Menu Expand



Schackmann-Fallis, K., Weiss, M. Post-financial crisis times: Only a short phase of re-intermediation and re-direction to boring banking business models? Regulatory burden, fintech competition and concentration processes. Vierteljahrshefte zur Wirtschaftsforschung, 87(4), 87-117.
Schackmann-Fallis, Karl-Peter and Weiss, Mirko "Post-financial crisis times: Only a short phase of re-intermediation and re-direction to boring banking business models? Regulatory burden, fintech competition and concentration processes" Vierteljahrshefte zur Wirtschaftsforschung 87.4, , 87-117.
Schackmann-Fallis, Karl-Peter/Weiss, Mirko: Post-financial crisis times: Only a short phase of re-intermediation and re-direction to boring banking business models? Regulatory burden, fintech competition and concentration processes, in: Vierteljahrshefte zur Wirtschaftsforschung, vol. 87, iss. 4, 87-117, [online]


Post-financial crisis times: Only a short phase of re-intermediation and re-direction to boring banking business models? Regulatory burden, fintech competition and concentration processes

Schackmann-Fallis, Karl-Peter | Weiss, Mirko

Vierteljahrshefte zur Wirtschaftsforschung, Vol. 87 (2018), Iss. 4 : pp. 87–117

2 Citations (CrossRef)

Additional Information

Article Details

Author Details

Karl-Peter Schackmann-Fallis, Deutscher Sparkassen- & Giroverband (German Savings Banks Association, DSGV).

  • Karl-Peter Schackmann-Fallis, Dr, has been an Executive Member of the Board of the German Savings Banks Association (DSGV) since November 2004, with responsibility for the economics, politics and banking management division. Prior to this, he was Secretary of State for Finance in both Brandenburg and Saxony-Anhalt. After completing his PhD in Economics, he began his career at Germany’s Federal Ministry of Economics. As well as his responsibilities on the Board of the DSGV, Dr Schackmann-Fallis holds a number of other posts, including Chairman of the Supervisory Board of S-Rating GmbH, Managing Director of the Savings Banks Protection Scheme and Member of the Board of Administration as well as of the Risk and Credit Committee of the Landesbank Hessen-Thüringen. Since 2004 he has been a Member of the Advisory Board of the German Federal Financial Supervisory Authority (BaFin) and since September 2015 a Member of the European Economic and Social Committee (EESC).
  • Email
  • Search in Google Scholar

Mirko Weiß, Deutscher Sparkassen- & Giroverband (German Savings Banks Association, DSGV).

  • Mirko Weiß, Dr, studied economics at Otto-von-Guericke-University Magdeburg and Macquarie University Sydney; scholarship holder of the Studienstiftung des deutschen Volkes. 2009 Doctorate (Dr. rer. pol.) at the Faculty of Economics of the Otto-von-Guericke-University Magdeburg (Dissertation: Zur Geldpolitik im Eurowährungsraum – Beschreibung, Auswirkung und Ursachenanalyse von Inflationsunterschieden). Since 2008 advisor at the Deutscher Sparkassenund Giroverband (DSGV) in the field of “Sparkassen Policy, Banking Regulation, Deposit Insurance”. He is also lecturer at the Otto-von-Guericke-University Magdeburg in the economic master programme, a member of the Managerkreises der Friedrich-Ebert-Stiftung and member of the selection committee for the promotion of gifted students at the Studienstiftung des deutschen Volkes. Various German and English publications in the fields of structural issues of banking and financial markets, banking regulation, monetary policy and fiscal federalism.
  • Search in Google Scholar

Cited By

  1. The double bottom line of savings banks and credit cooperatives – Insights into lived practice

    Burgstaller, Johann | Dietl, Katharina | Stötzer, Sandra

    Zeitschrift für das gesamte Genossenschaftswesen, Vol. 74 (2024), Iss. 1 P.17 [Citations: 0]
  2. 'Tue Gutes und rede darüber?' Die Internetauftritte österreichischer Genossenschaftsbanken

    Dietl, Katharina | Pernsteiner, Helmut

    Zeitschrift für das gesamte Genossenschaftswesen, Vol. 72 (2022), Iss. 1 P.64 [Citations: 1]


  1. Alessandrini, P., G. Calcagnini and A. Zazzaro (2008): Asset Restructuring Strategies in Bank Acquisitions: Does Distance Between Dealing Partners Matter? Journal of Banking and Finance, 32 (5), 699–713.  Google Scholar
  2. Alessandrini, P., M. Fratianni, L. Papi and A. Zazzaro (2016): Banks Regions and Development after the Crisis and under the new Regulatory System. Credit and Capital Markets, 49 (4), 535–561.  Google Scholar
  3. Alessandrini, P., M. Fratianni and A. Zazzaro (2009): The Changing Geography of Banking and Finance: The Main Issues. In: P. Alessandrini, M. Fratianni and A. Zazzaro (eds.): The Changing Geography of Banking and Finance. New York, 1–14.  Google Scholar
  4. Alessandrini, P., and B. Nelson (2015): Simple Banking: Profitability and the Yield Curve. Journal of Money Credit and Banking, 47 (1), 143–75.  Google Scholar
  5. Alessandrini, P., L. Papi and A. Zazzaro (2003): Banks, Regions and Development. BNL Quarterly Review, 56 (224), 23–55.  Google Scholar
  6. Allen, F., and D. Gale (2000): Comparing Financial Systems, Cambridge, Mass. [et al.]  Google Scholar
  7. Alonso, R., W. Dessein and N. Matouschek (2008): When Does Coordination Require Centralization? American Economic Review, 98 (1), 145–179.  Google Scholar
  8. Anastasious, D., K. Drakos and S. Giannoulakis (2018): Are Bank Credit Standards Affected by the Business Cycle? Evidence from the Euro Area. Applied Economics Quarterly,64 (1), 5–16.  Google Scholar
  9. Ang, J. B. (2008): A Survey of Recent Developments in the Literature of Finance and Growth. Journal of Economic Surveys, 22 (3), 536–576.  Google Scholar
  10. Ash, P., C. Koch and T. F. Siems (2015): Too Small to Succeed?—Community Banks in a New Regulatory Environment, Dallas Fed: Financial Insights, 4 (4), 1–4.  Google Scholar
  11. Ayadi, R., R. H. Schmidt, S. C. Valverde, E. Arbak and F. R. Fernandez (2009): Investigating Diversity in the Banking Sector in Europe: The Performance and Role of Savings Banks.Brussels.  Google Scholar
  12. Barrell, R., E. P. Davis, T. Fic and D. Karim (2010): Is there a Link from Bank Size to Risk Taking? National Institute of Economic and Social Research Discussion Papers, No. 367.  Google Scholar
  13. Basel Committee on Banking Supervision/International Organization of Securities Commissions (2015): Criteria for Identifying Simple, Transparent and Comparable Securitisations. Basel.  Google Scholar
  14. Basel Committee on Banking Supervision (2018): Sound Practices: Implications of Fintech Developments for Banks and Bank Supervisors. Basel.  Google Scholar
  15. Behr, P., L. Norden and F. Noth (2013): Financial Constraints of Private Firms and Bank Lending Behavior. Journal of Banking and Finance, 37 (9), 3472–3485.  Google Scholar
  16. Behr, P., D. Foos and L. Norden (2017): Cyclicality of SME Lending and Government Involvement in Banks. Journal of Banking and Finance, 77, 64–77.  Google Scholar
  17. Behr, P., and R. H. Schmidt (2016): The German Banking System. In: T. Beck and B. Casu (eds.): The Palgrave Handbook of European Banking. London, 541–566.  Google Scholar
  18. Benvenuti, M. ,L. Casolaro, S. Del Petre and P. Mistrulli (2013): Loan Officer Authority and Small Business Lending: Evidence from a Survey. University Library of Munich MPRA Papers, No. 26475.  Google Scholar
  19. Berger, A. N., R. S. Demsetz and P. E. Strahan (1999): The Consolidation of the Financial Services Industry: Causes, Consequences, and Implications for the Future. Journal of Banking and Finance, 23 (2–4), 135–194.  Google Scholar
  20. Berger, A. N., R. De Young, H. Genay and G. F. Udell (2000): Globalization of Financial Institutions: Evidence from Cross-Border Banking Performance. Brookings Wharton Papers on Financial Services, 3, 23–120.  Google Scholar
  21. Berger, A. N., I. Hasan and L. Klapper (2004): Further Evidence on the Link between Finance and Growth: An International Analysis of Community Banking and Economic Performance. Journal of Financial Services Research, 25 (2), 169–202.  Google Scholar
  22. Berger, A. N., N. H. Miller, M. A. Pertersen, R. G. Rajan and J. C. Stein (2005): Does Function Follow Organizational Form? Evidence from the Lending Practices of Large and Small Banks. Journal of Financial Economics, 76 (1), 237–269.  Google Scholar
  23. Berrospide, J. M., L. K. Black and W. R. Keeton (2013): The Cross-Market Spillover of Economic Shocks through Multi-Market Banks. Federal Reserve Board Finance and Economics Discussion Series, No. 52.  Google Scholar
  24. Black, S. E., and P. E. Strahan (2002): Entrepreneurship and Bank Credit Availability. The Journal of Finance, 57 (6), 2807–2833.  Google Scholar
  25. Bonaccorsi, E. and G. Dell’Ariccia (2001): Bank Competition and Firm Creation. IMF Working Paper, No. 21.  Google Scholar
  26. Bonaccorsi, E. and G. Gobbi (2001): The Changing Structure of Local Credit Markets: Are Small Businesses Special? Journal of Banking and Finance, 25 (12), 2209–2237.  Google Scholar
  27. Boot, A. W. A. (2000): Relationship Banking: What Do We Know? Journal of Financial Intermediation, 9 (1), 7–25.  Google Scholar
  28. Borio, C., L. Gambacorta and B. Hofmann (2015): The Influence of Monetary Policy on Bank Profitability. BIS Working Papers, No. 514.  Google Scholar
  29. Boyd, J., and M. Gertler (1993): U.S. Commercial Banking: Trends, Cycles and Policy.NBER Macroeconomics Annual, 8, 319–367.  Google Scholar
  30. Brämer, P., H. Gischer, A. Pfingsten and T. Richter (2010): Der öffentliche Auftrag der deutschen Sparkassen aus der Perspektive des Stakeholder–Managements. Zeitschrift für öffentliche und gemeinwirtschaftliche Unternehmen, 33 (4), 313–334.  Google Scholar
  31. Brei, M., and A. Schclarek (2013): Public Bank Lending in Crisis Times. Journal of Financial Stability, 9 (4), 820–830.  Google Scholar
  32. Brewer, E., and J. Jagtiani (2013): How Much Did Banks Pay to Become Too–Big–To–Fail and to Become Systemically Important? Journal of Financial Services Research, 43 (1), 1–35.  Google Scholar
  33. Bülbül, D., R. H. Schmidt and U. Schüwer (2013): Savings Banks and Cooperative Banks in Europe. SAFE White Paper Series, No. 5.  Google Scholar
  34. Capelle-Blancard, G., and C. Labonne (2011): More Bankers, More Growth? Evidence from OECD Countries. CEPII Working Paper, No. 22.  Google Scholar
  35. Cecchetti, S., and E. Kharroubi (2015): Why Does Financial Sector Growth Crowd Out Real Growth? CEPR Working Paper, No. 10642.  Google Scholar
  36. Center for Financial Studies (2017): CFS–Umfrage: Das Drei-Säulen-Modell der deutschen Kreditwirtschaft hat sich bewährt – Für die Finanzierung des deutschen Mittelstands sind Sparkassen und Genossenschaftsbanken entscheidend. Frankfurt a. M.  Google Scholar
  37. Cetorelli, N., and L. Goldberg (2012): Banking Globalization and Monetary Transmission. Journal of Finance, 67 (5), 1811–1843.  Google Scholar
  38. Christians, U. (2010): Zur Ertragslage der Sparkassen und Genossenschaftsbanken in den strukturarmen Regionen Ostdeutschlands. In: U. Christians and K. Hempel (eds.): Unternehmensfinanzierung und Region: Finanzierungsprobleme mittelständischer Unternehmen und Bankpolitik in peripheren Wirtschaftsräumen. Hamburg, 231–253.  Google Scholar
  39. Christians, U., and S. Gärtner (2014): Kreditrisiko von Sparkassen in Abhängigkeit vom regionalen Standort und geschäftspolitischen Variablen. Zeitschrift für das gesamte Kreditwesen,67 (12), 620–626.  Google Scholar
  40. Civitas: Institute for the Study of Civil Society (2013): The German Sparkassen (Savings Banks): A Commentary and Case Study. London.  Google Scholar
  41. Clark, G. L., and K. O’Connor (1997): The Informational Content of Financial Products and the Spatial Structure of the Global Finance Industry. In: K. R. Cox (ed.): Spaces of Globalization: Reasserting the Power of the Local. New York, 89–114.  Google Scholar
  42. Cole, R. A., L. G. Goldberg and L. J. White (2004): Cookie-Cutter versus Character: The Micro Structure of Small Business Lending by Large and Small Banks. Journal of Financial and Quantitative Analysis, 39 (2), 227–251.  Google Scholar
  43. Cotugno, M., S. Monferra and G. Sampagnaro (2013): Relationship Lending, Hierarchical Distance and Credit Tightening: Evidence from the Financial Crisis. The Journal of Banking and Finance, 37 (5), 1372–1385.  Google Scholar
  44. Crémer, J., L. Garicano and A. Prat (2007): Language and the Theory of the Firm. Quarterly Journal of Economics, 122, 373–407.  Google Scholar
  45. De Grauwe, P. (2017): The Limits of the Market: The Pendulum between Government and Market. Oxford/New York.  Google Scholar
  46. De Haas, R., and N. Van Horen (2013): Running for the Exit: International Banks and Crisis Transmission. Review of Financial Studies, 26 (1), 244–285.  Google Scholar
  47. Degryse, H., N. Masschelein and J. Mitchell (2011): Staying, Dropping, or Switching: The Impacts of Bank Mergers on Small Firms. Review of Financial Studies, 24 (4), 1102–1140.  Google Scholar
  48. Dekle, R., and M. Lee (2015): Do Foreign Bank Affiliates Cut their Lending more than the Domestic Banks in a Financial Crisis? Journal of International Money and Finance, 50 (1), 16–32.  Google Scholar
  49. Demirgüç-Kunt, A., and H. Huizinga (1999): Determinants of Commercial Bank Interest Margins and Profitability: Some International Evidence. World Bank Economic Review, 13 (2), 379–408.  Google Scholar
  50. Demirgüç-Kunt, A., and R. Levine (2001): Bank-Based and Market-Based Financial Systems: Cross-Country Comparison. In: A. Demirgüç-Kunt and R. Levine (eds.): Financial Structure and Economic Growth. A Cross-Country Comparison of Banks, Markets and Development. Cambridge, 81–140.  Google Scholar
  51. Dessein, W. (2002): Authority and Communication in Organizations. The Review of Economic Studies, 69 (4), 811–838.  Google Scholar
  52. Deutsche Börse (2014): Best Practice Guide: Entry Standard für Unternehmensanleihen – Empfehlungen für Anleiheemissionen. Frankfurt a. M.  Google Scholar
  53. Deutsche Bundesbank (2015): Risks in the German Banking Sector. Financial Stability Review, 29–40.  Google Scholar
  54. DeYoung, R., D. Glennon and P. Nigro (2008): Borrower–Lender Distance, Credit Scoring,and Loan Performance: Evidence from Informational-Opaque Small Business Borrowers. Journal of Financial Intermediation, 17 (1), 113–143.  Google Scholar
  55. European Banking Authority (EBA) (2014): EBA Opinion on ‘Virtual Currencies’. EBA/Op/2014/08.  Google Scholar
  56. European Banking Authority (EBA) (2015): Opinion of the European Banking Authority on LendingBased Crowdfunding. EBA/Op/2015/03.  Google Scholar
  57. European Banking Authority (EBA) (2017): Discussion Paper on the EBA’s Approach to Financial Technology. EBA/DP/2017/02.  Google Scholar
  58. European Banking Authority (EBA) (2019): Report with Advice for the European Commission on Crypto-Assets. London.  Google Scholar
  59. European Commission (2018): Annual Report on European SMEs 2017/2018. Luxemburg.  Google Scholar
  60. Fecht, F., K. G. Nyborg and J. Rocholl (2008): The Price of Liquidity: Bank Characteristics and Market Conditions. Deutsche Bundesbank Discussion Paper Series 1: Economic Studies, No. 30.  Google Scholar
  61. Feldman, R., K. Heineckeand and J. Schmidt (2013): Quantifying the Costs of Additional Regulation on Community Banks. Federal Reserve Bank of Minneapolis Economic Policy Papers, No. 3.  Google Scholar
  62. Ferri, G. (1997): Branch Manager Turnover and Lending Efficiency: Local vs. National Banks. BNL Quarterly Review, 50 (March), 229–247.  Google Scholar
  63. Filomeni, S., G. F. Udell and A. Zazzaro (2016): Hardening Soft Information: How Far Has Technology Taken Us? University Ancona Money and Finance Research Group Working Paper Series, No. 121.  Google Scholar
  64. Finance Watch (2014): A Missed Opportunity to Revive “Boring” Finance? Brussels.  Google Scholar
  65. Financial Stability Board (FSB) (2017): Financial Stability Implications from FinTech: Supervisory and Regulatory Issues that Merit Authorities’ Attention. Basel.  Google Scholar
  66. Flögel, F., and S. Gärtner (2018): The Banking Systems of Germany, the UK and Spain from a spatial perspective: Lesson learned and what is to be done? IAT Discussion Paper, No. 1A.  Google Scholar
  67. Focarelli, D., F. Panetta and C. Salleo (2002): Why Do Banks Merge? Journal of Money,Credit and Banking, 34 (4), 1047–1066.  Google Scholar
  68. Fried, J., and P. Howitt (1980): Credit Rationing and Implicit Contract Theory. Journal of Money, Credit and Banking, 12 (3), 471–487.  Google Scholar
  69. Für-Grü (2017): Crowdfinanzierung in Deutschland Nr. 1/2017. Friedberg.  Google Scholar
  70. Gambacorta, L., and P. E. Mistrulli (2014): Bank Heterogeneity and Interest Rate Setting: What Lessons have we Learned since Lehman Brothers? Journal of Money, Credit and Banking, 46 (4), 753–778.  Google Scholar
  71. Gandhi, P., and H. Lustig (2010): Size Anomalies in US Bank Stock Returns: A Fiscal Explanation. NBER Working Papers, No. 16553.  Google Scholar
  72. Gärtner, S. (2009): Balanced Structural Policy: German Savings Banks from a Regional Economic Perspective. Brussels.  Google Scholar
  73. Gärtner, S., and J. Fernandez (2018): The Banking Systems of Germany, the UK and Spain from a spatial perspective: The Spanish Case. Gelsenkirchen (forthcoming).  Google Scholar
  74. German Council of Economic Experts (2015): Stability Risks from Low Interest Rates. Annual Report 2015/16. Wiesbaden, 180–200.  Google Scholar
  75. German Federal Ministry of Economic Affairs (2013): German Mittelstand: Engine of the German Economy. Berlin.  Google Scholar
  76. Giannetti, M., and L. Laeven (2011): The Flight Home Effect: Evidence from the Syndicated Loan Market during Financial Crises. Journal of Financial Economics, 104 (1), 23–43.  Google Scholar
  77. Gischer, H., and B. Herz (2016): Das Geschäftsmodell „Regionalbank“ auf dem amerikanischen Prüfstand. Credit and Capital Markets, 49 (2), 175–191.  Google Scholar
  78. Gischer, H., and P. Reichling (2010): The German Banking System and the Financial Crisis. In: B. Gup (ed.): The Financial and Economic Crisis: An International Perspective. Cheltenham, 69–78.  Google Scholar
  79. Gischer, H., and T. Spengler (2013): Verwaltungsrat einer Sparkasse: Aufgaben, Zusammensetzung und Herausforderungen. In: R. Hölscher and T. Altenhain (eds.): Handbuch Aufsichts- und Verwaltungsräte in Kreditinstituten: Rechtlicher Rahmen – Betriebswirtschaftliche Herausforderungen – Best Practices. Berlin, 201–214.  Google Scholar
  80. Gobbi, G., and E. Sette (2015): Relationship Lending during a Financial Crisis. Journal of the European Economic Association, 13 (3), 453–481.  Google Scholar
  81. Goldsmith, R. W. (1969): Financial Structure and Development. New Haven.  Google Scholar
  82. Government of Ireland (2018): Local Public Banking in Ireland: An Analysis of a Model for Developing a System of Local Public Banking in Ireland. Dublin.  Google Scholar
  83. Grote, M. H. (2004): Die Entwicklung des Finanzplatzes Frankfurt: Eine evolutionsökonomische Untersuchung. Berlin.  Google Scholar
  84. Hackethal, A., and R. Inderst (2015): Auswirkungen der Regulatorik auf kleine und mittlere Banken am Beispiel der deutschen Genossenschaftsbanken. Frankfurt a. M.  Google Scholar
  85. Hakenes, H., I. Hasan, P. Molyneux and R. Xie (2015): Small Banks and Local Economic Development. Review of Finance, 19 (2), 653–683.  Google Scholar
  86. Hall, P. A., and D. Soskice (2001): An Introduction to Varieties of Capitalism. In: P. A. Hall and D. Soskice (eds.): Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford [et al.], 1–70.  Google Scholar
  87. Hall, D., and T. A. Nguyen (2018): Economic Benefits of Public Services. Real-World Economics Review, No. 84, 100–153.  Google Scholar
  88. Handke, M. (2011): Die Hausbankbeziehung. Institutionalisierte Finanzlösungen für kleine und mittlere Unternehmen in räumlicher Perspektive. Berlin [et al.].  Google Scholar
  89. Hardie, I., and D. Howarth (2013): Framing Market-Based Banking and the Financial Crisis. In: I. Hardie and D. Howarth (eds.): Market-Based Banking and the International Financial Crisis. Oxford, 22–55.  Google Scholar
  90. Hauschild, S., and S. Kral (2013): Mittelstand setzt weiter auf Bankkredit. Betriebswirtschaftliche Blätter. 06.12.2013.  Google Scholar
  91. Hodgman, D. R. (1960): Credit Risk and Credit Rationing. The Quarterly Journal of Economics,74 (2), 258–278.  Google Scholar
  92. Hoskins, S. M., and M. Labonte (2015): An Analysis of the Regulatory Burden on Small Banks. Congressional Research Service Reports, R43999.  Google Scholar
  93. International Monetary Fund (2015): International Banking after the Crisis: Increasingly Local and Safer? Global Financial Stability Report, April, 55–91.  Google Scholar
  94. International Monetary Fund (2016): Impact of Low and Negative Rates on Banks. Global Financial Stability Report, April, 44–46.  Google Scholar
  95. Kay, J. (2015): Other People’s Money: Masters of the Universe or Servants of the People? London.  Google Scholar
  96. Koch, C. (2013): Regulatory Burden Rising. Federal Reserve Bank of Dallas: Annual Report 2012, 35–37.  Google Scholar
  97. Kotz, H.-H. (2009): Finanzstabilität und Liquidität: Der Geldmarkt als Kristallisationspunkt.In: A. Belke, H.-H. Kotz, S. Paul and C. M. Schmidt (eds.): Wirtschaftspolitik im Zeichen europäischer Integration: Festschrift für Wim Kösters anlässlich seines 65. Geburtstages, 247–262.  Google Scholar
  98. Kotz, H.-H. (2011): Enhancements in EU Financial Regulation: Have We Done Enough? In: Oesterreichische Nationalbank (ed.): 39th Economics Conference—The Future of European Integration: Some Economic Perspectives, 98–109.  Google Scholar
  99. Kotz, H.-H. (2014): SSM and ECB: Supra-Nationalization of Banking Politics. In: Oesterreichische Nationalbank (ed.): 42nd Economics Conference—Toward a European Banking Union: Taking Stock, 136–144.  Google Scholar
  100. Kotz, H.-H., and D. Schäfer (2013): Rating–Agenturen: Fehlbar und überfordert. Vierteljahrshefte zur Wirtschaftsforschung, 82 (4), 135–162.  Google Scholar
  101. Kotz, H.-H., and R. H. Schmidt (2017): Corporate Governance of Banks—A German Alternative to the ‚Standard Model‘. Goethe University Frankfurt, SAFE White Papers, No. 45.  Google Scholar
  102. Krugman, P. R. (2009): Making Banking Boring. The New York Times, 10 April 2009.  Google Scholar
  103. Krugman, P. R. (2010): Good and Boring. The New York Times, 1 February 2010.  Google Scholar
  104. Landier, A., V. B. Nair and J. Wulf (2009): Trade-Offs in Staying Close: Corporate Decision Making and Geographic Dispersion. Review of Financial Studies, 22 (3), 1119–1148.  Google Scholar
  105. Lange, M., and S. Paul (2017): Kumulative Auswirkungen der Bankenregulierung auf die Geschäftsmodelle von Genossenschaftsbanken. Zeitschrift für das gesamte Genossenschaftswesen,67 (4), 218–244.  Google Scholar
  106. Law, S. H., and N. Singh (2014): Does too much Finance Harm Economic Growth? Journal of Banking and Finance, 41 (April), 36–44.  Google Scholar
  107. Lee, N., and R. Brown (2017): Innovation, SMEs and the Liability of Distance: The Demand and Supply of Bank Funding in UK Peripheral Regions. Journal of Economic Geography, 17 (1), 233–260.  Google Scholar
  108. Levine, R. (2005): Finance and Growth: Theory and Evidence. In: P. Aghion and S. Durlauf (eds.): Handbook of Economic Growth 1A. Amsterdam [et al.], 865–934.  Google Scholar
  109. Loeper, E. (2017): Zwingen aufsichtliche Anforderungen zu anderen Betriebsgrößen? Praxis Sparkassen Management, No. 72, 16–23.  Google Scholar
  110. Liberti, J. M., and A. R. Mian (2009): Estimating the Effect of Hierarchies on Information Use. Review of Financial Studies, 22 (10), 4057–4090.  Google Scholar
  111. Lucchetti, R., L. Papi and A. Zazzaro (2001): Banks’ Inefficiency and Economic Growth: AMicro-Macro Approach. Scottish Journal of Political Economy, 48 (4), 400–424.  Google Scholar
  112. Marques, L. B., R. Correa and H. Sapriza (2013): International Evidence on Government Support and Risk Taking in the Banking Sector. IMF Working Paper, No. 94.  Google Scholar
  113. Mausbach, C., and D. B. Simmert (2016): Wie geht es weiter mit dem Markt für Mittelstandsanleihen? – ein Blick in die Glaskugel. Zeitschrift für das gesamte Kreditwesen, 69 (12), 591–593.  Google Scholar
  114. Mian A. (2006): Distance Constraints: The Limits of Foreign Lending in Poor Economies. Journal of Finance, 61 (3), 1465–1505.  Google Scholar
  115. Minsky, H. P. 1992): The Financial Instability Hypothesis. Levy Economics Institute of Bard College Working Papers, No. 74.  Google Scholar
  116. Mishkin, F. S. (2016): The Economics of Money, Banking, and Financial Markets. 11th edition. Boston [et al.].  Google Scholar
  117. Mookherjee, D. (2006): Decentralization, Hierarchies, and Incentives: A Mechanism Design Perspective. Journal of Economic Literature, 44 (2), 367–390.  Google Scholar
  118. Myrdal, G. (1957): Economic Theory and Under-developed Regions. London.  Google Scholar
  119. Ogura, Y., and H. Uchida (2014): Bank Consolidation and Soft Information Acquisition in Small Business Lending. Journal of Financial Services Research, 45 (2), 173–200.  Google Scholar
  120. Palley, T. L. (1997): Managerial Turnover and the Theory of Short-Termism. Journal of Economic Behavior and Organization, 32 (4), 547–557.  Google Scholar
  121. Petersen, M., and R. Rajan (1995): The Effect of Credit Market Competition on Lending Relationships. Quarterly Journal of Economics, 110, 407–443.  Google Scholar
  122. Pollard, J. S. (2003): Small Firm Finance and Economic Geography. Journal of Economic Geography, 3 (4), 429–452.  Google Scholar
  123. Popov, A., and G. F. Udell (2012): Cross–Border Banking, Credit Access, and the Financial Crisis. Journal of International Economics, 87 (1), 147–161.  Google Scholar
  124. Presbitero, A. F., G. F. Udell and A. Zazzaro (2014): The Home Bias and the Credit Crunch: A Regional Perspective. Journal of Money, Credit and Banking, 46 (s1), 53–85.  Google Scholar
  125. Puri, M., J. Rocholl and S. Steffen (2011): On the Importance of Prior Relationships in Bank Loans to Retail Customers. ECB Working Papers, No. 1395.  Google Scholar
  126. Radner, R. (1993): The Organization of Decentralized Information Processing. Econometrica,61 (5), 1109–1146.  Google Scholar
  127. Raworth, K. (2017): Doughnut Economics: Seven Ways to Think like a 21st–Century Economist. London.  Google Scholar
  128. Rehm, H. (2016): Perspektiven der künftigen Bankenstruktur. Zeitschrift für das gesamte Kreditwesen, 69 (12), 582–587.  Google Scholar
  129. Rousseau, P. L., and P. Wachtel (2011): What is Happening to the Impact of Financial Deepening on Economic Growth? Economic Inquiry, 49 (1), 276–288.  Google Scholar
  130. Sapienza, P. (2002): The Effects of Banking Mergers on Loan Contracts. Journal of Finance, 57 (1), 329–367.  Google Scholar
  131. Schackmann–Fallis, K.-P., and M. Weiß (2014): Régulation des marchés financiers et financement des entreprises. Revue d’économie financière, n° 114 (juin), 209–231.  Google Scholar
  132. Schackmann–Fallis, K.-P., M. Weiß and H. Gischer (2016): Differenzierte Regulierung – ein Plädoyer aus der Perspektive deutscher Sparkassen. Zeitschrift für das gesamte Kreditwesen, 69 (21), 1052–1055.  Google Scholar
  133. Schackmann-Fallis, K.-P., H. Gischer and M. Weiß (2017): A Case for Boring Banking and Re-Intermediation. FEMM Working Papers (Faculty of Economics and Management,University Magdeburg), No. 18.  Google Scholar
  134. Schäfer, D. (2018): Sparkassen als nächster Krisenherd? Wohl eher nicht! DIW Wochenbericht, 85 (43), 952.  Google Scholar
  135. Schamp, E. W. (2009): Das Finanzzentrum – ein Cluster: Ein multiskalarer Ansatz und seine Evidenz am Beispiel von Frankfurt/RheinMain. Zeitschrift für Wirtschaftsgeographie, 53 (1–2), 89–105.  Google Scholar
  136. Scharfstein, D. S., and J. C. Stein (2000): The Dark Side of Internal Capital Markets: Divisional Rent-Seeking and Inefficient Investment. Journal of Finance, 55 (6), 2537–2564.  Google Scholar
  137. Schiereck, D. (2018): Von der Bargeldzahlung zur digitalen Transaktion: Zur Zukunft des Bezahlens und der Zahlungsverkehrspartner. Bonn.  Google Scholar
  138. Schmidt, R. H. (2009): The Political Debate about Savings Banks. Business Review, 61, 366–392.  Google Scholar
  139. Schmidt, R. H. (2018): Microfinance—Once and Today. Credit and Capital Markets, 51 (2), 183–203.  Google Scholar
  140. Schmidt, R. H., H. D. Seibel and P. Thomes (2016): From Microfinance to Inclusive Banking: Why Local Banking Works. Weinheim.  Google Scholar
  141. Schmidt, R. H., and M. Tyrell (2004): What Constitutes a Financial System in General and the German Financial System in Particular? In: J. P. Krahnen and R. H. Schmidt (eds.): The German Financial System. Oxford, 19–68.  Google Scholar
  142. Schumacher, S., M. Lange and S. Paul (2019): Kumulative Auswirkungen der Regulierung auf die Geschäftsmodelle deutscher Sparkassen: Eine qualitativ-empirische Analyse. Credit and Capital Markets (forthcoming).  Google Scholar
  143. Scott, J. A. (2004): Small Business and the Value of Community Financial Institutions. Journal of Financial Services Research, 25 (2/3), 207–230.  Google Scholar
  144. Sekera, J. A. (2016): The Public Economy in Crisis: A Call for a New Public Economics. SpringerBriefs in Economics. Springer International Publishing.  Google Scholar
  145. Sekera, J. A. (2018): The Public Economy: Understanding Government as a Producer. A Reformation of Public Economics. Real-World Economics Review, No. 84, 36–99.  Google Scholar
  146. Siegert, C., and M. Willison (2015): Estimating the Extent of the ‘Too big to fail’ Problem –Review of Existing Approaches. Bank of England Financial Stability Paper, No. 32.  Google Scholar
  147. Skrastins, J., and V. Vig (2015): How Organizational Hierarchy Affects Information Production. Institute for Monetary and Financial Stability University Frankfurt Working Paper Series, No. 92.  Google Scholar
  148. Soussa, F. (2000): Too Big to Fail: Moral Hazard and Unfair Competition? In: L. Halme(ed.): Selected Issues for Financial Safety Nets and Market Discipline: Financial Stability and Central Banks. London, 5–31.  Google Scholar
  149. Stein, J. C. (2002): Information Production and Capital Allocation: Decentralized versus Hierarchical Firms. Journal of Finance, 57 (5), 1891–1921.  Google Scholar
  150. Strahan, P. E., and J. P. Weston (1998): Small Business Lending and the Changing Structure of the Banking Industry. Journal of Banking and Finance, 22 (6–8), 821–845.  Google Scholar
  151. Stuwe, A., M. Weiß and J. Philipper (2012): Rating Agencies: Are They Necessary, Superfluous, a Necessary Evil or Harmful? Bonn.  Google Scholar
  152. Thrift, N. (1994): On the Social and Cultural Determinants of International Financial Centres: the Case of the City of London. In: S. Corbridge, N. Thrift and R. Martin (eds.): Money, Power and Space. Oxford/Cambridge.  Google Scholar
  153. Tobin, J. (1984): On the Efficiency of the Financial System. Lloyd’s Bank Review, 153, 1–15.  Google Scholar
  154. Turner, A., A. Haldane, P. Wooley, S. Wadhwani, C. A. Goodhart, A. Smithers and A. Large et al. (eds.) (2010): The Future of Finance. London.  Google Scholar
  155. Uchida, H., G. F. Udell and N. Yamori (2012): Loan Officers and Relationship Lending to SMEs. Journal of Financial Intermediation, 21 (1), 97–122.  Google Scholar
  156. Ueda, K., and B. Weder di Mauro (2012): Quantifying Structural Subsidy Values for Systemically Important Financial Institutions. IMF Working Papers, No. 128.  Google Scholar
  157. United Nations Conference on Trade and Development (UNCTAD) (2013): Trade and Development Report 2013. Geneva.  Google Scholar
  158. Usai, S., and M. Vannini (2005): Banking Structure and Regional Economic Growth: Lessons from Italy. Annals of Regional Science, 39 (4), 691–714.  Google Scholar
  159. Uzzi, B., and R. Lancaster (2003): Relational Embeddedness and Learning: The Case of Bank Loan Managers and their Clients. Management Science, 49 (4), 383–399.  Google Scholar
  160. Van Hoose, D. (2010): The Industrial Organization of Banking: Bank Behavior. Market Structure, and Regulation. Berlin [et al.].  Google Scholar
  161. Verdier, D. (2002): Moving Money: Banking and Finance in the Industrialized World. Cambridge.  Google Scholar
  162. Völz, M., and M. Wedow (2009): Does Banks’ Size Distort Market Prices? Evidence for Too-Big-To-Fail in the CDS Market. Deutsche Bundesbank Discussion Paper Series 2: Banking and Financial Studies, No. 6.  Google Scholar
  163. Wedel, J. R. (2018): Bureaucracy Shouldn’t Be a Dirty Word: The Role of People-Responsive Bureaucracy in a Robust Public Economy. Real–World Economics Review, No. 84, 154–169.  Google Scholar
  164. White, W. R. (1998): The Coming Transformation of Continental European Banking? BIS Working Papers, No. 54.  Google Scholar
  165. Zhao, T., and D. Jones-Evans (2017): SMEs, Banks and the Spatial Differentiation of Access to Finance. Journal of Economic Geography, 17 (4), 791–824.  Google Scholar


Zusammenfassung: Die Analyse beleuchtet die Aspekte diversifizierter Marktstrukturen sowie regional ausgerichteter Geschäftsmodelle als vorteilhaft für Finanzstabilität. Heterogenität schützt vor gleichgerichtetem Marktverhalten. Regionale Kreditinstitute können das Problem asymmetrischer Informationen besser überwinden, insbesondere bei der Kreditvergabe an KMU. Darüber hinaus sind weitere gesellschaftspolitische Aspekte in die Bewertung einzubeziehen: finanzielle Einbindung, Präsenz in ländlichen Gebieten und der Abbau regionaler Disparitäten. Die umfangreiche Regulierung und Europäisierung der Aufsicht – bislang unter Vernachlässigung von Unterschieden im Risikoprofil und Institutsgrößen – erzwang jedoch eine höhere Mindestinstitutsgröße, was zu einem umfassenden Fusionstrend führte, der insbesondere kleinere und regional ausgerichtete Kreditinstitute negativ traf. Es scheint daher, dass der Prozess der Re-Intermediation und Wiederausrichtung des Bankgeschäfts auf einlagenbasierte Kreditvergabe, der nach der Finanzmarktkrise zu beobachten war, nur kurz währte. In Bezug auf jüngere Entwicklungen argumentieren wir, dass FinTech-Anwendungen vorhandene Bank- und Finanzdienstleistungen ergänzen, aber nicht ersetzen werden. Wir warnen jedoch vor bestehenden Regelungslücken und Möglichkeiten regulatorischer Arbitrage für FinTech-Anwendungen und BigTech-Ansätze

Summary: The analysis highlights the aspects of diversified market structures and of local, low-distance banking as advantageous for financial stability. Heterogeneity protects from uniform market behaviour. Local banking can better overcome the problem of asymmetric information, particular in SME lending. Moreover, connections to other socio-political aspects must be factored into the assessment: financial inclusion, presence in rural areas, and depletion of regional disparities. The vast regulation and Europeanisation of supervision, however,—so far neglecting differences in risk profiles and bank sizes—have imposed a higher minimum business size, which led to an extensive merger trend, especially negatively affecting smaller and regionally focussed credit institutions. So it seems that the process of re-intermediation and re-directing banking business back to deposit-based lending, taken place in the aftermath of the financial crisis, was of short length only. Regarding recent developments, we argue that FinTech applications are expected to complement, not to replace, existing banking and financial services. However, we warn against existing regulatory loopholes and regulatory arbitrage for FinTech applications and BigTech approaches.

Table of Contents

Section Title Page Action Price
Karl-Peter Schackmann-Fallis and Mirko Weiss: Post-financial crisis times: Only a short phase of re-intermediationand re-direction to boring banking business models? Regulatory burden, fintech competition and concentration processes 1
Summary 1
Zusammenfassung 1
Introduction: Prospects of a comeback of intermediation and “Boring Banking” in the light of recent regulation and financial innovations 2
1 Disintermediation: Consequences of doing without traditionalbanking services 4
1.1 How disintermediation was to overcome banking risks—and failed 4
1.2 Disintermediation and the crisis 5
1.3 Credit intermediation: Reduction of information asymmetry and moral hazard 6
2 Banking market structure: SME lending, regional disparity andsocial infrastructure 7
2.1 Local banking: First-hand, nonstandard information and regional resources 7
2.2 Lending policy of foreign banks during the crisis 9
2.3 Local banking: reduction of regional disparity, provision of infrastructure and structure of real economy 1
3 Regional elements in Germany’s banking market 1
3.1 Public-law credit institutions and the idea of a financial services network 1
3.2 Preference of long-term borrowing 1
3.3 Profitability of “boring” business models 1
4 Fintechs: Business strategies and the need for regulatory action 1
4.1 Fintechs and digitalization in the financial market 1
4.2 Impact on incumbent competitors and intermediation ties 1
4.3 Prudential treatment of fintechs 1
Adherence to the principle of same risk, same rules 1
Crowdfunding: Questionable leapfrog strategy 1
Need for transparency in brokering processes/information privacy/addressing cyber risks 1
In-depth analysis of risks to financial stability 2
Exemption from fees distorts competition 2
Cryptocurrencies: Prone to laundering, speculative and bad for the economy 2
5 Conclusion and economic policy implications 2
References 2