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Prof. Dr. Falko Fecht DZ Bank Professor of Financial Economics

Falko Fecht
  1. Personal details
  2. Publications
  3. Presentations

Falko Fecht joined the Frankfurt School of Finance and Management in May 2012, where he holds the DZ BANK Endowed Chair of Financial Economics. Since January 2010 he is also Research Professor for the Deutsche Bundesbank. Before joining the Frankfurt School he held the Endowed Chair of Economics of Financial Institutions at EBS Business School in Wiesbaden.

Professor Fecht studied economics at the Goethe University Frankfurt from where he holds a doctoral degree. Prior to his academic career he worked as an economist in the economics department and in the research center of the Deutsche Bundesbank.
He was a visiting scholar at the Federal Reserve Banks of New York, Cleveland, and Kansas City, the Dutch National Bank as well as the European Central Bank.

Falko Fecht's research focuses on the theory of financial intermediation and the analysis of financial systems and crisis. He studies the efficient design of monetary policy instruments and banking regulation and bail-outs. He investigates the institutional structures of interbank markets and payment systems, their implications for the efficiency and stability of the banking sector and policy measures to mitigate financial contagion.

Professor Fecht's research is published in the Journal of Financial Economics, in the Journal of the European Economic Association, in the Journal of International Economics, in the Journal of Money, Credit and Banking and in the Journal of Banking and Finance.
He served as a referee for the Journal of the European Economic Association, the Review of Finance, the Journal of Financial Intermediation, the Journal of Economic Dynamics and Control, the Journal of Money, Credit, and Banking, as well as the Journal of Banking and Finance.

Scholarly journal articles

  • Bräuning, F., Fecht, F., 2017. Relationship Lending in the Interbank Market and the Price of Liquidity, Review of Finance. (forthcoming)

  • Fecht, F., Abbassi, P., Tischer, J., 2017. Variation in Market Liquidity and the Intraday Interest Rate, Journal of Money, Credit and Banking. (forthcoming)

  • Craig, B., Fecht, F., Tümer-Alkan, G., 2015. The role of interbank relationships and liquidity needs, Journal of Banking and Finance Vol. 53, pp. 99-111.

  • Fecht, F., Wedow, M., 2014. The dark and the bright side of liquidity risks: evidence from open-end real estate funds in Germany, Journal of Financial Intermediation Vol. 23(3), pp. 376-399.

  • Fecht, F., Grüner, H., Hartmann, P., 2012. Financial Integration, Specialization, and Systemic Risk, Journal of International Economics Vol. 88(1), pp. 150-161.

  • Fecht, F., Nyborg, K., Rocholl, J., 2011. The Price of Liquidity: the Effects of Market Conditions and Bank Characteristics, Journal of Financial Economics Vol. 102(2), pp. 344-362.

  • Fecht, F., Martin, A., 2009. Banks, Markets, and Efficiency, Annals of Finance Vol. 5(2), pp. 131-160.

  • Fecht, F., Wagner, W., 2009. The marketability of bank assets, managerial rents and banking stability, Journal of Financial Stability Vol. 5(3), pp. 272-282.

  • Fecht, F., Huang, K., Martin, A., 2008. Financial Intermediaries, Markets, and Growth, Journal of Money, Credit and Banking Vol. 40(4), pp. 701-720.

  • Fecht, F., Grüner, H., 2008. Limits to International Banking Consolidation, Open Economies Review Vol. 19(5), pp. 651-666.

  • Fecht, F., Nyborg, K., Rocholl, J., 2008. Liquidity Management and Overnight Rate Calendar Effects: Evidence from German Banks, North American Journal of Economics and Finance Vol. 19(1), pp. 7-21.

  • Bannier, C., Fecht, F., Tyrell, M., 2008. Open-End Real Estate Funds in Germany: Genesis and Crisis, Kredit und Kapital Jg. 41(1), pp. 9-36.

  • Craig, B., Fecht, F., 2007. The Eurosystem Money Market Auctions: a Banking Perspective, Journal of Banking and Finance Vol. 31(9), pp. 2925-2944.

  • Fecht, F., Martin, A., 2006. Is Competition in the Financial Sector a Good Thing?, Journal of Financial Transformation (17) pp. 123-129.

  • Fecht, F., 2004. On the Stability of Different Financial Systems, Journal of the European Economic Association Vol. 2(6), pp. 969-1014.

Conference Proceedings

  • Fecht, F., Grüner, H., Hartmann, P., 2009, Current State of Financial Globalization, in: D. Evanoff, David S. Hoelscher, George G. Kaufman (eds): Globalization and Systemic Risk, London: World Scientific, pp. 51-52.

Contributions to edited volumes

  • Fecht, F., 2010, Banken: ein Nachruf, in: Antonio Schnieder, Tom Sommerlatte (eds): Die Zukunft der deutschen Wirtschaft, Erlangen: Publicis, pp. 180-185.

  • Fecht, F., Grüner, H., 2006, Financial Integration through the Interbank Market: stability and welfare implications, in: Klaus Liebscher, Josef Christl, Peter Mooslechner, Doris Ritzberger-Grünwald (eds): Financial Development, Integration and Stability, Cheltenham: Elgar, pp. 414-422.

  • Fecht, F., Ming, G., 2003, The Institutional Design of Central Banks, in: Andy Mullineux, Victor Murinde (eds): Handbook of International Banking, Cheltenham: Elgar, pp. 671-698.

Journal articles

  • Fecht, F., Grüner, H., 2009. Bad Bank: ein alternativer Vorschlag, Ifo-Schnelldienst Jg. 62(13), pp. 3-7.

Working papers

Individual scholarly talks & lectures

  • Bannier, C., Fecht, F., Tyrell, M.
    Open-End Real Estate Funds in Germany: Genesis and Crisis, Johann Wolfgang Goethe-Univ. Frankfurt am Main, Workshop: German Banking System Architecture, 2005/06/28, Frankfurt am Main.


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