The Center for Financial Studies, located in Goethe University’s House of Finance in Frankfurt, is an independent non-profit research center, funded by contributions from donors and members, as well as by national and international research grants. CFS member institutions comprise almost all major players in Germany’s financial industry. The CFS was founded in 1967 and known until 1996 as the Institut für Kapitalmarktforschung.

Mission Statement: CFS affiliated professors and fellows conduct independent and internationally-oriented research in important areas of Financial and Monetary Economics, ranging from Financial Stability and Banking Regulation, to Household Finance, Law and Economics of Financial Organizations, Monetary Policy and Financial Markets, and Trading and Pricing in Financial Markets. CFS is also a contributor to policy debates and policy analyses, building upon relevant findings in its research areas.

CFS focuses on building a platform for research, relying on its international network among academics, the financial industry and central banks in Europe. It cooperates with other financial research centers and is an active participant in international research networks. CFS research areas directed by academic experts aim to generate collaboration on research projects between outside researchers, CFS staff and practitioners. Focal points for research within the research areas are determined by the CFS Research Professors. Renowned researchers (Fellows) from at home and abroad, who are regular visitors to the CFS, collaborate on the ensuing research projects together with the academic staff at the CFS. Research findings are presented at international conferences and published in international academic journals.

In addition, within the framework of the individual programmes, workshops and research conferences are held to discuss prevailing issues. The co-ordination of this research is supervised by the CFS Research Advisory Council as well as by the Directors of the CFS.

Activities: The CFS also aims to offer a platform for discussions for particularly topical issues, to encourage the informal exchange of information, and to stimulate the academic debates via various publications.

Among other recurring activities, CFS organizes a number of widely recognized events, including the annual “ECB and Its Watchers”-conference, the ongoing ECB-CFS research network initiative on financial integration in Europe, the Presidential Lectures under the auspices of the CFS President Otmar Issing, the bi-annual Deutsche Bank Prize in Financial Economics, and the quarterly CFS Financial Center Index. Its community services at the House of Finance comprise a set of research-enabling activities, consisting of an academic visitors program, a financial market data center, the CFS-GSFEM policy research initiative, and its role as co-founder of the House of Finance Policy Platform.

People: CFS President is Professor Otmar Issing, former chief economist and member of the Executive Board of the ECB; Chairman of the Board is Dr. Rolf-E. Breuer, former CEO of Deutsche Bank AG; CFS Directors are Professors Michalis Haliassos, Jan Pieter Krahnen and Uwe Walz.