«CONTACT ADDRESS Professor Dr. Claudia M. Buch Deputy President Deutsche Bundesbank Wilhelm-Epstein-Strasse 14 60431 Frankfurt am Main Germany FIELDS ...»
CLAUDIA M. BUCH
Professor Dr. Claudia M. Buch
60431 Frankfurt am Main
FIELDS OF SPECIALIZATION
Financial stability, international finance and macroeconomics, international banking,
financial integration. Business cycles and employment volatility. International banking, foreign direct investment, mergers and acquisitions. Economics of transition.
EDUCATION2002 University of Kiel Habilitation (German post-doc degree) 1996 University of Kiel Dissertation 1991 – 1992 Kiel Institute for World Advanced Studies in International Economic Economics Policy Research 1985 – 1991 University of Bonn Diplom-Volkswirtin (Master in Economics) 1988 –1989 University of Wisconsin Master of Business Administration (MBA) (Eau Claire)
PROFESSIONAL ACTIVITIES AND AFFILIATIONS
I. CURRENT ACTIVITIES 1Representative of the Deutsche G7 Central Bank Deputy and G20 Central Bank Deputy Bundesbank Member of the German Financial Stability Commission (Ausschuss für Finanzstabilität, AFS) Member of the Committee on the Global Financial System (CGFS) Member of the Financial Stability Board's Standing Committee on Assessment of Vulnerabilities (SCAV)
Federal Ministry for Economic Member of the Academic Advisory Board (lifetime Affairs and Energy member since 2004, dormant since 2012)
Centre for European Economic Research Associate ‘International Finance and Financial Research (ZEW), Mannheim Management’ (2007 – 2013) Editorial Board Comparative 2013 – 2014 Economic Studies Editorial Board Jahrbuch fuer 2012 – 2014 Wirtschaftswissenschaften Editorial Board Empirica Until 2014 Editorial Board Applied Until 2014 Economics Quarterly
RESEARCH PROJECTSMarket Structure in Banking and Macroeconomic Stability. DFG research grant under the Priority Programme SPP1578 “Financial Market Imperfections and Macroeconomic Performance” (2012 – 2014) Europe’s Global Linkages and the Impact of the Financial Crisis: Policies for Sustainable Trade, Capital Flows, and Migration (Volkswagen Foundation “Europe and Global Challenges”) (2011 – 2013) European Firms In a Global Economy: Internal policies for external competitiveness (EFIGE) (EU-FP 7) (2008 – 2012) Financial Systems, Efficiency and Stimulation of Sustainable Growth (FINESS) (EU-FP7) (2008 – 2010) Regulatory Differences in European Banking: Implications for Cross-Border Banking and Financial Stability (DFG) (2006 – 2008) Multinational Enterprises: New Theories and Empirical Evidence from German Firm-Level Data (DFG) (2005 – 2007) Offshoring and the German Labor Market (BMWi) (2006) Economic Implications of the Use of Derivatives, Deutsche Forschungsgemeinschaft (German Science Association) (DFG) (1999 – 2001) The Economic Situation of Russia and the Republic of Belarus, German Federal Ministry of Economics (with DIW, Berlin, and IWH, Halle) (1997 – 1999) Opening up for Foreign Capital — Why Central and Eastern Europe Can Benefit, Volkswagen Foundation (1997 – 1998) Southern Enlargement of the EU, EU-ACE (with CEPS, Brussels) (1997) Banking Reform in Central and Eastern Europe, Volkswagen Foundation (1994 – 1995)
American Economic Review Economic Systems Economics of Transition European Economic Review German Economic Review IMF Staff Papers International Economic Review Journal of Comparative Economics Journal of Development Economics Journal of International Economics Journal of International Money and Finance Journal of Population Economics Journal of the European Economic Association Kredit und Kapital Oxford Economic Papers Scandinavian Journal of Economics Weltwirtschaftliches Archiv Zeitschrift fuer Wirtschafts- und Sozialwissenschaften Dutch National Science Foundation Estonian National Science Foundation German National Science Foundation (DFG) National Science Foundation (NSF) Swiss National Science Foundation
RESEARCH GRANTS AND SCHOLARSHIPS
Research grant, Thyssen Foundation, 2008 Research grant, Humboldt Foundation (TransCoop Program), 2003 – 2004 Research grant, Volkswagen Foundation, 2000 – 2001 Scholarship, Boettcher Foundation, 1991 – 1992 Scholarship, University of Bonn, 1988 – 1989
JOURNAL ARTICLESInternational Finance and Macroeconomics Macroeconomic Factors and Microlevel Bank Behavior, Journal of Money, Credit and Banking, Vol. 46(4), 715-751 (with S. Eickmeier and E. Prieto) (2014) Macroeconomic Shocks and Banks’ Foreign Assets. Journal of Money, Credit, and Banking 42(1): 171-188 (with K. Carstensen and A. Schertler) (2010) Cross-Border Diversification in Bank Asset Portfolio. International Finance 13(1): 79-108 (with J.C. Driscoll and C. Ostergaard) (2010) Openness and Income Disparities: Does Trade Explain The 'Mezzogiorno' Effect?
Weltwirtschaftliches Archiv 145(4): 667-688 (with P. Monti) (2010) International Bank Portfolios: Short- and Long-Run Responses to the Business Cycle. Review of International Economics 18(2): 289-306 (with S. Blank) (2010) Shocks at Large Banks and Banking Sector Distress: The Banking Granular Residual. Journal of Financial Stability 5(4): 353-373 (with S. Blank and K. Neugebauer) (2009) Openness and Growth: The Long Shadow of the Berlin Wall. Journal of Macroeconomics 31(3): 409-422 (with F. Toubal) (2009) Financial Openness and Business Cycle Volatility. Journal of International Money and Finance 24(5): 744-765 (with J. Doepke and C. Pierdzioch) (2005) Determinants of Short-Term Debt. Journal of International Financial Markets, Institutions and Money 13: 157–170 (with L. Lusinyan) (2003) Twin Crises and the Intermediary Role of Banks. International Journal of Finance and Economics 4: 313–323 (with R.P. Heinrich) (1999) Macroeconomic Volatility and Labor Markets Labor Market Volatility, Skills, and Financial Globalization. Macroeconomic Dynamics (with C.
Pierdzioch) (2013) Has Labor Income Become More Volatile? Evidence from International Industry-Level Data.
German Economic Review 14(4): 399–431 (2013) Regional Origins of Employment Volatility: Evidence from German States. Empirica 40(1): 1with M. Schlotter) (2013) Bank-Specific Shocks and the Real Economy. Journal of Banking and Finance 35(8): 2179with K. Neugebauer) (2011) Volatile Multinationals? Evidence from the Labor Demand of German Firms. Labour Economics 17(2): 345-353 (with A. Lipponer) (2010) Consumption Volatility and Financial Openness. Applied Economics 42(28): 3635-3649 (with S. Yener) (2010) Does Export Openness Increase Firm-Level Volatility? The World Economy 32(4): 531-551 (with J. Doepke and H. Strotmann) (2009) Great Moderation at the Firm Level? Unconditional vs. Conditional Output Volatility. B.E.
Journal of Economic Analysis & Policy 9(1) (Contributions) Article 20. (with J. Doepke and K. Stahn) (2009) Growth, Volatility, and Credit Market Imperfections: Evidence from German Firms. Journal of Economic Studies 35(3): 263-277 (with J. Doepke) (2008) Business Cycles and FDI: Evidence from German Sectoral Data. Weltwirtschaftliches Archiv 141(4): 732-759 (with A. Lipponer) (2005) The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility.
Journal of Policy Modelling 27(7): 789-804 (with C. Pierdzioch) (2005) Business Cycle Volatility in Germany. German Economic Review 5(4): 451-479.
(with J. Doepke and C. Pierdzioch) (2004) International Banking and Foreign Direct Investment Bank Lending, and Bank-Level Heterogeneity. IMF Economic Review 63 (4): 919-954 (with L.
Tonzer and M. Buchholz) (2015) International Banking and Liquidity Risk Transmission: Lessons from Across Countries. IMF Economic Review 63: 377-410 (with L. Goldberg), in: Mini-Symposium on International Banking, IMF Economic Review 63: 375-376.
Should I stay or should I go? Bank productivity and internationalization decisions. Journal of Banking and Finance 42: 266-282 (with C.T. Koch and M. Koetter) (2014) Financial constraints and foreign direct investment: firm-level evidence. Review of World Economics Weltwirtschaftliches Archiv 150 (2): 393-420 (with Iris Kesternich, Alexander Lipponer and Monika Schnitzer) (2014) Do Banks Benefit from Internationalization? Revisiting the Market Power-Risk Nexus. Review of Finance 17(4): 1401-1435 (with C.T. Koch and M. Koetter) (2013) Disentangling Barriers to Internationalization. Canadian Journal of Economics 45(1): 41-63 (with C. Arndt and A. Mattes) (2012) Size, Productivity, and International Banking. Journal of International Economics 85(2): 329with C.T. Koch and M. Koetter) (2011) FDI and Domestic Investment: An Industry-Level View. B.E. Journals of Economic Analysis and Policy 10(1): Article 69 (with M. Schnitzer and C. Arndt) (2010)
Exchange Rates and FDI: Goods versus Capital Market Frictions. The World Economy 31(9):
1185-1207 (with J. Kleinert) (2008)
Do weak supervisory systems encourage bank risk-taking? Journal of Financial Stability 4(1):
23-39 (with G. DeLong) (2008) FDI versus exports: Evidence from German banks. Journal of Banking and Finance 31(3): 805with A. Lipponer) (2007) The Euro and Cross-Border Banking: Evidence from Bilateral Data. Comparative Economic Studies 49(3): 389-410 (with S. Blank) (2007) Clustering or Competition? The Foreign Investment Behaviour of German Banks.
International Journal of Central Banking 5: 135-168 (with A. Lipponer) (2006) Determinants and Effects of Foreign Direct Investment: Evidence from German Firm-Level Data. Economic Policy 20(41): 52-110 (with A. Lipponer, J. Kleinert, and F. Toubal) (2005) Distance and International Banking. Review of International Economics 13(4): 787-804.
(2005) Heterogeneity in Lending and Sectoral Growth: Evidence from German Bank-level Data.
International Economics and Economic Policy 3(1): 43-72 (with A. Schertler and N. von Westernhagen) (2006) Cross-Border Bank Mergers: What Lures the Rare Animal? Journal of Banking and Finance 28(9): 2077-2102. (with G. DeLong) (2004) The Distance Puzzle: On the Interpretation of the Distance Coefficient in Gravity Equations.
Economics Letters 83(3): 293-298 (with J. Kleinert and F. Toubal) (2004) Exporting Financial Institutions Management via Foreign Direct Investment Mergers and Acquisitions. Journal of International Money and Finance 23(4): 333-366 (with A.N.
Berger, G. DeLong, and R. DeYoung) (2004) Cross-Border Banking and Transmission Mechanisms: Evidence from German Data. Applied Financial Economics 14 (16): 1137-1149 (2004) What Determines Maturity? An Analysis for Foreign Assets of German Commercial Banks.
Kiel Institute of World Economics. Applied Financial Economics 13(5): 337-351. (2003) Information or Regulation: What Drives the International Activities of Commercial Banks?
Journal of Money, Credit, and Banking 35(6): 851-869 (2003) Why Do Banks Go Abroad? – Evidence from German Data. Financial Markets, Institutions & Instruments 9(1): 33–67 (2000) Economics of Transition and Migration Worker Remittances and Capital Flows to Developing Countries. International Migration 48(5): 89-117 (with A. Kuckulenz) (2010) Where Enterprises Lead, People Follow? Links Between Migration and German FDI.
European Economic Review 50(8): 2017-2036 (with J. Kleinert and F. Toubal) (2006) Foreign Direct Investment in Europe: Is There Redirection from the South to the East?
Journal of Comparative Economics 31(1): 94–109 (with R. Kokta and D. Piazolo) (2003) Money Demand in Hungary and Poland. Applied Economics 33(8): 989–999 (2001)
Capital and Trade Flows in Europe and the Impact of Enlargement. Economic Systems 25:
183–214 (with D. Piazolo) (2001) Real and Financial Integration in Europe — Evidence for the Accession States and for the PreIns. Aussenwirtschaft 55(3): 371–402 (with J. Doepke) (2000) The Effectiveness of Capital Controls — The Case of Slovenia. Kiel Institute for World Economics. Journal of Economic Integration 15(4): 602–628 (with E. Hanschel) (2000) The Value of Waiting — Russia’s Integration into the International Capital Market. Journal of Comparative Economics 27: 209–230 (with R.P. Heinrich and C. Pierdzioch) (1999) Capital Mobility and EU Enlargement. Weltwirtschaftliches Archiv 135(4): 629–656 (1999) Handling Banking Crises — The Case of Russia. Economic Systems 23(4): 349–380 (with R.P.
Heinrich) (1999) Russian Monetary Policy — Assessing the Track Record. Economic Systems 22 (2): 105–146 (1998) Opening up for Foreign Banks — Why Central and Eastern Europe can Benefit. Economics of Transition 5(2): 339–366 (1997) Banking Markets and Financial Stability Uncertainty, Bank Lending, and Bank-Level Heterogeneity IMF Economic Review, Vol. 63, No.
4 (with M. Buchholz and L. Tonzer) (2015) Banking Market Structure and Macroeconomic Stability: Are Low-Income Countries Special?