Office hours during autumn term 2018/2019

Thursdays, 4:15-5:00 pm
Room B.430
During term holidays: Upon appointment

If you need a letter of recommendation, please hand in the questionnaire. Please note that only students whom I know from my courses are entitled to receive a letter of recommendation. Please also consider to provide me with the questionnaire at least a fortnight before you have to deliver your application. 


Areas of expertise

  • Money, macro and finance
  • Exchange rate regimes
  • Financial sector development of emerging markets and developing countries
  • Regional financial and monetary co-operation
  • Shadow banking (incl. FinTechs)
  • Financial market regulation
  • National and international financial and monetary architecture

Service to the profession

  • Liaison person of BSEL co-operation with Southwestern University of Finance and Economics (SWUFE Chengdu/China) and Deutsche Bundesbank Berlin on monetary policy (together with Hansjörg Herr) 
  • Coordinator and head of project for the partnership between BSEL and the Namibian University of Science and Technology (NUST Windhoek/Namibia) 
  • Academic Director of the Master Programme on Tax Policy and Tax Administration 
  • Study course co-ordinator for the module 'International Economics / Internationale Wirtschaft' 
  • Study course co-ordinator for the module 'National and International Financial Relations'

Professional profile

Before joining BSEL she worked for the non-partisan Berlin Institute for Financial Market Research, of which she was executive director. She was also with the Division on Globalisation and Development Strategies of the United Nations Conference on Trade and Development (Geneva). She has studied economics and political science at the Rheinische Friedrich-Wilhelms University of Bonn and economics at the Free University of Berlin.

After receiving her diploma in economics (equivalent to a master degree) in Berlin she worked as a lecturer, research fellow and assistant professor for international economics and macroeconomics at the Berlin School of Economics and Law, the University of Applied Science (Berlin) and the Free University of Berlin from which she also holds a doctoral degree. For her research on regional monetary co-operation and international banking regulation (Basel II) she was granted financial support by the Thyssen-Foundation and the German Research Foundation respectively. With her colleagues at the Institute for International Political Economy at BSEL she shares concerns about the extent and frequency of financial crises as well as about rising global inequality and (financial, social and economic) exclusion of individuals, communities and even complete countries.

Whom I support

  • Though according to German law tenured professors as civil servants are not allowed to strike, they are nevertheless employees. Hence, I am member of a trade union.
  • Since 2015 I am an appointed Lay Judge at the Berlin Social Court. I am assigned to chambers dealing with disputes of the statutory social insurance system, in particularly the public care, health and pension insurances.
  • Empowerment of civil society also requires the means and opportunities to speak up and give independent voices leverage. Hence, I am happy to subscribe and donate to both Afrika Süd (a journal on Southern African issues) and IZ3W (Information Centre Third World).
  • I also contribute to the Joe Strummer Foundation which devotes its activities around the world to empowerment through music

On my behalf

Professional and personal integrity are of importance to me. So, besides the usual professional memberships like for instance the German Keynes Society, SUERF – The European Money and Finance Forum or the German and American Economic Association I am also a member of the Association for Integrity and Responsible Leadership in Economics and Associated Profession (AIRLEAP) even if my discipline is not at the forefront of promoting professional economics ethics. Or as Georgio DeMartino (2012, p.2), one of the editors of The Oxford Handbook of Professional Economic Ethics, stated “Today, economics is certainly among the most important of professions in terms of its impact on the world. But in all that time the profession has never attended to the ethical burdens associated with influence over others.” The German Economic Association (Verein für Socialpolitik) has accepted a code of ethics only in July 2012. Nevertheless there are huge blind spots not being dealt with until today. This applies to many countries, but in particularly to Germany whose institutional setting to enforce (individual and structural) compliance in academia has to be assessed as weak.

First, although it is meanwhile a kind of international standard that researchers display the amount of research funding which they receive from external entities, the Code of Ethics of the German Economic Association only requires naming the external sources, but not the concrete amounts. Second, by current law, German civil-servant professors are entitled to devote up to 20 per cent of their working time to extra-mural activities. The only requirement is that they notify these activities in advance to the HR of their university and make an official request for permission; approval is a pure formality as long as the 20 per cent cap is not overdrawn. This leaves professors and contracting entities with an almost unlimited discretionary scope: they only need to fiddle with the daily lump sum to comply with this ‘requirement’. Professors are not automatically obliged to disclose his or her earnings derived from these extra-mural activities. Everyone who is familiar with the salary levels of German civil servants would not be surprised if many of these extra-mural activities generate revenues as much or even more than the official salary. Third, professors are frequently offered discounts on private goods and services, for instance by publishing houses, for sample copies of text books for their courses. But also newspapers and non-academic journals offer discounts, software and hardware companies and even private (health) insurances while at the same time there is a strong rise in academic journals  requiring  researchers to pay for the referee process of their submitted papers. While the former should constitute the acceptance of amenities for private purpose which is strictly forbidden for civil servants, the latter might be caused by a cut-down of library budgets during the last 25 years which had been a steady source of finance in former times. But none of the two trends and the potential conflict of interests arising from them are dealt with in the Code of Ethics of the German Economic Association.


Tim Riedler,

Tim Riedler is student assistant in the co-operation between BSEL and the National University of Science and Technology (Windhoek/Namibia). He studies International and Development Economics (M.A.) at HTW Berlin.

Caroline Seligmann, Student Assistant

Caroline Seligmann was student assistant in the co-operation between BSEL and the National University of Science and Technology (Windhoek/Namibia). She studies Accounting / Controlling (M.A.) at Berlin School of Economics and Law.

Sarah Godar, Research Associate

Sarah Godar was research associate in the Master's Programme Tax Policy and Tax Administration and assisted both the Academic Director of the programme and the students in academic issues. She studied Economics and Sociology at the University of Potsdam and graduated in International Economics (M.A.) at the Berlin School of Economics and Law. Her research interests include tax policy, income distribution and macroeconomics. Since 2017 she is accepted into BSEL’s PhD programme.

Rebekka Voget, Project Assistant

Rebekka Voget was project assistant for the Master's Programme Tax Policy and Tax Administration. Before graduating in Economics (B.A.) at Berlin School of Economics and Law, she worked as a student assistant at the Department of Business and Economics.

Clark Banach, Student Assistant

Clark Banach is student assistant at the Department of Business and Economics of BSEL. He is also a funded PhD student in economics at JFK Institute for North American Studies at Free University of Berlin. He completed his coursework for an International Economics (M.A.) at Berlin School of Economics and Law.

Ben Schumann, Student Assistant

Ben Schumann was student assistant at the Department of Business and Economics. He studies Public Economics (M.A.) at Free University of Berlin. He graduated in Economics (B.A.) at Berlin School of Economics and Law.

Maria Høst, Student Assistant

Maria Høst was student assistant at the Department of Business and Economics. She studied International Economics (M.A.) at Berlin School of Economics and Law.

Maximilian Marcisiak, Student Assistant

Maximilian Marcisiak was student assistant at the Department of Business and Economics. He studied Business Administration (B.A.) at Berlin School of Economics and Law.

Irina Sterzer, Student Assistant

Irina Sterzer was student assistant at the Department of Business and Economics. She studied Business Administration at Berlin School of Economics and Law.

Ersan Türkel, Student Assistant

Ersan Türkel was student assistant at the Department of Business and Economics. He studied Business Administration at Berlin School of Economics and Law.

Ofer Kulka, Student Assistant

Ofer Kulka was student assistant at the Department of Business and Economics. He studied Business Intelligence and Process Management at Berlin School of Economics and Law.

Racheal MacGregor, Student Assistant

Racheal MacGregor was student assistant at the Department of Business and Economics. She studied economics at the Complutense University of Madrid and the Berlin School of Economics and Law.

Publications & Talks

Studies and position papers on national and regional financial market development, e.g. on North Africa and Middle East countries (Egypt, Jordan, Morocco, Tunisia), Sub-Saharan Africa (CMA, SACU, SADC, CFA, ECOWAS), South Asia (SAARC), Brazil, India and South Africa

  • Development of concepts and programmes for financial sector related schemes and capacity building, e.g. for representatives of central banks and regulatory authorities from the PRoC and Viet Nam
  • Expert opinions, e.g. on behalf of the Financial Committee of the German Bundestag
  • Advisory capacity for conferences, seminars and workshops with both international, regional and local policy makers, supervisory authorities and practitioners, e.g. in India and South Africa
  • Talks and lectures, e.g. on behalf of Central Banking Events; missions abroad.


  • Politischer Salon Manstein 4, Last Exit Basel – Braucht der Finanzmarkt immer mehr Regulierung? (engl. Last Exit Basel – Do Financial Markets Need More Regulation?)Berlin, 16 May.
  • Salon der Komischen Oper und der Schering Stiftung, Mikro, Makro, Markt? Zu den Auswirkungen einer globalisierten Marktwirtschaft (engl. Micro, Macro, Market? On the Impacts of a Globalised Market Economy), Berlin, 23 April.


  • International Economic Association (IEA), The Real Exchange Rate, Structural Change and Female Labor Force Participation, 18th World Congress, Mexico City (Mexico), 19-23 June. 
  • International Network for Economic Research (INFER) with Labaratoire d’Analyse et de Recherche en Economie et Finance Internationales and Université Bordeaux, The Real Exchange Rate and Female Labor Force Participation, INFER 19th Annual Conference, Bordeaux (France), 7-9 June. 
  • Berliner Börsenverein e.V., Private X Public Saving – Discussion on Private Pensions, Berlin, 1 June. 
  • International Monetary Fund, The Real Exchange Rate and Female Labor Force Participation, Conference on Gender and Macroeconomics, Washington, D.C. (USA), March 23-24, 2017.


  • University of Tübingen, „BREXIT – (Gem)Einsamer Markt? (engl. BREXIT – A (Desolate) Market?), Forum Scientiarum Universität Tübingen Ökonomische Schuldverhältnisse – Perspektiven auf Verschuldung, Tübingen (Germany), 6 July.
  • Free University Berlin, Die Große Finanzkrise (engl. The Global Financial Crisis),  Fachbereich Wirtschaftswissenschaft, Modul Wirtschaftsgeschichte ‚Finanzkrise und Geldsystem‘, Berlin (Germany), 16 June 2016.
  • African Tax Administration Forum, Berlin School of Economics and Law and GIZ, Graduation Celebration Speech for MA Tax graduates, Pretoria (South Africa) 17 March.
  • Levy Economics Institute of Bard College, Discussant on “Developing a Macro-Micro Model for Analysis of Gender Impact of Public Policy” by Jerome de Henau and Susan Himmelweit, Gender and Macroeconomics – Current State of Research and Future Directions, New York (USA), 9-11 March.
  • Verein für Entwicklungsökonomische Forschungsförderung and Kreditanstalt für Wiederaufbau (KfW), ‚Mobilisierung von privatem Kapital für Entwicklungsfinanzierung‘ (engl.Mobilising Private Capital for Development Finance), Schloss Montabaur (Germany), 4.-5. February.

Complete list of talks and presentations

1. Monographs

2. Contributions to refereed journals and series

3. Contributions to books

  • (2015) Regional Integration and Co-operation, in: Niikondo, A. (ed.), The Management and Administration of Development in the Southern African Development Community Region, Cape Town: Publishing World SA, pp. 38-72.
  • (2011) (with Günther Taube) The Art of Supervision by Emerging Markets: Impacts on the Global Financial Governance Agenda, in: Metzger, M. (ed.), Global Financial Stability: A Dialogue on Regulation and Cooperation. Selected Expert Papers from the Dialogue Forums 2010. Deutsche Gesellschaft für international Zusammenarbeit: Berlin, pp. 47-62.

4. Non-refereed contributions, studies and research memoranda

Complete list of publications


In co-operation with Southwestern University of Finance and Economics (SWUFE Chengdu/China) and Deutsche Bundesbank Berlin BSEL holds regularly monetary policy workshops. Actually, BSEL has a long-standing co-operation with SWUFE, going back as far as 1986; meanwhile it covers a double degree Master’s programme, regular exchanges of students, lecturers and professors, joint research projects and the monetary-policy-workshop series.

The workshops seek to bring together representatives of academia with central bankers and policy makers for a dialogue on current issues of domestic monetary policy and international monetary architecture. They are alternately organised by SWUFE and BSEL. So, in October 2017 we were happy to host the 18. Monetary Policy Workshop in Berlin and we are looking forward to meeting our colleagues for the 19. Monetary Policy Workshop in 2018, this year to take place at the People's Bank of China, Shanghai.

Co-operation partners: Deutsche Bundesbank Berlin, SWUFE Chengdu.

Funding: Deutsche Bundesbank, SWUFE, own resources.

Hansjörg Herr and Martina Metzger
In this project we analyse the interplay of the risks arising from sovereign bonds in the banking system and the conduct of independent monetary policy. Although the banking union in the EZ is not completed, nor been put to test, yet, the institutional design promises the reduction of the bank-sovereign nexus (Breckenfelder/Schwaab 2015) in order to break-up the "diabolic loop" (Schoenmaker 2014, p.3) of deteriorating banks' balance sheets and rising public debt. However, the banking union can be only effective in that respect if and when the banking system is the starting point of that vicious circle.


Co-operation partner: In order to conduct a comparative study, we will carry out a joint research project with partners from Southwestern University of Finance and Economics (SWUFE) Chengdu.
Both theoretical analysis and semi-structured interviews with involved agents.

Fundig: Deutsche Bundesbank Berlin

Macroprudential oversight is an essential task to ensure financial market stability. Until the outbreak of the financial crisis in 2007/08 advanced countries used rather microprudential indicators and policies to analyse and assess financial sector risks which have turned out to be insufficient. In this project, we would like to analyse the theoretical foundation of macroprudential oversight as well as the tasks of the European Systemic Risk Board (ESRB), the German Financial Stability Committee (G-FSC) and the Deutsche Bundesbank’s role within this institutional setting.

We are particularly interested in possible overlaps and inconsistencies within the newly introduced institutions and their activities, including issues of (lacking) reciprocity of macroprudential policies across the EU. Additionally, we would like to find out whether there are blind spots in the oversight mechanisms. Also potential conflicts of interest between the Deutsche Bundesbank and the ECB, in terms of their mandate, will be discussed.

Method: Both theoretical analysis and semi-structured interviews with involved agents.

Co-operation partner: In order to conduct a comparative study, partners from SWUFE are going to examine the Chinese macroprudential oversight mechanisms. Both results will be inter alia presented at the 19. Monetary Policy Workshop in Chengdu in autumn 2018.

Funding: Deutsche Bundesbank Berlin

This is an international working group currently focusing on the influence of pro-poor digital financial services on the remittance market, in particularly in Africa, and financial inclusion in general.

Co-operation partners: University of Cantabria (Spain), Universita degli di Cassino e del Lazio Meridionale (Italy)

Funding: applications pending.

The Master´s programme in Tax Policy and Tax Administration (MA Tax) is a 15-month executive MA programme with a strong African and international focus. It is designed for experienced tax officials and policy-makers in Sub-Saharan Africa and the wider Global South. A functioning public-finance system represents the backbone of a capable state that provides public goods and services according to citizens’ basic needs and demands in a transparent and accountable manner. Thus it is suggested, then, that governments are committed to providing systems that ensure the effective, simple and fair collection of taxes in order to finance inclusive and sustainable development. The MA Tax programme intends to contribute to these goals.

Co-operation partners: African Tax Administration Forum,  Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), International Centre for Tax and Development (ICTD Brighton/UK), University of Witwatersrand (Johannesburg/South Africa).

Funding: European Union, German Federal  Ministry for Economic Co-operation and Development, Deutsche Gesellschaft für Internationale Zusammenarbeit.

This relatively recent co-operation, launched only in 2015, operates since then with a limited exchange of students, lecturers and professors. We intend to deepen the co-operation with a first workshop on a topic of mutual interest and relevance for promoting sustainable development, for instance on FinTechs. While in Africa still a relevant share of population is cut-off from traditional financial services, the access to digital services and the coverage with mobile phones is in the overwhelming majority of African countries comprehensive.

In some African countries, we even find several pioneers of digital financial services. The most famous country pioneering digital financial services is Kenya, in which the traditional rift between telecommunication and financial services has been resolved. Several other countries are also displaying innovative entrepreneurial initiatives worthwhile to explore deeply the triggering and hampering factors in diverse macroeconomic and regulative environments.  Accordingly, the workshop on developmental risks and potentials of FinTechs serves as a kick-off to strengthen the strategic partnership between NUST and BSEL. We will invite also experts from the Southern African Development Community und East African Community in order to consolidate and expand the co-operation of both NUST and BSEL with their peers in the region. Time and agenda will follow soon.

Funding: German Academic Exchange Service (DAAD)

Lectures & Theses

Winter term 2018/2019

Summer term 2019


In the following we list supervised theses from the last years and provide access to excellent theses (with honours).

Master theses (first supervisor)


  • Ball, Thomas: Prevention of Money Laundering by Financial Institutions in Germany
  • Bedoya, Sarahstrid: On the Trials and Tribulations of Capital Flows: How to Manage them in Emerging Market Economies?
  • Fung, Tommy: Cryptocurrencies
  • Metelchenko, Natalia: Transfer Pricing as a Driver of Global Profit Shifting
  • Osman, Melek: The road to the Euro: Bulgaria's Economic Development since 1989 under Currency Board Conditions
  • Titz, Sebastian: The European FinTech Sector - Do we Need a New Kind of Regulation?
  • Vonk, Rhianna: Financial Regulations and Free Trade Agreements: An Analytical Framework for Assessing Protections for Financial Regulations in Free Trade Agreements


  • Bois von Kursk, Olivier: An Institutional Economic Analysis of Green Finance
  • Borysko, Sofiia: Early Warning Indicators of the Crisis. Financial Vulnerabilities in Caucus and Central Asia
  • Letnikava, Anastasiya: External Debt in Emerging and Developing Countries - Risks and Means to Enhance Resilience
  • Rieger, Hannah: IMF Loan Conditionality - The Effect of Financial Crisis Loan Conditionality on the Wellbeing of a Country's Population - A Comparative Case Study Analysis


  • Mokgatlhong, Dineo Dorcus: Critical Examination of Tax Treaties in Botswana
  • Nakku, Mwajumah Mubiru: The Status of Double Taxation Agreements in Uganda - Opportunities and Challenges

Bachelor theses (first supervisor)


  • Kleebank, Michael: Sportmarketing - Geschäft ohne Verantwortung?
  • Thiele, Jonas: Corporate Venture Capital als Strategiemittel zum Wandel der deutschen Automobilindustrie zum Service - und Mobilitätsdienstleister




  • Behrens, Alexandra: Eurobonds als Instrument zur Finanzmarktentwicklung?
  • Rätscher, Matthias: Schattenbanken – Eine unterschätzte Gefahr für das Finanzsystem?
  • Ringler, Katharina: Between Paradigms – Renewable Energy Policy of Chile

Complete list of teaching activities