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IWH-Insolvenztrend für Juli: Mehr Firmenpleiten als im Vorjahr erwartet Deutlich schneller als die amtliche Statistik...
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IWH Doctoral Programme in Economics
Warum ein Doktorandenstudium am IWH? ...
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IWH-DPE Call for Applications – Fall 2022 Intake
Vacancy IWH-DPE Call for Applications – Fall 2022 Intake ...
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Why Life Insurers are Key to Economic Dynamism in Germany
Reint E. Gropp, William McShane
IWH Online,
Nr. 6,
2020
Abstract
Young entrepreneurial firms are of critical importance for innovation. But to bring their new ideas to the market, these startups depend on investors who understand and are willing to accept the risk associated with a new firm. Perhaps the key reason as to why the US has succeeded in producing nearly all the most successful new firms of the 21st century is the economy’s ability to supply vast sums of capital to promising startups. The volume of venture capital (VC) invested in the US is more than 60 times that of Germany. In this policy note, we argue that differences in the regulatory and structural context of institutional investors, in particular life insurance companies, is a central driver of the relative lack of VC - and thereby successful startups - in Germany.
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Cross-border Transmission of Emergency Liquidity
Thomas Kick, Michael Koetter, Manuela Storz
Journal of Banking and Finance,
April
2020
Abstract
We show that emergency liquidity provision by the Federal Reserve transmitted to non-U.S. banking markets. Based on manually collected holding company structures, we identify banks in Germany with access to U.S. facilities. Using detailed interest rate data reported to the German central bank, we compare lending and borrowing rates of banks with and without such access. U.S. liquidity shocks cause a significant decrease in the short-term funding costs of the average German bank with access. This reduction is mitigated for banks with more vulnerable balance sheets prior to the inception of emergency liquidity. We also find a significant pass-through in terms of lower corporate credit rates charged for banks with the lowest pre-crisis leverage, US-dollar funding needs, and liquidity buffers. Spillover effects from U.S. emergency liquidity provision are generally confined to short-term rates.
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IWH-FDI-Mikrodatenbank
IWH-FDI-Mikrodatenbank Die IWH-FDI-Mikrodatenbank (FDI = Foreign Direct Investment)...
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Spatial Development Patterns in East Germany and the Policy to Maintain “Industrial Cores”
Gerhard Heimpold
H.-G. Jeong, G. Heimpold (Hrsg.), Economic Development after German Unification and Implications for Korea. Policy References 18-08. Sejong: Korea Institute for International Economic Policy,
2018
Abstract
This paper investigates the intra-regional development patterns in East Germany with particular reference to the manufacturing sector. When East Germany’s economy was ruled by the central planning regime, the share of industrial workforce in total employment was the greatest in entire Europe. It exceeded the respective value in the Soviet Union at that time. When the transition from a centrally planned economy to a market economy occurred, the East German manufacturing sector faced the greatest challenges.
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Das IWH auf der Jahrestagung des Vereins für Socialpolitik 2019 "30 Jahre Mauerfall" - Demokratie und Marktwirtschaft
IWH-BROWN-BAG-PANEL "Ost-West-Produktivitätslücke: Ursachen und Folgen" ...
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