Natalja von Westernhagen

Research Interests

  • Bank Lending
  • Financial Crises and Transmission of Financial Shocks
  • Interbank Market
  • Relationship Lending
  • Portfolio Diversification
  • Financial Stability, Stress-Testing, Early Warning

Refereed Publications

  • Tente, N., N. von Westernhagen and U.Slopek (2019), M-PRESS-CreditRisk: Microprudential and Macroprudential Capital Requirements for Credit Risk under Systemic Stress, Journal of Money, Credit and Banking, Vol. 54(7), pp. 1923-1961.
  • Ongena, S., G. Tümer-Alkan and Natalja v. Westernhagen (2018), Do Exposures to Sagging Real Estate, Subprime, or Conduits Abroad Lead to Contraction and Flight to Quality in Bank Lending at Home?, Review of Finance,  22 (4), 1335-1373.
  • Ongena, S., G. Tümer-Alkan and N. von Westernhagen (2012), Creditor Concentration: An Empirical Investigation, European Economic Review, 56 (4), 830-847.
  • Hayden, E., D. Porath and N. von Westernhagen (2007), Does Diversification Improve the Performance of German Banks? Evidence from Individual Bank Loan Portfolios, Journal of Financial Services Research, 32, 123-140.
  • Heid, F., T. Nestmann, B. Weder and N. von Westernhagen (2007), German Bank Lending during Emerging Market Crises: A Bank Level Analysis, Kredit und Kapital, 40 (3), 381-405.
  • Schertler, A., Buch C. M. and N. von Westernhagen (2006), Heterogeneity in Lending and Sectoral Growth: Evidence from German Bank-Level Data, International Economics and Economic Policy, 3, 43-72.

Other Working Papers and Publications

  • Westernhagen, N. von (2004), The Herstatt Crisis in Germany, in: Bank Failures in Mature Economies, BIS Working Paper, 13.
  • Doehrn, R. and N. von Westernhagen (2003), The Role of Foreign Direct Investment in Transformation, in: Lane, T., N. Oding and P.J.J. Welfens (eds.), Real and Financial Economic Dynamics in Russia and Eastern Europe, Springer-Verlag, Heidelberg, 251-278.
  • Westernhagen, N. von (2002), Systemic Transformation, Trade and Economic Growth: Developments, Theoretical Analysis and Empirical Results, Physica-Verlag, Heidelberg.
  • Westernhagen, N. von (2000), The Role of FDI in the Transition Process of Selected CIS and Eastern European Countries, European Institute for International Relations (EIIW) Discussion Paper, 73.
  • Doehrn, R. and N. von Westernhagen (2000), Foreign Direct Investment in Selected CIS Countries - an Engine of Structural Change?, in: Gavrilenkov, E. and P.J.J. Welfens (eds.), Russian Economy: Transformation Experience of the 1990s and Perspectives of Further Development. The Higher School of Economics, Moscow, 86-111. (in Russian).
  • Westernhagen, N. von (1999), Ost-West-Wirtschaftsintegration in Europa, in: Wirtschaftstransformation in Osteuropa, Globalisierungstendenzen und Sonderwege, Bundesinstitut fuer ostwissenschaftliche und internationale Studien (BIOst), Köln.


  • FMA Best Paper Award 2018 (European Conference) in "Financial Institutions & Markets"