Zurich, Faculty of Business, Economics and Informatics, 2016. (Bachelor's Thesis) null
Lino Breitenmoser, Secular Stagnation and the Necessity of Economic Growth in Japan, University of Zurich, Faculty of Business, Economics and Informatics, 2016. (Bachelor's Thesis) null
Laurenz Mathei, UK and the European Business Cycle: A Case of European Convergence?, University of Zurich, Faculty of Business, Economics and Informatics, 2016. (Bachelor's Thesis) null
Jeffrey Näf, Re-evaluating Takahashi Korekiyo’s Role in Japan’s Recovery from the Great Depression, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2013. (Bachelor's Thesis) null
Basil Odermatt, Das Zusammenspiel von internationalem Handel, Finanzdienstleistungen und Infrastruktur, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2013. (Bachelor's Thesis) null
Cédric Loutan, Home bias in assets and trade costs: some cross-country evidence, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2013. (Bachelor's Thesis) null
Oliver A. Lohri, Vorhersage von Rohstoffpreisen mit Wechselkursen, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2013. (Bachelor's Thesis) null
Rafael Greminger, Staatliche Garantien, Moral Hazard und das Bankensystem in der Schweiz, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2013. (Bachelor's Thesis) null
Oliver Blum, Exchange rate and fundamentals: an empirical analysis, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2013. (Bachelor's Thesis) null
Lukas Gehrig, Has International Risk Sharing increased with Financial Globalization?, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2013. (Master's Thesis) null
Mathias Hoffmann, What drives China’s current account, Journal of International Money and Finance, Vol. 32 (2), 2013. (Journal Article) The paper offers an empirical taxonomy of the factors driving China’s current account. A simple present-value model with non-tradeable goods explains more than 70 percent of current account variability over the period 1982-2007, including the persistent surpluses since 2001. It also correctly predicts the decline of China’s current account since 2008. Expected increases in the prices of on-tradeables (e.g. housing and medical care) and expected declines in net output (GDP less investment and government spending) are the main channels of external adjustment. Much of China’s current account surplus seems driven by shocks that have global effects by persistently depressing the world real interest rate. This is consistent with recent theoretical models that suggest that factors related to China’s domestic financial development are key in understanding global imbalances.
Alexandra Janssen, The Swiss franc exchange rate and deviations from uncovered interest parity since the outbreak of the global financial crisis in 2008, University of Zurich, Faculty of Economics, Business Administration and Information Technology, 2013. (Bachelor's Thesis) null

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