-
Research Project
European regulators and policy makers face the challenge to create stable and resilient capital market structures. After initiating the Banking Union, the goal is to also achieve deeper and better integrated capital markets in the realm of a European Capital Markets Union. Using both macroeconomic and more granular data, in this project we will analyze barriers to capital market integration,...
Completed Project| Macroeconomics
-
DIW Roundup 119 / 2018
The ECB announced in October 2018 that it would begin to cut back the amount of monthly asset purchases starting January 2018 while extending the duration of the purchases until at least September 2018. At it latest Governor’s Council meeting in January 2019 it decided to remain on this track despite a sharp appreciation of the euro in the meanwhile. These steps were just two on a longer and potentially ...
2018| Daniel Privitera, Malte Rieth
-
Report
Fostering cross-country risk-sharing via capital markets is a central macroeconomic objective of the Capital Markets Union. Risk-sharing means that individuals, firms or public-sector authorities, located in a region or country suffering from a temporary and idiosyncratic economic shock, would be able to compensate the regional output gap (i. e., lack of aggregate demand, increasing unemployment and ...
10.11.2017| Dorothea Schäfer
-
Event
by Arup Banerji, Regional Director for the European Union countries, The World Bank Group
and Christian Bodewig, Program Leader for Inclusive Growth, The World Bank Group
Since its foundation more than 60 years ago, the European Union (EU) has become the modern world’s greatest “convergence machine,” propelling poorer, and newer, member states to become high-income...
28.06.2018
-
Event
Economists have discussed extensively what to do to reform the European Project and how, but have been broadly silent on who and when. Which institutions and rules are needed, and when? This eBook shows that such institutional questions, although seldomly raised, are of fundamental importance for the future of European integration.
To participate, we kindly ask you to register at events@diw...
21.06.2018| Jan-Egbert Sturm, Lars Feld, Isabel Schnabel
-
DIW Europe Lecture
The DIW Europe Lecture is a lecture series by leading policy-makers and academics on the future of Europe. The series aims at fostering and informing the debate on key European policy issues, and at bringing this debate to the heart of Germany's policy-making in Berlin.
Following an outstanding private sector career in which she had served as the first Chairwoman of the international law...
26.03.2018| Christine Lagarde
-
DIW Europe Lecture
The DIW Europe Lecture is a lecture series by leading policy-makers and academics on the future of Europe. The series aims at fostering and informing the debate on key European policy issues, and at bringing this debate to the heart of Germany's policy-making in Berlin.
The President of the European Central Bank, Mario Draghi, will look at Europe’s economic and financial future: which...
25.10.2016| Mario Draghi
-
Weekly Report
Private businesses’ nominal value added in Greece has fallen by 38 percent over the last ten years. Micro firms were hit particularly hard. Despite efforts to stabilize the macroeconomic environment, there are only weak signs of recovery. Future prospects are not much better, as—with the exception of labor market regulations—the conditions for investments and business activities have ...
18.07.2018| Alexander S. Kritikos
-
DIW Weekly Report 22/23 / 2018
Reorganizing European fiscal policy is a main topic in current reform considerations. In particular, the creation of a European stabilization mechanism is being discussed. This study examines the macroeconomic effects of a stabilization fund, the economic consequences of which are analyzed in an equilibrium model. The model shows that a stabilization fund reduces economic fluctuations and is thus a ...
2018| Marius Clemens, Mathias Klein
-
DIW Weekly Report 12 / 2018
To accompany the economic upturn in the U.S., the Federal Reserve Bank has been raising its benchmark interest rate incrementally. In an increasingly globalized world in which the American economy plays a key role, an action like this has spillover effects on the international level. Based on a dynamic factor model, the present study shows that the member states of the euro area—Germany in particular—can ...
2018| Max Hanisch
-
DIW focus 1 / 2018
Large-scale fiscal consolidations and the implementation of structural reforms should help southern European countries resolve the crisis. But recent studies indicate that in conjunction with the low interest rate in the euro area, the austerity measures that has been imposed could have the opposite effect, leading to an increase in sovereign debt and economic slowdown. For this reason, a more balanced ...
2018| Mathias Klein
-
DIW Lecture on Money and Finance
Europe’s sovereign debt crisis has proven particularly pernicious. A key reason for that was the strong link between banks and states. Banks’ fate was inextricably mingled with their respective sovereign, what was alluded to as the doom-loop. From a euro area perspective, banks were under-diversified, exposed to too much concentration risk. One interesting answer to this issue could be...
23.05.2018| Philip R. Lane
-
Press Release
The following study from DIW Berlin examines the effects of different exit scenarios from the European Central bank’s bond purchase program on the European economy – exiting early would especially depress the inflation rate
What if the ECB were to reduce its bond purchase program by more than what it reported at the end of October? What if it reduced its bond holdings quicker or earlier? ...
06.12.2017
-
DIW Europe Lecture
This lecture will trace the populist turn in American politics, and identify instances and conditions under which mainstream politicians and parties succeeded and failed in stemming the populist tide.
Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California at Berkeley, Research Associate of the National Bureau of...
13.12.2016| Barry Eichengreen
