Center for Financial Studies

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Center for Financial Studies
CFS logo wiki.jpg
Established 1967
Location Frankfurt, Hesse, Germany
Affiliations Goethe University Frankfurt

The Center for Financial Studies (CFS), located in Frankfurt am Main, is an independent research institute affiliated to the Goethe University Frankfurt. CFS conducts applied research in the areas of financial markets, financial intermediaries and monetary and macroeconomics. Its President is Otmar Issing, former Chief Economist of the European Central Bank. Managing Directors are Michael Haliassos, Jan Pieter Krahnen, and Uwe Walz. The institute’s sponsoring association is chaired by Rolf E. Breuer.


CFS’ research program consists of five research areas that are each managed by a program director. Guest researchers and fellows visit the institute regularly and collaborate on research projects with the academic staff at the CFS.


The CFS aims to promote the dialogue between academia and the financial community by regularly organizing conferences, colloquia, academic forum discussions and specialist presentations on finance-related issues. It also participates in international research networks.

CFS Index[edit]

Since 2007, the Center for Financial Studies has carried out a quarterly survey amongst 500 leading executives in the German financial community. The purpose is to aggregate their evaluations and expectations in order to reflect the current business sentiment. In addition, special surveys on topical issues are held. The CFS Index has emerged from a cooperation of academics, business and politics.


In 1964 on the occasion of the 50th anniversary of the Goethe University Frankfurt, some banks, in particular private bankers and the Frankfurt Stock Exchange, set up a fund for establishing a research institute. 1967 the institute was founded under the name Institut für Kapitalmarktforschung (IFK). The institute is, still today, financed by the Gesellschaft für Kapitalmarktforschung e.V. (GfK) which was founded in the same year. Among the more than 80 members of GfK are banks, insurances, consultancy companies and industrial enterprises. The institute was the first research institute in Germany dedicated solely to capital market issues. 1996 the institute was given the additional name Center for Financial Studies to reflect the increasingly international orientation of its research activities. Since 2001 this has become its sole name. In 2005 the CFS in cooperation with Goethe University Frankfurt for the first time awarded "The Deutsche Bank Prize in Financial Economics" to an internationally renowned researcher. In 2006 the former Chief Economist of the European Central Bank, Otmar Issing, became president of the CFS.


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