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Refereed essays Web of Science
Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20 years. We use rich new data to compare high-yield US corporate (“junk”) bonds to high-yield emerging market ...
In:
Journal of International Economics
155 (2025), 104082, 27 S.
| Gita Gopinath, Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
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Refereed essays Web of Science
We investigate the role of monetary policy in stock price misalignments and explore whether central banks can attenuate excessive mispricing as suggested by the proponents of a “leaning against the wind” monetary policy. Decomposing stock prices into expected excess dividends, an equity risk premium, and a mispricing component, we find that prices fall more strongly in response to an increase in the ...
In:
Journal of Money, Credit and Banking
56 (2024), 7, S. 1887-1904
| Kerstin Bernoth, Benjamin Beckers
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Refereed essays Web of Science
We investigate how internal distribution motives can affect the implementation of an important macroeconomic policy: capital controls. To do this, we study one of history’s largest debt repatriations, which took place under strict capital controls in 1930s Germany, providing a wealth of quantitative and historical evidence. We show that the authorities kept private repatriations under strict control, ...
In:
Journal of Political Economy
132 (2024), 6, S. 1793-2178
| Andrea Papadia, Claudio A. Schioppa
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Refereed essays Web of Science
The comparative study of housing decommodification lags behind classical welfare state research, while housing research itself is rich in homeownership studies but lacks comparative accounts of private and social rentals due to missing comparative data. Building on existing works and various primary sources, this study presents a new collection of up to forty-eight countries’ social housing shares ...
In:
Journal of Social Policy
53 (2024), 4, S. 970–996
| Konstantin A. Kholodilin, Sebastian Kohl, Florian Müller
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Refereed essays Web of Science
In 2020, Berlin introduced a rigorous rent-control policy responding to soaring prices by capping rents: the Mietendeckel (rent freeze). The German Constitutional Court revoked the policy only one year later. Although successful in lowering rents during its duration, the consequences for Berlin’s rental market and close-by markets are per se not clear. This article evaluates the short-term causal supply-side ...
In:
Management Science
70 (2024), 3, S. 1901-1923
| Anja M. Hahn, Konstantin A. Kholodilin, Sofie R. Waltl, Marco Fongoni
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Refereed essays Web of Science
levelsof all goods in the US and Europe rose surprisingly quickly and persistently. TheFED began in March 2022 and the ECB in July 2022 with historically unique interestrate increases to combat the wage-price spiral that had not yet begun. In this article weshow that energy, commodities and food were the main drivers of inflation. For this reason,central banks’ goal of weakening demand for labor through ...
In:
Eurasian Economic Review
14 (2024), S. 235–254
| Dorothea Schäfer, Willi Semmler
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Refereed essays Web of Science
Rent control is a highly debated social policy that has been omnipresent since World War I. Since the 2010s, it is experiencing a true renaissance, for many cities and countries facing chronic housing shortages are desperately looking for solutions, directing their attention to controling housing rents and other restrictive policies. Is rent control useful or does it create more damage than utility? ...
In:
Journal of Housing Economics
63 (2024), 101983, 19 S.
| Konstantin A. Kholodilin
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Refereed essays Web of Science
Africa is one of the most vulnerable continents to climate change. Climate and sustainability-linked bonds can provide funding to African governments and corporations for projects that help to mitigate climate change, combat biodiversity loss, and foster sustainable development. However, less than 0.3% of the global environmental, social, governance (ESG) bond issuance volume is devoted to projects ...
In:
Eurasian Economic Review
14 (2024), S. 149–173
| Samuel Mutarindwa, Dorothea Schäfer, Andreas Stephan
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Refereed essays Web of Science
In this paper, we analyse a sample of voluntarily published country-by-country reports (CbCRs) of 35 multinational enterprises (MNEs). We assess the value added and the limitations of qualitative and quantitative information provided in the reports based on a comparison to individual MNEs’ annual financial reports and aggregate CbCR data provided by the OECD. In terms of data quality, we find that ...
In:
International Tax and Public Finance
31 (2024), S. 593–634
| Sarah Godar, Giulia Aliprandi, Tommaso Faccio, Petr Janský, Katia Toledo Ruiz
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Refereed essays Web of Science
The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vector autoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global ...
In:
Journal of Monetary Economics
144 (2024), 103549, 12 S.
| Georgios Georgiadis, Gernot J. Müller, Ben Schumann