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DIW Weekly Report 11 / 2022

Tax Revenue: Swifter Recovery during the Coronavirus Pandemic than during the Global Financial Crisis

Although economic growth continued to be lukewarm in 2021, tax revenue increased significantly, even exceeding the pre-crisis level despite economic policy measures associated with revenue losses. During the 2008-2011 global financial crisis, tax revenue followed a different path: Its recovery lagged behind economic recovery, first reaching the pre-crisis level in 2011. In 2021, value-added tax (VAT) ...

2022| Kristina van Deuverden
Diskussionspapiere 1993 / 2022

Sovereign Bonds since Waterloo

This paper studies external sovereign bonds as an asset class. It compiles a new database of 266,000 monthly prices of foreign-currency government bonds traded in London and New York between 1815 (the Battle of Waterloo) and 2016, covering up to 91 countries. The main insight is that, as in equity markets, the returns on external sovereign bonds have been sufficiently high to compensate for risk. Real ...

2022| Josefin Meyer, Carmen M. Reinhart, Christoph Trebesch
DIW Weekly Report 3/4 / 2022

Executive Boards Remain Dominated By Men, but Change Is Finally Coming: Editorial

2022| Anja Kirsch, Virginia Sondergeld, Katharina Wrohlich
DIW Weekly Report 3/4 / 2022

Markedly More Women on Executive Boards Of Large Companies; Inclusion Requirement Seemingly Already Having an Effect

There was a significant increase in the number of women on executive boards of large companies in Germany from 2020 to 2021 after years of slow progress: In fall 2021, there were 139 women on the executive boards of the 200 largest companies, 38 more than in 2020. This is an increase of a good three percentage points to almost 15 percent, the largest seen since the beginning of the DIW Berlin Women ...

2022| Anja Kirsch, Virginia Sondergeld, Katharina Wrohlich
DIW Weekly Report 3/4 / 2022

While Gender Quotas for Top Positions In the Private Sector Differ across EUCountries, They Are Effective Overall

This second report in the DIW Berlin Women Executives Barometer 2022 explores the designs and effects of gender quotas across Europe, coming to the conclusion that they are an effective instrument for increasing the share of women in top positions at large companies. Furthermore, the quotas differ greatly between the countries, for example in regard to the number of companies subject to the quota, ...

2022| Anja Kirsch, Virginia Sondergeld, Katharina Wrohlich
Externe referierte Aufsätze

Mobile Money, Financial Inclusion, and Unmet Opportunities: Evidence from Uganda

Mobile money is an important instrument to improve the degree of financial inclusion, especially in developing countries. However, having a mobile money account does not imply that this account is actually used. In our sample, 86% of microentrepreneurs own a mobile money account, but only 49% actively use it – the resulting gap indicates unmet opportunities. We estimate that mobile money reaches up ...

In: Journal of Development Studies (2022), im Ersch. [online first: 2021-11-01] | Jana S. Hamdan, Katharina Lehmann-Uschner, Lukas Menkhoff
Externe referierte Aufsätze

Common Ownership Patterns in the European Banking Sector: The Impact of the Financial Crisis

We provide a description of ownership patterns in the top 25 European banks for the period 2003–2015, where we especially focus on the global financial crisis. Investment managers, such as Blackrock, are dominant in terms of number of blockholdings in different banks, maintaining fairly stable “common ownership” networks throughout our sample. However, the financial crisis led to capital injections ...

In: Journal of Competition Law & Economics 18 (2022), 1, S. 135–167 | Albert Banal-Estañol, Nuria Boot, Jo Seldeslachts
Externe referierte Aufsätze

The Effectiveness of FX Interventions: A Meta-Analysis

There is ample empirical literature centering on the effectiveness of foreign exchange intervention (FXI). Given the mix of objectives and country-heterogeneity, the general lack of consensus thus far is no surprise. We shed light on this debate by conducting the first comprehensive meta-analysis in the FXI literature, with 279 reported effects that stem from 74 distinct empirical studies. We cover ...

In: Journal of Financial Stability (2022), im Ersch. [online first: 2020-10-07] | Lucía Arango-Lozano, Lukas Menkhoff, Daniela Rodríguez-Novoa, Mauricio Villamizar-Villegas
Seminar of the Macro Department

Fiscal multipliers: do individuals make a difference?

14.12.2021| Stephanie Ettmeier
Schumpeter BSE Macro Seminar

Productivity Shocks, Long-Term Contracts and Earnings Dynamics

14.12.2021| Neele Balke, University of Chicago
726 results, from 21
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