Contents 1 Prof. Dr. Claudia M. Buch 1.1 Main Areas of Research: 1.2 Selected IAW - Publications: 1.3 Selected Publications in refereed Journals: 1.4 Selected Publications in non-refereed Journals: 1.5 Selected Articles, Monographs und Anthologies: 1.6 Selected external Discussion Papers / Working Papers:

Prof. Dr. Claudia M. Buch

IAW:

Phone: +49 7071 9896 11

Fax: +49 7071 9896 99

eMail: claudia.buch@iaw.edu

University:

Phone: +49 7071 297 29 62

Fax: +49 7071 29 5071

eMail:claudia.buch@uni-tuebingen.de

Claudia M. Buch has been Scientific Director of the Institute for Applied Economic Research (Institut für Angewandte Wirtschaftsforschung Tübingen) since January 2005.

Since 2004 a member, and since 2008 chairperson of the Scientific Advisory Board to the German Ministry of Economics.

Claudia M. Buch joined the University of Tübingen in January 2004 where she holds the chair for International Finance and Macroeconomics. She has been a member of the Council of Economic Advisers to the Federal Ministry of Economics and Technology since 2004.

She was affiliated with the Kiel Institute for World Economics (Germany) from 1992 to 2003 where she was head of the research area 'Financial Markets'.

She graduated from the University of Bonn, Germany, with a Master of Economics in 1991 and from the University of Wisconsin with a Master of Business Administration in 1989. She received a Ph.D. in Economics from the University of Kiel in 1996 and a Habilitation (German post-doc degree) in 2002.

She has been a visiting scholar at the Salomon Center for the Study of Financial Institutions (New York University), at the University of Michigan (Ann Arbor), at the National Bureau of Economic Research (Cambridge MA), and at the Research Centre of the Deutsche Bundesbank (Frankfurt a. M.).

Further Information [here].

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Main Areas of Research:

• International finance and macroeconomics, international financial markets, financial integration
• Business cycle and employment volatility
• International banking, foreign direct investment, mergers and acquisitions
• Economics of transition, migration, worker remittances

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Selected IAW - Publications:

IAW-Diskussionspapiere / Discussion Papers

• Financial Constraints and the Margins of FDI  –  IAW Discussion Paper 54, November [261 kB]
  with Monika Schnitzer, Alexander Lipponer, Iris Kesternich

• Barriers to Internationalization: Firm-Level Evidence from Germany  –  IAW Discussion Paper 52, September [179 kB]
  with Anselm Mattes, Christian Arndt

• Trade's Impact on the Labor Share: Evidence from German and Italian Regions  –  IAW Discussion Paper 46 [269 kB]
  with Farid Toubal, Paola Monti

• Openness and Income Disparities: Does Trade Explain The 'Mezzogiorno' Effect?  –  IAW Discussion Paper 41 [1146 kB]
  with Paola Monti

• Banking Globalization: International Consolidation and Mergers in Banking  –  IAW Discussion Paper 38 [226 kB]
  with Gayle L. DeLong

• Multinational Firms and New Protectionism  –  IAW Discussion Paper 33 [180 kB]
  with Jörn Kleinert

• International Banking and the Allocation of Risk  –  IAW Discussion Paper 32 [239 kB]
  with Katja Neugebauer

• International Bank Portfolios: Short- and Long-Run Responses to the Business Cycle  –  IAW Discussion Paper 29 [389 kB]
  with Sven Blank

• Who Goes East? The Impact of Enlargement on the Patterns of German FDI  –  IAW Discussion Paper 24 [268 kB]

IAW-Report

• Multinational Firms: Better Than Their Reputation?  –  IAW-Report 01/05:1-32 ​
  with Jörn Kleinert

IAW-Policy-Reports

• Struktur, Determinanten und Auswirkungen ausländischer Direktinvestitionen in deutschen Bundesländern.  –  IAW Policy Reports Nr. 1, Oktober [612 kB]
  with Anselm Mattes, Christian Arndt, Julia Spies

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Selected Publications in refereed Journals:

• Money Demand in Hungary and Poland.  –  Applied Economics 33(8): 989-999 ​

• Economic Integration and FDI in Transition Economies: What Can We Learn About the German Data?  –  Vierteljahreshefte zur Wirtschaftsforschung 72(4): 594-610 ​
  with Farid Toubal

• Shocks at Large Banks and Banking Sector Distress: The Banking Granular Residual,  –  Journal of Financial Stability 5(4): 353-373., also available as Bundesbank Discussion Paper Series 2: Banking and Financial Studies No. 04/2009. ​
  with Katja Neugebauer, Sven Blank

• Do Weak Supervisory Systems Encourage Bank Risk-Taking?  –  Journal of Financial Stability, 4(1):23-39 ​
  with Gayle L. DeLong

• The Euro and Cross-Border Banking: Evidence from Bilateral Data  –  Comparative Economic Studies, 49(2): 389-410 [316 kB]
  with Sven Blank

• Financial Market Integration in the US - Lessons for Europe?  –  Comparative Economic Studies XLIV (1): 46-71 ​

• FDI versus Exports: Evidence from German Banks  –  Journal of Banking and Finance, 31(3): 805-826 ​
  with Alexander Lipponer

• Cross-Border Bank Mergers: What Lures the Rare Animal?  –  Journal of Banking and Finance 28(9): 2077-2102 ​
  with Gayle L. DeLong

• Clustering or Competition? The Foreign Investment Behaviour of German Banks  –  International Journal of Central Banking, 5: 135-168 ​
  with Alexander Lipponer

• Where Enterprises Lead, People Follow? Links Between Migration and German FDI  –  European Economic Review 50(8): 2017-2036 ​
  with Jörn Kleinert, Farid Toubal

• Business Cycles and FDI: Evidence from German Sectoral Data  –  Weltwirtschaftliches Archiv 141(4): 732-759 ​
  with Alexander Lipponer

• Capital Mobility and EU Enlargement.  –  Weltwirtschaftliches Archiv 135(4): 629-656 ​

• The Integration of Imperfect Financial Markets: Implications for Business Cycle Volatility.  –  Journal of Policy Modelling 27(7): 789-804 ​
  with Christian Pierdzioch

• Determinants and Effects of Foreign Direct Investment: Evidence from German Firm-Level Data.  –  Economic Policy 27(7): 789-804 ​
  with Jörn Kleinert, Farid Toubal, Alexander Lipponer

• Financial Openness and Business Cycle Volatility  –  Journal of International Money and Finance 24(5): 744-765 ​
  with Jörg Döpke, Christian Pierdzioch

• Exporting Financial Institutions Management via Foreign Direct Investment Mergers and Acquisitions  –  Journal of International Money and Finance 23(4): 333-366 ​
  with Gayle L. DeLong, A. N. Berger, R. DeYoung

• Cross-Border Banking and Transmission Mechanisms: Evidence from German Data  –  Applied Financial Economics 14 (16): 1137-1149 ​

• What Determines Maturity? An Analysis for Foreign Assets of German Commercial Banks. Kiel Institute of World Economics  –  Applied Financial Economics 13(5): 337-351 ​

• Heterogeneity in Lending and Sectoral Growth: Evidence from German Bank Level Data  –  International Economics and Economic Policy 3: 43-72 ​
  with Andrea Schertler, N. von Westernhagen

• Business Cycle Volatility in Germany  –  German Economic Review 5(4): 451-479 ​
  with Jörg Döpke, Christian Pierdzioch

• Capital Market Integration in Euroland? The Role of Banks  –  German Economic Review 1(4): 443-464 ​

• Information or Regulation: What Drives the International Activities of Commercial Banks?  –  Journal of Money, Credit, and Banking 35(6): 851-869 ​

• Determinants of Short-Term Debt  –  Journal of International Financial Markets, Institutions and Money 13: 157-170 ​
  with Lusine Lusinyan

• Are Banks Different? Evidence from International Data  –  International Finance 5(1): 97-114 ​

• Domestic and Foreign Banks in Germany: Do They Differ?  –  Kredit und Kapital 1/2002: 1-53 ​
  with S. M. Golder

• Foreign versus Domestic Banks in Germany and the US: A Tale of Two Markets?  –  Journal of Multinational Financial Management 11: 341-361 ​
  with S. M. Golder

• Capital and Trade Flows in Europe and the Impact of Enlargement  –  Economic Systems 25:183-214 ​
  with D. Piazolo

• Handling Banking Crises? The Case of Russia  –  Economic Systems 23 (2): 349-380 ​
  with Ralph P. Heinrich

• Russian Monetary Policy? Assessing the Track Record  –  Economic Systems 22 (2): 105-146 ​

• Real and Financial Integration in Europe? Evidence for the Accession States and for the Pre-Ins  –  Aussenwirtschaft 55(3): 371-402 ​
  with Jörg Döpke

• Why Do Banks Go Abroad? Evidence from German Data. Kiel Institute of World Economics  –  Journal of Financial Markets, Instruments and Institutions 9(1): 33-67 ​

• Foreign Competition and Disintermediation: No Threat to the German Banking System?  –  Banca Nazionale del Lavoro (BNL) Quarterly Review 53(6): 107-133 ​
  with S. M. Golder

• The Effectiveness of Capital Controls? The Case of Slovenia. Kiel Institute for World Economics  –  Journal of Economic Integration 15(4): 602-628 ​
  with Elke Hanschel

• Foreign Direct Investment in Europe: Is There Re-Direction from the South to the East?  –  Journal of Comparative Economics 31(1): 94-109 ​
  with R. Kokta, D. Piazolo

• The Value of Waiting? Russia's Integration into the International Capital Market  –  Journal of Comparative Economics 27: 209-230 ​
  with Christian Pierdzioch, Ralph P. Heinrich

• Twin Crises and the Intermediary Role of Banks  –  International Journal of Finance and Economics 4: 313-323 ​
  with Ralph P. Heinrich

• The Euro - No Big Bang for Financial Markets?  –  Konjunkturpolitik (Applied Economics Quarterly) 47: 11-78 ​
  with Susanne Lapp

• Distance and International Banking  –  Review of International Economics 13(4): 787-804 ​

• The Distance Puzzle: On the Interpretation of the Distance Coefficient in Gravity Equations  –  Economics Letters 83(3): 293-298 ​
  with Jörn Kleinert, Farid Toubal

• Der Euro: Krönung der Finanzmarktintegration in Europa?  –  Die Weltwirtschaft (1): 85-108 ​

• Finanzdienstleister in der Neuen Ökonomie: Eine neue Rolle der Banken?  –  Die Weltwirtschaft 4: 410-429 ​
  with S. M. Golder

• Wachstum und Volatilität internationaler Kapitalströme  –  Die Weltwirtschaft 4:390-409 ​
  with Christian Pierdzioch

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Selected Publications in non-refereed Journals:

• Globalisierung und Konjunkturzyklen  –  Wirtschaftsdienst 1:59-64 ​
  with Jörg Döpke, Christian Pierdzioch

• Portfoliodiversifikation und die Volatilität internationaler Kapitalströme  –  Wirtschaft und Statistik 9:544-548 ​
  with Christian Pierdzioch, Georg Stadtmann

• International Banking Portfolios: Short- and Long-Run Responses to the Business Cycle  –  CGFS Papers No. 29 ​
  with Sven Blank

• Cross-Border Diversification in Bank Asset Portfolio  –  ECB Working Paper 429, Federal Reserve Board and Economics Discussion Series 2004-26, and Norge Bank Working Paper ​
  with John C. Driscoll, Charlotte Ostergaard

• Financial Flows to Transitional Economies in an Integrated Europe  –  Economic Policy in Transitional Economies 9(2): 89-122 ​
  with D. Piazolo, Ralph P. Heinrich

• Banking Reform in Eastern Europe: An Institutional Approach  –  Economic Policy in Transitional Economies 3: 73-94 ​

• Capital Flows to Transition Economcies: How Risky ist Financial Integration? Paper prepared for the Project "Managing Capital Flows in the Transition Economies of Central and Eastern Europe"  –  International Center for Economic Growth Occasional Paper ​
  with Ralph P. Heinrich

• Capital Flows to Transition Economies - Magnitude and Policy Responses  –  Bank i Kredyt 1-2: 98-108 ​
  with Ralph P. Heinrich

• Financing the Transition - Risks and Benefits of Integration into the International Capital Market  –  Bank i Kredyt 1-2:84-97 ​
  with Ralph P. Heinrich

• Banking Reform in Central Europe - Entering the Secong Stage  –  Bank in Kredyt 27(11): 10-24 ​

• Shocks at Large Banks and Banking Sector Distress: The Banking Granular Residual  –  Deutsche Bundesbank Discussion Paper, Series 2: Banking and Financial Studies No 04/2009, 2009 [416 kB]
  with Katja Neugebauer, Sven Blank

• Diversification of Banks' International Portfolios: Evidence and Policy Lessons.  –  Zeitschrift für Wirtschaftspolitik 58(3): 355-370 ​
  with Katja Neugebauer

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Selected Articles, Monographs und Anthologies:

• Growth and Volatility: Firm-Level Evidence and the Impact of Openness  –  In: Dynamik Internationaler Märkte, hrsg. von Franz, Wolfgang; Hans-Jürgen Ramser und Manfred Stadler ​
  with Jörg Döpke

• Der deutsche Arbeitsmarkt in Zeiten globalisierter Märkte  –  Gutachten des Wissenschaftlichen Beirats beim Bundesministerium für Wirtschaft und Technologie (mit Co-Autoren) ​

• Foreign Bank Ownership A Bonus or Threat for Financial Stability?  –  In: Securing Financial Stability: Problems and Prospects for New EU Members, ed. by Bonnello, Michael C., pp. 45-83 ​
  with Jörn Kleinert, P. Zajc

• External and Internal Financial Structures in Europe: A Corporate Finance Perspective  –  Institute for New Technologies, Maastricht, INTECH ​
  with Andrea Schertler, Ralph P. Heinrich

• Is Foreign Control a Panacea? - On Governance and Restructuring of Commercial Banks in Transition Economies  –  In: Banking and Monetary Policy in Eastern Europe, ed. by Winkler, A., 43-71, MacMillan ​

• The Growth and the Volatility of International Capital Flows: Reconciling the Evidence  –  In: The World's New Financial Landscape: Challenges for Economic Policy, ed. by Siebert, Horst: 3-53 ​
  with Christian Pierdzioch

• Towards Universal Banking - Risks and Benefits for Transition Economics  –  In: Competition and Convergence in Financial Markets - the German and Anglo-American Models, ed. by Black, S. and M. Moersch, Amsterdam: 333-368 ​

• The Role of Financial Liberalization and Privatization: Lessons from Chile  –  In: Latin American and East European Economies in Transition: A Comparative View, ed. by Auroi, C.: 84-107 ​
  with Ralph P. Heinrich

• Financial Market Reform in the Successor States of the Former Soviet Union  –  In: Trade and Payments in Transforming Economies of Central and Eastern Europe, ed. by Orlowski, L. and D. Salvatore: 205-234 ​

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Selected external Discussion Papers / Working Papers:

• FDI an Domestic Investment: An Industry-Level View  –  Centre for European Policy Research. CEPR Discussion Paper 6464. London ​
  with Christian Arndt, Monika Schnitzer

• Great Moderation at the Firm Level? Unconditional vs. Conditional Output Volatility  –  CES-Ifo Working Paper 2324 ​
  with Jörg Döpke, Kerstin Stahn

• Regional Origins of Employment Volatility: Evidence from German States  –  CES-Ifo Working Paper 2296 ​
  with Martin Schlotter

• Macroeconomic Shocks and Foreign Assets of Banks  –  Kiel Institute for World Economics. Kiel Working Paper No. 1254 ​
  with Andrea Schertler, Kai Carstensen

• Business Cycle Volatility and Globalization: A Survey.  –  Kiel Institute for World Economics, Working Paper Nr. 1107, 2002 ​

• Volatile Multinationals? Evidence from the Labor Demand of German Firms  –  Deutsche Bundesbank, Economic Research Centre, Discussion Paper 22 ​
  with Alexander Lipponer

• Does Export Openness Increase Firm-Level Volatility?  –  Deutsche Bundesbank, ERC, Discussion Paper 40/2006 ​
  with Harald Strotmann, Jörg Döpke

• Determinants of German FDI: New Evidence from German Micro-Data.  –  Research Centre, Discussion Paper 09/2003, 2003 ​
  with Jörn Kleinert, Farid Toubal

• Bank-Specific Shocks and the Real Economy  –  FINESS Working Paper D.2.3 (2009). ​
  with Katja Neugebauer