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163 results, from 61
  • Interview

    "Machinery investment is likely to experience the strongest declines as a result of the uncertainty": seven questions to Malte Rieth

    Dr. Rieth, you’ve investigated the possible consequences of the recent spike in uncertainty related to the Brexit vote. How exactly did you measure the change in economic uncertainty here? We isolated one specific aspect that was undoubtedly related to the “Leave” vote: the change in economic uncertainty that took place overnight between June 23 and June 24, 2016. We tried ...

    10.08.2016
  • Press Release

    Brexit decision could cost the German economy 0.3 percentage points of growth in 2017

    Brexit putting a strain on trade and dampening investment across the globe – German economy likely to be affected – uncertainty about exports – investment will be restrained, and both income and consumption will lose momentum Due to the Brexit decision, the German economy is expected to grow by 0.1 percentage points less this year and by 0.3 percentage points less next year than ...

    05.08.2016
  • Report

    Brexit: What’s at stake for the financial sector?

    The United Kingdom's exit from the European Union will have far-reaching implications for the British financial sector. London is currently the financial capital of Europe, and the UK's financial institutions benefit from passport rights that allow them to provide their services throughout the Single Market. The UK plays two key roles in the European financial system: the first as a major hub for wholesale ...

    05.08.2016
  • Report

    Design and Pitfalls of Basel’s New Liquidity Rules

    Following the financial crisis of 2008/09, the Basel Committee on Banking Supervision introduced a new framework for banking regulation, commonly known as Basel III. For the first time since the inception of global banking regulation in 1988, Basel III contains explicit mandatory rules for liquidity regulation. The cornerstones of the new liquidity regulation are two balance sheet ratios that seek ...

    25.05.2016
  • Press Release

    Monetary policy lift-off in the United States: so far only a moderate impact, but emerging markets should brace themselves

    DIW Berlin claims that the US Federal Reserve’s decision to end its zero interest-rate policy has not caused turbulence in financial markets According to a recent analysis conducted by the German Institute for Economic Research (DIW Berlin), the interest rate lift-off introduced by the US Federal Reserve at the end of last year has not led to distortions in the financial markets. Financing costs ...

    15.04.2016
  • Interview

    "In an International Comparison, Too Little Is Being Invested in German Industry": Six Questions to Marcel Fratzscher

    Mr. Fratzscher, there are concerns about an overall lack of investment in Germany. Is the problem more urgent in the public sector or in the private sector? The investment gap exists in both the public and private  sector. Three years ago, we calculated that Germany’s  investment gap amounts to roughly 75 billion euros  per year. The investment gap has also been confirmed  by ...

    15.04.2016
  • Interview

    "Countries with Large Current Account Deficits Could Find Themselves under Pressure": Eight Questions to Christoph Grosse Steffen

    Dr. Grosse Steffen, since the end of 2008, the US policy interest rate was at the level it has only just reached in Europe, that is, at the zero lower bound. In December, the Federal Reserve decided to raise the interest rate in the US. What was the motivation for the ‘lift-off’? The reason to increase the federal funds rate is that the US economy has been experiencing strong growth for ...

    07.04.2016
  • Press Release

    The ANFA debate: No evidence of monetary financing

    Greater transparency of the national banks of the euro area would strengthen Eurosystem credibility. The allegation that the European Central Bank (ECB) is engaging in illegal monetary financing under the guise of ANFA (Agreement on Net Financial Assets) seems to be unfounded—there is simply no evidence for it, claims the German Institute for Economic Research (DIW Berlin) based on their ...

    29.03.2016
  • Interview

    "National central banks need more transparency": Seven Questions to Philipp König

    Dr. König, the Agreement on Net Financial Assets (ANFA) was drawn up to prevent conflict between the NCBs and the European Central Bank (ECB) over monetary policy. What exactly is the background to this agreement? ANFA limits the national central banks’ purchases of financial assets and securities in order to ensure effective implementation of the single monetary policy in the euro area. [...] The ...

    29.03.2016
  • Press Release

    ECB’s Policy Measures Stimulate the Economy - Long-term Effects on Wealth Inequality Unclear

    European Central Bank (ECB) supports prices, economic activity, and inflation expectations through unconventional measures both in the euro area as a whole and in Germany - but the measures are likely to raise wealth inequality in the short termThe ECB’s ultra-loose monetary policy aimed at easing the financial and debt crisis is making an impact. Prices and GDP have been shored up and inflation ...

    17.02.2016
  • Interview

    "Wealth Inequality Set to Increase in the Short Term": Eight Questions to Kerstin Bernoth

    Prof. Bernoth, the European Central Bank (ECB) decided to implement a large-scale bond purchasing program in January 2015 to avert the risk of deflation in the euro area. To what extent might these bond purchases also affect wealth distribution? Considerable wealth distribution effects may occur through the impact channels of monetary policy because interest rate changes introduced by the central ...

    17.02.2016
  • Press Release

    Integrating the refugees will have a positive effect on the economy in the long run

    DIW economists simulate various scenarios based on different assumptions – in every projected scenario, investment pays off in the longer term – successful integration will increase per capita income of Germany’s current population The recent influx of refugees has created enormous challenges for politicians and society at large - but according to a simulation conducted by economists ...

    12.11.2015
  • Press Release

    Sanctions against Russia having little economic impact in the short term

    Russian economy suffering due to weaker local currency – depreciation of the ruble primarily due to the drop in oil prices, not to sanctions Since 2014, the ruble has fallen by more than 50 percent against the U.S. dollar—and this devaluation is putting the Russian economy under pressure. A study conducted by the German Institute for Economic Research (DIW Berlin) has concluded that the ...

    29.10.2015
  • Interview

    "The Price of Oil Is Having a Stronger Impact on the Ruble's Exchange Rate Than Are the Sanctions": Seven Questions to Konstantin Kholodilin

    Mr. Kholodilin, how has the value of the ruble changed over the past few years? The exchange rate of Russian ruble has dropped considerably. In 2013, one euro was worth roughly 40 rubles; now, one euro is worth around 70 rubles. This devaluation is much stronger than it was during the Great Recession of 2008–2009. This interview with Konstantin Kholodilin is published in DIW ...

    28.10.2015
  • Press Release

    Municipal infrastructure in Germany requires significant strengthening

    Persistent lack of investment among municipalities – social expenditures diminishing financial leeway – structurally weak regions threatening to fall further behind – DIW experts recommend temporarily making use of solidarity contributions to relieve municipalities of social expenditures Investment in public infrastructure is critical for ensuring competitiveness and creating growth ...

    22.10.2015
  • Press Release

    25 Years Later: DIW Berlin's Experts analyse German and European Monetary Union

    German monetary union on July 1, 1990 was politically necessary despite painful economic consequences – Greece, similar to the GDR back in the 1980s, in urgent need of reform – the crisis of European monetary union potentially boosts integration Precisely 25 years ago, on July 1, 1990, German monetary union came into force. On the same day, capital controls in Europe were abolished, creating ...

    02.07.2015
  • Interview

    "There Are Many Analogies Between the GDR in 1990 and Greece Today." Four Questions to Marcel Fratzscher

    Professor Fratzscher, German monetary union came into force 25 years ago on July 1, 1990. On the same day, capital controls in Europe were removed, laying the foundations for a European monetary union and the euro. What lessons can Europe learn from the German monetary union?In 1990, there was considerable criticism because German monetary union was implemented so rapidly. In hindsight, I think that ...

    01.07.2015
  • Press Release

    Tighter Capital Requirements For Investing in EU Government Bonds: Greek Banks Would Incur Problems - But Reform Would Nevertheless Be Desirable

    A tightening of capital requirements for banks that invest in EU government bonds would primarily create a significant additional demand for capital for Greek banks. This is the conclusion of a study conducted by the German Institute for Economic Research (DIW Berlin), which calculated the additional capital requirements such a reform would create for German, French, Swedish, and Greek banks. As of ...

    13.05.2015
  • Interview

    "New Capital Requirements for EU Government Bonds Would Lead to Problems for Greece." Eight Questions to Dorothea Schäfer

    The interview with Prof. Dr. Dorothea Schäfer is published in DIW Economic Bulletin 20/2015. It is available for download as pdf document. More issues of DIW Economic Bulletin

    13.05.2015
  • Report

    Call for Papers "Vierteljahrshefte zur Wirtschaftsforschung": The Greek Tragedy

    More than ever, Greece is in dire straits. Even after the Greek government underwent its fifth change since the start of the crisis, the Greek economy did not arrive at a path of sustainable growth. It has become clear that the economy will not achieve prosperity solely through the recommendations of the so-called Troika—now being renamed “the institutions”—which include cutting ...

    30.04.2015
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