http://www.bis.org/cbhub/list/author/author_193/index.rss Research hub papers by author Kerstin Gerling en http://www.kansascityfed.org/publicat/reswkpap/pdf/rwp10-13.pdf Kansas City Fed Working Papers by Kerstin Gerling, Michal Kowalik, and Heiner Schumacher Entrepreneurial Risk Choice and Credit Market Equilibria 2010-11-03T17:40:00Z By Kerstin Gerling, Michal Kowalik, and Heiner Schumacher (RWP10-13 July 2010) We analyze under what condiitons credit markets are efficient in providing loans to entrepreneurs who can start a new project after previous failure. An entrepreneur of uncertain talent chooses the riskiness of her project. If banks cannot perfectly observe the risk of previous projects, two equilibria may coexist: (1) an inefficient equilibrium in which the entrepreneur undertakes a low-risk project and has no access to finance after failure; and (2) a more efficient equilibrium in which the entrepreneur undertakes high-risk projects and gets financed even after an endogenously determined number of failures. Entrepreneurial Risk Choice and Credit Market Equilibria 2010-11-03T17:40:00Z Full text http://www.kansascityfed.org/publicat/reswkpap/pdf/rwp10-13.pdf Michal Kowalik Kerstin Gerling Heiner Schumacher Kerstin Gerling, Michal Kowalik, and Heiner Schumacher 2010-07 Kansas City Fed Working Papers http://www.oenb.at/en/img/wp141_tcm16-84944.pdf Austrian National Bank Working Papers by Kerstin Gerling The Real Consequences of Financial Market Integration when Countries Are Heterogeneous 2008-07-15T17:58:59Z On the occasion of the 65th birthday of Governor Klaus Liebscher and in recognition of his commitment to Austria’s participation in European monetary union and to the cause of European integration, the Oesterreichische Nationalbank (OeNB) established a “Klaus Liebscher Award”. It will be offered annually as of 2005 for up to two excellent scientific papers on European monetary union and European integration issues. The authors must be less than 35 years old and be citizens from EU member or EU candidate countries. The “Klaus Liebscher Award” is worth EUR 10,000 each. The winning papers of the forth Award 2008 were written by Kerstin Gerling and by Aleksandra Riedl and Silvia Rocha-Akis (shared award). Kerstin Gerling’s paper is presented in this Working Paper, while the second contribution is contained in Working Paper 142. In this paper Kerstin Gerling studies the mechanisms through which financial integration affects the pattern of international capital flows and the domestic economic performances when explicitly accounting for wealth inequality on imperfect capital markets. The author shows that balancing the impact of a firm size and a credit rationing effect on the net credit position and on aggregate production will help predicting the distribution of gains and losses among and within countries on the basis of a country’s aggregate wealth and its distribution. Altogether, the results contribute new explanations for some empirical puzzles. They also bear important implications for policy making, supranational treaty design and financial stability. The Real Consequences of Financial Market Integration when Countries Are Heterogeneous 2008-07-15T17:58:59Z Abstract http://www.oenb.at/en/presse_pub/research/020_workingpapers/wp2008/working_paper_141.jsp#tcm:16-84950 Full text http://www.oenb.at/en/img/wp141_tcm16-84944.pdf Kerstin Gerling Kerstin Gerling 2008-04-28 Austrian National Bank Working Papers D24 D31 D61 E44 F36 http://www.ecb.int/pub/pdf/scpwps/ecbwp256.pdf European Central Bank Working papers by Kerstin Gerling Information acquisition and decision making in committees: a survey 2003-09-10T17:30:59Z Information acquisition and decision making in committees: a survey 2003-09-10T17:30:59Z ECB Full text http://www.ecb.int/pub/pdf/scpwps/ecbwp256.pdf Kerstin Gerling Kerstin Gerling 2003-09 European Central Bank Working papers D71 E52