Grüne Transformation und Schuldenbremse: Implikationen zusätzlicher Investitionen für öffentliche Finanzen und privaten Konsum
Andrej Drygalla, Katja Heinisch, Oliver Holtemöller, Axel Lindner, Alessandro Sardone, Christoph Schult, Birgit Schultz, Götz Zeddies
Konjunktur aktuell,
No. 4,
2023
Abstract
Das deutsche Klimaschutzgesetz sieht unter anderem vor, dass die Treibhausgas-Emissionen in Deutschland bis zum Jahr 2030 um 65% gegenüber dem Jahr 1990 verringert werden. Die damit einhergehende Transformation der Wirtschaft hat weitreichende Konsequenzen für die gesamtwirtschaftliche Entwicklung und die öffentlichen Finanzen. Alles in allem erfordert der Ausbau erneuerbarer Energien für die Klimaschutzziele jährliche Investitionen in der Größenordnung von 2,5% in Relation zum Bruttoinlandsprodukt. Mithilfe eines makroökonomischen Modells kann gezeigt werden, mit welchen gesamtwirtschaftlichen Entwicklungen zu rechnen ist, wenn die Klimaschutzziele eingehalten werden.
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Konjunktur aktuell: Export und privater Konsum schwach – Deutschland wartet auf den Aufschwung
Konjunktur aktuell,
No. 4,
2023
Abstract
Die Weltwirtschaft verliert zum Ende des Jahres 2023 weiter an Schwung. Der durch den weltweiten Inflationsschub ausgelöste restriktive Schwenk der Geldpolitik drückt über höhere Finanzierungskosten vielerorts die Güternachfrage. Im nächsten Jahr dürfte die Weltwirtschaft wieder etwas anziehen. Die deutsche Wirtschaft ist nach Ende der Pandemie nicht wieder auf ihren alten Wachstumspfad zurückgekehrt. Das Verarbeitenden Gewerbe hat an Wettbewerbsfähigkeit eingebüßt, und die Weltnachfrage nach Industriegütern ist zurzeit schwach. Zudem ist die Inflation immer noch hoch, und die Realeinkommen sind längere Zeit über zurückgegangen. Die geldpolitische Straffung hat die Finanzierungsbedingungen verschlechtert, was besonders die Bauwirtschaft belastet. Das Bruttoinlandsprodukt wird 2023 wohl um 0,3% sinken und im kommenden Jahr um 0,5% expandieren.
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Microdata for Economic Research in Europe: Challenges and Proposals
Eric Bartelsman, Marco Matani, Filippo di Mauro, Sergio Inferrera, Ugo Panizza, Michael Polder
CEPR,
No. 18640,
2023
Abstract
While access to high-quality microdata is essential for economic research and policy evaluation, effective access to such data remains limited in Europe. It varies from country to country, with uneven information on access procedures. This is a major obstacle to social science research, including research on European competitiveness and the effects of climate change, inequality, globalization, and digitalization. The objective of this paper, which is based on a brainstorming exercise coordinated by CEPR and CompNet, is to assess the status quo and discuss a series of proposals for improving access to Microdata for economic research. We underline the need for developing the relevant tools for extended access to and use of European business statistics microdata. Building such tools entails both establishing the requested microdata and creating a body facilitating cross-country access to the established databases with harmonized content.
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Exploring Accounting Research Topic Evolution: An Unsupervised Machine Learning Approach
June Cao, Zhanzhong Gu, Iftekhar Hasan
Journal of International Accounting Research,
No. 3,
2023
Abstract
This study explores the evolution of accounting research by utilizing an unsupervised machine learning approach. We aim to identify the latent topics of accounting from the 1980s up to 2018, the dynamics and emerging topics of accounting research, and the economic reasons behind those changes. First, based on 23,220 articles from 46 accounting journals, we identify 55 topics using the latent Dirichlet allocation model. To illustrate the connection between topics, we use HistCite to generate a citation map along a timeline. The citation clusters demonstrate the “tribalism” phenomenon in accounting research. We then implement the dynamic topic model to reveal the dynamics of topics to show changes in accounting research. The emerging research trends are identified from the topic analytics. We further explore the economic reasons and in-depth insights into the topic evolution, indicating the economic development embeddedness nature of accounting research.
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East Germany
The Nasty Gap 30 years after unification: Why East Germany is still 20% poorer than the West Dossier In a nutshell The East German economic convergence process is hardly…
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Ownership Structure and the Cost of Debt: Evidence From the Chinese Corporate Bond Market
Sris Chatterjee, Xian Gu, Iftekhar Hasan, Haitian Lu
Journal of Empirical Finance,
September
2023
Abstract
Drawing upon evidence from the Chinese corporate bond market, we study how ownership structure affects the cost of debt for firms. Our results show that state, institutional and foreign ownership formats reduce the cost of debt for firms. The benefits of state ownership are accentuated when the issuer is headquartered in a province with highly developed market institutions, operates in an industry less dominated by the state or during the period after the 2012 anti-corruption reforms. Institutional ownership provides the most benefits in environments with lower levels of marketization, especially for firms with low credit quality. Our evidence sheds light on the nexus of ownership and debt cost in a political economy where state-owned enterprises (SOEs) and non-SOEs face productivity and credit frictions. It is also illustrative of how the market environment interacts with corporate ownership in affecting the cost of bond issuance.
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Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one of the four research departments (Financial Markets – Laws, Regulations and Factor Markets –…
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Media contacts before Joint Economic Forecast Spring 2024
Media contacts before the publication of the Joint Economic Forecast from Oliver Holtemöller, March 8, 2024 Dear all, During the three weeks before the publication of the joint…
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Charts
Info Graphs Sometimes pictures say more than a thousand words. Therefore, we selected a few graphs to present our main topics visually. If you should have any questions or would…
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Wage and Employment Effects of Insolvencies
Wage and employment effects of bankruptcies Although the consequences of bankruptcies for affected employees are frequently debated in the public (e.g. due to the bankruptcy of…
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