Martin F. Hellwig

Max Planck Institute for Research on Collective Goods

Professor Dr. Economics, Director

Kurt-Schumacher-Str. 10

D-53113 Bonn, 53113

Germany

University of Bonn - Department of Economics

Professor of Economics

Adenauerallee 24-42

D-53113 Bonn

Germany

  • Max Planck Institute for Research on Collective Goods

SCHOLARLY PAPERS

51

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Scholarly Papers (51)

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1.

Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is Not Socially Expensive

Max Planck Institute for Research on Collective Goods 2013/23, Rock Center for Corporate Governance at Stanford University Working Paper No. 161, Stanford University Graduate School of Business Research Paper No. 13-7
Number of pages: 77 Posted: 04 Nov 2013 Last Revised: 12 Jan 2016
Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig and Paul C. Pfleiderer
Stanford Graduate School of Business, Stanford Graduate School of Business, Max Planck Institute for Research on Collective Goods and Stanford Graduate School of Business
Downloads 7,978 (650)
Citation 50

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capital regulation, financial institutions, capital structure, 'too big to fail,' systemic risk, bank equity, contingent capital, Basel, market discipline

2.

Systemic Risk in the Financial Sector: An Analysis of the Subprime-Mortgage Financial Crisis

MPI Collective Goods Preprint, No. 2008/43
Number of pages: 77 Posted: 01 Dec 2008
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 3,063 (3,430)
Citation 49

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Mortgage Securitization, Subprime-Mortgage Financial Crisis, Systemic Risk, Banking Regulation, Capital Requirements

3.

Debt Overhang and Capital Regulation

Rock Center for Corporate Governance at Stanford University Working Paper No. 114, MPI Collective Goods Preprint, No. 2012/5
Number of pages: 42 Posted: 30 Mar 2012
Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig and Paul C. Pfleiderer
Stanford Graduate School of Business, Stanford Graduate School of Business, Max Planck Institute for Research on Collective Goods and Stanford Graduate School of Business
Downloads 1,770 (8,649)
Citation 6

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capital regulation, financial institutions, capital structure, “too big to fail,” systemic risk, bank equity, debt overhang, underinvestment, recapitalization, deleveraging, bankruptcy costs, Basel

4.

The Leverage Ratchet Effect

Journal of Finance, Volume 73, Issue 1, February 2018
Number of pages: 56 Posted: 02 Aug 2013 Last Revised: 02 Mar 2018
Anat R. Admati, Peter M. DeMarzo, Martin F. Hellwig and Paul C. Pfleiderer
Stanford Graduate School of Business, Stanford Graduate School of Business, Max Planck Institute for Research on Collective Goods and Stanford Graduate School of Business
Downloads 1,314 (13,985)
Citation 1

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capital structure, leverage, agency costs of debt, dynamic capital structure, tradeoff theory of capital structure, capital regulation, bank equity, debt overhang, under-investment, recapitalization, deleveraging, bankruptcy costs

5.

Capital Regulation after the Crisis: Business as Usual?

MPI Collective Goods Preprint, No. 2010/31
Number of pages: 23 Posted: 21 Jul 2010 Last Revised: 26 Aug 2010
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 1,297 (14,262)
Citation 18

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financial crisis, Basel Accord, banking regulation, capital requirements, modelbased approach, systemic risk

6.

The Parade of the Bankers’ New Clothes Continues: 31 Flawed Claims Debunked

Rock Center for Corporate Governance at Stanford University Working Paper No. 143, Stanford University Graduate School of Business Research Paper No. 15-58
Number of pages: 33 Posted: 11 Jul 2013 Last Revised: 12 Jan 2016
Anat R. Admati and Martin F. Hellwig
Stanford Graduate School of Business and Max Planck Institute for Research on Collective Goods
Downloads 1,102 (18,309)
Citation 1

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capital regulation, financial institutions, capital structure, capital regulation, too big to fail, systemic risk, bank equity, contingent capital

7.

Competition Policy and Sector-Specific Regulation for Network Industries

MPI Collective Goods Preprint, No. 2008/29
Number of pages: 38 Posted: 29 Sep 2008
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 934 (23,371)
Citation 1

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Network Industries, Competition Policy, Sector-Specific Regulation

8.

Financial Stability, Monetary Policy, Banking Supervision, and Central Banking

MPI Collective Goods Preprint, No. 2014/9
Number of pages: 42 Posted: 05 Aug 2014
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 483 (56,758)

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Banking Supervision, financial stability, monetary policy, central banking, bank resolution, independence of central banks and supervisory authorities

9.

Yes Virginia, There is a European Banking Union! But it May Not Make Your Wishes Come True

MPI Collective Goods Preprint, No. 2014/12
Number of pages: 31 Posted: 27 Aug 2014
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 448 (62,271)

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European Central Bank, Banking Supervision, bank resolution, European Banking Union, too-big-to-fail, sovereign debt

10.

The Financial Crisis and Regulatory Reform (in German)

MPI Collective Goods Preprint, No. 2010/19
Number of pages: 46 Posted: 29 May 2010 Last Revised: 08 Jun 2010
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 423 (66,703)

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11.

Does Debt Discipline Bankers? An Academic Myth About Bank Indebtedness

Rock Center for Corporate Governance at Stanford University Working Paper No. 132
Number of pages: 38 Posted: 13 Feb 2013 Last Revised: 20 Feb 2013
Anat R. Admati and Martin F. Hellwig
Stanford Graduate School of Business and Max Planck Institute for Research on Collective Goods
Downloads 411 (69,080)

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bank debt, bank equity, banking theory, fragility of bank funding, debt overhang

12.

Private Damage Claims and the Passing-On Defense in Horizontal Price-Fixing Cases: An Economist's Perspective

MPI Collective Goods Preprint No. 2006/22
Number of pages: 31 Posted: 10 Oct 2006
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 391 (73,272)
Citation 8

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Horizontal Price Fixing, Passing-On Defense, Private Damage Claims

13.

Market Discipline, Information Processing, and Corporate Governance

MPI Collective Goods Preprint No. 2005/19
Number of pages: 25 Posted: 03 Jan 2006
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 359 (80,949)
Citation 4

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14.

Bank Leverage, Welfare, and Regulation

Rock Center for Corporate Governance at Stanford University Working Paper No. 235, Stanford University Graduate School of Business Research Paper No. 3729, MPI Collective Goods Discussion Paper, No. 2018/13
Number of pages: 22 Posted: 02 Oct 2018 Last Revised: 10 May 2019
Anat R. Admati and Martin F. Hellwig
Stanford Graduate School of Business and Max Planck Institute for Research on Collective Goods
Downloads 337 (87,049)

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Liquidity in banking, leverage in banking, banking regulation, capital structure, capital regulations, agency costs, commitment, contracting, maturity rat race, leverage ratchet effect, Basel

15.

Neoliberales Sektierertum oder Wissenschaft? Zum Verhältnis von Grundlagenforschung und Politikanwendung in der Ökonomie (Neoliberal Religious Sect or Science? On the Relation between Academic Research and Real-World Policy Advice in Economics)

MPI Collective Goods Preprint, No. 2015/17
Number of pages: 19 Posted: 12 Nov 2015
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 269 (111,154)

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16.

Quo Vadis, Euroland? European Monetary Union between Crisis and Reform

MPI Collective Goods Preprint No. 2011/12
Number of pages: 16 Posted: 07 Jul 2011
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 256 (117,042)
Citation 1

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European Monetary Union, sovereign debt crisis, bank supervision

17.

Discrete-Time Approximations of the Holmstrom-Milgrom Brownian-Motion Model of Intertemporal Incentive Provision

Number of pages: 57 Posted: 16 Aug 2001
Martin F. Hellwig and Klaus M. Schmidt
Max Planck Institute for Research on Collective Goods and Ludwig Maximilian University of Munich - Faculty of Economics
Downloads 226 (132,736)
Citation 18

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Principal-agent problems, linear incentive schemes, intertemporal incentive provision, Brownian motion

18.

Optimal Income Taxation, Public-Goods Provision and Public-Sector Pricing: A Contribution to the Foundations of Public Economics

MPI Collective Goods Preprint No. 2004/14
Number of pages: 57 Posted: 12 Nov 2004
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 221 (135,599)
Citation 13

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Optimal Income Taxation, Public Goods, Public-Sector Pricing, Multidimensional Mechanism Design, Ramsey-Boiteux Pricing

19.

A Reconsideration of the Jensen-Meckling Model of Outside Finance

MPI Collective Goods Preprint No. 2007/8
Number of pages: 60 Posted: 05 Jun 2007
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 198 (150,368)
Citation 11

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Financial Contracting, Debt Finance, Equity Finance, Moral Hazard, Risk Choices

20.

Financial Stability and Monetary Policy

MPI Collective Goods Preprint, No. 2015/10
Number of pages: 32 Posted: 04 Aug 2015
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 177 (166,518)

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financial stability, Systemic Risk, monetary policy, central banking

21.

A Contribution to the Theory of Optimal Utilitarian Income Taxation

Downloads 172 (170,842)
Citation 16

A Contribution to the Theory of Optimal Utilitarian Income Taxation

MPI Collective Goods Preprint No. 2007/2
Number of pages: 60 Posted: 07 Mar 2007
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 89 (283,011)
Citation 16

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Optimal Income Taxation, Utilitarian Welfare Maximization, Redistribution

A Contribution to the Theory of Optimal Utilitarian Income Taxation

MPI Collective Goods Preprint No. 2005/23
Number of pages: 53 Posted: 08 Dec 2005
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 83 (295,748)
Citation 16

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Optimal Income Taxation, Utilitarian Welfare Maximization, Redistribution

22.

Risk Aversion in the Small and in the Large. When Outcomes are Multidimensional

MPI Collective Goods Preprint No. 2004/6
Number of pages: 27 Posted: 21 Jul 2004
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 165 (177,094)
Citation 3

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Multidimensional Risks, Risk Aversion, Risk Premia, Randomization in Incentive Schemes

23.

Switzerland and Euroland: European Monetary Union, Monetary Stability and Financial Stability

MPI Collective Goods Preprint No. 9/2007
Number of pages: 37 Posted: 30 Jul 2007
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 147 (195,108)
Citation 2

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European Monetary Union, European Central Bank, Monetary Stability, Banking Supervision, Financial Crisis Management

24.

'Total Assets' versus 'Risk Weighted Assets': Does it Matter for MREL Requirements?

MPI Collective Goods Preprint, No. 2016/12
Number of pages: 30 Posted: 03 Sep 2016
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 115 (236,176)

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25.

A Maximum Principle for Control Problems with Monotonicity Constraints

MPI Collective Goods Preprint, No. 2008/4
Number of pages: 39 Posted: 04 Mar 2008 Last Revised: 13 Aug 2009
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 114 (237,666)
Citation 7

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Maximum Principle, Optimal Control, Monotonicity Constraints, Incentive Problems with Hidden Characteristics

26.

Incentive Problems with Unidimensional Hidden Characteristics: A Uni…fied Approach

MPI Collective Goods Preprint No. 2006/26
Number of pages: 46 Posted: 05 Dec 2006 Last Revised: 11 Apr 2010
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 104 (253,518)
Citation 4

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Hidden Characteristics, Incentive Problems, Principal-Agent Models, General Type Distributions

27.

Competition Policy and Sector-Specific Regulation in the Financial Sector

MPI Collective Goods Discussion Paper, No. 2018/7
Number of pages: 27 Posted: 12 Jul 2018 Last Revised: 13 Jul 2018
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 92 (274,796)

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Financial Regulation, Competition Policy, Government Guarantees, Bank Bailouts, State Aid Control

28.

Mechanism Design and Voting for Public-Good Provision

MPI Collective Goods Preprint, No. 2011/31
Number of pages: 47 Posted: 13 Jan 2012
Felix J. Bierbrauer and Martin F. Hellwig
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods and Max Planck Institute for Research on Collective Goods
Downloads 91 (276,742)
Citation 2

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Mechanism Design, Public-good provision, Large Economy, Voting Mechanisms

29.

The Provision and Pricing of Excludable Public Goods: Ramsey-Boiteux Pricing Versus Bundling

MPI Collective Goods Preprint No. 2006/21
Number of pages: 49 Posted: 10 Oct 2006
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 74 (313,508)
Citation 4

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Mechanism Design, Excludable Public Goods, Ramsey-Boiteux Pricing, Renegotiation Proofness, Bundling

30.

A Generalization of the Atkinson-Stiglitz (1976) Theorem on the Undesirability of Nonuniform Excise Taxation

MPI Collective Goods Preprint, No. 2008/47
Number of pages: 11 Posted: 08 Dec 2008 Last Revised: 03 Feb 2009
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 71 (320,811)
Citation 1

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Optimal Taxation, Atkinson-Stiglitz Theorem

31.

Public-Good Provision in a Large Economy

MPI Collective Goods Preprint, No. 2010/02
Number of pages: 51 Posted: 07 Jan 2010
Felix J. Bierbrauer and Martin F. Hellwig
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods and Max Planck Institute for Research on Collective Goods
Downloads 65 (336,297)
Citation 5

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Large Economy, Mechanism Design, Public-good provision

32.

Bargeld, Giralgeld, Vollgeld: Zur Diskussion um das Geldwesen nach der Finanzkrise [The Discussion About Central Banks, Commercial Banks, the Monetary System and Monetary Reform after the Great Financial Crisis] (Paper in German)

MPI Collective Goods Discussion Paper, No. 2018/10
Number of pages: 40 Posted: 03 Aug 2018
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 64 (338,987)

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Cash, demand deposits, central banking, commercial banking, narrow banking, monetary policy

33.

Precautionary Recapitalisations: Time for a Review

MPI Collective Goods Preprint, No. 2017/14
Number of pages: 33 Posted: 14 Jul 2017
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 59 (352,995)

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34.

Public-Good Provision, Mechanism Design and Voting

MPI Collective Goods Preprint, No. 2015/11
Number of pages: 29 Posted: 11 Aug 2015
Felix J. Bierbrauer and Martin F. Hellwig
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods and Max Planck Institute for Research on Collective Goods
Downloads 58 (355,991)
Citation 2

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Mechanism Design, Public-good provision, Voting Mechanisms

35.

Nonlinear Incentive Provision in Walrasian Markets: A Cournot Convergence Approach

MPI Collective Goods Preprint No. 2004/8
Number of pages: 51 Posted: 05 Nov 2004
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 57 (359,024)
Citation 1

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Insurance, Moral Hazard, Incentive Contracting, Walrasian Markets, Rational-Expectations, Cournot Equilibrium

36.

Utilitarian Mechanism Design for an Excludable Public Good

MPI Collective Goods Preprint, No. 2009/12
Number of pages: 46 Posted: 24 Apr 2009
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 49 (384,311)

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Utilitarian welfare maximization, Admission rules for excludable public goods, Randomization in optimal mechanisms

37.

Valuation Reports in the Context of Banking Resolution: What are the Challenges?

MPI Collective Goods Discussion Paper No. 2018/6
Number of pages: 31 Posted: 06 Jul 2018
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 41 (412,703)

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Bank resolution, valuation, no-investor-worse-off principle, Banco Popular Español

38.

The Undesirability of Randomized Income Taxation Under Decreasing Risk Aversion

MPI Collective Goods Preprint No. 2005/27
Number of pages: 46 Posted: 03 Jan 2006
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 40 (416,508)
Citation 6

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Optimal Income Taxation, Randomized Incentive Schemes, Nonincreasing Risk Aversion

39.

A Homeomorphism Theorem for the Universal Type Space with the Uniform Topology

MPI Collective Goods Preprint, No. 2016/17
Number of pages: 25 Posted: 18 Nov 2016 Last Revised: 03 Jun 2017
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 36 (432,457)

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Incomplete Information, Universal Type Space, Uniform Weak Topology, Uniform Strategic Topology, Homeomorphism Theorem

40.

Beliefs, Payoffs, Information: On the Robustness of the BDP Property in Models with Endogenous Beliefs

MPI Collective Goods Preprint, No. 2011/28
Number of pages: 44 Posted: 27 Mar 2012
Alia Gizatulina and Martin F. Hellwig
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods and Max Planck Institute for Research on Collective Goods
Downloads 33 (444,890)
Citation 1

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Mechanism Design, surplus extraction, BDP, correlated information, universal type space

41.

Incomplete-Information Models of Large Economies with Anonymity: Existence and Uniqueness of Common Priors

MPI Collective Goods Preprint, No. 2011/8
Number of pages: 17 Posted: 20 May 2011
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 32 (449,208)
Citation 1

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Large Economy, Belief systems, consistency, common prior

42.

Carving Out Legacy Assets: A Successful Tool for Bank Restructuring?

MPI Collective Goods Preprint, No. 2017/03
Number of pages: 33 Posted: 24 Mar 2017
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 29 (463,231)

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43.

A Note on Deaton's Theorem on the Undesirability of Nonuniform Excise Taxation

MPI Collective Goods Preprint, No. 2008/45
Number of pages: 8 Posted: 03 Dec 2008
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 29 (463,231)
Citation 1

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Optimal Excise Taxes, Atkinson-Stiglitz Theorem, Deaton's Theorem

44.

Public-Good Provision in Large Economies

MPI Collective Goods Preprint, No. 2015/12
Number of pages: 49 Posted: 08 Oct 2015
Felix J. Bierbrauer and Martin F. Hellwig
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods and Max Planck Institute for Research on Collective Goods
Downloads 28 (468,146)
Citation 5

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Mechanism Design, Public-good provision, Large Economy, Voting Mechanisms, Robust Incentive Compatibility, Immunity against Robustly Blocking Coalitions, Monotonic Social Choice Functions

45.

Probability Measures on Product Spaces with Uniform Metrics

MPI Collective Goods Preprint, No. 2017/6
Number of pages: 16 Posted: 04 May 2017
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 27 (473,156)

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Borel measures, product spaces with uniform metrics, completions of product σ-algebras, universal type space, separability of supports, metrizability of weak convergence

46.

The Genericity of the McAfee-Reny Condition for Full Surplus Extraction in Models with a Continuum of Types

MPI Collective Goods Preprint, No. 2015/08
Number of pages: 44 Posted: 31 Jul 2015
Alia Gizatulina and Martin F. Hellwig
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods and Max Planck Institute for Research on Collective Goods
Downloads 24 (489,248)

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Mechanism Design, surplus extraction, BDP, correlated information, strategic continuity

47.

Informational Smallness and the Scope for Limiting Information Rents

MPI Collective Goods Preprint, No. 2009/28
Number of pages: 37 Posted: 31 Aug 2009
Alia Gizatulina and Martin F. Hellwig
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods and Max Planck Institute for Research on Collective Goods
Downloads 23 (494,678)
Citation 2

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BDP, correlated information, informational smallness, Mechanism Design, surplus extraction

48.

The Generic Possibility of Full Surplus Extraction in Models with Large Type Spaces

MPI Collective Goods Preprint, No. 2017/2
Number of pages: 48 Posted: 22 Feb 2017 Last Revised: 26 May 2017
Alia Gizatulina and Martin F. Hellwig
Max Planck Society for the Advancement of the Sciences - Max Planck Institute for Research on Collective Goods and Max Planck Institute for Research on Collective Goods
Downloads 21 (506,032)

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mechanism design, surplus extraction,abstract type spaces, universal type space, genericity, correlated values, correlated information, strategic continuity

49.

Finanzstabilität, Transparenz und Verantwortlichkeit: Stellungnahme für das Bundesverfassungsgericht (Financial Stability, Transparency, and Accountability: Statement for the Constitutional Court of the Federal Republic of Germany)

MPI Collective Goods Preprint, No. 2017/19
Number of pages: 28 Posted: 06 Oct 2017 Last Revised: 08 Jan 2018
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 20 (511,641)

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50.

Wage Growth, Productivity Growth, and the Evolution of Employment

CEPR Discussion Paper No. 2927
Number of pages: 45 Posted: 04 Sep 2001
Martin F. Hellwig and Andreas Irmen
Max Planck Institute for Research on Collective Goods and University of Luxembourg - Ceter for Research in Economic Analysis (CREA)
Downloads 19 (517,467)
Citation 1
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Endogenous technical change, perfect competition, productivity growth, wages, employment

51.

From Posteriors to Priors Via Cycles: An Addendum

MPI Collective Goods Preprint No. 2011/7
Number of pages: 10 Posted: 20 May 2011
Martin F. Hellwig
Max Planck Institute for Research on Collective Goods
Downloads 16 (534,601)

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Belief systems, consistency, common priors, cycle equations