Publications of Martin Hellwig

Journal Article (115)

Journal Article
Hellwig, M. (1985). Geldwert und Geldneutralität: Indirekter Tausch und Geld in der temporären Gleichgewichtstheorie. Das Wirtschaftsstudium, 14, 503–508
Journal Article
Hellwig, M. (1985). What do we know about Currency Competition? Zeitschrift für Wirtschafts- und Sozialwissenschaften, 105, 565–588
Journal Article
Hellwig, M., & Gale, D. (1985). Incentive-Compatible Debt Contracts: The One-Period Problem. Review of Economic Studies, 52, 647–663
Journal Article
Hellwig, M. (1983). Moral Hazard and Monopolistically Competitive Insurance Markets. Geneva Papers on Risk and Insurance, 8, 44–71
Journal Article
Hellwig, M. (1983). A Note on the Implementation of Rational Expectations Equilibria. Economic Letters, 11, 1–8
Journal Article
Hellwig, M. (1982). Rational Expectations and the Markov Property of Temporary Equilibrium Processes. Journal of Mathematical Economics, 9, 135–144
Journal Article
Hellwig, M. (1982). Rational Expectations Equilibrium with Conditioning on Past Prices: A Mean-Variance Example. Journal of Economic Theory, 26, 279–312
Journal Article
Hellwig, M. (1982). Zur Informationseffizienz des Kapitalmarktes. Zeitschrift für Wirtschafts- und Sozialwissenschaften, 102, 1–27
Journal Article
Hellwig, M. (1981). Bankruptcy, Limited Liability, and the Modigliani-Miller Theorem. American Economic Review, 71, 155–170
Journal Article
Hellwig, M. (1980). The Aggregation of Information in Competitive Markets. Journal of Economic Theory, 22, 477–498
Journal Article
Hellwig, M. (1980). Stochastic Processes of Temporary Equilibria: A Note. Journal of Mathematical Economics, 7, 287–299
Journal Article
Hellwig, M. (1977). A Model of Borrowing and Lending with Bankruptcy. Econometrica, 45, 1879–1906
Journal Article
Hellwig, M. (1975). The Demand for Money and Bonds in Continuous-Time Models. Journal of Economic Theory, 11, 462–464
Journal Article
Hellwig, M., & Foley, D. (1975). Asset Management with Trading Uncertainty. Review of Economic Studies, 42, 327–346
Journal Article
Hellwig, M., & Foley, D. (1975). A Note on the Budget Constraint in a Model of Borrowing. Journal of Economic Theory, 11, 305–314

Book (7)

Book
Admati, A. R., & Hellwig, M. (forthcoming). The Bankers' New Clothes: What’s Wrong With Banking and What to Do About It - New and Expanded Edition, 448 p. Princeton University Press
Book
Admati, A. R., & Hellwig, M. (2013). The Bankers' New Clothes: What’s Wrong With Banking and What to Do About It, 398 p. Princeton University Press
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Hellwig, M., Spengel, C., Endres, D., Harhoff, D., Heinemann, F., Hüther, M., … Stein, K. (Eds.). (2009). Steuerliche Förderung von Forschung und Entwicklung (FuE) in Deutschland, 8. Berlin/Heidelberg: Springer Verlag
Book
Hellwig, M., Sapir, A., Aghion, P., Bertola, G., Pisani-Ferry, J., Rosati, D., … Wallace, H. (2004). An Agenda for a Growing Europe: The Sapir Report, 208 p. Oxford: Oxford University Press
Book
Hellwig, M., Donges, J., Eekhoff, J., Möschel, W., Neumann, M. J. M., & Sievert, O. (2000). Abgeltungssteuer bei Kapitaleinkommen, 37
Book
Hellwig, M., Donges, J., Eekhoff, J., Möschel, W., Neumann, M. J. M., & Sievert, O. (1999). Die föderative Ordnung in Not: Zur Reform des Finanzausgleichs, 36
Book
Hellwig, M., Donges, J., Eekhoff, J., Möschel, W., Neumann, M. J. M., & Sievert, O. (1999). Ökologische Steuerreform: Zu viele Illusionen, 63

Book Chapter (48)

Book Chapter
Hellwig, M. F. (2020). How important is a european deposit insurance system? In A. Dombret & P. S. Kenadjian (Eds.), Institute for Law and Finance series, 7–19. Berlin: De Gruyter
Book Chapter
Hellwig, M. F. (2020). How important is a european deposit insurance scheme. In A. Dombret & P. Kenadjian (Eds.), EDIS, NPLs, Sovereign Debt and Safe Assets, Institute for Law and Finance Series, 23, 7–19. De Gruyter
Book Chapter
Hellwig, M. F. (2018). Bargeld, Giralgeld, Vollgeld: zur Diskussion um das Geldwesen nach der Finanzkrise. In Deutsche Bundesbank (Ed.), 4. Bargeldsymposium der Deutschen Bundesbank, 94–147. Frankfurt am Main
Book Chapter
Hellwig, M. (2016). Neoliberale Sekte oder Wissenschaft? Zum Verhältnis von Grundlagenforschung und Politikanwendung in der Ökonomie. In K. Schneider & J. Weimann (Eds.), Den Diebstahl des Wohlstands verhindern, 118–121. Berlin: Springer
Book Chapter
Admati, A. R., DeMarzo, P. M., Hellwig, M., & Pfleiderer, P. (2014). Fallacies and Irrelevant Facts in the Discussion of Capital Regulation. In C. Goodhard, D. Gabor, J. Vestergaard, & I. Ertürk (Eds.), Central Banking at a Crossroads – Europe and Beyond, 2013/23., 33–51. Anthem Press
Book Chapter
Hellwig, M. (2014). Systemic Risks and Macro-prudential Policy. In A. Houben, R. Nijskens, & M. Teunissen (Eds.), Putting Macroprudential Policy to Work, 42–77
Book Chapter
Hellwig, M. (2012). The Problem of Bank Resolution Remains Unsolved: A Critique of the German Bank Restructuring Law. In P. S. Kenadjian (Ed.), Too Big To Fail – Brauchen wir ein Sonderinsolvenzrecht für Banken?, 35–63. Berlin/Boston: De Gruyter Verlag
Book Chapter
Hellwig, M., & et al. (2011). Quo vadis, Euroland? European Monetary Union Between Crisis and Reform. In F. Allen, E. Carletti, & G. Corsetti (Eds.), Life in the Eurozone with or without sovereign default?, 59–76. Philadelphia: FIC Press Wharton Financial Institutions Center
Book Chapter
Hellwig, M. (2010). Finanzmarktregulierung – Welche Regelungen empfehlen sich für den deutschen und europäischen Finanzsektor? Gutachten zum 68. Deutschen Juristentag. In M. Hellwig, Höfling, & Zimmer (Eds.), Verhandlungen des 68. Deutschen Juristentags, 1, E5–E57. München: C. H. Beck
Book Chapter
Hellwig, M. (2009). Kenneth Joseph Arrow. In H. D. Kurz (Ed.), Klassiker des ökonomischen Denkens, 2, 320–353. München: C. H. Beck
Book Chapter
Hellwig, M. (2009). Private Interessen, öffentliche Interessen und die Rolle der staatlichen Regulierung. In U. Jens & H. Romahn (Eds.), Wirtschaftliche Macht – politische Ohnmacht? Zur Liberalisierung und Re-Regulierung von Netzindustrien, 23–29. Marburg: Metropolis-Verlag
Book Chapter
Hellwig, M. (2009). Competition Policy and Sector-Specific Regulation for Network Industries. In Oxford University (Ed.), EU Competition Policy Fifty Years Onward After the Treaty, 203–235
Book Chapter
Hellwig, M. (2008). Private Purposes, Public Purposes, and the Role of Regulation. In Le Cercle des Économistes (Ed.), Les nouvelles frontiers de l’Entreprise/Firms: the New Frontiers, 397–401. Paris: The New Frontiers
Book Chapter
Hellwig, M. (2007). Zur Privatisierung staatlicher Tätigkeiten. In MPG Jahresbericht, 33–42. München: Max-Planck-Gesellschaft
Book Chapter
Hellwig, M. (2007). Wirtschaftspolitik als Rechtsanwendung: Zum Verhältnis von Jurisprudenz und Ökonomie in der Wettbewerbspolitik. In University of St. Gallen, Forschungsgemeinschaft für Nationalökonomie (Ed.), Walter-Adolf-Jöhr-Vorlesung 2007,
Book Chapter
Hellwig, M. (2007). Switzerland and Euroland: European Monetary Union, Monetary Stability and Financial Stability. In Swiss National Bank (Ed.), The Swiss National Bank 1907-2007, 741–780. Zürich: Neue Zürcher Zeitung
Book Chapter
Hellwig, M., Gual, J., Perrot, A., Rey, P., Schmidt, K., & Stenbacka, R. (2006). An Economic Approach to Article 82 (Translation to Spanish). In L. S. Martínez & J. A. Petitbo (Eds.), El Abuso dela Posici, 99–154. Madrid: Fundación Rafael del Pino
Book Chapter
Hellwig, M. (2004). Netzwettbewerb durch Regulierung. In U. Leprich, H. Georgie, & E. Evers (Eds.), Strommarktliberalisierung durch Netzregulierung. Energierecht und Energiewirtschaft, 4, 29–43. Berlin: Berliner Wissenschaftsverlag
Book Chapter
Hellwig, M. (2003). Discussion of 'Banks and Markets: The Changing Character of European Finance' by R. Rajan and L. Zingales. In V. Gaspar, P. Hartmann, & O. Sleijpen (Eds.), Second ECB Central Banking Conference: The Transformation of the European Financial System, 173–180. Frankfurt: European Central Bank
Book Chapter
Hellwig, M., & Gale, D. (2003). Incentive-Compatible Debt Contracts: The One-Period Problem. In J. J. Laffont (Ed.), The principal agent mode. The eonomic theory of incentives, 433–449. Cheltenham: Elgar
Book Chapter
Hellwig, M. (2002). Discussion of 'Ageing and Financial Stability' by E. P. Davis. In A. Auerbach & H. Herrmann (Eds.), Ageing, Financial Markets, and Monetary Policy, 235–242. Berlin, Heidelberg, New York: Springer-Verlag
Book Chapter
Hellwig, M. (2002). Das Telekommunikationsgesetz auf dem Prüfstand: Die Sicht der Wettbewerbspolitik. In A. Picot (Ed.), Das Telekommunikationsgesetz auf dem Prüfstand, 19–32. Berlin: Springer-Verlag
Book Chapter
Hellwig, M. (2002). Wettbewerbsentwicklung im Telekommunikationssektor 2001: Die zweite Stellungnahme der Monopolkommission nach § 81 Abs. 3 TKG. In K. H. Neumann & P. Stamm (Eds.), Wettbewerb in der Telekommunikation: Wie geht es weiter?, 9, 171–188. Bad-Honnef: Wissenschaftliches Institut für Kommunikationsdienste
Book Chapter
Hellwig, M., & Feuerstack, R. (2002). Messung der Konzentration nach Unternehmensgruppen. In Unternehmen in der Statistik, 132–148. Stuttgart: Metzler Poeschel
Book Chapter
Hellwig, M., & Paulus, M. (2002). Liberalization in German Postal Markets? In G. Kulenkampf & H. Smit (Eds.), Liberalization of Postal Markets, 7, 193–207. Bad-Honnef: Wissenschaftliches Institut für Kommunikationsdienste
Book Chapter
Hellwig, M. (2001). Corporate Governance and the Financing of Investment for Structural Change. In Deutsche Bundesbank (Ed.), Investing Today for the World of Tomorrow - Studies on the Investment Process in Europe, 201–224. Berlin, Heidelberg, New York: Springer-Verlag
Book Chapter
Hellwig, M. (2000). On the Economics and Politics of Corporate Finance and Corporate Control. In X. Vives (Ed.), Corporate Governance, 95–134. Cambridge: Cambridge University Press
Book Chapter
Hellwig, M. (2000). Die volkswirtschaftliche Bedeutung des Finanzsystems. In J. v Hagen & J. H. v Stein (Eds.), Geld-, Bank- und Börsenwesen - Handbuch des Finanzsystems, 1–35. Stuttgart: Schäffer-Poeschel-Verlag
Book Chapter
Hellwig, M. (1999). Zur „Volkswirtschaftlichen Verantwortung“ der Banken. In F. Jaeger & W. Stier (Eds.), Die volkswirtschaftliche Verantwortung der Banken, 9–57. Chur, Zürich: Verlag Rüegger
Book Chapter
Hellwig, M. (1997). Kritik an der Kritik der Publikumsaktiengesellschaft. Korreferat zum Referat Günter Franke. In B. Gahlen, H. Hesse, & H. J. Ramser (Eds.), Finanzmärkte, 83–88. Tübingen: Mohr-Siebeck
Book Chapter
Hellwig, M. (1997). Unternehmensfinanzierung, Unternehmenskontrolle und Ressourcenallokation: Was leistet das Finanzsystem? In B. Gahlen, H. Hesse, & H. J. Ramser (Eds.), Finanzmärkte, 211–243. Tübingen: Mohr-Siebeck
Book Chapter
Hellwig, M., Blum, J., & Duwendag, D. (1996). Die makroökonomischen Wirkungen von Eigenkapitalanforderungen für Banken. In Finanzmärkte, Finanzinnovationen und Geldpolitik, NF 242, 41–71
Book Chapter
Hellwig, M. (1995). Comment on 'Ownership and Control' by J. Franks and C. Mayer. In H. Siebert (Ed.), Trends in Business Organization: Do Participation and Cooperation Increase Competitiveness?, 196–200. Tübingen: Mohr-Siebeck
Book Chapter
Hellwig, M. (1994). Grundprobleme der Börsengesetzgebung aus ökonomischer Sicht. In Ein schweizerisches Börsengesetz im europäischen Kontext, Europainstitut Basel
Book Chapter
Hellwig, M. (1994). Spanish Translation of: Comment on 'Bank Loan Maturity and Priority when Borrowers Can Refinance' by D. Diamond. In C. Mayer & X. Vives (Eds.), La Intermediacion en la Construccion de Europa, 83–93. Bilbao: Fundacion BBV
Book Chapter
Hellwig, M. (1993). Comment on 'Bank Loan Maturity and Priority when Borrowers Can Refinance' by D. Diamond. In C. Mayer & X. Vives (Eds.), Capital Markets and Financial Intermediation, 70–80. Cambridge: Cambridge University Press
Book Chapter
Hellwig, M. (1993). Italian translation of "Banking, Financial Intermediation, and Corporate Finance". In G. Coppola & D. Corsini (Eds.), Studi e Informazioni, Quaderni, 41, 287–311. Firenze: Banca Toscana
Book Chapter
Hellwig, M. (1993). What do we know about Currency Competition? In L. H. White (Ed.), Modern theory and policy, Elgar reference collection. International Library of Macroeconomic and Financial History, no. 11., 3, 324–347. Aldershot: Elgar
Book Chapter
Hellwig, M. (1992). Competitiveness in Banking: A Note on the Semantics of 'Competitiveness'. In N. Blattner, H. Genberg, & A. Swoboda (Eds.), Competitiveness in Banking, 41–50. Würzburg: Physica-Verlag
Book Chapter
Hellwig, M. (1991). Banking, Financial Intermediation, and Corporate Finance. In A. Giovannini & C. Mayer (Eds.), European Financial Integration, 35–63. Cambridge: Cambridge University Press
Book Chapter
Hellwig, M. (1991). Comment on 'The Pure Theory of Country Risk' by Jonathan Eaton, Mark Gersovitz, and Joseph E. Stiglitz. In G. de Menil & R. J. Gordon (Eds.), International volatility and economic growth: The first ten years of the International Seminar on Macroeconomics, 429–435
Book Chapter
Hellwig, M. (1989). Keine Alternative zum Schuldenerlass? (Koreferat zum Referat Nunnenkamp). In G. Bombach, B. Gahlen, & A. E. Ott (Eds.), Die nationale und internationale Schuldenproblematik, 18, 193–202. Tübingen: Mohr Siebeck
Book Chapter
Hellwig, M. (1988). Comment on 'Time Consistency and Trigger Mechanisms in Open-Economy Monetary Policy Games' by M. Canzoneri and D. Henderson. In S. Borner (Ed.), International Finance and Trade in a Polycentric World, 360–368. MacMillan
Book Chapter
Hellwig, M. (1988). Kreditrationierung und Kreditsicherheiten bei asymmetrischer Information: Der Fall des Monopolmarktes. In B. Rudolph & J. Wilhelm (Eds.), Bankpolitik, finanzielle Unternehmensführung und die Theorie der Finanzmärkte, 135–162. Berlin: Duncker & Humblot
Book Chapter
Hellwig, M. (1988). Versicherungsmarkt: Theorie. A: Versicherungsmärkte bei vollständiger Information. In D. Farny, E. Helten, P. Koch, & R. Schmidt (Eds.), Handwörterbuch der Versicherung, 1055–1064. Verlag Versicherungswirtschaft
Book Chapter
Hellwig, M. (1988). Versicherungsmärkte bei unvollständiger Information. In D. Farny, E. Helten, P. Koch, & R. Schmidt (Eds.), Handwörterbuch der Versicherung, 1065–1076. Verlag Versicherungswirtschaft
Book Chapter
Hellwig, M., & Bester, H. (1987). Moral Hazard and Equilibrium Credit Rationing: An Overview of the Issues. In G. Bamberg & K. Spremann (Eds.), Agency Theory, Information and Incentives, 135–166. Heidelberg: Springer
Book Chapter
Hellwig, M., & Güth, W. (1987). Competition versus Monopoly in the Supply of Public Goods. In R. Pethig & U. Schlieper (Eds.), Efficiency, Institutions and Economic Policy, 183–217. Heidelberg: Springer

Proceedings (1)

Proceedings
Hellwig, M. (1996). Financial Innovations and the Incidence of Risks in the Financial System, (F. Bruni, D. Fair, & R. O'Brien, Eds.). 25-39 p. Proceedings presented at the Colloquium of the Société Universitaire Européenne en Recherches Financières in 1995: Risk Management in Volatile Financial Markets, Kluwer

Conference Paper (6)

Conference Paper
Admati, A. R., & Hellwig, M. F. (2019). Bank Leverage, Welfare, and Regulation. In D. Arner, E. Avgouleas, D. Busch, & S. L. Schwartz (Eds.), Systemic Risk in the Financial Sector – Ten Years after the Great Crash, Centre for International Governance Innovation, 2017–233. Waterloo, ON, Canada: Centre for International Governance Innovation
Conference Paper
Hellwig, M. F. (2019). Banks, Politics and European Monetary Union. In European Central Bank (Ed.), ECB Forum on Central Banking 2019: 20 years of European Economic and Monetary Union, Conference Proceedings, 250–261
Conference Paper
Hellwig, M. (2018). Bargeld, Giralgeld, Vollgeld: Zur Diskussion um das Geldwesen nach der Finanzkrise. In Deutsche Bundesbank (Ed.), 4. Bargeldsymposium der Deutschan Bundesbank, 95–141
Conference Paper
Hellwig, M. (2016). Neoliberales Sektierertum oder Wissenschaft? Zum Verhältnis von Grundlagenforschung und Politikanwendung in der Ökonomie. In K. Schneider & J. Weimann (Eds.), Den Diebstahl des Wohlstands verhindern, Ökonomische Politikberatung in Deutschland – ein Portrait, 195–205
Conference Paper
Hellwig, M. (2014). Yes Virginia, There is a European Banking Union! But It May Not Make Your Wishes Come True. In Towards a European Banking Union: Taking Stock, 42nd Economics Conference: ÖNB, 156–181
Conference Paper
Hellwig, M. (2014). Financial Stability, Monetary Policy, Banking Supervision, and Central Banking. In European Central Bank (Ed.), Monetary Policy in a Changing Landscape: Conference Proceedings of the First ECB Forum on Central Banking, Bonn, 21–54

Working Paper (68)

Working Paper
Hellwig, M. F. (2024). Dynamic efficiency and inefficiency in a class of overlapping-generations economies with multiple assets. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2024/8
Working Paper
Hellwig, M. F. (2024). National central banks and the governance of the European system of central banks. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2024/7
Working Paper
Hellwig, M. F. (2023). The economics of Hilbert's hotel: An expository note. Bonn: Max Planck Institute for Research on Collective Goods, Bonn. Discussion Paper 2023/5
Working Paper
Hellwig, M. F. (2023). Overlapping-generations economies under uncertainty: Dynamic inefficiency/efficiency with multiple assets and no labour. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2023/4 (superseded by MPI Discussion Paper 2024/8)
Working Paper
Hellwig, M. F. (2021). Public-good provision with macro uncertainty about preferences: Efficiency, budget balance, and robustness. Bonn: Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2021/19
Working Paper
Hellwig, M. F. (2021). Social choice in large populations with single-peaked preferences. Bonn: Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2021/18
Working Paper
Hellwig, M. F. (2021). „Capitalism: What has gone wrong?“ Who went wrong? Capitalism? The market economy? Governments? “Neoliberal” economics? Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2021/15
Working Paper
Hellwig, M. F. (2021). Safe assets, risky assets, and dynamic inefficiency in overlapping-generations economies. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2021/10
Working Paper
Hellwig, M. F. (2020). Twelve years after the financial crisis: Too-big-to-fail is still with us. Comments on the financial stability board’s consultation report ‘evaluation of the effects of too-big-to-fail reforms.’ Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2020/24
Working Paper
Hellwig, M. F. (2020). Incomplete-information games in large populations with anonymity. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2020/20
Working Paper
Hellwig, M. F. (2020). Property taxes and dynamic inefficiency: A correction of a “correction.” Bonn: Max Planck Institute for Research on Collecctive Goods, Discussion Paper 2020/15
Working Paper
Hellwig, M. F. (2020). Dynamic inefficiency and fiscal interventions in an economy with land and transaction costs. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2020/7
Working Paper
Hellwig, M. F. (2019). Incomplete-Information Games in Large Populations with Anonymity. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2019/14
Working Paper
Hellwig, M. F. (2019). Banks, Politics and European Monetary Union. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper no. 2019/13
Working Paper
Hellwig, M. F. (2019). Target-Falle oder Empörungsfalle? Zur deutschen Diskussion über die Europäische Währungsunion. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2019/5
Working Paper
Admati, A. R., & Hellwig, M. F. (2018). Bank Leverage, Welfare, and Regulation. Bonn: Max Planck Institute for Research on Collective Goods
Working Paper
Hellwig, M. (2018). Valuation reports in the context of banking resolution: What are the challenges? Bonn: Max Planck Institute for Research on Collective Goods
Working Paper
Hellwig, M. (2018). Competition Policy and Sector-Specific Regulation in the Financial Sector. Bonn: Max Planck Institute for Research on Collective Goods
Working Paper
Hellwig, M. (2018). Bargeld, Giralgeld, Vollgeld: Zur Diskussion um das Geldwesen nach der Finanzkrise. Bonn: Max Planck Institute for Research on Collective Goods
Working Paper
Gizatulina, A., & Hellwig, M. (2017). The Generic Possibility of Full Surplus Extraction in Models with Large Type Spaces. Bonn: Max Planck Institute for Research on Collective Goods
Working Paper
Hellwig, M. (2017). Carving out legacy assets: a successful tool for bank restructuring? Bonn: Max Planck Institute for Research on Collective Goods
Working Paper
Hellwig, M. (2017). Probability measures on product spaces with uniform metrics. Bonn: Max Planck Institute for Research on Collective Goods, Discussion Paper 2017/6
Working Paper
Hellwig, M. (2017). Precautionary recapitalisations: time for a review. Bonn: Max Planck Institute for Research on Collective Goods
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