summit “ global solutions ”, berlin, may 30, 2017. seite 10 von 13 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel : + 49 ( 0 ) 69 9566 3511 or 3512, fax : + 49 ( 0 ) 69 9566 3077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. available evidence. 12 the bank for international settlements ( bis ) recently launched an online repository of studies on the effects of financial regulations. 13 the repository is an interactive tool, allowing the user to select and visualize findings from multiple studies. beyond this, it also allows users to submit their own studies. replicability is an important element of transparency. replicability ensures that policy decisions are based on robust evidence. this requires transparency about the models being used, access to data, and documentation of how studies are set up. replication studies repeat an original analysis using different data and are thus especially useful for policy work. academic study often focuses on specific novel results, which may limit the external validity of findings in a different setting. evidence - based policy decisions require information on whether a particular finding is robust with regard to changing the underlying setting. hence, there is a potential tension between the novelty and uniqueness of findings that are appreciated in academia and the need to rely on sufficiently robust results as a basis for policy decisions. enhanced appreciation of replication studies in academic work and enhanced capacity of policy institutions to conduct their own replication studies can help relaxing this tension. finally, an active outreach strategy should also be part of an independent, transparent evaluation process. stakeholders should be given the opportunity to give input and voice their concerns. this interaction can take place via public consultations of reports, through workshops or conferences, or by appointing external academic advisors. all this will ultimately improve the quality of evaluations. _ _ _ _ _ _ _ _ _ _ _ _ _ examples for repositories from other policy areas are the mcmaster health forum ( https : / / www. mcmasterforum. org / ) or the 3ie initiative ( https : / / www. 3ieimpact. org / ) in development economics. see https : / / stats. bis. org / frame / and boissay, f., c. cantu, s. claessens, and a. villegas ( 2019 )

9566 3077 presse @ bundesbank. de, www. bundesbank. de reproduction permitted only if source is stated. tions that reforms may have shortened the average maturities of infrastructure loans granted by global systemically important banks. more projects are underway. an evaluation of reform effects on sme financing will be delivered to the g20 summit this year. the respective consultation report was published recently. 8 according to this report, the evaluation does not identify persistent negative effects of the g20 regulatory reforms on sme financing overall. at the same time, the adjustment patterns in the data are not inconsistent with stronger effects of the reforms on those banks for which the new rules on capital regulation have been binding the most. a new project which has been started in 2019 focuses on a core objective of the reforms. this project will assess the extent to which the too - big - to fail ( tbtf ) reforms have addressed the systemic and moral hazard risks associated with systemically important financial institutions : 9 • the project will analyse whether the reforms were effective in reducing the perceived probability of the impact of failure of systemically important institutions – for instance, by assessing changes in estimates of implicit funding subsidies and analysing progress in the resolvability of systemically important banks. • it will provide answers to the question of whether reforms are leading to changes in bank behaviour, for instance by attributing changes in business models and risk taking that reflect the internalization of the negative systemic risk externalities to relevant reforms. • it will examine the broader effects of the reforms, including the functioning of the financial system, market fragmentation, cost and availability of financing to the _ _ _ _ _ _ _ _ _ _ _ _ _ https : / / www. fsb. org / 2019 / 06 / fsb - publishes - consultation - on - sme - financing - evaluation / financial stability board ( 2011 ), “ policy measures to address systemically important financial institutions ”, november 2011. for details see the terms of reference ( https : / / www. fsb. org / 2019 / 05 / evaluationof - too - big - to - fail - reforms - summary - terms - of - reference / ). the final report is scheduled for the g20 presidency in 2020. seite 9 von 13 deutsche bundesbank, directorate general communications wilhelm - epstein - strasse 14, 60431 frankfurt am main, germany, tel : + 49 ( 0 ) 69 95