Authors’ e-mail addresses: thomas.

Authors’ e-mail addresses: thomas.kick@bundesbank.de (+49 69 9566 8194),
esteban.prieto@wiwi.uni-tuebingen.de (+49 7071 2978169). For helpful comments on earlier drafts, we
thank Klaus Schaeck, Klaus Düllmann, Tim Eisert, Heinz Herrmann, Ben Craig, Benedikt Ruprecht as
well as participants at the Annual Meeting of the German Finance Association 2012 (Hannover) and the
Bundesbank Seminar on Banking and Finance. We also thank the Bundesbank for their hospitality and
the provision of data. Discussion Papers represent the authors’ personal opinions and do not necessarily
reflect the views of the Deutsche Bundesbank or its staff.