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Lena Tonzer

Research Fellow

Vrije Universiteit Amsterdam
Research field
Applied Econometrics, Banking


Lena Tonzer is an assistant professor at the Finance Department at Vrije Universiteit Amsterdam, a head of research group at the Halle Institute for Economic Research, a SUERF Research Affiliate and an academic fellow at the Centre for Responsible Banking & Finance. Lena obtained her PhD from the European University Institute in Florence, Italy.

Lena's research interests include International Banking, Financial Intermediation and Regulation, Financial and Sovereign Debt Crises.

List of publications

Böhm, H., Schaumburg, J. and Tonzer, L. (2022). Financial Linkages and Sectoral Business Cycle Synchronization: Evidence from Europe IMF Economic Review, 70(4):698--734.

Buchholz, M., Tonzer, L. and Berner, J. (2022). Firm-specific forecast errors and asymmetric investment propensity Economic Inquiry, 60(2):764--793.

Schmidt, K., Noth, F. and Tonzer, L. (2022). A Note of Caution on Quantifying Banks' Recapitalization Effects Journal of Money, Credit and Banking, 54(4):1123--1133.

Koetter, M., Krause, T., Sfrappini, E. and Tonzer, L. (2022). Completing the European Banking Union: Capital cost consequences for credit providers and corporate borrowers European Economic Review, 148:1--22.

Becker, C., Ossandon Busch, M. and Tonzer, L. (2021). Macroprudential policy and intra-group dynamics: The effects of reserve requirements in Brazil Journal of Corporate Finance, 71:1--23.

von Schweinitz, G., Tonzer, L. and Buchholz, M. (2020). Monetary policy through exchange rate pegs: The removal of the Swiss franc-Euro floor and stock price reactions International Review of Finance, 21(4):1382--1406.

Koetter, M., Krause, T. and Tonzer, L. (2019). Delay determinants of European Banking Union implementation European Journal of Political Economy, 58:1--20.

Buch, C., Krause, T. and Tonzer, L. (2019). Drivers of systemic risk: Do national and European perspectives differ? Journal of International Money and Finance, 91:160--176.

Ohls, J., Pramor, M. and Tonzer, L. (2017). International banking and cross-border effects of regulation: Lessons from Germany International Journal of Central Banking, 13:129--162.

Noth, F. and Tonzer, L. (2017). Bank risk proxies and the crisis of 2007/09: a comparison Applied Economics Letters, 24(7):498--501.

Eichler, S., Littke, H. and Tonzer, L. (2017). Central bank transparency and cross-border banking Journal of International Money and Finance, 74:1--30.

Krause, T., Sondershaus, T. and Tonzer, L. (2017). Complexity and bank risk during the financial crisis Economics Letters, 150:118--121.

Buchholz, M. and Tonzer, L. (2016). Sovereign Credit Risk Co-Movements in the Eurozone: Simple Interdependence or Contagion? International Finance, 19(3):246--268.

Tonzer, L. (2015). Cross-border interbank networks, banking risk and contagion Journal of Financial Stability, 18:19--32.

Buch, C., Buchholz, M. and Tonzer, L. (2015). Uncertainty, Bank Lending, and Bank-Level Heterogeneity IMF Economic Review, 63(4):919--954.