Resource title

Open-End Real Estate Funds in Germany: Genesis and Crisis

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Resource description

Open-end real estate funds are of particular importance in the German bankdominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to open-end real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendation that have been raised.

Resource author

Christina E. Bannier, Falko Fecht, Marcel Tyrell

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Resource language

eng

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/23430

Resource license

Adapt according to the presented license agreement and reference the original author.