Vocational Training
Vocational Training at IWH At the Halle Institute for Economic Research (IWH) the state-approved professions specialist in media and information services (m/f/x) [library] ,…
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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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Halle Institute for Economic Research
Job Market candidates from the IWH-DPE 2025/2026 Marius Fournés' dissertation explores how climate policy shapes cross-border capital flows and how globalisation influences…
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Past Events
Past Events 14. CompNet Annual Conference (Vilnius, 25-26 September 2025) The 14th CompNet Annual Conference, co-hosted with the Bank of Lithuania, took place on 25–26 September…
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7th vintage
7th Vintage CompNet Dataset The CompNet dataset includes a set of micro-aggregated indicators to enhance policy and academic analysis on competitiveness and productivity. All the…
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8th vintage
8th Vintage CompNet Dataset The CompNet dataset includes a set of micro-aggregated indicators to enhance policy and academic analysis on competitiveness and productivity. All the…
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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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Economic Outlook
Joint Economic Forecast Autumn 2025 Fiscal Stimulus Masks Structural Weakness September 25, 2025 The German economy is emerging from the trough and is likely to regain some…
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Environmental Incidents and Sustainability Pricing
Huyen Nguyen, Sochima Uzonwanne
IWH Discussion Papers,
No. 17,
2024
Abstract
We investigate whether lenders employ sustainability pricing provisions to manage borrowers’ environmental risk. Using unexpected negative environmental incidents of borrowers as exogenous shocks that reveal information on environmental risk, we find that lenders manage borrowers’ environmental risk by conventional tools such as imposing higher interest rates, utilizing financial and net worth covenants, showing reluctance to refinance, and demanding increased collateral. In contrast, the inclusion of sustainability pricing provisions in loan agreements for high environmental risk borrowers is reduced by 11 percentage points. Our study suggests that sustainability pricing provisions may not primarily serve as risk management tools but rather as instruments to attract demand from institutional investors and facilitate secondary market transactions.
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13.06.2024 • 17/2024
German economy still on the defensive – but first signs of an end to the downturn
In the first half of 2024, signs of an economic recovery are increasing. Production, however, is likely to expand only modestly during summer. From the autumn, the recovery is likely to pick up speed with higher real incomes and a modest increase in exports. In its summer forecast, the Halle Institute for Economic Research (IWH) expects gross domestic product to expand by 0.3% in 2024 and by 1.5% in 2025 (East Germany: 0.6% and 1.4%). In March, the IWH forecast had assumed a growth of 0.2% in 2024 and of 1.5% in 2025.
Oliver Holtemöller
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