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The palgrave handbook of european banking

THE PALGRAVE HANDBOOK OF
EUROPEAN BANKING
Edited by
Thorsten Beck and Barbara Casu

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The Palgrave Handbook of European Banking


Thorsten Beck  •  Barbara Casu
Editors

The Palgrave
Handbook of
European Banking

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Editors
Thorsten Beck
Cass Business School
City, University of London
London, UK

Barbara Casu
Cass Business School
City, University of London
London, UK

ISBN 978-1-137-52143-9    ISBN 978-1-137-52144-6 (eBook)
DOI 10.1057/978-1-137-52144-6
Library of Congress Control Number: 2016959995
© The Editor(s) (if applicable) and The Author(s) 2016
The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with
the Copyright, Designs and Patents Act 1988.
This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the
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not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective
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The publisher, the authors and the editors are safe to assume that the advice and information in this book are
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Printed on acid-free paper
This Palgrave Macmillan imprint is published by Springer Nature
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The registered company address is: The Campus, 4 Crinan Street, London, N1 9XW, United Kingdom


Preface

The European banking landscape has profoundly changed as a result of the
regulatory response to the 2007–8 global financial crisis and ensuing sovereign debt crisis in the Eurozone. Moreover, the extensive changes in the economic and regulatory environment have highlighted a number of unresolved


issues in European banking. This Handbook offers a comprehensive overview
of these key issues, taking stock after the recent crises and looking forward.
Although the new regulatory architecture is now mostly in place, its successful implementation depends crucially on how the Eurozone deals with the
legacy of the financial crises. Even after substantial regulatory reforms, debates
on further reforms needed to strengthen the EU regulatory framework to
limit future risks arising from the banking system are ongoing. The persistent
weakness of some Eurozone banking systems puts the implementation of the
newly agreed rules to a test.
It is against this background that this Handbook aims to provide an understanding of the key issues facing European banks. The Handbook is composed of five main parts. Part 1, European Banking: Through the Crisis and
Beyond, offers an overview of the European banking sector in terms of financial structure, ownership and business models and corporate governance, as
well as the payment system. Part 2, Performance and Innovation in European
Banking, discusses the key themes of bank competition, efficiency and performance. In addition, it looks at the impact of technological development on
the banking sectors and how banks are embracing the opportunities it offers.
Finally, it explores the issues of bank diversification and the relevance of small
business lending.
Part 3, Financial Stability and Regulation, addresses the key issues of financial reforms and the increasing complexity of financial regulation. It also looks
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vi  Preface

at the impact of state aid and the impact of monetary policy. Finally, it considers the increasing interactions between banks and markets. Part 4, Cross-­
border Banking, looks at recent trends in cross-border banking in Europe and
evaluates the establishment of the Banking Union. Finally, Part 5, European
Banking Systems, offers a detailed analysis of the main issues facing national
banking system in key European banking markets.
The chapters of this Handbook document major trends across European
banking systems and the implications of a changed regulatory and monetary
environment. Building upon a close interaction between researchers, practitioners and policy makers, this Handbook aims to provide the necessary tools
to understand the current practical and policy challenges.
London, July 2016


Thorsten Beck
Barbara Casu


Acknowledgements

This text could have never been completed without the help and support of a
number of individuals. First and foremost, we wish to thank the contributors
to this Handbook. We are delighted to have brought together an outstanding
group of experts, ranging from senior policy makers to academics, each with
a wealth of expertise in their field. Their expert contributions, together with
their commitment to the project, have helped us deliver a text that offers an
in-depth analysis of the key issues facing European banking.
We are indebted to Aimee Dibbens, Senior Commissioning Editor
Economics & Finance, whose enthusiasm was crucial in convincing us to
undertake the project. We also wish to thank the editorial team at Palgrave
Macmillan, in particular Alexandra Morton, Editorial Assistant Finance, who
has worked closely with us during the entire project ensuring a timely delivery
and high-quality content.
We would like to acknowledge the support of our home institution, Cass
Business School, City, University of London.
Finally, we wish to thank our families and friends for encouragement and
support. Thorsten Beck thanks his wife and sons for their patience with his
skewed work–life balance. Barbara Casu thanks her husband and her children
for their enthusiasm, their patience and support.

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Contents

Part I  European Banking: Through the Crisis and Beyond

1

  1 European Banking: An Overview3
T. Beck, B. Casu
  2 Financial Structure25
Sam Langfield, Marco Pagano
  3 Bank Diversification and Financial Conglomerates in Europe49
Panagiotis Dontis-Charitos, Sotiris Staikouras, Jonathan Williams
  4 Banks’ Business Models in Europe81
Rym Ayadi, Willem Pieter de Groen
  5 Ownership in European Banking103
John Goddard, Donal G. McKillop, John O.S. Wilson
  6 Pay Structures in European Banks135
Jens Hagendorff, Abhishek Srivastav

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x  Contents

Part II  Performance and Innovation in European Banking

157

  7 European Retail Payments Systems: Cost, Pricing,
Innovation and Regulation159
Wilko Bolt, Nicole Jonker, Mirjam Plooij
  8 Competition in EU Banking187
Olivier De Jonghe, Maaike Diepstraten, Glenn Schepens
  9 The Internet, Crowdfunding and the Banking Industry213
Armin Schwienbacher
10 Small Business Lending231
Santiago Carbo-Valverde, Francisco Rodríguez-Fernández
11 European Bank Efficiency and Performance: The Effects
of Supranational Versus National Bank Supervision257
Rients Galema, Michael Koetter

Part III  Financial Stability and Regulation

293

12 Regulatory Reforms in the European Banking Sector295
Elena Carletti, Agnese Leonello
13 Complexity in Regulation323
Andrew Haldane, Tobias Neumann
14 State Aid and Guarantees in Europe349
Reint Gropp, Lena Tonzer
15 The Bank Lending Channel of Monetary Policy: A Review
of the Literature and an Agenda for Future Research383
Mintra Dwarkasing, Narly Dwarkasing, Steven Ongena

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 Contents 
  

xi

16 The Interplay Between Banks and Markets:
Supervisory Stress Test Results and Investor Reactions409
Giovanni Petrella, Andrea Resti

Part IV  Cross-Border Banking

449

17 The Banking Union: An Overview and Open Issues451
Dirk Schoenmaker
18 Recent Trends in Cross-Border Banking475
Ralph De Haas, Neeltje van Horen

Part V  European Banking Systems

499

19 Banking in the UK501
Philip Molyneux
20 Banking in Italy521
Elena Beccalli, Claudia Girardone
21 The German Banking System541
Patrick Behr, Reinhard H. Schmidt
22 Banking in Spain567
Joaquin Maudos, Xavier Vives
23 Banking in France603
Laetitia Lepetit, Céline Meslier, Amine Tarazi
24 Credit Institutions, Ownership and Bank Lending
in Transition Economies623
Rainer Haselmann, Paul Wachtel, Jonas Sobott
Index645


List of Abbreviations

ACHs
ACM
ACPR
AE
AFECE

Automated Clearing Houses
Authority Consumer and Market (The Netherlands)
Autorité de contrôle prudentiel et de résolution
Allocative Efficiency
Association Française des Etablissements de Crédit et des
Entreprises d'investissement
AGP
Asset Guarantee Program
AISPs
Account Information Service Providers
AMA
Advanced Measurement Approach
AMAFI
Association Française des marchés financiers
AMEX
American Stock Exchange
AMF
Autorité des marché financiers
ASF
Association Française des Sociétés Financières
AT1
Additional Tier 1
ATM
Automated Teller Machine
ATMs
Automated Teller Machines
B2BBusiness-to-Business
BBAs
Basic Bank Accounts
BCBS
Basel Committee on Banking Supervision
BEEPS
Business Environment and Enterprise Performance Survey
BHCs
Bank Holding Companies
BIC
Business Identifier Code
BIS
Bank for International Settlements
BLS
Bank Lending Survey
BRRD
Bank Recovery and Resolution Directive
BTS
Binding Technical Standards
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xiv 

List of Abbreviations

BU
BUA
CAP
CAR
CASS
CCAR
CDCI
CDS
CE
CEBS
CEEC
CEO
CET
CFO
CGGs
CMA
CMU
COREP
CPMI
CPP
CR
CRD
D-SIIs
DFAST
DSGE
DTAs
EACB
EAPB
EBA
EBRD
EC
ECB
ECOFIN
ECSC
EDIS
EEA
EEC
EESA
EIOPA
EMIs

Banking Union
Banking Union Area
Capital Assistance Program
Cumulative Abnormal Returns
Current Account Switch Service
Comprehensive Capital Analysis and Review
Community Development Capital Initiative
Credit Default Swaps
Cost Efficiency
Committee of European Banking Supervisors
Central and Eastern European Countries
Chief Executive Officer
1 Common Equity Tier 1
Chief Financial Officer
Codes of Good Governance
Competition and Markets Authority (UK)
Capital Markets Union
Common Supervisory Reporting Framework
Committee on Payment and Market Infrastructures
Capital Purchase Program
Concentration Ratio
Capital Requirements Directive
Domestic Systemically Important Institutions
Dodd-Frank Act Stress Test
Dynamic Stochastic General Equilibrium Model
Deferred Tax Assets
European Association of Cooperative Banks
European Association of Public Banks
European Banking Authority
European Bank for Reconstruction and Development
European Commission
European Central Bank
EU Council of Finance
European Coal and Steel Community
European Deposit Insurance Scheme
European Economic Area
European Economic Community
Economy Emergency Stabilization Act
European Insurance and Occupational Pensions Authority
Electronic Money Institutions


  List of Abbreviations 
  

EMU
EPC
ESFS
ESM
ESMA
ESRB
EU
FAAF
FBF
FCA
FDI
FDIC
FGDR
FI
FPC
FROB
FSA
FSAP
FSB
FSF
FSMA
FX
G-SIBs
G-SIIs
GAAP
GDP
GIIPS
GMM
GVA
HHI
IAS
IBAN
IFR
IFRS
IGA
IICADD
IMF
IPOs

xv

Economic and Monetary Union
European Payment Council
European System of Financial Supervisors
European Stability Mechanism
European Securities and Markets Authority
European Systemic Risk Board
European Union
Financial Assets Acquisition Fund (Spain)
Fédération Bancaire Française
Financial Conduct Authority
Foreign Direct Investment
Federal Deposit Insurance Corporation
Fonds de Garantie des Dépôts et de Résolution
Financial Institutions
Financial Policy Committee
Fund for Orderly Restructuring of the Banking Sector (Spain)
Financial Services Authority (UK)
Financial Services Action Plan
Financial Stability Board
Financial Stability Forum
Financial Services Modernization Act
Foreign Exchange
Global Systemically Important Banks
Global Systemically Important Institutions
Generally Accepted Accounting Principles
Gross Domestic Product
Greece, Ireland, Italy, Portugal and Spain
Generalised Method of Moments
Gross Value Added
Herfindahl–Hirschman Index
International Accounting Standards
International Bank Account Number
Regulation on Interchange Fees (for Card-Based Payment
Transactions)
International Financial Reporting Standards
Intergovernmental Agreement
International Institute of Cooperatives Alphonse and
Dorimène-Desjardins
International Monetary Fund
Initial Public Offerings

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xvi 

List of Abbreviations

ISFS
International Initiative for Sustainable Financial Systems
JSTs
Joint Supervisory Teams
LCFIs
Large Complex Financial Institutions
LCR
Liquidity Coverage Ratio
LIBOR
London Interbank Offered Rate
LTILoan-to-Income
LTVLoan-to-Value
M&As
Merger and Acquisitions
MaRS
Macroprudential research network
MES
Marginal Expected Shortfall
MFIs
Monetary Financial Institutions
MIFs
Multilateral Interchange Fees
MLE
Maximum Likelihood Estimation
NASDAQ National Association of Securities Dealers Automated
Quotations
NCA
National Competent Authorities
NCBs
National Central Banks
NEIO
New Empirical Industrial Organization
NPLs
Non-Performing Loans
NSFR
Net Stable Funding Ratio
NYSE
New York Stock Exchange
OECD
Organisation for Economic Co-operation and Development
OLS
Ordinary Least Squares
OTC
Over the Counter
P&L
Profit and Loss
P2PPeer-to-Peer
PBT
Profits Before Tax
PE
Profit Efficiency
PIIGS
Portugal, Ireland, Italy Greece and Spain
PISPs
Payment Initiation Service Providers
PPI
Payment Protection Insurance
PRA
Prudential Regulatory Authority
PSD
Directive on Payment Services
QFIs
Qualifying Financial Institutions
R&D
Research and Development
ROA
Return on Assets
ROE
Return on Equity
RWA
Risk-Weighted Assets
SAFE
Survey of Access to Finance of Enterprises


  List of Abbreviations 
  

SAREB

xvii

Company for the Management of Assets proceeding from the
Restructuring of the Banking System (Spain)
SBA
Small Business Act (European Commission)
SCAP
Supervisory Capital Assessment Program
SCM
Synthetic Counterfactuals Method
SCPStructure-Conduct-Performance
SDIRB
Single Deposit Insurance and Resolution Board
SDM
Single Deposit Guarantee Mechanism
SEPA
Single Euro Payments Area
SFA
Stochastic Frontier Analysis
SHVShareholder-value
SIFI
Systemically Important Financial Institutions
SMEs
Small and Medium Enterprises
SMR
Senior Managers Regime (UK)
SRB
Single Resolution Board
SREP
Supervisory Review and Evaluation Process
SRF
Single Resolution Fund
SRM
Single Resolution Mechanism
SSEs
Significant Supervised Entities
SSM
Single Supervisory Mechanism
STVStakeholder-value
TARP
Troubled Asset Relief Program
TBTF
Too Big To Fail
TE
Technical Efficiency
TFEU
Treaty on the Functioning of the EU
TFP
Total Factor Productivity
TIP
Targeted Investment Program
TLAC
Total Loss-Absorption Capacity
TOC
Total Operating Costs
VaRValue-at-Risk
VLTROs Very Long Term Refinancing Operations

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Notes on contributors

Rym Ayadi  is Professor of International Finance and International Business at HEC
Montreal International Business School in, Montreal, Canada. She is Director of the
Alphonse and Dorimène Desjardins International Institute for Cooperatives and
Founding Director of the International Research Centre on Cooperative Finance
(IRCCF) at HEC Montreal. She is also Associate Senior Fellow at the Euro-­
Mediterranean University of Slovenia, Founding President of the Euro-Mediterranean
Economists Association in Barcelona and Scientific Director of the Euro-­
Mediterranean Network for Economic Studies. She has published widely on banking
and finance, financial regulation, financial development. She is senior member of
several high-level groups and scientific committees.
Elena Beccalli  is full Professor of Banking at the Faculty of Banking, Finance and
Insurance (Università Cattolica del Sacro Cuore), where she is the Dean of the
Faculty. She is Visiting Professor at the Department of Accounting and research associate at the Centre for Analysis of Risk and Regulation (both London School of
Economics), and academic fellow at the Centre for Responsible Banking and Finance
(University of St Andrews). She is department editor (financial institutions) of the
Journal of Financial Management, Markets and Institutions. She is the author of
numerous academic articles and books in the field of banking.
Patrick Behr  is Associate Professor of Finance at the Brazilian School of Public and
Business Administration at the Getulio Vargas Foundation, Rio de Janeiro, Brazil.
His areas of research are banking, corporate finance and microfinance. He has published two books and several articles in journals such as the Review of Finance and
Management Science. He has done referee work for American Economic Review, Review
of Finance, Review of Financial Studies, and World Development. He is currently a
director of the Brazilian Finance Association and co-founder and co-director of the
Center for Banking and Finance Research in Rio.

xix


xx 

Notes on contributors

Wilko Bolt  is a Senior Economist in the Economics and Research department at De
Nederlandsche Bank in Amsterdam. His current research focuses on the economics
of payments, the theory of two-sided markets and antitrust implications. He has
published in journals such as American Economic Review, European Economic Review,
Economic Theory, International Journal of Industrial Organization, and International
Journal of Central Banking. His book Credible Threats in Negotiations: A Game-­
theoretic Approach, written jointly with Harold Houba, was published in 2002. Bolt
was awarded the Hennipman Prize by the Dutch Royal Economic Association in
2007 for his research.
Santiago  Carbo-Valverde  is Professor of Economics and Finance at the Bangor
Business School, UK. Head of Financial Studies of Funcas Foundation, he is a member of the Group of Economic Advisers (GEA) of ESMA. He has been consultant,
among others, for the European Central Bank, the European Commission, and the
Federal Reserve Bank of Chicago. He has published articles in peer-reviewed journals
such as Review of Economics and Statistics, European Economic Review, Review of
Finance, Journal of Money, Credit and Banking, Journal of Financial Stability, and
Journal of Banking and Finance.
Elena Carletti  is Professor of Finance at Bocconi University, Milan, Italy. She is also
the Scientific Director of the Florence School of Banking and Finance at the European
University Institute, a member of the Advisory Scientific Committee of the European
Systemic Risk Board and of the Bank of Italy Scientific Committee for the Paolo Baffi
Lectures. She is Research Fellow at Centre for Economic Policy Research (CEPR),
Fellow of the Finance Theory Group, Extramural fellow at TILEC, Fellow at the
Center for Financial Studies, at CESifo, at IGIER and at the Wharton Financial
Institutions Center. Her main research areas are financial intermediation, financial
crises and regulation, competition policy and sovereign debt.
Olivier De Jonghe  is an associate professor at the Finance department of Tilburg
University (the Netherlands). He is also affiliated to the European Banking Center.
Olivier is also a (long-term) visiting researcher at the National Bank of Belgium. Prior
to joining Tilburg University, he was a postdoctoral researcher at Ghent University
(Belgium). His research focuses on various topics in financial intermediation, regulation and stability. Olivier publishes regularly in academic journals in the field of
financial intermediation.
Maaike  Diepstraten  is a PhD candidate at Tilburg University (the Netherlands)
and a visiting researcher at the Dutch Central Bank. Prior to joining the PhD programme, she worked as a research assistant for the European Banking Center. Maaike’s
research interests include empirical banking and household finance.
Panagiotis  Dontis-Charitos is Assistant Professor of Finance at ESCP Europe
Business School. His main research interests are in the areas of bank diversification
and regulation, and financial markets and institutions. His research has been

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  Notes on contributors 
  

xxi

­ ublished in US and European peer-reviewed journals, and has been presented at
p
various international conferences. Panagiotis is a member of the advisory board of the
BAFA Financial Markets and Institutions Special Interest Group. In the past, he has
worked as a stock analyst and sales analyst in the financial services sector.
Mintra Dwarkasing  is an Assistant Professor of Finance at Erasmus University, the
Netherlands. She pursued her PhD studies in finance at Tilburg University, the
Netherlands. Her research focuses on corporate finance, financial intermediaries,
inequality and social capital.
Narly Dwarkasing  is an Assistant Professor of Finance at the University of Bonn,
Germany. She holds a PhD in finance from Tilburg University, the Netherlands. Her
research focuses on corporate finance, financial history, and financial intermediaries.
Rients Galema  is an Assistant Professor of Finance and Financial Markets at Utrecht
University School of Economics. He has worked in a postdoctoral capacity on the project “Markups and trade in international financial services”, for which he spent half a
year at the Deutsche Bundesbank to do research in international banking. His research
interests are empirical banking, socially responsible investment and microfinance.
Claudia Girardone  is Professor of Banking and Finance and Director of the Essex
Finance Centre at the University of Essex, UK. Her current research focus is on banking sector performance and efficiency, the industrial structure of banking, SME
finance and integration in banking and financial markets. She has published widely
in the banking area and has recently co-authored the 2nd edition of the textbook
Introduction to Banking (2015). She is currently on the editorial board of several journals including the Journal of Banking and Finance and the European Journal of Finance.
John  Goddard  is Professor of Financial Economics at Bangor Business School,
Bangor University, Wales, UK.  Before joining Bangor University in 2005, he was
Professor of Economics at Swansea University. His research interests are in industrial
organization, the economics of financial markets and financial institutions, and the
economics of professional sports.
Willem  Pieter  de Groen  is a Research Fellow at the Financial Institutions and
Prudential Policy Unit at the Centre for European Policy Studies (CEPS) in Brussels
(Belgium) and an associate researcher at the International Research Centre on
Cooperative Finance (IRCCF) of HEC Montréal, Canada. He has (co)-authored
many studies on EU and Near East banking regulation, as well as diversity in bank
ownership and business models, small and medium-sized enterprises, obstacles to
growth and access to finance.
Reint  E.  Gropp  is the President of the Institute for Economic Research Halle
(IWH) and Professor of Economics at the Otto von Guericke University Magdeburg,
Germany. Prior to his appointment at the IWH, he was a Professor of Sustainable
Banking and Finance at the Goethe-University Frankfurt am Main and worked for


xxii 

Notes on contributors

the International Monetary Fund (IMF) as well as the European Central Bank (ECB),
where he was Deputy Head of the Financial Research Division. He is Fellow of the
Center for Financial Studies, Frankfurt, and Associate Editor of the Review of Finance.
And has published widely in the areas of financial economics, banking and corporate
finance, including in the Quarterly Journal of Economics, the Review of Financial
Studies and the Review of Finance.
Ralph De Haas  is the Director of Research at the European Bank for Reconstruction
and Development. He is also a part-time Associate Professor of Finance at Tilburg
University and a Fellow at the European Banking Center. Ralph is the recipient of the
2014 Willem F. Duisenberg Fellowship Prize. He has published work in the Review
of Financial Studies; American Economic Journal: Applied Economics; American
Economic Review Papers and Proceedings; Journal of Money, Credit, and Banking; and
the Journal of Financial Intermediation, among others. Ralph’s research interests
include global banking, development economics and small-business finance.
Jens  Hagendorff  is Professor of Finance at Cardiff University, UK.  His research
focuses on the drivers behind bank risk-taking and systemic risk as well as the corporate governance and risk-return profile of banks. He was recently a visiting fellow at
the Federal Reserve Bank of Atlanta and the Bank of Spain in Madrid. Jens’ work has
been published in leading international journals such as Review of Finance, Journal of
Corporate Finance and Journal of Banking & Finance.
Andrew  G.  Haldane  is the Chief Economist at the Bank of England. He is also
Executive Director, Monetary Analysis, Research and Statistics. He is a member of the
Bank’s Monetary Policy Committee. He also has responsibility for research and statistics across the Bank. Andrew has an Honorary Doctorate from the Open University, is
Honorary Professor at University of Nottingham, a Visiting Fellow at Nuffield College,
Oxford, a member of Economic Council of Royal Economic Society, a Fellow of the
Academy of Social Sciences, Trustee of National Numeracy and Member of Research
and Policy Committee at NESTA. Andrew is Chairman and co-founder of ‘Pro Bono
Economics’, a charity which brokers economists into charitable projects. Andrew has
written extensively on domestic and international monetary and financial policy issues
and has published over 150 articles and four books. In 2014, TIME magazine named
him one of the 100 most influential people in the world.
Reinhard  Harry  Schmidt is Professor Emeritus of International Banking and
Finance at Goethe-University in Frankfurt, Germany, where he has worked since
1991. He has authored, co-authored and edited 25 scholarly books, some 150 academic articles in journals and books. The focus of his research in recent years has been
on comparative banking and finance in industrial or advanced countries and finance
in developing countries, especially microfinance. Schmidt has been actively involved
in development finance as a consultant and researcher for numerous international
organizations and as the chairman of the supervisory board of a large development
finance institution; his most recent book in this area, From Microfinance to Inclusive
Finance (with H.D. Seibel and P. Thomes; 2016). Moreover, he is a frequent commentator on current financial topics in German and international media.

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xxiii

Rainer  Haselmann  is Professor of Finance, Accounting and Taxation at Goethe
University and Director of the research area “Financial Institutions” at Sustainable
Architecture for Finance in Europe (SAFE). Previously, he was Professor of Finance
at Bonn University, where he started as an Assistant Professor of Corporate Finance
in 2011. Since 2015 he has also been a Research Professor at the Deutsche Bundesbank.
His areas of research interests include the real effects of financial frictions, financial
sector regulation as well as law and finance.
Neeltje van Horen  is a Research Advisor at the Bank of England and a Research
Fellow of the CEPR. Prior to joining the Bank of England she worked as a Senior
Economist at De Nederlandsche Bank and as a Financial Economist at the World
Bank. She has visited and worked at the International Monetary Fund, the Federal
Reserve Bank of Chicago and the European Bank for Reconstruction and
Development. Her research focuses on macro-financial linkages, international finance
and global banking. She has published articles on foreign banks, financial crises,
international shock transmission, small business lending, sovereign debt and trade.
Nicole  Jonker  started working in the Research Department of the Netherlands’
Bank in 2001. In 2004 she joined the Cash and Payment Systems division. Nicole
has been involved in various studies, including the impact of survey design on measuring cash usage, the impact of budget control on consumers’ choice for cash or
cards and the pricing of card payments. She has also been involved in policy work
related to the payment cards market and SEPA. Nicole graduated with honours in
Econometrics at the University of Amsterdam in 1996, and she obtained a PhD in
Economics in 2001.
Michael  Koetter is Professor of Financial Economics at Otto von Guericke
University in Magdeburg and head of the Financial Markets Group at the Leibniz
Institute for Economic Research in Halle (IWH). His current research interests concern the consequences of unorthodox monetary policy, (inter)national policy transmission, and crowdfunding. Michael’s research received funding from the Netherlands
Organization of Scientific Research (NWO), the Leibniz Association, and others. His
work appeared in general interest and field journals, such as the Review of Economics
and Statistics, the Review of Financial Studies, and others.
Sam Langfield  is Principal Economist at the European Systemic Risk Board, based
in the European Central Bank, where he has worked since 2011. He was a visiting
researcher at Princeton University’s Economics Department and Bendheim Center
for Finance, 2015–16. Previously, he was an economist at the Bank of England and
the UK Financial Services Authority. He holds an MA degree in Philosophy, Politics
and Economics from Oxford University.
Agnese Leonello  is an economist in the Financial Research Division at the European
Central Bank. She holds a PhD in Economics from the European University Institute.
Prior to joining the ECB, she was a postdoctoral research fellow at the Wharton
Financial Institutions Centre. She conducts her research in the areas of financial
intermediation, financial crises, financial regulation and competition policy.


xxiv 

Notes on contributors

Laetitia Lepetit  is Professor of Economics at the University of Limoges, France, and
has authored/co-authored numerous academic articles on financial institutions, bank
risk and prudential regulation. She contributed to several European Commission
funded research projects, is Associate Editor of the Journal of International Financial
Markets, Institutions & Money, and has held recurrent visiting positions at the
University of Birmingham since 2002. She is also currently the Director of Doctoral
Studies at the University of Limoges, and has previously served as its Vice-President
in charge of Human Resources.
Joaquin Maudos  is Professor of Economic Analysis at the University of Valencia,
Spain, Research Deputy Director at the Ivie and collaborator with Colegio
Universitario de Estudios Financieros (CUNEF). He was been visiting researcher at
the Florida State University, at the College of Business of the Bangor University and
at the School of Business of the University of Glasgow. He has worked as a consultant
for the European Commission, the European Investment Bank and the United
Nations. He has jointly published 13 books and nearly 90 articles in specialized
journals.
Donal  McKillop  is Professor of Financial Services at Queen’s University Belfast,
UK. His subject specialisms are financial theory, financial regulation and risk management. He is Head of the Finance and Actuarial Group at Queen’s. Currently he is
working on two major funded projects: the integration of residential property and
private pensions in the EU and the development of web-based tools to enhance the
financial capability of those in debt. Outside his academic position at Queen’s Donal
has recently been appointed by the Minister of Finance (Ireland) to advise the
Minister and the Central Bank on matters relating to credit unions. He has also
advised the Office of the First Minister and Deputy First Minister (Northern Ireland)
on intervention measures to help mitigate financial hardship due to the introduction
of welfare reform.
Céline  Meslier  is Associate Professor at the University of Limoges, France. Her
research interests are in the areas of financial institutions, bank risk and the link
between financial development and economic development. She serves as a Vice-­
Dean for International Relations of the Faculty of Law and Economics and is currently in charge of the promotion of international Master’s degree programme at the
University of Limoges.
Philip Molyneux  is the Dean of the College of Business, Law, Education and Social
Sciences and Professor of Banking and Finance at Bangor University, UK. His main
areas of research are on empirical banking issues and he has published widely in this
area including recent publications in the Journal of Money, Credit Banking, Review of
Finance and Journal of Banking and Finance. He has co-authored various texts including: Introduction to Banking (2015, Pearson), Introduction to Global Financial Markets
(2015, Palgrave Macmillan) and the Oxford Handbook of Banking  (2014, Oxford
University Press).

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  Notes on contributors 
  

xxv

Tobias  Neumann  is a Senior Economist at the Bank of England, working in its
Prudential Policy Directorate. Tobias has represented the Bank of England at the
Basel Committee’s Trading Book Group working on the Fundamental Review of the
Trading Book. His research interests include banking regulation, in particular how
regulations should be designed in the context of complexity, and how prudential
regulation interacts with monetary policy.
Steven Ongena  is Professor in Banking at the University of Zurich and the Swiss
Finance Institute in Switzerland. He is also a research fellow of CEPR and a research
professor at KU Leuven. He has published more than 55 papers in refereed academic
journals, including in the American Economic Review, Econometrica, Journal of
Finance, Journal of Financial Economics, Journal of International Economics, Journal of
Political Economy, Management Science and Review of Finance, among other journals,
and he has published more than 50 papers in books and other collections. In 2012 he
received a NYU-Fordham-RPI Rising Star in Finance Award.
Marco  Pagano  is Professor of Finance at University of Naples Federico II, Italy,
where he also directs the Centre for Studies in Economics and Finance (CSEF). He
is also president of the Einaudi Institute for Economics and Finance, Rome. From
2004 to 2011 he was managing editor of the Review of Finance. Currently he chairs
the Advisory Scientific Committee of the European Systemic Risk Board. His research
focuses on banking, corporate finance and market microstructure, and in 2011 he
received an ERC Advanced Grant.
Giovanni Petrella  is Professor of Banking at Università Cattolica in Milan, Italy,
where he teaches derivatives and market microstructure, and serves as academic coordinator for the graduate programme in banking and finance. He is currently a member of the Banking Stakeholder Group at the European Banking Authority in London
and the Securities and Markets Stakeholder Group at the European Securities and
Markets Authority in Paris.
Mirjam  Plooij  started working as a policy advisor at De Nederlandsche Bank in
2011, after completing master’s degrees in sociology at Utrecht University and
Euroculture (European studies) at the universities of Göttingen and Uppsala. From
2011 until early 2014 she was a member of the SEPA Programme Agency of the
Dutch National Forum on SEPA Migration. After that, her focus areas shifted to
innovation in retail payments and European regulatory developments related to payment services. She has also been involved in research on topics such as payment
behaviour by consumers and interchange fees for card payments.
Andrea  Resti  is Professor of Banking and Finance at Bocconi University, Milan,
Italy, and the author of numerous books and academic articles on financial risk management and regulation. Andrea has served as the vice-chairman of the Banking
Stakeholder Group at EBA, and currently advises the European Parliament on banking supervision matters. Formerly he was the managing director of CAREFIN,


xxvi 

Notes on contributors

Bocconi’s Centre for Applied Research in Finance, and acted as a consultant for the
European Investment Bank, the Bank of Italy and other large financial institutions,
as well as for the Italian magistrates investigating financial scandals.
Francisco  Rodriguez-Fernandez  is Professor of Economics at the University of
Granada, Spain. A senior economist at Funcas, he has been visiting researcher at the
Universities of Modena and Bologna, the ECB, and the Federal Reserve Bank of
Chicago. He has been a member in several national and international research projects. He has published articles in peer-reviewed journals such as Review of Economics
and Statistics, Journal of Money, Credit and Banking, European Economic Review,
Review of Finance, and Journal of Financial Stability.
Glenn Schepens  is an economist at the Financial Research Division (DG Research)
of the ECB.  His primary research interests include Financial Intermediation,
Empirical Banking and Financial Regulation and Supervision. Before joining the
European Central Bank, he worked as an economist at the National Bank of Belgium
(2013–15). He obtained his PhD in 2013 from Ghent University. His contributions
to this Handbook are his personal views and do not necessarily reflect the views of the
European Central Bank or the Eurosystem.
Dirk Schoenmaker  is Professor of Banking and Finance at the Rotterdam School of
Management, Erasmus University, and a Senior Fellow at the Brussels-based think-­
tank Bruegel. He is also a Research Fellow at the CEPR and a member of the Advisory
Scientific Committee of the European Systemic Risk Board at the ECB.  Dirk is
author of Governance of International Banking: The Financial Trilemma (2013, Oxford
University Press) and co-author of the textbook Financial Markets and Institutions: A
European Perspective (2015, Cambridge University Press).
Armin Schwienbacher  is a professor of finance at SKEMA Business School (France).
He previously worked at the Lille 2 University (France), Louvain School of
Management (Belgium), Universiteit van Amsterdam (the Netherlands) and
Duisenberg School of Finance (the Netherlands). He has presented his research on
crowdfunding (including regulation of equity crowdfunding), venture capital, and
various other topics in corporate finance at many universities, financial institutions
and international conferences, including the European Commission, the European
Central Bank and the OECD, and his work has been published in several international academic journals.
Jonas Sobott  is a PhD student at the Bonn Graduate School of Economics and the
Max Planck Institute for Research on Collective Goods.
Abhishek Srivastav  is a Lecturer in Banking and Finance at the University of Leeds,
UK. His research focuses on bank governance and risk-taking. Abhishek has a track
record of publishing at leading finance journals, including Journal of Corporate
Finance, Journal of Banking & Finance, and Corporate Governance: An International
Review.

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  Notes on contributors 
  

xxvii

Sotiris K. Staikouras  is Associate Professor of Banking & Finance at Cass Business
School, City University, London. His research interests are risk analysis and management of financial institutions, asset pricing and financial modelling. He has worked
as a research advisor at London Clearing House and has delivered training courses for
other institutions. He is the Director of the Undergraduate programmes, and he also
served as Director of various Masters’ programmes. He has published widely in peer
reviewed academic journals and his research has been covered by the media.
Amine Tarazi  is a Professor of Economics and Director of LAPE research centre at
the University of Limoges, France. He served as a research consultant for ACPR
(French Prudential Supervisory Authority) and is currently a member of its Scientific
Committee. He is associate editor of the Journal of Banking and Finance and the
European Journal of Finance, among other journals. He has coordinated European
Commission projects and visited universities in many countries. His work on bank
risk and prudential regulation has appeared in the Journal of Financial Economics,
Review of Finance, Journal of Banking and Finance, Journal of Comparative Economics
and others.
Lena Tonzer  has been a postdoctoral researcher in the financial markets department
of the Halle Institute for Economic Research (IWH), Germany, since May 2014. She
coordinates the research group “Regulation of International Financial Markets and
International Banking”. She studied International Economics at the University of
Tübingen before joining the doctoral programme in Economics at the European
University Institute (EUI) in Florence in 2010. Her research focuses on banking and
sovereign debt crises, integration of financial markets, and banking regulation.
Xavier Vives  is Professor of Economics and Finance at IESE Business School, Spain.
He has been a Fellow of the Econometric Society since 1992, of the European
Economic Association since 2004, and member of the Academia Europaea since
2012. He has taught at INSEAD, Harvard, UAB, UPF, UC Berkeley, Pennsylvania,
and New York University. He is editor of the Journal of Economic Theory and President-­
elect of EARIE. He has published in the main international journals and is the author
of Competition and Stability in Banking (2016).
Paul Wachtel  is a Professor of Economics at New York University Stern School of
Business and the academic director for the BS in Business and Political Economy. He
is the co-editor of Comparative Economic Studies and chair of the International Faculty
Committee of the International School for Economics in Tbilisi. His areas of research
include the finance growth nexus, central banking in the post-crisis world, and financial sector reform in economies in transition.
Jonathan Williams  is Professor of Banking and Finance at Bangor Business School
and Joint Director of the Institute of European Finance. He holds an Honorary
Fellowship for Teaching from Bangor University. Jonathan’s current research interests
focus on executive compensation in banking and the economic performance and


xxviii 

Notes on contributors

development of national banking sectors. His earlier research focused on European
savings banks with published works on management behaviour; bank efficiency;
regional banking; technical change and productivity; and economies of scale. His
more recent work centres on financial liberalization in banking sectors in the emerging markets, and includes studies of bank restructuring; market power and competition; bank privatization; foreign bank entry; governance; and mergers and acquisitions.
His most recent works cover education and bank performance, performance and risk
at family firms, and the risk effects of diversification.
John Wilson  is Professor of Banking & Finance and Director for the Centre for
Responsible Banking & Finance at the University of St Andrews, Scotland. He has
published over 50 refereed journal articles and authored numerous books, including:
European Banking: Efficiency, Technology and Growth; and Banking: A Very Short
Introduction (2016). John edited a five-volume Routledge Major Works in Banking,
and co-edited the first and second editions of the Oxford Handbook of Banking. In the
period June 2011 to April 2012, John served as a full member of a Commission on
Credit Unions established by the Irish Government.

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