Research Interests

• Empirical banking and financial intermediation
• International transmission of financial shocks
• Internal capital markets and parent – affiliate relationships

Refereed Articles

• Kerl C. (2018), German Banks in Financial Centers: How Risky is Their Business?, The Journal of Financial Perspectives, Vol. 5(1), pp. 1-17.
• Frey, R., C. Kerl and A. Lipponer (2016), Withdrawal from foreign lending in the financial crisis by parent banks and their branches and subsidiaries: Supply versus demand effects, Journal of Financial Services Research, forthcoming.
• Kerl, C. and F. Niepmann (2015), What Determines the Composition of International Bank Flows?, IMF Economic Review, Vol. 63 (4), pp. 792-829.
• Kerl, C. and C. Koch (2015), International Banking and Liquidity Transmission: Lessons from Germany, German contribution to the International Banking Research Network’s project “International Banking and Liquidity Risk Transmission”, IMF Economic Review, Vol. 63 (3), pp. 496-514.
• Frey, R. and C. Kerl (2015), Multinational banks in the crisis: Foreign affiliate lending as a mirror of funding pressure and competition on the internal capital market, Journal of Banking & Finance, Vol. 50, pp. 52-68.

Working Papers and other Publications

• Kerl, C. and F. Niepmann (2015), What Determines the Composition of International Bank Flows?, Federal Reserve Bank of New York Staff Reports, No. 681/2015.
• Düwel, C., R. Frey and A. Lipponer (2012), Auslandskreditgeschäft deutscher Banken in der Krise, Newspaper Publication: Börsen-Zeitung, Number 239, Frankfurt am Main.
• Düwel, C., R. Frey and A. Lipponer (2012), Die Krise, die Banken und ihre Kreditvergabe im Ausland: Breites Deleveraging oder strategische Anpassung an neue Risiken?, Short research publication on oekonomenstimme.org, Zurich, Switzerland.