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890 results, from 21
  • Diskussionspapiere 2037 / 2023

    The Impacts of Global Risk and US Monetary Policy on US Dollar Exchange Rates and Excess Currency Returns

    We examine the causal relationship between US monetary policy shocks, exchange rates and currency excess returns for a sample of eight advanced countries over the period 1980M1 to 2022M11. We find that the dynamics of the US dollar exchange rate is the main driver of currency excess returns. The exchange rate is significantly affected by US monetary policy shocks, where the persistence of this shock ...

    2023| Kerstin Bernoth, Helmut Herwartz, Lasse Trienens
  • DIW Weekly Report 12/13 / 2023

    Working from Home Facilitates Stock Ownership

    In 2020, there were simultaneous increases in the number of private persons participating on the stock market as well as in the number of employees working from home. Indeed, working from home is a robust determinant of stock ownership and partially explains the increase in 2020, with households without children benefiting the most in this manner. Furthermore, the effect of working from home on stock ...

    2023| Lorenz Meister, Lukas Menkhoff
  • Diskussionspapiere 2035 / 2023

    Contracting Matters: Hedging Producers and Consumers with a Renewable Energy Pool

    Renewable energy installations are rapidly gaining market share due to falling technology costs and supportive policies. Meanwhile, the energy price crisis resulting from the Russian-Ukrainian war has shifted the energy policy debate toward the question of how consumers can benefit more from the low and stable generation costs of renewable electricity. Here we suggest a Renewable Pool (“RE-Pool”) under ...

    2023| Karsten Neuhoff, Fernanda Ballesteros, Mats Kröger, Jörn C. Richstein
  • DIW Weekly Report 26/27 / 2023

    Chinese Loans to African Countries Differ from Western Development Loans

    Over the past 20 years, China has granted a conspicuous amount of loans to African countries. New loan data show that compared to Western multilateral loans, Chinese loans have relatively high interest rates and shorter maturities, tend to be highly collateralized, and are volatile over time. Thus, Western loans are generally more likely to be in the economic interest of the borrowing country. Furthermore, ...

    2023| Lorenz Meister, Lukas Menkhoff, Annika Westen
  • Refereed essays Web of Science

    Atypical Work, Financial Assets, and Asset Poverty in Germany

    This study investigates how atypical employment (i.e., part-time, temporary work, mini-jobs) affects workers' ability to accumulate financial assets and exposes them to asset poverty in Germany. Asset poverty occurs when household financial resources (e.g., bank deposits and stock equity) are insufficient to live at the income poverty line for three months. Previously, studies on labour market processes ...

    In: Research in Social Stratification and Mobility 85 (2023), 100803 | Claudia Colombarolli, Philipp M. Lersch
  • Refereed essays Web of Science

    Insolvency Regimes and Cross-Border Investment Decisions

    This paper investigates the effect of insolvency regulation reforms on cross-border debt and equity investments at aggregate and sectoral levels. Using disaggregated data from the ECB’s Securities Holdings Statistics by Sector (SHSS) database and the OECD indicators on efficiency of insolvency regulations, we find that investors increase their debt and equity holdings in the countries that undertook ...

    In: Journal of International Money and Finance 131 (2023), 102795 | Tatsiana Kliatskova, Loïc Baptiste Savatier, Michael Schmidt
  • Data Documentation 104 / 2023

    Decommissioning of Nuclear Power Plants: Regulation, Financing, and Production

    2023| Alexander Wimmers, Rebekka Bärenbold, Muhammad Maladoh Bah, Rebecca Lordan-Perret, Björn Steigerwald, Christian von Hirschhausen, Hannes Weigt, Ben Wealer
  • Refereed essays Web of Science

    The Multifaceted Impact of US Trade Policy on Financial Markets

    We study the multifaceted effects of trade policy shocks on financial markets using a structural vector autoregression identified via event day heteroskedasticity. We find that restrictive US trade policy shocks affect US and international stock prices heterogeneously, but generally negatively. They increase market uncertainty, lower US interest rates, and lead to an appreciation of the US dollar. ...

    In: Journal of Applied Econometrics 38 (2023), 3, S. 388-406 | Lukas Boer, Lukas Menkhoff, Malte Rieth
  • Diskussionspapiere 2042 / 2023

    When Credit Turns Political: Evidence from the Spanish Financial Crisis

    This paper provides causal evidence on the effect of credit crunches on political polarization. We combine data on bank-firm connections and electoral outcomes at the city-level during the 2008-2014 Spanish Financial Crisis. First, we show that firms in a relationship with weak banks experience a reduction in their loan supply and employment growth. Next, we estimate the effects of unemployment on ...

    2023| Pia Hüttl, Simon Baumgartner
  • Refereed essays Web of Science

    The Signalling Channel of Negative Interest Rates

    Negative policy rates can convince markets that deposit rates will remain lower-for-longer, even when current deposit rates are constrained by zero. This is the signalling channel of negative interest rates. We analyse the optimality and effectiveness of negative rates in the context of this novel transmission channel. In a stylized model, we prove two necessary conditions for optimality: time-consistency ...

    In: Journal of Monetary Economics 138 (2023), S. 87-103 | Oliver de Groot, Alexander Haas
890 results, from 21
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