Special Awards of the Deutsche Bundesbank Presented to Students from Bayreuth

Julius Lustfeld was recognised for his Bachelor’s thesis entitled “The Impact of Major Crises on Safe Haven Currencies”, which he completed at the Chair of Economics II (Prof. Dr. Hartmut Egger; Dr. Leandro Navarro). In his thesis, he examines how the exchange rates of so‑called safe‑haven currencies change during major economic crises. Building on existing research, he extends the period of analysis to the very recent past and uses modern econometric methods to investigate whether crises themselves trigger structural changes in the relationship between uncertainty and exchange-rate movements. His findings show that the safe‑haven characteristics of major currencies such as the Swiss franc or the Japanese yen are not constant, but change over time in line with global economic conditions.

Joshua Greubel completed his Master’s thesis, “Credit Crunches in Green Finance: Implications for Green Investments and Abatement Decisions”, at the Chair of Economics VIII (Prof. Dr. Fabian Herweg). In his work, he investigates how imperfections in financial markets can affect investments in environmentally friendly technologies and measures to reduce emissions. His analysis begins with the observation that the green transformation of the economy requires substantial investment, yet companies often rely on external financing to make these investments. If banks cannot accurately assess which firms are particularly efficient at reducing emissions, socially beneficial projects may end up being insufficiently funded. Greubel first analyses a current research model from the green finance literature and then develops his own theoretical model, in which firms not only choose between technologies but also decide how much capital to raise and to what extent they reduce their emissions. His results show that a carbon price alone is insufficient to achieve the socially optimal level of investment and emission reduction when financing constraints are present, and that a combination of carbon pricing and targeted financial policy measures is required. After completing his Master’s degree, Joshua Greubel began a PhD in Economics at the University of Bayreuth, where he is continuing to explore the issues addressed in his Master’s thesis in greater depth.