IWH hosts award-winning US economist

The renowned Max Planck-Humboldt Research Award 2019 goes to Ufuk Akcigit, Professor of Economics at the University of Chicago. At the IWH, Akcigit aims to use innovative methods to investigate why the economy in eastern Germany is still lagging behind that in western Germany – and what role the privatisation process 30 years ago played in this.

Downturn in Germany continues

The global economy has continued to cool down in the middle of 2019. However, a robust labour market is supporting the German economy. According to IWH autumn economic forecast, German gross domestic product will increase by 0.5% in 2019.

IWH successfully evaluated

IWH has been successfully evaluated and was rated "very good" in all sub-sectors. The Senate of the Leibniz Association affirms the Institute's remarkable performance improvements in research, data service as well as policy advice and recommends further joint national and regional funding to IWH over the next seven years.

A new department for IWH

The German Joint Science Conference (GWK) agreed on the expansion of IWH. From 2020 onwards, the institute will receive an additional amount of 1.3 million euros of institutional funds to establish a new department "Laws, Regulations and Factor Markets".

United by Inequality

How is Germany’s economy faring 30 years after the fall of the Berlin Wall? An IWH publication analyses how the country’s unification has progressed. The study presents many new findings, including on productivity differences between east and west, urban and rural development, as well as the availability of skilled labour.

IWH leads large scale EU project on productivity

Is productivity growth slowing in industrialised countries? And if so, why? From the start of 2019, the IWH will be addressing these decisive questions as the leading coordinator of a new European research collaboration: MICROPROD is the largest EU project in the history of the institute.

Research Networks, Data and Policy Advice

Figure It Out!

The Origins of Italian non-performing loans

percent

of defaults in Italy's non-financial sector over 2008-16 were unavoidable, finds our keynote speaker Luigi Zingales in a working paper with Paolo Angelini and Marcello Bofondi. The authors argue that a combination of a weak corporate sector at the onset of the recession and poor selection of borrowers among banks explain the remaining half of defaults.

workshop programme: 5th IWH-FIN-FIRE Workshop on "Challenges to Financial Stability"

Press Releases

19.09.2019 • 19/2019

Long-term effects of privatisation in eastern Germany: award-winning US economist begins large-scale research project at the IWH

Professor Reint E. Gropp, PhD

Abstract

It is one of the most prestigious awards in the German scientific community: the Max Planck-Humboldt Research Award 2019 endowed with €1.5 million goes to Ufuk Akcigit, Professor of Economics at the University of Chicago. At the Halle Institute for Economic Research (IWH), Akcigit aims to use innovative methods to investigate why the economy in eastern Germany is still lagging behind that in western Germany – and what role the privatisation process 30 years ago played in this.

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05.09.2019 • 18/2019

Downturn in Germany continues

Professor Dr Oliver Holtemöller

Abstract

Trade disputes are causing international trade in goods to decline this year. The manufacturing industry in Germany is particularly affected by this. However, a robust labour market is supporting the economy. According to IWH autumn economic forecast, German gross domestic product (GDP) will increase by 0.5% in 2019. At 1%, output growth in East Germany is likely to be significantly higher than in West Germany.

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09.07.2019 • 17/2019

IWH rated "very good" and recommended for further funding

Abstract

The Halle Institute for Economic Research (IWH) – Member of the Leibniz Association has been providing remarkable research and policy advice services for many years and should therefore continue to receive joint basic funding by Federal government and the Länder in future. This was the conclusion of today's meeting of the Senate of the Leibniz Association. At the end of the evaluation, the Institute was rated "very good" in all areas.

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02.07.2019 • 16/2019

Weiter gute Stimmung in Sachsen-Anhalts Mittelstand

Dr Axel Lindner

Abstract

Der Mittelstand in Sachsen-Anhalt verzeichnet bislang keine stärkere Konjunkturabschwächung. Das geht aus einer gemeinsamen Umfrage von Creditreform und Leibniz-Institut für Wirtschaftsforschung Halle (IWH) hervor, an der sich 465 vorrangig kleine und mittlere Unternehmen aus Sachsen-Anhalt beteiligt haben. Die überwiegende Mehrzahl der befragten Unternehmen (72,4%) schätzt die aktuelle Geschäftslage weiterhin mit „sehr gut“ bzw. „gut“ ein. In der Vorjahresumfrage gab es ähnlich viele positive Meldungen (75,2% der Befragten). Günstig für die Wirtschaftslage im Mittelstand sind weiterhin die kräftige Binnennachfrage, der private Konsum und die Bautätigkeit.

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Media Centre

Facts and Figures

2019-hard-brexit-potential-employment-effects-absolute.jpg — 1/3: Up to 600 000 jobs would indirectly be threatened by a hard Brexit, about 100 000 of those in Germany. Source: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH Discussion Papers, Nr. 4, 2019. Halle (Saale) 2019.

2019-hard-brexit-potential-employment-effects-relative.jpg — 2/3: Effects on employment rates would be particularly high in Malta and Ireland. Source: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH Discussion Papers, Nr. 4, 2019. Halle (Saale) 2019.

3/3: In Germany, a hard Brexit would particularly affect the car industry and, as a result, the districts of Wolfsburg (Volkswagen headquarters) and Dingolfing-Landau (BMW). Source: Brautzsch, Hans-Ulrich, Holtemöller, Oliver: Potential International Employment Effects of a Hard Brexit. IWH-Diskussionspapiere, Nr. 4, 2019. Halle (Saale) 2019.

This figure shows the different pillars that form the basis of the new regulatory framework in Europe. The Single Rulebook applies to all 28 member states. The three pillars of the European Banking Union are obligatory for Euro Area countries and voluntary for the remaining EU member states. Source: Koetter, Michael; Krause, Thomas; Tonzer, Lena (2017): Delay determinants of European Banking Union implementation. IWH Discussion Papers 24/2017, Halle Institute for Economic Research (IWH).

The graph shows the percentage share of firms that have been classified as zombies in a given year and country. Zombie firms are firms, that for at least two consecutive years have negative returns, negative investment, and debt servicing capacity (EBITDA/ financial debt) below 5 %. Source: Koetter, Michael; Setzer, Ralph; Storz, Manuela; Westphal, Andreas (2017): Do we want these two to tango? On zombie firms and stressed banks in Europe. IWH Discussion Papers 13/2017, Halle Institute for Economic Research (IWH).

EU: European Commission, Economic Forecast, November 2017; IMF: World Economic Outlook, October 2017, ECB: December 2017 staff macroeconomic projections. OECD: Economic Outlook, November 2017; Consensus: Consensus Economics, Consensus Forecasts, December 2017. Source: EFN-European Forecasting Network (2017): EFN Report: Economic Outlook for the Euro Area in 2018 and 2019.

This figure (a) shows headline inflation rates in the Euro area and in ten member countries of the European Monetary Union (EMU). The possible inflation drivers may all have contributed to the low inflation rate in recent years. The series of survey- and market-based inflation expectations were obtained from Consensus Economics, Thomson Reuters and own calculations. For the remaining data sources it is referred to the data and estimation section. Source: Dany-Knedlik, Geraldine; Holtemöller, Oliver (2017): Inflation dynamics during the financial crisis in Europe: Cross-sectional identification of long-run inflation expectations. IWH Discussion Papers 10/2017, Halle Institute for Economic Research (IWH).

This figure (b) shows unemployment rates in the Euro area and in ten member countries of the European Monetary Union (EMU). The possible inflation drivers may all have contributed to the low inflation rate in recent years. The series of survey- and market-based inflation expectations were obtained from Consensus Economics, Thomson Reuters and own calculations. For the remaining data sources it is referred to the data and estimation section. Source: Dany-Knedlik, Geraldine; Holtemöller, Oliver (2017): Inflation dynamics during the financial crisis in Europe: Cross-sectional identification of long-run inflation expectations. IWH Discussion Papers 10/2017, Halle Institute for Economic Research (IWH).

This figure shows the payments of the bank levy (in million euros) by German banks for the years 2011-2015, broken down by banking group. During the years 2011-2014, banks had to contribute to the national restructuring fund as specified in the Restructuring Fund Act. In 2015, banks contributions were for the first time calculated as specified in the Banking Resolution and Restructuring Directive. Source of Figure: Deutscher Bundestag Drucksache 18/5993, BB8/5993he 18 5 December 2015. Source: Buch, Claudia; Tonzer, Lena; Weigert, Benjamin (2017): Assessing the effects of regulatory bank levies. VOX CEPR's Policy Portal: Research-based policy analysis and commentary from leading economists.

This figure shows the development of aggregated foreign funding for Brazilian banks between January 2007 and December 2010. The vertical line is set at September 2008, the month when the collapse of Lehman Brothers triggered a freeze in global interbank markets. Foreign funding is aggregated from the bank-level data in the baseline sample. The variable is reported in real 2013 US$ millions. Source: Noth, Felix; Ossandon Busch, Matias (2017): Banking globalization, local lending, and labor market effects: Micro-level evidence from Brazil. IWH Discussion Papers 7/2017, Halle Institute for Economic Research (IWH).

The unemployment rate of EU nationals in most countries is slightly higher than that of domestic nationals; these rates are almost perfectly correlated for all member states. As the figure displays, the unemployment rate of citizens from non-EU member states is significantly higher than that of domestic nationals in almost all countries; the dispersion of the rates is also significantly greater. Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

In fact, there is a positive correlation between the number of applications for asylum in recent years and the difference in the unemployment rates of domestic nationals and of citizens from non-EU member states (as shown in the figure at hand). This indicates that the marginal costs of integrating refugees do indeed increase as the number of refugees grows. Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

Large differences between nationals and foreigners from non-EU countries can also be observed when it comes to the employment rate. In most countries, the employment rate is considerably lower for non-EU citizens than for domestic nationals; this is the case especially for women, but it applies to men as well. While the employment rate of male non-EU foreigners increases at least somewhat with the employment rate of male domestic nationals, the employment rate of female non-EU foreigners is largely disconnected from the domestic rate (see figure above). Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

Figure_8_Average_work_performance_corresponding_to_meaning_of_task.jpg — The figure demonstrates that the average number of responses differs between the three treatment groups "Original Meaning", "No Meaning" and "Alternative Meaning". It shows the average work performance of workers fulfilling the same task with the same reward but with different information about the usefulness or meaning of their work done before. Since some workers did not respond at first and only participated in the experiment as latecomers after they were sent further invitations, these were considered as a special group. Therefore, two different groups were created "Immediate" and "Pooled" and were considered separately. In essence, the additional "Pooled" group consists of latecomers grouped together with the employees that immediately participated in the experiment. Source: Chadi, Adrian; Jeworrek, Sabrina; Mertins, Vanessa (2016): When the Meaning of Work Has Disappeared: Experimental Evidence on Employees’ Performance and Emotions. Management Science 63(6): 1696-1707.

Current Publications

Investor Relations and IPO Performance

Salim Chahine Gonul Colak Iftekhar Hasan Mohamad Mazboudi

in: Review of Accounting Studies, forthcoming

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Foreign Bank Ownership and Income Inequality: Empirical Evidence

Manthos D. Delis Iftekhar Hasan Nikolaos Mylonidis

in: Applied Economics, forthcoming

read publication

Public Bank Guarantees and Allocative Efficiency

Reint E. Gropp Andre Guettler Vahid Saadi

in: Journal of Monetary Economics, forthcoming

Abstract

In the wake of the recent financial crisis, many governments extended public guarantees to banks. We take advantage of a natural experiment, in which long-standing public guarantees were removed for a set of German banks following a lawsuit, to identify the real effects of these guarantees on the allocation of credit (“allocative efficiency”). Using matched bank/firm data, we find that public guarantees reduce allocative efficiency. With guarantees in place, poorly performing firms invest more and maintain higher rates of sales growth. Moreover, firms produce less efficiently in the presence of public guarantees. Consistently, we show that guarantees reduce the likelihood that firms exit the market. These findings suggest that public guarantees hinder restructuring activities and prevent resources to flow to the most productive uses.

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Identifying Cooperation for Innovation―a Comparison of Data Sources

Michael Fritsch Mirko Titze M. Piontek

in: Industry and Innovation, forthcoming

Abstract

The value of social network analysis is critically dependent on the comprehensive and reliable identification of actors and their relationships. We compare regional knowledge networks based on different types of data sources, namely, co-patents, co-publications, and publicly subsidized collaborative R&D projects. Moreover, by combining these three data sources, we construct a multilayer network that provides a comprehensive picture of intraregional interactions. By comparing the networks based on the data sources, we address the problems of coverage and selection bias. We observe that using only one data source leads to a severe underestimation of regional knowledge interactions, especially those of private sector firms and independent researchers.

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Benchmark on Themselves: CEO-directors’ Influence on the CEO Compensation

Bill Francis Iftekhar Hasan Yun Zhu

in: Managerial Finance, forthcoming

Abstract

The purpose of this paper is to examine whether or not the chief executive officers’ (CEO) compensation is affected by the compensation of the outside directors sitting on their board, who are also CEOs of other firms.

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Entry into Self-employment and Individuals’ Risk-taking Propensities

Matthias Brachert Walter Hyll Abdolkarim Sadrieh

in: Small Business Economics, forthcoming

Abstract

Most of the existing empirical literature on self-employment decisions assumes that individuals’ risk-taking propensities are stable over time. We allow for endogeneity on both sides when examining the relationship between individual risk-taking propensities and entry into self-employment. We confirm that a greater risk-taking propensity is associated with a higher probability of entering self-employment. However, we also find evidence that entering self-employment is associated with a significant and substantial increase in an individual’s propensity to take risks. Our findings add to the growing evidence that risk-taking propensities are not only inborn, but also determined by environmental factors.

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Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance

Yiwei Fang Iftekhar Hasan Woon Sau Leung Qingwei Wang

in: Journal of International Business Studies, forthcoming

Abstract

This paper investigates how foreign ownership shapes bank information environments. Using a sample of listed banks from 60 countries over 1997–2012, we show that foreign ownership is significantly associated with greater (lower) informativeness (synchronicity) in bank stock prices. We also find that stock returns of foreign-owned banks reflect more information about future earnings. In addition, the positive association between price informativeness and foreign ownership is stronger for foreign-owned banks in countries with stronger governance, stronger banking supervision, and lower monitoring costs. Overall, our evidence suggests that foreign ownership reduces bank opacity by exporting governance, yielding important implications for regulators and governments.

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CEO Investment of Deferred Compensation Plans and Firm Performance

Domenico Rocco Cambrea Stefano Colonnello Giuliano Curatola Giulia Fantini

in: Journal of Business Finance & Accounting, forthcoming

Abstract

We study how US chief executive officers (CEOs) invest their deferred compensation plans depending on the firm's profitability. By looking at the correlation between the CEO's return on these plans and the firm's stock return, we show that deferred compensation is to a large extent invested in the company equity in good times and divested from it in bad times. The divestment from company equity in bad times arguably reflects CEOs' incentive to abandon the firm and to invest in alternative instruments to preserve the value of their deferred compensation plans. This result suggests that the incentive alignment effects of deferred compensation crucially depend on the firm's health status.

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Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp A. Mordel

in: Journal of Money, Credit and Banking, forthcoming

Abstract

We employ a unique identification strategy linking survey data on household consumption expenditure to bank-level data to estimate the effects of bank funding stress on consumer credit and consumption expenditures. We show that households whose banks were more exposed to funding shocks report lower levels of non-mortgage liabilities. This, however, only translates into lower levels of consumption for low income households. Hence, adverse credit supply shocks are associated with significant heterogeneous effects.

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Entrenchment through Corporate Social Responsibility: Evidence from CEO Network Centrality

Salim Chahine Yiwei Fang Iftekhar Hasan Mohamad Mazboudi

in: International Review of Financial Analysis, forthcoming

Abstract

This paper investigates whether CEOs with high network centrality entrench themselves when taking CSR decisions and how that affects firm value. Evidence portrays that CSR in firms with more central CEOs is negatively associated with firm-value, and this association is mitigated by better corporate governance mechanisms and by geographic areas of higher social capital. This negative association is lower during disasters which reflect periods of positive exogenous shocks to the societal demand for CSR. Furthermore, CSR by more central CEOs is positively associated with future increases in CEO compensation and future improvement in a CEO's network position. The findings reveal that, in general, central CEOs use CSR to entrench themselves and gain private benefits rather than increase shareholder value.

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Investor Relations and IPO Performance

Salim Chahine Gonul Colak Iftekhar Hasan Mohamad Mazboudi

in: Review of Accounting Studies, forthcoming

read publication

Foreign Bank Ownership and Income Inequality: Empirical Evidence

Manthos D. Delis Iftekhar Hasan Nikolaos Mylonidis

in: Applied Economics, forthcoming

read publication

Public Bank Guarantees and Allocative Efficiency

Reint E. Gropp Andre Guettler Vahid Saadi

in: Journal of Monetary Economics, forthcoming

Abstract

read publication

Identifying Cooperation for Innovation―a Comparison of Data Sources

Michael Fritsch Mirko Titze M. Piontek

in: Industry and Innovation, forthcoming

Abstract

read publication

Benchmark on Themselves: CEO-directors’ Influence on the CEO Compensation

Bill Francis Iftekhar Hasan Yun Zhu

in: Managerial Finance, forthcoming

Abstract

read publication

Entry into Self-employment and Individuals’ Risk-taking Propensities

Matthias Brachert Walter Hyll Abdolkarim Sadrieh

in: Small Business Economics, forthcoming

Abstract

read publication

Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance

Yiwei Fang Iftekhar Hasan Woon Sau Leung Qingwei Wang

in: Journal of International Business Studies, forthcoming

Abstract

read publication

CEO Investment of Deferred Compensation Plans and Firm Performance

Domenico Rocco Cambrea Stefano Colonnello Giuliano Curatola Giulia Fantini

in: Journal of Business Finance & Accounting, forthcoming

Abstract

read publication

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp A. Mordel

in: Journal of Money, Credit and Banking, forthcoming

Abstract

read publication

Entrenchment through Corporate Social Responsibility: Evidence from CEO Network Centrality

Salim Chahine Yiwei Fang Iftekhar Hasan Mohamad Mazboudi

in: International Review of Financial Analysis, forthcoming

Abstract

read publication

Media Centre

Facts and Figures
Current Publications

Investor Relations and IPO Performance

Salim Chahine Gonul Colak Iftekhar Hasan Mohamad Mazboudi

in: Review of Accounting Studies, forthcoming

read publication

Foreign Bank Ownership and Income Inequality: Empirical Evidence

Manthos D. Delis Iftekhar Hasan Nikolaos Mylonidis

in: Applied Economics, forthcoming

read publication

Public Bank Guarantees and Allocative Efficiency

Reint E. Gropp Andre Guettler Vahid Saadi

in: Journal of Monetary Economics, forthcoming

Abstract

read publication

Identifying Cooperation for Innovation―a Comparison of Data Sources

Michael Fritsch Mirko Titze M. Piontek

in: Industry and Innovation, forthcoming

Abstract

read publication

Benchmark on Themselves: CEO-directors’ Influence on the CEO Compensation

Bill Francis Iftekhar Hasan Yun Zhu

in: Managerial Finance, forthcoming

Abstract

read publication

Entry into Self-employment and Individuals’ Risk-taking Propensities

Matthias Brachert Walter Hyll Abdolkarim Sadrieh

in: Small Business Economics, forthcoming

Abstract

read publication

Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance

Yiwei Fang Iftekhar Hasan Woon Sau Leung Qingwei Wang

in: Journal of International Business Studies, forthcoming

Abstract

read publication

CEO Investment of Deferred Compensation Plans and Firm Performance

Domenico Rocco Cambrea Stefano Colonnello Giuliano Curatola Giulia Fantini

in: Journal of Business Finance & Accounting, forthcoming

Abstract

read publication

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp A. Mordel

in: Journal of Money, Credit and Banking, forthcoming

Abstract

read publication

Entrenchment through Corporate Social Responsibility: Evidence from CEO Network Centrality

Salim Chahine Yiwei Fang Iftekhar Hasan Mohamad Mazboudi

in: International Review of Financial Analysis, forthcoming

Abstract

read publication

Investor Relations and IPO Performance

Salim Chahine Gonul Colak Iftekhar Hasan Mohamad Mazboudi

in: Review of Accounting Studies, forthcoming

read publication

Foreign Bank Ownership and Income Inequality: Empirical Evidence

Manthos D. Delis Iftekhar Hasan Nikolaos Mylonidis

in: Applied Economics, forthcoming

read publication

Public Bank Guarantees and Allocative Efficiency

Reint E. Gropp Andre Guettler Vahid Saadi

in: Journal of Monetary Economics, forthcoming

Abstract

read publication

Identifying Cooperation for Innovation―a Comparison of Data Sources

Michael Fritsch Mirko Titze M. Piontek

in: Industry and Innovation, forthcoming

Abstract

read publication

Benchmark on Themselves: CEO-directors’ Influence on the CEO Compensation

Bill Francis Iftekhar Hasan Yun Zhu

in: Managerial Finance, forthcoming

Abstract

read publication

Entry into Self-employment and Individuals’ Risk-taking Propensities

Matthias Brachert Walter Hyll Abdolkarim Sadrieh

in: Small Business Economics, forthcoming

Abstract

read publication

Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance

Yiwei Fang Iftekhar Hasan Woon Sau Leung Qingwei Wang

in: Journal of International Business Studies, forthcoming

Abstract

read publication

CEO Investment of Deferred Compensation Plans and Firm Performance

Domenico Rocco Cambrea Stefano Colonnello Giuliano Curatola Giulia Fantini

in: Journal of Business Finance & Accounting, forthcoming

Abstract

read publication

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp A. Mordel

in: Journal of Money, Credit and Banking, forthcoming

Abstract

read publication

Entrenchment through Corporate Social Responsibility: Evidence from CEO Network Centrality

Salim Chahine Yiwei Fang Iftekhar Hasan Mohamad Mazboudi

in: International Review of Financial Analysis, forthcoming

Abstract

read publication

Current Events

Oct 2019

Workshops and conferences

1st Data User Conference

Keynote Speaker: Philippe Martin, Sciences Po & CEPR

View event

Browse all events

IWH at a Glance

Christiane Baumeister Dmitri Bershadskyy Hannes Böhm Matthias Brachert Richard Bräuer Hans-Ulrich Brautzsch João Carlos Claudio Stefano Colonnello Aida Ćumurović Eva Dettmann Andrej Drygalla Stefan Eichler Daniel Fackler Michael Ghisletti Stefan Gießler Reint E. Gropp Mirja Hälbig Iftekhar Hasan Peter Haug Gerhard Heimpold Katja Heinisch Boris Hirsch Florian Hoffmann Lisa Hölscher Oliver Holtemöller Sabrina Jeworrek Martina Kämpfe Michael Koetter Thomas Krause Boreum Kwak Cornelia Lang Xiang Li Axel Lindner Udo Ludwig Antonios Mavropoulos William McShane Matthias Mertens Steffen Müller Isabella Müller Georg Neuschäffer Felix Noth Matias Ossandon Busch Verena Plümpe Felix Pohle Adrian Maarten Rodriguez del Valle den Ouden Kirsten Schmidt Christoph Schult Birgit Schultz Gregor von Schweinitz Viktor Slavtchev Talina Sondershaus Ruben Staffa Moritz Stieglitz Mirko Titze Lena Tonzer Mathias Trabandt Konstantin Wagner Joschka Waibel Eva Weigt Matthias Wieschemeyer Shuo Xia Götz Zeddies

IWH people

nations

research groups

Economic Outlook

The new Europe

East Germany

Financial Stability

Demographic Change

Social Mobility

Behaviour

IWH hosts award-winning US economist

Downturn in Germany continues

IWH successfully evaluated

A new department for IWH

United by Inequality

IWH leads large scale EU project on productivity

What are you interested in?

Academics

Media

Politics

Career

Academics

Media

Politics

Career

Research Networks, Data and Policy Advice

Figure It Out!

The Origins of Italian non-performing loans

Press Releases

19.09.2019 • 19/2019

Long-term effects of privatisation in eastern Germany: award-winning US economist begins large-scale research project at the IWH

Abstract

05.09.2019 • 18/2019

Downturn in Germany continues

Abstract

09.07.2019 • 17/2019

IWH rated "very good" and recommended for further funding

Abstract

02.07.2019 • 16/2019

Weiter gute Stimmung in Sachsen-Anhalts Mittelstand

Abstract

Media Centre

Facts and Figures

Absolute Employment Effects of a Hard Brexit

Relative Employment Effects of a Hard Brexit

Regional employment effects of a hard Brexit in Germany

New Regulatory Framework in Europe

Share of Zombie Firms 2010-2014 by Country

Comparison of EFN Forecasts with Alternative Forecasts

Euro Area Inflation Dynamics and Possible Drivers (a)

Euro Area Inflation Dynamics and Possible Drivers (b)

Bank Levies Paid by German Banks

Aggregated Foreign Funding for Brazilian Banks (2007-2010)

Unemployment Rates by Nationality (2014)

Labour Market Situation for Non-EU Foreigners in Relation to the Number of Applications for Asylum (2014)

Employment Rates by Nationality and Gender (2014)

Average Work Performance of Employees Based on Meaning of Task (2014)

Current Publications

Investor Relations and IPO Performance

Foreign Bank Ownership and Income Inequality: Empirical Evidence

Public Bank Guarantees and Allocative Efficiency

Abstract

Identifying Cooperation for Innovation―a Comparison of Data Sources

Abstract

Benchmark on Themselves: CEO-directors’ Influence on the CEO Compensation

Abstract

Entry into Self-employment and Individuals’ Risk-taking Propensities

Abstract

Foreign Ownership, Bank Information Environments, and the International Mobility of Corporate Governance

Abstract

CEO Investment of Deferred Compensation Plans and Firm Performance

Abstract

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

Abstract

Entrenchment through Corporate Social Responsibility: Evidence from CEO Network Centrality

Abstract

Investor Relations and IPO Performance

Foreign Bank Ownership and Income Inequality: Empirical Evidence

Public Bank Guarantees and Allocative Efficiency

Abstract

Identifying Cooperation for Innovation―a Comparison of Data Sources

Abstract

Benchmark on Themselves: CEO-directors’ Influence on the CEO Compensation