Governance & Structure
Governance & Structure The IWH Center for Business and Productivity Dynamism (IWH-CBPD), led by Center Chief Javier Miranda , hosts the CompNet Network and its related activities.…
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Career
Career at IWH The IWH offers you diverse possibilities to either start or to proceed your professional development. Further information and details you can find on our following…
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Research Articles
Research Articles Explore cutting-edge research based on CompNet’s micro-aggregated firm-level data and related analytical tools. These articles cover empirical and theoretical…
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Overview
About the project Project Information: ProdTool – NPB 2.0: Micro-Data Analysis Tool 2.0 for comparative productivity studies at National Productivity Boards (Project acronym:…
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Overview
About the project Project Information: Microdata platform for productivity Participating Countries: Slovakia, Slovenia, France, Germany, Portugal, Latvia and Austria. Coordinated…
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4th TSI Workshop
4th TSI Workshop The 4th Technical Support Instrument (TSI) Workshop was a significant event in the TSI program series, focusing on enhancing collaboration among National…
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Why Is the Roy-Borjas Model Unable to Predict International Migrant Selection on Education? Evidence from Urban and Rural Mexico
Stefan Leopold, Jens Ruhose, Simon Wiederhold
World Economy,
Vol. 48 (2),
2025
Abstract
The Roy-Borjas model predicts that international migrants are less educated than nonmigrants because the returns to education are generally higher in developing (migrant-sending) than in developed (migrant-receiving) countries. However, empirical evidence often shows the opposite. Using the case of Mexico-U.S. migration, we show that this inconsistency between predictions and empirical evidence can be resolved when the human capital of migrants is assessed using a two-dimensional measure of occupational skills rather than by educational attainment. Thus, focusing on a single skill dimension when investigating migrant selection can lead to misleading conclusions about the underlying economic incentives and behavioral models of migration.
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IWH-DPE in a Nutshell
IWH-DPE in a Nutshell The IWH Doctoral Programme in Economics (IWH-DPE) is the unit that organises the education of doctoral students at the IWH in close cooperation with partner…
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Funding Institutions
Funding Institutions At present, CompNet is funded by a group of prominent institutions, including the European Bank for Reconstruction and Development (EBRD), the European…
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Corporate Loan Spreads and Economic Activity
Anthony Saunders, Alessandro Spina, Sascha Steffen, Daniel Streitz
Review of Financial Studies,
Vol. 38 (2),
2025
Abstract
We use secondary corporate loan-market prices to construct a novel loan-market-based credit spread. This measure has considerable predictive power for economic activity across macroeconomic outcomes in both the U.S. and Europe and captures unique information not contained in public market credit spreads. Loan-market borrowers are compositionally different and particularly sensitive to supply-side frictions as well as financial frictions that emanate from their own balance sheets. This evidence highlights the joint role of financial intermediary and borrower balance-sheet frictions in understanding macroeconomic developments and enriches our understanding of which type of financial frictions matter for the economy.
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